- Easy setup and user-friendly interface
- Compact and durable credit card-like design
- Extremely affordable and you receive multiple cards
- Open source code encourages transparency and accessibility
- Ability to send, receive, and swap crypto in-app on your phone
- You don’t know your wallet’s secret phrase
- Permanent loss of funds if you lose all your cards
- Dependency on an external NFC-enabled device to manage funds
As the crypto space continues to grow, so does the desire for an easy-to-use hardware wallet. The Tangem hardware wallet card is just that. It prioritizes simplicity without compromising security, all at an affordable price point.
As an avid hardware wallet user, I couldn’t resist the opportunity to review the Tangem wallet.
Having tested and reviewed various wallet brands, I was eager to get my hands on the Tangem card to share my non-biased, firsthand experience with you.
Tangem Hardware Wallet Review
Below is a quick overview of the Tangem hardware wallet. Make sure to check out the video too.
|Price||$55.90 (for 3 wallet cards)|
|Features||NFC-enabled, quick setup, instant transactions|
|Security elements||EAL6+ secure chip element, IP68 resistant rating, open source application, independent firmware wallet|
|Supported cryptocurrencies||Store, buy, earn, transfer and swap 6000+ of coins and tokens including Bitcoin, Litecoin, Ethereum, Ripple, Dogecoin, Solana, Cardano|
|NFT support||No, Tangem only supports cryptocurrency.|
|Supported blockchains||Tangem supports 34 networks and has enough memory to store keys for at least 100 blockchains|
|Supported software wallets||Tangem is not directly compatible with software wallets. It is compatible with WalletConnect however|
|Mobile app||Yes, (iOS and Android)|
|Warranty||25+ year replacement warranty|
|Manufacture origin||Zug, Switzerland|
How Does Tangem Wallet Work?
Unlike traditional hardware wallets, the Tangem wallet takes the form of a card, similar to a credit card.
Its unique and compact design makes it uniquely different from other hardware wallets that act as their own device.
The Tangem wallet operates by securely storing the user’s private keys, which are essential for accessing and managing their cryptocurrencies.
What sets it apart is its innovative approach to private key security. The Tangem wallet ensures that the private key remains private not only from the user but also from any potential third parties.
To use the Tangem wallet, you simply bring the card in close proximity to a compatible NFC-enabled smartphone.
Through a secure communication process, the wallet interacts with your device to facilitate transactions, view balances, or perform other wallet functions.
By combining the convenience of a card-like form factor with strong private key security, the Tangem wallet offers users a unique and user-friendly experience in managing their cryptocurrencies while prioritizing the protection of their assets.
Unboxing the Tangem Wallet
The Tangem cards come in a plastic-wrapped, slide-open box to reveal your wallet along with additional backup wallets, a quick get-started guide, and the terms of service.
Unlike other popular hardware wallets, the Tangem wallet’s packaging does not provide any security features like security tape or other anti-tampering material.
Tangem Wallet Features
The Tangem wallet is one of the most basic wallets on the market. It’s nothing more than a bank card that is used for cryptocurrency as opposed to fiat money.
Because Tangem isn’t an actual device that utilizes its own screen, you’ll need an NFC-enabled phone to manage your wallet and the assets within.
Fortunately, most phones are NFC-enabled. Any iPhone newer than iPhone 7 and any Android device that supports NFC will work with the Tangem crypto card.
One of my favorite features of Tangem is that it’s nearly indestructible. It’s IP68 rated, meaning it’s completely dust-tight and protected against the effects of long periods of immersion in water.
It can also withstand extreme temperatures as low as -13°F and up to 122°F.
Tangem Wallet Security
In terms of overall security, Tangem Wallet has the right intentions. However, there is one key factor that might scare off some crypto enthusiasts.
Random private key
Upon activating your Tangem wallet, the chip in the card randomly generates a private key that is never exposed. That means not only do third parties not know it, but neither do you.
Tangem’s intention with this is to make it impossible for someone to steal or trick you out of your funds.
So rather than using a seed phrase to backup or restore your wallet, you receive additional cards that are used for backup.
The main downside to this is if you lose all your cards then you lose access to your funds, as you don’t know the private to recover them.
EAL6+ secure chip element
The EAL6+ (Evaluation Assurance Level 6+) rating is a security certification standard used to assess the security and reliability of hardware chips.
EAL6+ is considered a significant achievement and is typically associated with chips designed for high-security applications and environments.
It ensures that the chip has implemented robust security features and has undergone thorough scrutiny to mitigate potential risks and vulnerabilities.
Open source application
Tangem’s open source mobile app means anyone can inspect the code on GitHub to check for vulnerabilities and other backdoors.
Furthermore, if Tangem were to go out of business the app can be recreated.
Independent firmware audit
Tangem’s firmware and source code underwent an independent audit conducted by Kudelski Security, a reputable Swiss auditing company.
This audit provides a thorough examination of the software and programming code used in the Tangem wallet, aimed at identifying any potential vulnerabilities or security issues.
Having an independent audit performed by a trusted security firm like Kudelski Security demonstrates Tangem’s commitment to ensuring security and integrity.
It also provides users with greater confidence in the reliability of the product.
How to Setup the Tangem Wallet
Download the Tangem App
Use the app to scan the card
Open the Tangem app and tap “Scan card”. Simply hold the card to the back of your phone until the operation is complete. Continue to follow the steps on the screen.
Activate your card to use the wallet
To activate your main wallet card you need to create an access code. This code is user-generated and utilizes letters, numbers, and symbols. Do not share your access code with anyone.
Moreover, you can choose to enable Face ID for additional protection if you’d like.
Create your backup cards
Tangem provides 2-3 cards per package (depending on the package you purchase). These additional cards are used as your wallet backups.
You can only create a maximum of 2 wallet backups (3 total wallet cards).
You’ll want to set up your backup wallets after activating your main card (note that it doesn’t matter which card you choose as your main card).
Tap “Add a backup card” and scan your backup card for 15 seconds to finalize each backup.
You need a phone with near-field communication NFC support (any iPhone newer than iPhone 7 or any Android device that supports NFC)
When you activate your Tangem wallet, the chip in the card automatically generates a random seed phrase that is never revealed to you or anyone else.
This makes it impossible for someone to steal or trick you into giving out your wallet’s seed phrase.
Of course, this is different than most hardware wallets that traditionally require you to record your recovery phrase to access the device and any funds on it.
With Tangem, backup copies of your wallet are created on a separate Tangem wallet card.
This allows you to store them in different locations for increased security.
Even if someone were to get ahold of your card, there are other security measures in place that will prevent access to your wallet.
Tangem requires users to create an access code. This code is a user-generated passphrase that is used to access your wallet.
Without this code, there is no way to access your wallet card.
Is Tangem Wallet Safe?
Yes, the Tangem wallet is safe. Its chip generates a secure private key that remains hidden from others.
However, losing or damaging the cards will lead to permanent loss of your funds. For more secure crypto storage, use a wallet that allows recovery phrase recording.
That said, it’s extremely difficult to damage Tangem cards. Just check out this video where a card is put to the ultimate test of strength!
Also, if you lose one of your cards you always have your backups to access your funds. Plus you can always transfer your funds to a new wallet if you’re on your last card.
That’s why Tangem recommends storing all your cards in separate and secure locations.
Tangem has done a lot of things right to ensure an overall safe wallet that is unlikely to be hacked.
Its open source app combined with the EAL6+ secure chip element, and private recovery phrase makes it nearly unhackable.
Should You Buy a Tangem Wallet?
Consider buying the Tangem wallet if you prefer an easy setup, user-friendly interface, and affordable price.
If you are a more experienced investor looking for the most secure wallet, consider buying a wallet that gives your more control over your private keys and funds.
Make sure to use our custom discount link to get 10% off your entire Tangem order.
Overall, I think the design and user-friendliness of Tangem make it a great beginner wallet. It does everything that even the most sophisticated wallets do (with the exception of knowing your private key).
You can easily buy, send, and receive crypto using it. But if you prefer to manage your private keys, I’d choose a more robust hardware wallet.
Frequently Asked Questions
Is Tangem a good wallet?
The Tangem wallet is ideal for beginners and users seeking an easy-to-use solution. With NFC technology and broad cryptocurrency support, it offers a convenient method to buy, sell, and securely store digital assets.
How secure is Tangem?
Tangem’s wallets are designed to be nearly unhackable. The wallet utilizes an EAL6+ secure chip along with additional cards for secure backups. The mobile app is transparent and does not collect personal data from users.
What happens if Tangem goes out of business?
Nothing, if Tangem ceases to exist the application has an open source code that is published on GitHub for anyone to recreate.
What if you lose my Tangem card?
If your Tangem wallet is stolen, it remains secure thanks to the user-generated access code you created. You’d also want to buy a new wallet and transfer funds to it using your backup card.
Can you buy crypto on the Tangem wallet?
The Tangem app allows you to buy cryptocurrency directly from your bank card using integrated services. You can also transfer crypto from another wallet to your Tangem wallet.