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Tangem Wallet Review 2024: Best Hybrid Wallet?
Swen Keller
- URL: https://tangem.com
- Software Compatible: Yes
- Price: $55.90
- Staking Rewards: Yes
- Platform App: Mobile
- NFTs Storage: No, only via third-party integration
- No. of Assets Supported: 6,000+
- Type of Wallet: Hybrid wallet
Tangem Wallet Review: Our Opinion
Tangem wallet is a portable hardware wallet that stands out for its ease of use when compared to traditional hardware wallets, which gives it a high appeal to new crypto investors.
Its innovative credit card-shaped design and ample cryptocurrency selection, as well as NFC support offer a convenient way to carry out transactions with the hardware wallet.
The Tangem Wallet also strays from the typical recovery seed phrase security method giving it a unique security feature via the generation of hidden private keys.
An Overview of Tangem
Tangem is a high-tech company in the blockchain industry that started with the goal of giving crypto users unrestricted access to digital assets using a combination of smartcard hardware wallets and mobile applications on Android and iOS devices.
The hardware wallet brand was founded in 2017 and is headquartered in Zug, Switzerland. Currently, Tangem has branches in Eastern Europe, North America, and APAC and promotes its custom hardware wallet in over 169 countries today.
The leadership team of the company includes Andrey Kurennykh, Andrey Lazutkin, Vijay Sondhi, Fernando Luis Vazquez Cao, Patrick Storchenegger, and Juan Manuel G.
Over the years, Tangem has built meaningful partnerships with some of the world’s leading technology brands including Samsung, UMC, Visa, Applus, and NXP. Its product partners include SweePay, Global Blockchain Business Council, CryptoMaan, Stellar, Digix, Swiss Key, Ducatus, Aurus, 1inch, MoneyFoxx, Austria Card Holdings, and much more.
Tangem has also received investments from a couple of companies with the most popular being the $15 million investment in 2019 by SBI Crypto Investment Ltd., which is wholly owned by SBI Holdings Inc.
Pros
- Comes with multiple Tangem wallets (backup cards)
- Smart phone compatible
- Supports over 6,000 cryptocurrencies
- Suitable for beginners
Cons
- Poor customer service
- No recovery seed
Tangem Wallet: What Is It?
Tangem is a self-custodial hardware wallet that gives users total control of their crypto private keys. It is shaped like a card (looks like a traditional bank credit card) and can fit anywhere a regular (cardholder) debit/credit card can be stored.
With the Tangem wallet, users have access to store, buy, swap, earn on, receive, and send over 6,000 crypto coins and tokens.
Unlike most hardware wallets, Tangem comes with 3 cards which are used for generating and storing your private keys instead of a recovery seed phrase.
Tangem Wallet Review: Price
For the pack of 3 Tangem cards (1 Wallet), the hardware wallet charges $55.90. This makes it one of the most affordable hardware wallets when compared to options like the Trezor Model T, Ngrave Zero, and the Ledger Stax.
Tangem Wallet: How Does It Work?
Tangem works quite differently from most hardware wallets, which store your private keys, provide a screen to sign transactions, and feature a recovery seed phrase if your hardware wallet is compromised or lost.
The Tangem Wallet uses NFC technology to confirm crypto transactions on your mobile device. You won’t need to use a recovery seed phrase or USB cables, just tap and go.
Though this has numerous benefits in convenience it exposes some risks as it ties the recovery of your digital assets to the Tangem cards. So if you lose your physical card then your digital assets will be lost as well (no recovery seed phrase).
However, to ensure a secure wallet, Tangem sends a pack of 3 cards per wallet as backups. This makes it easy for users to access their digital assets in the event of damage or loss of a card.
How to set up Tangem Wallet
To set up and activate Tangem Wallet, you need to order a pack of Tangem (which contains 3 cards) from the official Tangem website, a smartphone with NFC enabled, and the Tangem app installed on it.
After installing the Tangem Wallet app for iOS or Android, open it and tap the “Scan Card” button.
Next, tap the physical Tangem card to the NFC module on your smartphone and scan it.
A new screen should appear, tap “Create Wallet” and scan your physical card again.
Tap the green “Backup Now” button.
Next, press the “+Add Backup Card” button and scan the second card in the pack for backup.
For users with the pack of 3 Tangem Wallet cards, you’ll need to follow the same steps for all cards by tapping on the Add More Cards button.
Once that’s done, tap “Finalize the Backup Process” and press “Continue”.
A new screen will show up asking you to Create an Access Code, click “Continue”.
Create your access code, tap “Continue”, enter the newly created access code again, and hit “Confirm”.
On the new screen, tap on “Scan the Primary Card” then tap the first Tangem Wallet card on your phone for 15 seconds.
Next, hit the “Scan the Card #1” button.
Tap the second backup card and scan it for 15 seconds as well. Repeat this for the 3rd card.
That’s it! You have successfully activated your Tangem hardware wallet and you can begin to use it.
It is important to note that all cards in the pack are equal and you can use them as the primary card.
On the screen of the Tangem Wallet app, you’ll see your Ethereum, Bitcoin, and USDT balance by default. You can add new digital assets via the Manage Tokens button.
How to Send and Receive Coins
To send digital assets from Tangem ask the recipient for the crypto wallet address where they would like you to send your coins as well as the relevant blockchain network of the transaction.
Next, log into your Tangem app and tap on the coin you intend to send. On the screen that shows tap the “Send” button then enter the crypto address the recipient gave you as well as the amount you want to send out.
Lastly, tap the “Send” button.
To receive digital assets, go to your Tangem app and tap the particular crypto coin that you want to receive.
If you can’t find the digital asset on your home screen, you can add it by tapping the “Manage Tokens” button.
Once you’ve selected the cryptocurrency, you should see a screen that shows the address of your wallet.
Tap the “Share” or “Copy” button to send the address of your crypto wallet to the sender.
You also need to give the sender the blockchain network to send the asset through.
Unique Features of Tangem Wallet
Tangem Note
Tangem Note is a single-currency hardware wallet designed to store 6 cryptocurrencies safely: Bitcoin, Ethereum, Binance Coin, Cardano, Dogecoin, and XRP.
With Tangem Note, users can buy, sell, store, and transfer cryptocurrencies on their native network. The note can also be used in exchange for goods like regular paper banknotes. It is perfect for beginners.
Tangem Note is not the same as Tangem Wallet. Unlike the Tangem Wallet, Tangem Note is a single card with no access code protection and backup function.
Tangem Note is secured by a unique key generated by the user via the Tangem app. No one has access to the wallet except the owner, because the unique key is unknown to anyone including Tangem.
Tangem Note cards can sign an infinite number of transactions. All that is needed is an NFC-enabled phone, the Tangem Note, and the Tangem app.
As already stated, Tangem Note cards do not have a backup option. This means that if the card is lost, managing the funds will be impossible.
Tangem Note cards can also be accessed by a third party if stolen just like traditional banknotes. Whoever owns the card can access the wallet.
Supported Cryptocurrencies
Tangem Wallet supports over 6,000 crypto assets across 30 networks. Available cryptocurrencies include Bitcoin, Ethereum, Dogecoin, Cardano, Solana, Litecoin, Binance USD, Bitcoin Cash, Tron, Ethereum Fair, Gnosis, Stellar, Ethereum Pow, Dash, Optimistic Ethereum, BNB Smart Chain, Tezos, Avalanche, Beacon Chain, Kaspa, Tezos, Ravencoin, EVM, Kusama, Polkadot, etc.
Does it Support NFTs?
No, Tangem Hardware Wallet does not directly support NFTs. However, it integrates with Wallet Connect and allows users to manage NFTs via the third-party wallet.
Tangem Wallet Fees
Tangem Wallet does not charge fees when transferring digital assets. You’ll only have to pay a network fee, which will be paid to validators or miners.
Security of Tangem Wallet
The Tangem hardware wallet is a self-custodial cold wallet with several security features in place to protect users’ assets from malicious actors and security risks at all times.
The chip of the Tangem Card is a microcomputer that generates a key. The private key is generated when the Wallet is activated.
The key never leaves the card and is not known to anyone else including Tangem. This makes it impossible for the users’ crypto funds to be accessed by malicious third parties.
Tangem uses additional cards for the backup process instead of the Seed Phrase. This is why it is sold as a two or three-card set.
When the card is activated, wallet keys are created. These keys never leave the chip. The chip is responsible for the security of the wallet.
The Card Chip has the same level of security as the chips used for biometric passports.
As already stated, the key is generated when the wallet is activated, this means that neither Tangem nor its team knows the key.
The Tangem firmware has been audited by Kudelski Security, an independent Swiss audit company. The audit confirms that the private key is generated using a hardware number generator and that there are no bugs or backdoors that can result in the loss of funds. The results of the Kudelski Security audit are published on the Tangem website for all to see.
As stated, Tangem uses additional cards instead of a recovery phrase to create a backup. This extra layer of protection ensures that if one card is lost or stolen, the backup cards will restore access to the wallet.
The maximum number of cards that can be in a backup is 3.
The card chip is manufactured by Samsung and designed to sign an infinite number of transactions. The card has a minimum lifespan of 25 years.
In compliance with ISO 7816-1 standard, the card chip is protected against Electromagnetic Pulse (EMP), X-rays ND Electrostatic Discharge (ESD). The card does not contain any magnetic elements that can demagnetize. This means that the chip cannot be destroyed when exposed to a powerful magnetic field.
Tangem cards cannot be modified physically and in terms of software. This is because there is a monolithic chip inside the card.
The chip has the highest certification level – EAL6+ by Common Criteria.
Tangen Wallet is the only hardware crypto wallet with the highest possible protection rate against environmental conditions (IP68). It is 100% water, dust, and hacking-proof. The card can also withstand extreme temperatures from – 25°C to +50°C.
Opening an Account with Tangem
To open an account on the Tangem Wallet app you just need to download the app from the Google Play Store or Apple App Store, launch it, and then connect your Tangem card to it using NFC following the steps in the How to Set Up section.
Tangem Wallet does not require an email address or any form of KYC to set up.
Tangem Wallet App
The mobile app allows users to view their crypto balance and access several dApp tokens and applications.
Through the secure WalletConnect protocol, the mobile app also allows users to trade on exchanges, buy NFTs, and make loans and deposits in over 100 different decentralized services like Curve, Compound, Uniswap, Rarible, SpookySwap, Opensea, Zapper, etc.
The Tangem mobile app offers full functionality in English and Russian, while also providing partial support in German, Italian, and French.
Tangem allows users to use an unlimited number of wallets on one mobile app. This is possible because the phone does not store any assets held by the user, it only acts as a display by visualizing certain data for a particular user via its screen. The signing of transactions and storage of private keys is done by the card, not the phone.
While staking is available in dApps via WalletConnect, it is not yet available on the Tangem app.
Customer Satisfaction
Tangem offers customer service to users via Live Chat and Telegram. The customer support team is available Monday to Friday from 9:00 AM to 10 PM and from 11 am to 8:00 PM on weekends.
The Tangem app has a user-friendly interface. The app has a 4.8-star rating on Google Play Store and 4.7 stars on the Apple App Store.
That said, the Tangem customer support team offers poor customer service. Customer reviews on third-party review platforms indicate that the customer support team is unresponsive and almost impossible to contact.
Where can I buy a Tangem Wallet?
You can buy a Tangem Wallet by going to http://tangem.com and clicking or tapping on the Buy button located at the upper right corner of your screen.
Why Use a Hybrid Wallet?
A hybrid wallet offers a convenient way of managing your digital assets as it eliminates the need to find a third-party software wallet to integrate with your hardware wallet.
Alternatives to Tangem
Popular alternatives to Tangem include Trezor, Ledger, Arculus, Ellipal Titan, and Ngrave Zero.
Final Thoughts
Tangem Wallet offers a unique cold storage wallet that stands out for its intuitive private key storage and support for over 6,000 digital assets. However, unlike other hardware wallets, it doesn’t support NFTs and isn’t air-gapped as it works via NFC technology.
FAQ
Most frequent questions and answers
Tangem is only secure if you do not lose any of your wallet cards. If a bad actor gets added to your cards then they can access your digital assets.
Tangem supports over 6,000 crypto coins including popular ones like Ethereum, Bitcoin, and XRP.
Yes, the Tangem hardware wallet is open source.
Yes, Tangem supports XRP, however, this support is minimal.
We always try to provide the most accurate information available, and make sure our team follow through.
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