I want to discuss the Tangem Wallet, showcasing what makes it unique and its benefits.
This wallet is for people who want a secure and easy way to store their cryptocurrencies.
It strives to provide users with an easy-to-use and secure digital financial service through innovatively designed cards.
What is Tangem Wallet?
Tangem Wallet is a highly safe hardware wallet for managing cryptocurrencies. It is the size of a credit card and uses Near Field Communication (NFC) technology, which allows users to interact with their wallets by simply tapping them against their smartphones1.
This wallet offers seamless and secure storage, purchase, transfer, and swapping of thousands of coins and tokens.
To ensure that the wallet is not compromised, the Tangem wallet boasts of its sturdy security features, such as its chip that generates an arbitrary private key whenever it is activated.
As such, beginners and experienced users get access to traditional hardware wallets’ security features mixed with mobile wallets’ convenience.
Quick Facts About Tangem Wallet
| Feature | Description |
|---|---|
| Form Factor | Credit card-sized hardware wallet |
| Technology | Near Field Communication (NFC) |
| Security | EAL6+ security standard, audited by Kudelski Security & Riscure |
| Private Key Generation | Random private key generated during activation |
| Compatibility | Supports iOS, Android, and Harmony OS |
| Cryptocurrency Support | Supports thousands of coins and tokens across dozens of blockchains |
| Durability | IP68 resistance to dust, water, and temperature extremes (-25°C to 50°C) |
| Backup | No need to charge; operates with a simple tap against a smartphone |
| Usage | No need to charge, operates with a simple tap against a smartphone |
| Warranty | 25-year warranty |
How to Set Up & Use Tangem Wallet?
Step 1: Get the Tangem Wallet
You can buy the tangem wallet from a legitimate digital store.
Step 2: Download the Tangem App
Download the Tangem Wallet application from the Apple App Store or Google Play Store.
Step 3: Set Up the Wallet
Open your tangem wallet app and follow what you see on screen. Begin the process by tapping the card on your phone.
Step 4: Secure Your Wallet
You can set up a PIN or use biometric safety features like fingerprinting or facial recognition as an extra security check measure.
Step 5: Add Cryptocurrency
After tapping your card onto your mobile device again, adhere to the prompts on adding cryptocurrency to your Tangem wallet.
Step 6: Manage Your Assets
Using this app, you can securely manage your assets, make transactions, and check balances.
To send crypto, tap card to phone, insert address and amount
Step 7: Backup and Restore
Please back up your wallet using this same application and keep it in a secure place you trust with such a valuable document.
Tangem Wallet Pricing
The Tangem Wallet is one of the cheapest ways to secure digital assets. For $54, you can purchase a 2-card set or a 3-card set for $69.
They would suggest that you buy the 3-card bundle to have a spare.
Supported Cryptocurrencies
The Tangem wallet offers backing for 38 chains and over 6,000 cryptos, including the major ones such as Bitcoin, Ethereum, Ripple, Solana, and Cardano.
Most altcoin lovers interested in smaller and less known coins, among other things, will find that Tangem suits them.
On the Tangem Homepage, scroll down midway and input any of your preferred assets to get a complete list of supported assets.
However, it should be noted that NFT management is not yet available on the Tangem App at the time of writing, although we expect this to change soon.
Tangem Wallet Features
Secure Hardware Wallet
Tangem Wallet is a hardware wallet that holds your cryptocurrencies offline, preventing them from being hacked online.
Contactless Transactions
To ensure user-friendliness and improve security, transactions are carried out by simply touching the Tandem card on an NFC-enabled smartphone.
No Battery or Cables
This card does not require cables or batteries, so it is convenient and will last a long time as you manage your crypto assets.
Multi-Currency Support
It supports various cryptocurrencies, thus enabling you to control several assets using one account.
Tamper-Proof Design
The tamper-proof design in this wallet makes any attempt to damage the card easily noticeable.
User-Friendly App
A well-designed app by Tangem is quite simple, offering users a smooth experience when managing assets, verifying balances, and conducting transactions.
Backup and Restore
You may back up your wallet to restore your assets if you lose or destroy the original card,
Multi-Signature Support
This allows for multi-signature transactions, improving flexibility and security when dealing with money.
How Tangem Wallet Works
Unlike most devices, which use USB sticks or smartphone designs, Tangem does things differently with hardware wallets.
These classical wallets have tiny screens for transaction confirmation and recovery seed phrases to enhance security in case the wallet is lost or needs recovery.
Notable models such as Trezor and Ledger have buttons used in navigation or touch screens.
Contrarily, Tangem simplifies the hardware wallet experience through NFC technology.
This enables users to verify cryptocurrency transactions directly from their smartphones without needing seed phrases, batteries, or cables.
It is simply a tap-and-go process. The mobile app that comes with it has an intuitive design that makes it suitable for anyone familiar with smartphones.
This contrasts sharply with more intricate traditional hardware wallets whose functionalities are unfamiliar to many people.
Ultimately, Tangem manages to strike a delicate balance between a user-friendly interface and high-level security, making what has traditionally been seen as a complex and cumbersome process straightforward.
Are There Any Risks to Using Tangem Wallet?
Sure, the Tangem Wallet has security features, but there are still some risks:
NFC Design
The wallet utilizes NFC technology, which can be dangerous if your phone is infected with malware.
Private Key Extraction
You cannot get the private key from the card, so you depend entirely on it for security reasons.
Single Device Dependency
Transactions must be conducted through an NFC-enabled phone; losing access to this phone could cause problems.
Tangem Wallet Pros & Cons
Pros
Cons
Is Tangem Wallet Safe?
Yes, Tangem Wallet is secure. The private key generated by the card’s chip, invisible to Tangem or anyone else, is highly protected and difficult to steal or fraudulently access.
I am backing up instead with cards for additional security, not traditional seed phrases.
The Tangem App does not have back doors, and the company doesn’t keep any personal data of its users, as it values user privacy highly.
Moreover, Swiss firm Kudelski Security has independently audited the firmware and source code of Tangem Wallet.
These robust security measures show how secure and dependable the Tangem Wallet is.
Tangem Wallet Alternatives
Ledger
Ledger wallets like the Ledger Nano S and Nano X are infamous in the crypto community for their challenging security features. They can securely manage digital assets while supporting a wide range of cryptocurrencies.
Trezor
Trezor is another widely popular hardware wallet. It has different models, such as Trezor One and Trezor Model T. It offers excellent protection against cyber threats and works with many types of cryptocurrencies.
NGRAVE
This wallet is designed with a strong emphasis on security and user experience. It has touchscreen capabilities, making it compatible with several cryptocurrencies.
Keystone
Earlier, known as Cobo Vault, Keystone wallets were isolated from any online connection, which made them more unassailable.
Tangem vs. Phantom Wallet Comparison
| Feature | Tangem Wallet | Phantom Wallet |
|---|---|---|
| Type | Hardware Wallet | Software Wallet |
| Supported Cryptocurrencies | Bitcoin, Ethereum, and various ERC-20 tokens | Solana and SPL tokens |
| Security | High (physical card, EAL6+ chip) | High (software encryption, seed phrase) |
| User Interface | Simple, card-based interaction | User-friendly, browser extension |
| Accessibility | Requires physical card | Accessible via web and mobile app |
| Backup and Recovery | Recovery card system | Seed phrase backup |
| Transaction Speed | Fast (hardware signing) | Fast (Solana blockchain) |
| Multi-device Support | Limited (requires card per device) | Yes (can sync across devices) |
| Integration | Limited third-party integrations | Integrates with various dApps |
| Price | Paid (cost of the card) | Free |
| NFT Support | Limited | Full NFT support on Solana |
| Staking | No | Yes (SOL staking) |
| Customer Support | Email, community support | Email, Discord community |
Conclusion
Tangem Wallet is a hardware wallet that is very secure and easy to use. This also makes it perfect for people who want physical security since it has an EAL6+ chip and works with cards.
It can be used with many different types of currency but does not work well with third-party services.
This means that transactions are quick, and the interface is simple; however, you need a card to get in, which could be wrong if someone wants more than one device to be supported.
Tangem Wallet is great for anyone who wants an easy way to manage their digital money while keeping their personal information safe.
