How to setup Ledger Nano S
Ledger produces several hardware wallets that support multiple currencies, with the Ledger Nano S being one of the most common. Ledger devices connect to your computer via a USB port. Your private keys are securely stored offline protecting them from Internet-based threats. Further, Ledger wallets are compatible with a range of software interfaces (e.g. MyEtherWallet, Ledger Chrome extensions, Ledger Live, etc.), making them very useful. To view the full list of crypto assets you can store on the , visit the official Ledger website.
Pros: Excellent security specs. Multi-currency. 2FA. Cold storage – and pairs are offline until you plug the hardware wallet in.
Cons: Expensive (compared to free wallets). Hard to restore (but not impossible).
The following step-by-step video guide will show you how to install and set up your Ledger Nano S device. I also show you how to find your wallet address, and briefly cover sending and receiving coins. There is a transcript for the video at the end of this page if you prefer to read.
Ledger Nano S Video Transcript
To set up the Ledger nano s device start by plugging it into the computer.
The Ledger device starts up and requests that you press both the left and the right buttons. For navigation within the device menus, use the left and right button. To confirm the setting, number or passphrase, you press both buttons together.
To configure a new device, you have to set up your pin code. To set your PIN code, you have to select up to eight numbers. The right button serves to increase the current number and the left to decrease. To confirm the selected number, you press both buttons together.
For the sake of this tutorial, we’ll set the most typical pin. Please select a more sophisticated pen code for your device, and once the pin code is selected, you’ll have to confirm it. The pin code will be requested further on to unlock the device so keep your PIN code safe.
Now it’s time to write down your passphrase (aka or backup phrase). You’ll need this if you ever lose your ledger device as it lets you resync your assets to a new ledger. The passphrase consists of 24 words which you have to confirm in the following step. To confirm your passphrase, you have to keep pressing the right or left button to find the correct word and then confirm it by pressing both buttons. Once you confirm your passphrase, the device is ready to be used.
To store, purchase or sell cryptocurrencies, you have to download software called Ledger Live through which you’ll be able to do any changes within your wallets. Open your web browser and type in ledger.com in the address bar or search for ledger wallet in your preferred search engine.
On the Ledger homepage, click on the download button at the top and then click the “download now” button. Download the installation file and run it, and when the app is installed, it’ll open automatically.
Select “initialise as a new device” and then select the type of your device. The next page gives you information on how to set up your pin code and the following one is dedicated to the passphrase. We covered both of these before so you can continue to the security checklist.
Confirm that you chose the pin code by yourself and saved your passphrase in a secure place.
After that, the application will check whether your purchased device is genuine. To do that you have to unlock your device by entering your PIN-code and allowing Ledger Manager on your device. Additionally, you can set up a password for your application which will be requested whenever you run the app in the future.
On another page, you can change the settings in regards to sharing information about your device with the Ledger company to help improve their products and services. By pressing continue your device is synchronised with your computer.
To start purchasing and selling cryptocurrencies, you have to install wallet apps for each cryptocurrency which you’re going to use.
Open manager in the Ledger Live application, and allow Ledger Manager on your device if it isn’t still allowed from before. Here you can choose the cryptocurrency you are after. For example, I’m choosing to install the Bitcoin app to my device.
Once the application is installed, a new icon will appear on your ledger device. After that, add an account for the installed cryptocurrency app. To continue to open the relevant cryptocurrency app on your device by pressing the left or right button to navigate to it and confirm by pressing both buttons at once.
You can name this account according to your needs and then check the box on the right. The account has added and you can either add more or go back to your portfolio menu where you can see your newly added account in the lower-left corner.
Now your Bitcoin wallet is fully set up.
To find your receive address, please click on receive in the menu on the left. Select the account to which you want to receive coins. Navigate to the relevant app on your device. Press verify and check that the address which appeared in the Ledger Live app is the same as that shown on your device. If the addresses match confirm so on the device by pressing the right-hand button.
Now it is safe to copy the address shown in the Ledger application by pressing the copy button and paste it into the BitPrime purchase page. Once you have confirmed the address you’ve entered as correct, you can leave the address pop-up menu.
For sending coins, please select “send” in the menu on the left. Here you select the coin you want to send and insert the recipient’s address here. Please double check that the address is correct because if you send coins to the wrong address, you won’t be able to stop the transaction or get it back in any way.
Enter the quantity and choose what network fees should be used for this transaction. I tend to just leave it set to standard. Then you can continue to the next page where you will be requested to insert your PIN code to unlock the device, verify that you inserted the recipient’s address and confirm the transaction.