As cryptocurrencies become increasingly popular, so does the need for secure and convenient methods of storing digital assets. Hardware wallets have long been a preferred solution for securing private keys offline. However, traditional hardware wallets can be bulky, expensive, and complicated for newcomers to the crypto space. This is where Tangem Wallet comes to help: a modern, smartcard-based hardware wallet that aims to make crypto storage both simple and secure.
In this article, we’ll provide a comprehensive Tangem Wallet review, explore how it works, its unique features, and, most importantly, its safety. We’ll also examine how Tangem Wallet stands out from other traditional hardware wallets and assess the benefits and drawbacks of using the wallet for your crypto assets.
Key Takeaways
- Tangem Wallet is a compact, credit card-sized hardware wallet designed for secure crypto storage.
- The wallet eliminates the need for recovery phrases.
- The wallet supports over 6,000 digital assets and uses NFC technology.
- With an EAL6+ secure chip and durable design, Tangem ensures top-level security and convenience for managing your crypto assets.
What is Tangem Wallet and How Does It Work?
Tangem was founded in Switzerland in 2017 by Andrew Pantyukhin, Andrey Kurennykh, and Anselm Schmucki with a mission to simplify virtual token storage. The company raised $23 million in two funding rounds, with $15 million coming from SBI Crypto Investments Ltd., allowing it to develop its flagship product. Since its inception, Tangem has expanded globally, with branches in North America, Eastern Europe, and APAC.
The wallet is designed to overcome the cumbersome setup process often associated with traditional hardware wallets. The Tangem hardware wallet is a compact, sealed box that contains a set of high-quality, matt black cards. The cards have a unique identification number on the back and are 85x54x1mm in size. The wallet weighs 6 grams and can be bent slightly without issues. The box is sealed on the underside for easy access.
Tangem Wallet is a hardware wallet designed to simplify the secure storage of digital money by using a smartcard design that’s no bigger than a credit card. Unlike traditional hardware wallets, which often involve cumbersome setups and recovery phrases, Tangem offers a more user-friendly experience by eliminating the need for seed phrases entirely. Instead, it relies on Near Field Communication (NFC) technology to connect with the Tangem mobile app, available on both iOS and Android devices.
This card-shaped wallet is as easy to use as tapping your phone. Once connected, users can store, buy, sell, and manage over 6,000 digital assets, including popular cryptocurrencies like BTC, ETH, and Dogecoin (DOGE). Tangem’s NFC-enabled smartcard requires no batteries or charging, allowing seamless transactions anytime, anywhere.
Security is a key aspect of Tangem Wallet. Each card contains an EAL6+ certified secure chip technology—the same level of security used in passports and banking systems. This chip protection generates a private key directly on the card and ensures that it never leaves the physical device, making it resistant to hacking or unauthorized access.
In case a card is lost or damaged, users can rely on additional backup cards provided in the package, each containing the same private key, ensuring that access to funds is never compromised.
In essence, Tangem Wallet provides a convenient, highly secure, and mobile-friendly solution for storing crypto coins, offering a seamless blend of usability and safety for both beginners and experienced crypto holders.
Key Features of Tangem Wallet
Tangem Wallet is a cutting-edge hardware wallet offering a unique blend of simplicity, security, and versatility, making it a standout choice for crypto users. Its design and features are tailored to provide both beginners and experienced crypto holders with a streamlined and secure way to manage digital assets. Here’s an overview of its key features:
Compact Design
Tangem cards are designed for ultimate portability. They easily fit in a wallet or pocket, making it convenient for users who need secure access to their crypto assets on the go.
NFC Technology
One of the most innovative features of the Tangem hardware wallet is its use of NFC. This allows users to connect the card to their smartphones simply by tapping it—no cables, batteries, or Wi-Fi required. The seamless NFC technology makes accessing and managing your wallet intuitive and effortless.
Multi-Currency Support
Tangem supports over 6,000 cryptos and tokens, including popular assets such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), and Ripple (XRP). This wide compatibility makes it ideal for users with diverse crypto portfolios.
No Recovery Phrase
Unlike other hardware wallets that require a recovery seed, Tangem uses additional backup cards for recovery. This eliminates the need for users to manage or store potentially vulnerable seed phrases.
Durability
The Wallet is built to last. The card is water-resistant and can withstand water immersion up to 1.5 meters for 30 minutes. It is also dustproof, can function from -35°C to +85°C, and is designed to function reliably for at least 25 years, providing users with long-term peace of mind. The wallet offers the highest degree of protection against environmental influences, earning it the IP68 certification.
Security
The wallet’s secure chip is certified with EAL6+ security standards, the highest level used in sensitive applications like banking and passports, ensuring top-notch protection for your private keys.
Open Source Transparency
Tangem’s firmware is open source, allowing for third-party audits and fostering trust in the wallet’s security mechanisms.
In-App Trading and DeFi Access
Through the Tangem Wallet app WalletConnect, users can seamlessly interact with dApps, trade, stake, and even buy NFTs directly from the app, making Tangem a versatile tool for all crypto-related activities.
How Safe is Tangem Wallet?
So, is Tangem Wallet safe? When it comes to hardware wallets, security is paramount, and Tangem has incorporated several layers of protection to ensure users’ assets are kept safe.
1. Secure Hardware Chip
Tangem Wallet’s chip is certified with EAL6+ security standards, the highest level for mobile components. This secure chip generates a random private key from the chip’s physical sensors directly on the card using a True Random Number Generator (TRNG). Since the private key never leaves the card, it remains immune to hacks and malware that could target your phone or computer.
2. No Recovery Seed Vulnerability
Traditional wallets use BIP39 seed phrases, which, while convenient, introduce a potential point of failure. A lost or stolen seed phrase can compromise a user’s entire portfolio. Tangem mitigates this risk by eliminating the seed phrase entirely. Instead, Tangem provides additional physical cards as backups for your private key. This way, even if you lose one card, you can still access your wallet with the other backups.
3. Tamper-Proof Design
The Tangem card is tamper-resistant, meaning it is protected against physical attacks. The chip inside the card has safeguards against brute force attempts, with a 45-second delay imposed after each incorrect code entry. This makes it virtually impossible for hackers to access the wallet through brute force.
4. Independent Audits
Tangem’s security has been audited twice by Kudelski Security, a renowned Swiss company. The audits confirmed that Tangem’s firmware is secure, with no vulnerabilities or backdoors that hackers could exploit.
5. No Internet Connectivity
Since Tangem Wallet is an offline cold wallet, it does not connect to the internet. The only communication between the card and the app happens via NFC, which is a localized and secure form of wireless communication. This isolation from the internet protects the wallet from many online attack vectors, such as phishing and malware attacks.
6. User Privacy
Tangem does not store any personal information or monitor transactions. The company takes user privacy seriously, ensuring that its systems cannot track users’ balances or transactions. The app collects minimal data, mostly for diagnostic purposes, but users’ wallet addresses and private keys remain entirely private.
Benefits and Challenges of the Tangem Wallet
Now, let’s discuss the benefits and challenges you may encounter when using the Tangem Wallet.
Benefits
1. User-Friendly Design: Tangem is one of the easiest hardware wallets to set up and use, making it ideal for beginners in cryptocurrency.
2. Portability: The credit card-sized design makes it highly portable, unlike traditional hardware wallets, which are bulkier and require cables or other peripherals.
3. No Recovery Phrase Hassle: The absence of a seed phrase simplifies wallet recovery, reducing the risk of human error.
4. Cost-Effective: At around $50, the Tangem Wallet is more affordable than many of its competitors, like Ledger and Trezor, which can cost between $60 and $269, depending on the model.
5. Multi-Currency Support: With support for over 6,000 tokens and 30 blockchain platforms, Tangem caters to users with diverse cryptocurrency portfolios.
6. Security: The EAL6+ secure chip, combined with the random private key generation and offline operation, ensures a high level of security.
7. No extra fees: Tangem wallet fees are limited to only the standard blockchain transaction fees for buying, selling, and trading crypto, without any additional fees for transactions.
Challenges
1. NFC Dependency: Tangem relies on NFC technology, so it requires a smartphone with NFC capabilities. While most modern devices support this, some older phones do not, limiting the wallet’s accessibility for those users with older mobile devices.
2. Card Loss Risk: Although backup cards are available, losing all three cards could result in losing access to your assets. It is crucial to keep these cards in safe and geographically separate locations.
3. Limited Features: Tangem lacks some advanced features, such as staking or direct trading through the wallet itself, which some competitors offer. Users must rely on external dApps for these services.
4. No Desktop Support: Currently, Tangem only works with mobile devices, which might be a limitation for users who prefer managing their wallets on desktops.
5. Physical Damage: The card is not indestructible despite its durability. Extreme physical damage could render the card unusable, so careful storage is recommended.
How to Set Up Tangem Wallet
Setting up the Tangem crypto wallet is designed to be quick and user-friendly, ensuring that even newcomers can easily secure their crypto assets. Follow these simple steps to get started:
1. Download the Tangem App: The app is free on both the Google Play and Apple App Store. Ensure your smartphone supports NFC technology, as this is essential for interacting with the Tangem card.
2. Activate the Tangem Card: Open the app and tap the card on the back of your phone. The NFC connection will trigger automatically, and you’ll be prompted to create a new wallet. This process takes just a few moments.
3. Create an Access Code: For security, set up a personalized PIN or password to protect access to the app and your wallet.
4. Link Backup Cards: Tangem provides additional backup cards to safeguard against loss. Simply scan these cards to link them to your wallet and store them securely in different locations.
5. Start Using the Wallet: Once the setup is complete, you can begin buying, selling, and trading cryptos directly from the app. To complete transactions, tap your Tangem card on your phone to authorize.
This streamlined process makes Tangem Wallet one of the easiest and most secure crypto storage solutions available today.
Final Thoughts
Tangem Wallet presents a compelling option for cryptocurrency users who want both convenience and security. Tangem Wallet stands out from its competitors by its intuitive and familiar card-shaped design—it is simple and mobile-friendly. Additionally, its lack of recovery phrases makes it an attractive choice for beginners. In contrast, its robust EAL6+ secure chip and offline operation make it safe for even the most security-conscious users.
While it has some limitations, such as its reliance on NFC and lack of advanced features like staking, Tangem is an affordable, durable, and easy-to-use solution for securely storing digital assets. With proper use and care, the Tangem Wallet provides crypto enthusiasts peace of mind, ensuring their assets remain safe, secure, and easily accessible.
FAQ
Why Is Tangem Card Unique?
The private key of a Tangem wallet is never disclosed, making it a secure, smart banknote for digital assets, allowing for transactions outside the blockchain, including selling, sending, or using them.
Can Tangem wallet get hacked?
The Tangem app is technically unaffected by malicious code injection or fake card creation, but it can function on infected devices, requiring a secure environment for optimal protection.
Does Tangem charge any fees?
Tangem Wallet charges no fees for funds transfers; it only charges a network commission. Fees are automatically set based on network conditions, but low fees can cause delayed or unconfirmed transactions.
How does Tangem work?
Tangem Wallet is activated by tapping a card onto your phone, which generates a random private key to prevent unauthorized access.
