Losing access to your cryptocurrency due to a misplaced recovery phrase is a common issue in the crypto market. That’s where Tangem Wallet comes in. Unlike other hardware wallets, it stores your crypto keys on special and durable “Cards”, like a credit card. This Tangem Wallet review delves deep into its unique features, exploring its user-friendly design, advanced security measures, and overall functionality.
Key Takeaways:
- The Tangem Wallet is a highly secure hardware wallet with a physical card format, using NFC technology for transactions.
- Tangem supports thousands of cryptocurrencies across 59 blockchain networks, making it versatile for crypto management.
- The wallet includes advanced security features like an EAL6+ certified chip, IP68+ rating, access codes, biometric authentication, and a random private key generator.
Tangem Wallet Review: Overview
| Founder | Andrey Kurennykh |
| Wallet Type | Hardware, NFC-enabled wallet |
| Security Chip | CC EAL6+ certified |
| Safety Measures | Biometric Authentication, Access Cards, True Random Number Generator |
| Physical Dimensions | 85.6 mm x 54 mm, 1 mm thickness |
| Weight | 6 grams |
| Durability | IP68+ certified, resistant to water, dust, and extreme temperatures |
| Battery Requirement | None (powered by NFC from a smartphone) |
| Supported Coins | 59+ blockchain networks, including Bitcoin and ERC-20 tokens |
| Backup | Tangem Cards, 12 or 24-word seed phrase (optional) |
| Mobile App | Tangem App available for iOS and Android |
| Warranty | Minimum 25-year lifespan guaranteed by Samsung |
What is Tangem Crypto Wallet?
Tangem Wallet is a hardware wallet designed for secure cryptocurrency storage. It comes in the form of a physical card, similar in size to a credit card. Each Tangem card includes a secure chip technology, certified to the highest standards (Common Criteria EAL6+), ensuring the safety of your digital assets.
One standout feature of Tangem Wallet is that it does not require batteries or an internet connection. It uses Near Field Communication (NFC) technology. This means it gets power from your smartphone when used, making it very portable and low-maintenance. It is designed to last, with a guarantee of over 25 years if used correctly. The cards are durable and withstand harsh conditions, such as extreme temperatures and water.
There is also an open-source Tangem Wallet app for both Android and iOS devices. Transactions are also easy and quick, with instant verification by tapping the card to your mobile app.
Pros of Tangem Wallet
- Highly secure against remote attacks because it does not offer Bluetooth or USB connectivity, relying instead on NFC
- The card is IP68+ rated and has an average lifespan of 25 years
- Integrated CC EAL6+ security chip for private key protection
- Highly resistant to supply-chain attacks
- Easy-to-use mobile app for managing your cryptocurrencies
Cons of Tangem Wallet
- Since it’s a physical card, there’s always the risk of losing, which could result in the loss of your cryptocurrency (if not backed up using seed phrase)
- It may not be as user-friendly as touchscreen hardware wallets
Tangem Wallet History
Tangem is a high-tech blockchain company founded in 2017. It is headquartered in Zug, Switzerland, with branches in North America, Eastern Europe, and the APAC region.
The Tangem team is led by co-founder and CEO Andrey Kurennykh, who has a strong background in technology and management. Their Chief Technology Officer, Andrey Lazutkin, has over 15 years of experience in digital products and fintech. Financial and legal matters are handled by experts Vijay Sondhi and Patrick Storchenegger, further strengthening the company.
In 2019, Tangem experienced a major growth milestone by securing $15 million in funding from SBI Crypto Investments Ltd. This financial support enabled Tangem to expand its operations on a global scale.
The company was founded in 2017, but the Tangem Wallet was introduced in late 2021 with unique NFC-enabled cards that interact with a mobile app. Tangem’s innovative approach quickly gained traction, and by 2023, the company had 100,000 active users in 160+ countries.
At the end of 2023, Tangem achieved significant progress by producing 1 million cards. Later, they also launched a new version of their wallet, called Tangem Rings.
Tangem Wallet Supported Coins
The Tangem Wallet supports the use of thousands of cryptocurrencies using a single card. It supports 59 blockchain networks including BTC network, ERC-20, Cardano, and many others like Solana, Algorand, and Cosmos. It covers all popular tokens in various sectors like metaverse, NFTs, DeFi, smart contracts, and more.
Here are some popular coins supported by Tangem:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Binance Coin (BNB)
- Ripple (XRP)
- Cardano (ADA)
- Polkadot (DOT)
- Dogecoin (DOGE)
- Litecoin (LTC)
You can view the complete list of Tangem supported assets here.
Key Features of Tangem Wallet
NFC Connectivity
Tangem Wallet uses Near Field Communication (NFC) technology for connectivity. This differs from other hardware wallets that use Bluetooth (Ledger Nano X) or USB (Trezor Model T). NFC is the same technology used for contactless payments with credit cards or smartphones.
NFC establishes radio communication between two devices when they are very close to each other, usually within a few centimeters. This is how the Tangem Wallet communicates with your smartphone. When you tap your Tangem card to your phone, the phone powers the card through magnetic induction, allowing data transfer without needing a battery inside the card. This process is quick, simple, and highly secure.
The advantage of NFC over Bluetooth or USB is that it does not require pairing or cable connections. Bluetooth can sometimes be complicated to pair and is susceptible to interference and security issues. USB connections need physical ports, which can also be inconvenient and less secure if the device gets compromised.
With NFC, even if your phone is compromised, your assets are completely safe. The transaction process involves the mobile device sending a transaction request to the card. The card signs the transaction internally and sends back the signed transaction to the phone. At no point do the private keys leave the card or become exposed to the phone.
Keyless Backup
Unlike traditional crypto wallets that rely on seed phrases, Tangem Wallet offers a unique backup system using additional Tangem cards. Here’s how it works:
When you buy a pack of cards (2 or 3 cards), one card is your primary wallet, where you sign your cryptocurrency transactions. The additional cards in the set act as your backup. Here is the important drawback, if you lose all your Tangem cards, you will lose your funds.
Therefore, you must use the optional seed phrase backup. You can choose between 12 or 24 words. Write these words on a piece of paper and keep it somewhere safe. You can use this traditional backup system to recover your funds when all cards are lost.
User-Friendly Design
The Tangem Card is user-friendly and easy to use. It’s super user-friendly because it ditches the bulky hardware design of other cold wallets like ELLIPAL Titan and Keystone Pro. Instead, it’s a slim card you tap to your phone with NFC, just like using a contactless payment card. No wires, no charging, just tap and go.
It is highly portable. It’s shaped just like a credit card, measuring 85.6 millimeters by 54 millimeters, making it easy to slip into your wallet or pocket without any bulk. It also has an incredibly thin design at just 1 millimeter thick. To put that in perspective, it’s about the same thickness as two pennies stacked on top of each other. Furthermore, the card itself is incredibly lightweight, weighing in at a mere 6 grams.
Setting it up is also super easy. The mobile app guides you through the complete process, making it easy for beginners. Plus, Tangem stores your private key directly on the card with advanced security features, eliminating the risk of seed phrase backups going wrong. This makes it a great option for people who might find traditional hardware wallets intimidating.
Mobile App Support
The Tangem mobile app is an important part of the Tangem Wallet ecosystem. Available on both iOS and Android, the app enables you to quickly set up your Tangem cards. You can use it in several languages, including English, French, German, Italian, Russian, and Traditional Chinese.
The Tangem app supports thousands of cryptocurrencies on 59+ blockchain networks. This includes Bitcoin, Ethereum, and many ERC-20 tokens, giving you the flexibility to manage your digital assets with ease.
It lets you view your wallet balance and transaction data, providing a clear overview of your crypto portfolio. You can also buy and sell cryptocurrencies using various payment methods like credit cards, bank transfers, Apple Pay, or Google Pay.
Plus, the app provides live tickers for thousands of cryptocurrency coins and tokens. This helps you stay updated with real-time market data. It also allows you to exchange one cryptocurrency for another quickly and securely, and you can connect to a wide range of DeFi applications using WalletConnect from both desktop and mobile devices.
The app also supports multi-wallet management. This means you can manage multiple Tangem cards within a single app. It is particularly beneficial for those who handle different portfolios or wish to keep certain assets separate.
For security, the app incorporates several measures to protect your assets. It uses biometric authentication, such as fingerprint or facial recognition. This feature ensures that even if your phone is lost or stolen, unauthorized access to your wallet app is prevented. Plus, You can set up additional “Access Codes” in the Tangem app. These codes must be entered before any transaction can be authorized.
Note: Currently, the Tangem app does not support managing NFTs directly. However, you can connect your Tangem wallet to an NFT marketplace using WalletConnect to manage your NFTs.
What’s in the Tangem Box?
The Tangem Wallet box contains the following:
- 2 or 3 Tangem Cards
- Getting Started Leaflet that helps you set up your wallet quickly and easily. It includes instructions on how to activate the cards, link them to the Tangem mobile app, and start managing your digital assets.
- Specifications Sheet that contains information about the cards like weight, size, security measures, and more.
Fees of Tangem wallet
The price of 2 Tangem Cards is $54.90, making it one of the most affordable hardware wallets on the market. Also, If you prefer to have more backups, you can purchase a three-card pack for a higher price of $69.9. This price is in a similar range to popular hardware wallets like Trezor Model One ($59) and Ledger Nano S Plus ($79).
When it comes to fees, using the Tangem hardware crypto wallet itself does not incur any additional costs beyond the initial purchase price. However, transaction fees will apply when you send or receive cryptocurrency. These fees depend on the network you are using. For example, on the Ethereum network, you can choose the fee rate that suits your needs, with options for average market rates or faster processing speeds at a higher cost.
Tangem Wallet also offers the “Tangem Express” feature for swapping cryptocurrencies. This service acts as an aggregator for various swap providers, allowing you to find the best rates for your desired transactions. While the Tangem Wallet does not charge extra for using Tangem Express, the swap providers may include a commission in the exchange rate.
Tangem Security: Is This Wallet Safe?
Let’s break down the different security measures Tangem uses to keep your digital assets protected:
- Non-Custodial Wallet: It is a non-custodial wallet, meaning you have full control over our private keys and funds. The wallet does not store user data or transaction history on its servers, ensuring maximum privacy and security. All operations are conducted directly on public blockchain nodes or through API services.
- Biometric Authentication: The Tangem app supports biometric authentication via fingerprint scanning or facial recognition. Your biometric data stays completely safe. Tangem Wallet itself never accesses this information.
- Access Codes: Tangem access codes are secure PIN codes that act as 2FA. Users must enter these codes to authorize transactions and access the wallet.
- Certified Security Chip: The Tangem security lies in its chip. This tiny microcomputer is EAL6+ certified, which is the highest level of chip security certification available. This means the chip is incredibly resistant to tampering, even against sophisticated attacks. The EAL6+ rating is the same level of security used in high-security devices like passports and bank cards. So, it’s impossible to scrape private keys from the chip. The chip technology is developed in partnership with Samsung Semiconductors.
- Physical Toughness (IP68+ certified): The wallet card is built to withstand harsh environments. It’s resistant to dust, water, X-rays, and even electromagnetic pulses (EMPs). They can even operate in extreme temperatures from -25 °C to +50 °C, ensuring the wallet functions in various environments without compromising security. So, if you accidentally drop your Tangem card in a pool, or it gets caught in a fire, your crypto is likely safe.
- Random Private Key Generation: When you set up your Tangem Wallet, a unique private key is generated to access your crypto. This key is created using a True Random Number Generator (TRNG) built right into the chip. Importantly, it is very impossible to guess your private keys.
- Anti-Counterfeit Measures: Tangem Card includes anti-counterfeit technology, making it hard for fake devices to be used instead of genuine ones.
- No KYC Requirement: Tangem Wallet does not require you to undergo Know Your Customer (KYC) procedures. It is fully privacy-focused.
The chip is only half the story. Tangem’s firmware, the software that controls the chip, is also heavily guarded. Here’s how they keep it secure:
- Independent Audits: Tangem’s firmware has undergone multiple audits by independent security labs. These audits check for vulnerabilities, backdoors, or hidden code that could compromise your crypto. The latest audit, conducted by Riscure in 2023, confirmed the firmware is clean and secure.
- Open Source App: For added transparency, the code for the Tangem app is open source. This means anyone can review the code to ensure there are no malicious functionalities.
Tangem Warranty
Tangem provides a 30-day return policy for cards that are unused and still in their original packaging. To qualify for a return, the item must be in the same condition as when it was received. Original packaging is required, and a receipt or proof of purchase is also necessary to complete the return process.
Furthermore, the cards have a minimum lifespan of 25 years, guaranteed by Samsung, the manufacturer of the chip.
Tangem Alternatives
The basic models of Trezor and Ledger hardware wallets are the best alternatives to Tangem Wallet. Here is a quick comparison of Tangem Wallet vs. Ledger Nano S Plus and Tangem Wallet vs. Trezor Model One-
| Feature | Tangem Wallet | Ledger Nano S Plus | Trezor Model One |
| Design | Physical card | USB device with OLED screen | USB device with monochrome display |
| Security Chip | CC EAL6+ | CC EAL5+ | 120 MHz embedded ARM processor (Cortex M3) |
| Security Measures | Biometric, Access codes | PIN and Passphrase | PIN, Passphrase, Shamir backup, Tor privacy |
| Supported Coins | 1,000+ | 5,500+ | 1,000+ |
| Connectivity | NFC | Bluetooth and USB-C | Micro USB cable |
| Battery Requirement | No | No (powered by USB connection) | No (powered by USB connection) |
| Recovery Options | Cards and optional recovery phrase | 12 to 24-word recovery phrase | 12 to 24-word recovery phrase |
| Price | $54.9 (2 cards) | $79 | $59 |
| Open Source | Yes | No | Yes |
| App | Tangem App | Ledger Live | Trezor Suite |
How to Use Tangem Wallet?
This guide will walk you through the entire process of using the Tangem Wallet, from initial setup to storing, sending, and receiving cryptocurrencies.
Step 1: Setting Up Your Tangem Wallet
- Install the Tangem App: Download the Tangem app from the App Store or Google Play Store. Open the app on your NFC-enabled smartphone.
- Activate the Wallet: Tap the “Scan” button in the app. Place your Tangem card near the NFC module of your phone and follow the prompts to scan the card. Once scanned, select “Create Wallet” and scan the card again.
- Backup the Wallet: After creating the wallet, press “Backup now”. Scan the second card in the pack for backup. If you have a three-card pack, repeat the process with the third card. Finally, press “Finalize the backup process” and then “Continue”.
- Set Access Code: Create a secure access code for your wallet. Re-enter the code to confirm it.
Step 2: Adding Cryptocurrencies on Tangem Wallet
To add cryptocurrencies to your Tangem Wallet, open the Tangem app and tap “Manage tokens” on the homepage. Then, select the tokens you want to add and choose the appropriate network. Finally, tap “Save Changes” to complete the process.
Step 3: Receive Cryptocurrencies on Tangem Wallet
To receive cryptocurrencies using your Tangem Wallet, open the Tangem app and select the asset you wish to receive. Tap “Receive” to display your wallet address or QR code. Share this address or QR code with the sender.
tep 4: Send Cryptocurrencies from Tangem Wallet
Open the Tangem app and select the asset you wish to send. Tap “Send” and enter the recipient’s deposit address and the amount you want to send. Confirm the transaction details and tap “Send” again. Enter your access code or biometric ID. Finally, scan your Tangem card to authorize the transaction.
Conclusion
To sum up the Tangem Wallet review, it stands out in the hardware wallet market due to its unique card design and NFC technology. It ensures top-notch security with an EAL6+ certified chip and offers a long lifespan. Its user-friendly app supports multiple cryptocurrencies and provides various security features like biometric authentication and multi-wallet management.
The Tangem Wallet is ideal for those seeking a durable, easy-to-use, and highly secure solution for managing their digital assets. Despite some drawbacks, such as the risk of physical loss, it offers a solid alternative to traditional crypto hardware wallets.
Tangem Review: FAQs
Is Tangem trustworthy?
Yes, the Tangem hardware wallet is trustworthy. Their cards boast the highest level of chip protection (EAL6+) used in passports, and their firmware is audited by top security labs: The Swiss company Kudelski Security and Riscure. The mobile app is also open-source and offers biometrics and access card security.
Can Tangem Wallet get hacked?
Tangem Wallets are designed to be highly secure, making them difficult to hack. The private keys are generated and stored in a secure chip, which never exposes the keys outside the card. This means that even if your phone or computer is compromised, your Tangem Wallet remains secure. Despite these robust protections, no system is completely immune to hacking, so it’s essential to follow best security practices and never sign any malicious transaction.
Is Tangem a cold or hot wallet?
Tangem is a cold wallet, designed to keep your cryptocurrencies safe from online attacks. Unlike hot wallets which store your private keys on internet-connected devices, Tangem uses a secure chip inside the card to store your keys offline. This offline storage makes it much harder for hackers to steal your digital assets.
What if I lose a Tangem Card?
If you lose a Tangem Card, your funds remain secure as long as you have backup cards. Tangem offers sets of cards, typically two or three, which can be used as backups. You can set up these backup cards when you first initialize your wallet. In case of loss, you can use one of the backup cards to access your funds. It’s important to store these backup cards in separate, secure locations to prevent losing all access.
What’s the difference between Tangem’s 2-card and 3-card set?
The main difference between Tangem’s 2-card and 3-card sets is the number of backup cards you get. The 2-card set includes one main card for everyday use and one backup card for recovery. If you lose your main card, you can still access your crypto with the backup card.
The 3-card set offers an extra layer of security by providing two backup cards. This is ideal if you’re worried about losing both cards or forgetting your PIN.
