Ledger Wallets to Secure Over 30 Cryptocurrencies

Ledger Review

The Ledger hardware wallets are compatible with most major cryptocurrencies. A hardware wallet is a hardware device used to store a user’s private keys in a file that is not connected to the internet. These wallets are very versatile – for instance, Bitcoin and Bitcoin Cash can both be used with the Ledger wallets.

We have tested and reviewed the most popular digital and hardware wallets, so you don’t have to. So, if you are thinking about buying Ripple, or any other cryptocurrency but are concerned about security, you can still buy one today. Read below to find out how and why you might want to.

History

Ledger was founded in 2014 and now employs 80 people in three global locations. The company currently sells two wallets, the Ledger Nano S and the Ledger Blue. Two older models have been discontinued, while over one million Nano S wallets have already been sold.

Why use Ledger Wallets?

Most of the problems associated with cryptocurrencies have occurred as a result of exchanges being hacked. This has resulted in crypto assets being stolen from customer accounts. Hardware wallets are the safest way to protect cryptocurrency portfolios in an offline environment, meaning there’s nothing online for criminals to try to get their hands on.

How to use Ledger wallets with our preferred partner, eToro

Currently, eToro does not allow customers to move their crypto assets from the platform. However, they have announced that later in 2018, they will be introducing digital wallets from where it will be easy to move crypto assets to a hardware wallet like the Ledger wallets.

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It advisable to only buy brand new hardware wallets from well-known resellers. A Ledger scam has been reported, which involved selling second-hand Ledger wallets on eBay. The wallets had been loaded with software which transmitted the contents of the wallet back to the scammers.

Basic Information

Type: Hardware cryptocurrency wallet

Price: Approx $99 for the Nano S and $229 for the Blue wallet.

Website: www.ledgerwallet.com

Our Score: 4/5

Benefits

  • Keep your cryptocurrencies out of reach of hackers and online scam artists.
  • Once you own the hardware wallet there are no further fees to use it.
  • Many popular altcoins including IOTA, Stellar and Dash are compatible with Ledger wallets.
  • Two-factor authentication.

About Ledger

Paris-based Ledger is one of the two most prominent manufacturers of hardware wallets. The other popular manufacturer is Trezor. It’s always best to go with the companies with the best track record when looking for devices to secure your digital wealth. KeepKey and CoolWallet are two more recognised brands on the market.

How did we test the Ledger wallets?

To conduct this Ledger review, and reviews of other wallets, we tested all the most popular wallets on the market. In particular, we considered the following:

  • Security
  • Track record of the manufacturer
  • Price
  • Ease of use
  • The number of digital currencies the wallet is compatible with
  • Other user reviews

Pros and Cons of Using Ledger Hardware Wallets

Pros

  • The most secure method of storing cryptocurrency
  • No fees for Ledger users
  • A trusted brand for hardware wallets

Cons

  • Some may consider the price of $99 quite high
  • If you lose the wallet, your crypto assets will be lost too

Which cryptocurrencies are compatible with Ledger wallets?

Ledger wallets are compatible with the following currencies: Ark, Bitcoin, Bitcoin Gold, Bcash, Dash, Digibyte, Dogecoin, Ethereum, Ethereum Classic, Expanse, Hcash, Komodo, Litecoin, NEO, PIVX, PoSW, Qtum, Ripple, Starts, Stealthcoin, Stellar, Stratis, Ubiq, Vertcoin, Viacoin, Zcash.

Coins

How to use a Ledger Wallet?

When starting out, its best to go to the Ledger website and download the latest Quick Start Guide for your chosen wallet. You’ll also want to download and install the latest firmware.

Whenever Ledger adds support for a new currency, a new application is made available and the firmware is updated. That means that if you have the latest firmware installed, you’ll be able to use it with all the currencies it supports.

Third-party applications are also available for you to use to store other crypto assets on a Ledger Wallet.

The following guide will help you set up a Ledger Nano S. The process for using a Ledger Blue is very similar.

  1. Connect the device to your computer with the USB cable.
  2. Press both buttons to activate the wallet.
  3. Enter a PIN number that you can remember.
  4. Now you will need to write down the 20-word recovery phrase. This phrase is the only way you have to access the device if you forget your PIN.
  5. Write down the 24 words next to their corresponding number. Then use the phrase and numbers to confirm the position of each number.
  6. Hide this piece of paper somewhere where only you can find it. Treat this phrase like the key to your safety deposit box.
  7. Now go to the Ledger website and download the app for the currency you want to use.
  8. Once you have downloaded the app, you will be able to navigate the wallet using the computer.
  9. Now that you have the app and the device set up, you will be able to send crypto from the wallet when the Nano S is connected to your computer. The software wallet will be able to receive payments without the device being connected. However, to send currency, the Nano S (or the Ledger Blue) must be connected.

Summary

The Ledger wallets are amongst the most highly regarded in the crypto industry. Ledger and Bitcoin, Bitcoin Cash, Ripple, Ethereum and most other major cryptocurrencies are compatible. They are very easy to use and offer you the safest way to look after your crypto assets.

Finding a good wallet to use with Ripple’s XRP is not always easy. Yet Ripple’s price has had some of the biggest swings in the crypto market, making it popular with crypto traders. Ripple is easy to buy through our preferred broker, eToro.

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If you are wanting to buy Ripple, there are many payment options available to you – so you can get started right away with one of our preferred brokers. Now that you know about the Ledger wallets, you know that you’ll have a secure method to store your Ripple coins and you can go out and buy it today.

Not sure that Ledger wallets are for you? Read our other crypto wallet reviews to make sure you’ve chosen the option that suits your needs.

 

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