Should you buy a hard wallet? For me I like owning a hard wallet, because it keeps my cryptocurrency keys on a separate device. There are many different ways you could store your keys off the exchange. You could store them on a phone wallet and also a wallet installed on your computer. You could even make a paper wallet.
Why store your cryptocurrency off the exchange? “Not your keys, not your coins,” that’s the old saying in the crypto world. When you have your coins on the exchange you do not own your keys. So a hacker could gain access to your keys and steal your coins if the exchanges security was compromised. So always store your keys off the exchange in some sort of wallet of your choice.
When you set up a Ledger Nano S wallet you will be asked to write down a 24 word recovery phrase. This is very important that you do this correctly. With the proper order and spelling. The recovery phrase is the only way your can restore your hard wallet to gain access to your cryptocurrency if the device was stolen, malfunctioned or the 6 pin password was forgotten. All serious wallets will have some sort of recovery phrase you need to write down.
Always buy your hard wallet directly from the manufacturer to make sure the wallet was not tampered with.
With the Ledger Nano S you will have to install the software “Ledger Live” to setup and use your wallet. It’s pretty straight forward.
I’ve found the Ledger Nano S hard wallet build quality excellent and reliability excellent. I’ve used the Ledger Nano S for about 2 years with no problems. Same goes for the Ledger live software.
If you’re serious about securing your cryptocurrency, then a Ledger hard wallet is a device I trust.
Good luck and happy trading!