Contributor, Benzinga
February 8, 2023
Tangem
Overall Rating:
securely through Tangem's website

Tangem Wallet, the convenient and secure hardware crypto wallet, is revolutionizing the way individuals store and manage their cryptocurrency. By uniquely combining smartcard-based hardware with mobile technology, Tangem wallet removes the vulnerability of a seed phrase, making it a safer and easier option than traditional crypto wallets.

Tangem Wallet was developed by Tangem, a high-tech company in the blockchain sector that was founded in 2017. The company is headquartered in Zug, Switzerland, with branches in Eastern Europe, North America and APAC. Tangem has already established numerous partnerships with household names both within and beyond Web3, including Samsung, Visa, Cardano and GBBC. 

The team behind Tangem aims to bring cryptocurrencies to the masses in a secure and simplified manner, eliminating technical obstacles while ensuring the highest levels of safety.

Best For
  • New investors who may not have the expertise or desire to ensure the safety and security of a private key
  • Crypto investors who want to trade on a cell phone
  • Crypto investors looking for the least clunky hardware wallet on the market
Pros
  • No need for a seed phrase
  • Lower risk with single point of failure, phishing or hacking
  • All actions are on-chain
  • Secure and reliable chips used for biometric passports have the same security as the chip in the Tangem card
  • Supports thousands of cryptocurrencies simultaneously in one place
Cons
  • Only comes in packs of 2 and 3
  • Risk of losing the card and your crypto funds
  • Does not support iPhone models before IOS 13 or devices that lack NFC support

Tangem Ratings at a Glance

Product Offerings
Customer Service
Customer Pricing
User Benefits
User Experience
Overall Rating

Tangem Product Offerings

Tangem wallet is a good choice for anyone looking for a convenient solution for managing their cryptocurrency. As opposed to the majority of available wallets, Tangem eliminates the need for wires, batteries, chargers and seed phrases.

Users can access thousands of cryptocurrencies simultaneously and use hundreds of different decentralized applications (dApps) for buying, selling, exchanging, lending and staking cryptocurrency with Tangem Wallet.

What is a Tangem Wallet?

Before diving into how Tangem Wallet works, it's important to first understand the basics of a crypto wallet. Unlike traditional wallets that physically store cash, cryptocurrency wallets like Tangem only hold the key to your assets. Instead, your cryptocurrencies exist on the blockchain as pieces of data, and the wallet serves as a means to access them.

Tangem Wallet is a type of hardware wallet that allows users to store their digital assets offline in a physical card. The card contains a secure microchip that stores the user’s private keys. To use the card, a user needs to connect it to a phone or other device that supports the Tangem mobile application. All users have a set of two or three cards with a backup feature, which allows them to manage their money even if they lose one of the cards.

Tangem Wallet Features

Generally speaking, four key actions can be taken with Tangem Wallet. These include:

  • Extracting (sending) funds to other Tangem cards or blockchain wallets
  • Check the validity of the card and assets it is holding
  • Purchase and sell crypto via 3rd party service provider (in some countries)
  • Make payments with the card (with merchants currently accepting crypto)
  • Show the asset’s blockchain address

Getting Started

Creating a Tangem Wallet and getting started is quick and convenient. The entire process only takes about four minutes and involves three steps.

  • The first step is installing the mobile application (Tangem - Crypto Wallet). 
  • The second step is activating the wallet. This step is extremely straightforward – all you have to do is tap the card to the phone.
  • The final step is creating a backup and involves tapping your backup card against the app until the operation is complete. 

You cannot add more backup cards once the backup process is complete. While it may appear annoying at first, this feature serves as a security feature since it prevents malicious actors from adding a backup card without the owner’s knowledge.

Customer Service

Tangem allows users to get help through online chat. This feature can be accessed through the mobile application or webstore. Alternatively, users can reach out via email or through Tangem’s Telegram channel. For further information, users can leverage Tangem’s comprehensive library of high-quality content that includes helpful YouTube videos, blog posts and articles.

Customer Pricing

While Tangem’s mobile application is free to use, the physical cards vary in price. Customers can purchase a pack of three cards for $58.96 or a pack of two cards for $55.09. It is recommended that users purchase a pack of three for increased security.

Tangem offers free delivery worldwide and free and easy product returns.

User Benefits

Tangem offers a vast range of benefits for its users. A few of the main benefits are as follows.

Seedless Solution

Tangem Wallet removes the need for a seed phrase – a long list of words or numbers that act as the master password to a traditional crypto wallet. A compromised seed is one of the most common ways investors lose their crypto. This feature makes it an excellent choice for those new to cryptocurrency or for those who don't want to deal with the stress and hassle of memorizing and properly securing a complex seed phrase. 

DeFi Compatible

Tangem Wallet users can interact with 100+ different dApps with the help of Wallet Connect. From buying NFTs on OpenSea, exchanging tokens on SushiSwap or making loans on Curve, Tangem opens the doors to DeFi and many other emerging trends in the Web3 space.

Open Source

A common worry among mobile wallet users is the implication if the company goes bankrupt and their mobile app is removed from the Apple or Google Play Store. 

Fortunately, Tangem’s mobile application works independently of Tangem’s servers. In the unlikely event Tangem shuts down, users will be able to use their Tangem cards to access their crypto. The application is fully open source and available on Github, which means that a replacement app can be easily created by a third-party developer and used to power the card.

Reliable and Secure

Tangem Wallet is one of the safest and most reliable crypto wallets in the world. Each physical card is a microcomputer that is certified by Common Criteria at EAL6+ level – the same level of chip protection used in diplomatic passports. 

As a hardware wallet, users can rest assured knowing that Tangem Wallet is shielded against keylogging, phishing and other forms of cyber attacks. The cards are safe from dust and water – operating seamlessly in extreme temperatures from Arctic cold to desert heat, with a chip longevity of over two decades.

User Experience

Tangem simplifies the process of managing your cryptocurrency by eliminating the need for complex storage solutions. The process of using a physical card and mobile application is straightforward for investors at all ends of the spectrum. Buying, selling, sending, exchanging and lending various cryptocurrencies with Tangem is a breeze, especially compared to traditional hardware crypto wallets.

Compare Tangem Wallet

Ledger, Trezor and ZenGo are Tangem Wallet's biggest competitors in the crypto wallet industry. Like Tangem Wallet, Ledger and Trezor are all examples of hardware wallets. They all store users’ private keys offline, making them a safer, yet less convenient option than software wallets such as ZenGo.

As it currently stands, Ledger and Trezor are the most trusted and widely used crypto hardware wallets in the world. Ledger is the market leader, recognized for its three unique hardware wallet options: Ledger Nano S Plus, Ledger Nano X and the Stax. On the other hand, Trezor is a gold standard in the space and is powered by one of the first hardware wallet providers in the world, Satoshi Labs.

Despite a small market share, Tangem wallet differentiates itself from Ledger and Trezor with its extreme simplicity, ease-of-use, and lack of a seed phrase. It’s also not reliant on multiple electronic components (like a USB port or battery), meaning that it has only one potential point of failure, the chip itself. These features make it a far more accessible and easy-to-use option for new investors. 

Compared to ZenGo, another wallet that eliminates the need for a seed phrase, Tangem offers superior security. Unlike ZenGo, Tangem wallet is a hardware wallet – completely offline and disconnected from the internet, which adds an extra layer of security from cyber attacks.

Overall Rating

In conclusion, Tangem is a highly secure hardware wallet that offers a unique solution to the complex nature of seed phrase storage. The smart card is both secure and durable, making it easy to carry on the go. 

The user-friendly interface coupled with its extensive cryptocurrency and dApp support makes it an excellent choice for users of all levels. Additionally, Tangem’s military-grade chip protection and card backup process provide peace of mind that your assets are protected.

Tangem Videos

Frequently Asked Questions

Q

Is Tangem a good wallet?

A

Tangem Wallet is a fantastic choice for users who value security and convenience.

Q

What happens if I lose the card?

A

Fortunately, Tangem Wallet allows users to connect up to 3 cards to a single wallet – all cards are equal in capability and be used to manage your assets. Moreover, to prevent unauthorized access, users must set access codes for their cards.

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