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The hardware wallet market is becoming increasingly crowded, with multiple manufacturers vying for the top spot in self-custodial cryptocurrency security solutions.
However, despite the competition, both manufacturers continue to stand out as leading providers of hardware wallets for Bitcoin and other cryptocurrencies.
Having previously introduced the Trezor Model One, now it is the turn of its main competitor, the Ledger Nano S Plus.
This is the Ledger model that is most similar to the Trezor Model One, and let me tell you from the beginning. There is little to choose between the two. If you want to set it up quickly, choose whichever you like best as they are both very easy to set up.
They are priced about the same (Ledger Nano S Plus £69/$87.99 / Trezor Model One £54.99/$69.99) and both feature similar designs in terms of size and operability.
So let’s see how the Ledger Nano S Plus compares.
Ledger Nano S Plus Overview
The Ledger Nano S Plus looks and feels like a standard USB drive, albeit chunkier.
The device allows you to store over 5,500 coins and tokens along with NFTs, which can be managed using the included Ledger Live app.
The wallet connects to your laptop/desktop using a USB-C connector, and there are two buttons on the top of the device to help you navigate options on the built-in screen.
Although the screen size and button size make the device somewhat difficult to use, the controls are a bit more intuitive than the Trezor One, so I personally prefer it.
Using Ledger Nano S Plus
If you’re new to self-storage cryptocurrency wallets, setting up the device is fairly simple, although there is a bit of a learning curve.
Key points to remember are:
- Your cryptocurrencies are not actually stored in your hardware wallet. There are public and private keys that control this.
- Once your cryptocurrency is moved to a self-custodial storage, only you are responsible for keeping it safe. If you lose your keys, you will lose your cryptocurrency forever.
- When you first set up your Ledger device, you are provided with a 24-word mnemonic seed phrase. This information must be kept securely and not visible to anyone else.
- If you lose your wallet and The seed phrase you encrypted will be lost forever.
- Before purchasing a device, make sure the cryptocurrency you want to store is supported by Ledger.
- Protecting your cryptocurrency in a hardware wallet means you will need the wallet to sell or move your coins.
I cannot stress enough how important it is to keep your seed phrase secure.
Many people don’t realize that there is no safety net for self-storage of cryptocurrency. You become your own bank and take full responsibility for it.
Some people use special metal plates to physically store their seed phrases, keeping them safe from loss due to disasters such as fire or flood.
Remember, anyone who holds your seed phrase can control any cryptocurrency associated with it.
Ledger Live App
You will manage your wallet using the clear and intuitive Ledger Live app. Great if you are starting your cryptocurrency journey.
Think of this as an online banking app, except you are the bank and the core of your assets is your Ledger device.
To sell or send cryptocurrency, you need to connect your hardware wallet and sign the transaction.
There are pros and cons to this. On the one hand, it creates a very secure environment to store your cryptographic keys, but it also means that if you don’t carry the ledger with you, you won’t be able to sell your cryptocurrencies if there’s a large market movement you’re trying to capture.
You should weigh the security of your cryptocurrency against the risks associated with storing it on an exchange against the possibility of suddenly needing access to your cryptocurrency while away from home and your ledger.
It’s ideal if you’re using a ‘hodler’ hardware wallet for a long period of time, but if you plan on trading regularly, it’s probably not the best solution.
In these cases, a self-custodial wallet app may be the answer. There are dozens to choose from, and while they aren’t as secure as hardware wallets, they provide a good middle ground for those who want to buy coins on their own in a short period of time.
Two wallet apps to consider are Exodus, which offers a nice-looking and easy-to-use interface, and Trust Wallet, which offers improved features.
You can also purchase cryptocurrency directly through the Ledger Live app, but this is not the most cost-effective method.
There are also a variety of staking opportunities available, depending on where you live and what regulators allow.
verdict
Having experimented with both Ledger and Trezor devices, my overall preference is Ledger.
I like the way the device itself operates, and the Ledger Live app feels a bit slicker than its competitors.
That’s not to say that both wallets aren’t very functional, and most people won’t notice much of a difference other than the physical design.
Ledger Nano S Plus is a highly secure cryptocurrency hardware wallet with a sleek companion app, making it the perfect security solution for cryptocurrency investors.