The quick verdict
The Ledger Nano S Plus is the hardware wallet I recommend to crypto beginners: small, affordable, easy to set up, and it puts you in control of your own assets instead of trusting an exchange to hold them. In the video above I walk through the full setup from unboxing to a ready-to-use wallet, and this guide follows the same steps. Even if you keep most of your crypto on an exchange, knowing how to move it onto a hardware wallet is baseline crypto literacy.
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What a hardware wallet actually does
A hardware wallet is how you self-custody your crypto. Leave your coins on an exchange like Coinbase and the exchange is the custodian, not you. When Celsius went into bankruptcy, customer assets were frozen and people could not withdraw what was theirs. A hardware wallet removes the exchange from the equation: your coins stay on the blockchain, and what the wallet holds is your private keys. Whoever holds the keys controls the crypto.
Think of it this way: crypto on an exchange is like money in a bank account, except exchanges are nowhere near as regulated as banks. Moving it to a hardware wallet is like withdrawing cash. That carries its own risk, so treat your wallet and your recovery phrase like cash: lose both, and the crypto is gone.
Meet the Nano S Plus
The Nano S Plus replaces the original Nano S and looks like a USB thumb drive until you fold out the screen and buttons. It measures 62.2 by 17.4 by 8.2 mm and weighs just 21 grams, with a brushed stainless steel cover. It connects by USB-C and has no Bluetooth, so the workflow is simple: plug it into a computer, unlock it, and manage everything through the Ledger Live app. It works with Android over USB, though not iOS; if you want to run everything from your phone, the pricier Nano X with Bluetooth is the one to look at.
Capacity is the big upgrade: up to 100 apps installed at once, support for more than 5,500 coins and tokens, and NFT management too. In the box you get the device, a USB-C to USB-A cable, three recovery sheets and a keychain strap. One buying note: buying directly from Ledger or an authorized reseller removes any chance of a tampered device reaching you.
Setting it up, step by step
- Start at ledger.com/start. Download and open Ledger Live on your computer. It is also where you will manage apps and accounts afterwards.
- Plug the device in. The Nano S Plus has no battery, so it only powers on when connected by USB-C. Use the two buttons to navigate, and press both together to confirm a choice.
- Choose “Set up as new device.” The restore option is for rebuilding an existing wallet.
- Choose a PIN. It can be four to eight digits. Four works, but longer is better: this PIN is what stands between anyone holding your device and your wallet, so pick one properly.
- Write down your recovery phrase. The device generates a 24-word recovery phrase, shown one word at a time on its own screen. Write the words on a recovery sheet, in the correct order, by hand. This phrase is the only backup that can restore your accounts if the device is lost, stolen or damaged. Keep it completely offline: never type it into a website, never photograph it, never store it in cloud notes, never share it with anyone. Ledger will never ask for it, and anyone who does is running a scam.
- Confirm the phrase. The device quizzes you on which word sits in which position. This is not busywork: it proves your written copy is correct before any crypto depends on it.
- Store the sheet like cash. Put it somewhere genuinely secure. If it is lost or ends up in someone else’s hands, your assets are gone or exposed, with no support line that can undo it.
- Install apps in Ledger Live. Open the Manager in Ledger Live and install the app for each asset you want to hold: Bitcoin, Ethereum and so on each have their own app. Add accounts in Ledger Live, and the wallet is ready to receive.
The optional step for the properly paranoid
One extra step from the video is worth your time before you move real money. Once setup is done, reset the device, then set it up again using “Restore from recovery phrase” and enter your 24 words. If the wallet restores correctly, you have proven your backup actually works, before the day you have to restore under stress with real assets on the line.
Pros and cons
Pros
- Full self-custody: your keys, your crypto, no exchange risk
- Up to 100 apps at once and support for more than 5,500 assets, plus NFTs
- USB-C only with no Bluetooth keeps setup simple and the attack surface small
- Beginner-friendly setup with Ledger Live guiding each step
Cons
- No Bluetooth means no practical iPhone use; phone-first users need the Nano X
- Self-custody means self-responsibility: lose the device and the phrase, and the assets are gone
- Built for a computer-based workflow, which will not suit everyone
FAQ
What is a recovery phrase?
It is a list of 24 words your Ledger generates during setup, in a specific order. Those words are the master backup for all of your accounts. Write them down offline, store them securely, and never share them. Anyone who has the phrase has your crypto.
What happens if I lose my Nano S Plus?
Get another hardware wallet, choose the restore option during setup, and enter your 24-word recovery phrase. Your accounts come back. Without the phrase, there is no recovery.
Final verdict
The Ledger Nano S Plus is the perfect first hardware wallet for anyone with a computer who wants an easy, understandable way to self-custody their assets. Setup takes minutes, and the skill itself is the real purchase here. If moving crypto off an exchange makes you nervous, start with a small amount as a proof of concept. After a couple of runs through it, you will wonder why you waited.