(Last update: 02.01.2019)
After the purchase of bitcoins and other cryptocurrencies on BITPANDA or another platform is completed, the crypto coins are stored on that provider's online wallet.
Create a free Bitpanda account>>However, using an online wallet involves a great deal of risk - in case of closure of an exchange or hacking attacks all bitcoins and other cryptocurrencies can get lost permanently. In order to avoid this, you should secure your cryptocurrencies using offline hardware wallets (also called "cold wallets" or "cold storage"), as they are not exposed to external influences.
The safest way to secure cryptocurrencies is by using offline hardware wallets. The two best-selling hardware wallets are the Ledger Nano S and the Trezor Hardware Wallet. A slightly more luxurious hardware wallet is the Ledger Blue, which can show and secure up to 8 cryptocurrencies (the Ledger Nano S can only secure up to 5 cryptocurrencies).
A new LEDGER product has just been introduced - the LEDGER NANO X.
As soon as the product is available, we will present its functionality in a step-by-step guide and a short test. The LEDGER NANO X is now available for pre-ordering - delivery will start in March 2019!
If you already need a hardware wallet, you can still choose the reliable alternative LEDGER NANO S, which can now be bought at a reduced price of 59 EUR directly from the manufacturer or on Amazon.
Buy Ledger nano S on Amazon >>Buy Ledger nano s from manufacturer >>
IMPORTANT: NEVER BUY A USED WALLET, AS YOU MUST SETUP YOUR OWN PIN AND SAFETY WORDS.THIS IS NOT POSSIBLE FOR A USED WALLET - THE PRESET OCCUPANT WILL HAVE ACCESS TO YOUR WALLET.
! -- USED WALLETS ARE NOT SAFE -- !
This page is an information page. The author of these pages endeavors to keep the status of the documentation up to date. Due to ongoing software updates of the platform providers and device manufacturers, the timeliness can not be guaranteed.
THEREFORE, NO LIABILITY IS ASSUMED FOR ERRORS OR LOSSES OF ANY KIND. THE USE OF THIS INFORMATION IS ALWAYS AT YOUR OWN RISK.
Author: Mag. Tibor Gludovatz
Last update: 02.01.2019
Rating: 4.8
The Ledger Nano S is one of the best-selling and most popular hardware wallets in the market. Due to its compact design, high security and not least a very good price-performance ratio, more and more buyers are opting for this device.
While the operation via the two buttons and the small display was rather complicated in the beginning, the ease of use has improved considerably thanks to the new and free software LEDGER LIVE. LEDGER LIVE offers not only a clear management of your own crypto currency portfolio, but also a live update showing the current value of the respective currency.
Since the device only serves to display your assets in the blockchain, a loss or malfunction of the device is not a problem - as long as you have well kept the so called seed, which consists of 24 words that you should never lose. By using the seed a restoration of the device or a transfer of information to a new device is quickly and easily possible.
With the new firmware (1.4) the free space increased significantly, so that now you can install significantly more wallets side by side. If you are looking for more convenience with touch screen controls and more wallet storage, the LEDGER BLUE is a more expensive but also very comfortable alternative.
Usability: (4)
Software: (5)
Price-performance-ratio: (5)
Security: (5)
Manufacturer support: (5)
RATING: (4.8)
When unpackaging the LEDGER NANO S, you find the follwing items in the box.
You can manage the following coins with your LEDGER NANO S (last update: 06.11.2018).
To set up and manage the LEDGER NANO S, you need to download the software LEDGER LIVE from the manufacturer‘s website.
LEDGER WALLET WEBSITE >>Click on APPS in the menu and download the current version of LEDGER LIVE for the desired platform (for Windows, Apple Mac OS or Linux).
When the download is complete, install the software by double-clicking.
After installation start the program LEDGER LIVE.
After starting the program you can:
If you have already set up your ledger, continue here - Using a LEDGER NANO S that‘s already initialized
To operate the LEDGER NANO S you need a computer with Windows 7 or higher, macOS 10.0 or higher or Linux.
Your computer needs a USB port. If only a USB-C port is available, you will get a corresponding adapter cable here:
Furthermore, you need a stable internet connection.
Connect the LEDGER to your computer via USB cable.
Follow the instructions on the display. To get ahead in the process, click both buttons at the same time.
Press the right button above the VALIDATION icon when CONFIGURE AS NEW DEVICE? is shown.
Press both buttons at the same time as soon as CHOOSE A PIN appears on the display.
Press the right or left button to select the first number of your PIN code.
If you want to confirm the selected number, press both buttons at the same time.
Repeat the process until the PIN code is complete.
Select the CHECK icon and press both buttons at the same time to confirm the PIN code.
Choose your own PIN code. This PIN unlocks your device. Do not lose him.
An 8-digit PIN code provides the best protection for your device.
NEVER use a device that already comes with a PIN code and recovery passwords.
If in doubt, contact the manufacturer.
You will now see 24 passwords on the device's display for restoring your device.
ATTENTION! These passwords are only displayed once!
Take the empty RECOVERY SHEET from the packaging.
Now write the first word that‘s displayed (Word # 1) on it. Make sure that you have written it correctly and on position 1.
Pressing the right button now displays the second word. Write it correctly and completely on position 2 of the RECOVERY SHEET.
Repeat the process with the following words until after the 24th word CONFIRM RECOVERY PHRASE is displayed.
Select the appropriate word by pressing the right or left button. Confirm the word by pressing both buttons. Repeat the process for all requested words.
After completing this step, YOUR DEVICE IS NOW READY will appear. This completes the setup successfully.
Make sure that only you have the 24-word recovery set (RECOVERY PHRASE)
There is no BACKUP of these words except for your written records. DO NOT LOSE IT!
If you have already set up your LEDGER NANO S, click USE A DEVICE THAT'S ALREADY INITIALIZED.
Select your device.
Click through the security checklist - answer the questions truthfully to avoid mistakes.
Perform the genuity check by connecting the device to your computer and unlocking it with a PIN. Then open the DASHBOARD and allow the performance of LEDGER MANAGER on your device by pressing the right button.
Optionally, you can set a password for the LEDGER LIVE software - for security reasons, it is recommended - but you must not forget this password!
In the next step you can agree to the use of analysis data and error reports - or not.
Upon completion of this process, the LEDGER WALLET is ready to be used.
After configuring the initialised LEDGER NANO S, the management tool LEDGER LIVE opens. Now let's take a look at how to install a Bitcoin wallet that stores the information about your bitcoins in the blockchain.
First we configure the general settings of the LEDER LIVE software under SETTINGS. Here you can set up the desired currency, the system language of the software or change the password for LEDGER LIVE.
Now we click on MANAGER. The catalog of available wallets for the LEDGER NANO S is displayed.
Now we click INSTALL on the BITCOIN Wallet.
The wallet will then be installed on the device.
Note: The storage space on the LEDGER NANO S is limited. So only a limited number of wallets can be installed. If you want to install more wallets to manage other crypto currencies on the device, you can easily delete an installed wallet.
This is not a problem as there are NO Bitcoins and other crypto-currencies stored on the device - only the "value" in the blockchain indicating that you own this cryptocurrency is stored. So if you delete a wallet, only this info will be deleted, not your bitcoins themselves.
If you later reinstall the deleted wallet, the cryptocurrency information will reappear in the wallet and you will be able to manage your crypto currencies again. Deleting the wallet is not a problem.
Now we set up an ACCOUNT for the Bitcoin Wallet. To do this, click on the "+" symbol next to ACCOUNTS at the bottom of the left sidebar.
In the following dialog, you choose in the first step for which account you would like to set up a crypto currency.
Now select BITCOIN and click on CONTINUE.
Now you have to connect your LEDGER NANO S to the computer (if that has not already been done). Open it with your PIN and use the side buttons to select the BITCOIN WALLET on the LEDGER NANO S. You do that by pressing the two side buttons on the device at the same time.
If the two steps are confirmed with blue check marks, click on CONTINUE.
You can now name the account (for example, "Peters Bitcoin Wallet"),
If you want, you can now create more accounts (for example, if you want to manage bitcoins or other cryptocurrencies for other people).
When that's done, click ADD ACCOUNT.
The creation of the account is confirmed. If you want to create more wallets for other cryptocurrencies, click ADD MORE. If not, click CLOSE.
You will now be shown your portfolio with an overview of the price developments of all your cryptocurrencies.
You are now ready to transfer your cryptocurrencies from the online wallet at BITPANDA to your LEDGER NANO S.
In fact, this process does not transfer any bitcoins, but just the information about where your bitcoins are located on the blockchain. For reasons of simplicity, we still use the term TRANSFER.
Log into your BITPANDA account and click on the button SEND in the upper menu bar.
The online wallets on which you have stored your cryptocurrencies at BITPANDA are now displayed. Select the BITCOIN (BTC) WALLET.
In the next step you will be prompted to enter a destination address (you'll get that from your LEDGER NANO S).
To get this address, open LEDGER LIVE and click on your BITCOIN WALLET. Click on the RECEIVE button in the top right corner.
If not already done, connect your LEDGER NANO S to the computer and open your previously installed BITCOIN WALLET on the LEDGER NANO S by simultaneously clicking on the two buttons.
Your recipient address will now be displayed on the computer as well as on the LEDGER NANO S. If they match, click VERIFY.
The BITCOINS receive address for your LEDGER device will now be displayed (made unrecognizable here, so that you won't accidentially use the one displayed here).
Now click on COPY ADDRESS.
Back in BITPANDA, paste the previously copied address in the free field and click OK.
In the following step, you determine how many of the bitcoins stored on BITPANDA shall be transfered to the LEDGER NANO S.
ATTENTION - there will be a charge for each transfer, which will be deducted from your BITCOINs. This can be higher or lower depending on the system load.
When you have entered the amount, click on the SUMMARY.
The summary of your transaction will now be displayed. If everything is ok, click on SEND.
If set up, you will now need to enter your 2FA code. Then click SEND NOW.
For confirmation, you will receive an e-mail to your contact address.
If this e-mail has not arrived, just check your SPAM folder. Once you receive the e-mail, click CONFIRM TRANSACTION.
In BITPANDA you will receive a message.
In your BITPANDA BITCOIN WALLET you can now see the history of the transaction (here, for example, BTC PAYMENT IN MACHINING).
It may take some time for the transaction to complete.
After the transaction is completed, switch back to LEDGER LIVE and click SYNCHRONIZED in the top right corner. When the transaction is complete, you can see the received BITCOINS in your BITCOIN WALLET.
For more information about your transaction, click on the top entry under LAST OPERATIONS. There all details are displayed.
CONGRATULATIONS! You have now safely stored your Bitcoin information on your LEDGER NANO S!
