I want to know if I can use the ethereum wallet addresses that come with the Nano S. I have eth on it and used this to participate in an ICO. Is that ok as it is first time using this address as it doesn't have a private key? Thanks

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The list of all supported ERC20 tokens by the Ledger Nano S is at this page

I'm not quoting this page because it is often updated, therefore my quote would be quickly missing important information.

If you just want to receive some ERC20 tokens you actually don't need to do anything special. Every Ethereum addresses have the same properties, no matters what wallet you're using.

With the Ledger Nano S and the Ledger App you won't be able to manage (to send) some non-supported tokens but don't worry, it doesn't mean you lost them. They are still there and you can check it by viewing your Ethereum address on etherscan.io for example.

In order to send non-supported tokens you must connect your Ledger Nano S to MyEtherWallet as described here

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