Whenever we talk about cryptocurrencies, one thing is most important: we keep our crypto stored safely. Now, when it comes to storage, we talk about cold wallets. We have seen many cold wallets before; it is quite difficult to start and use any cold storage, but there is definitely one such wallet in the market whose name is Tangem. That’s what we’ll be talking about today: what are its features, how can you setup it, what does it cost, how can you add and transfer your crypto, and much more. We will talk about all these things one by one. So let’s get on.
What Is Tangem Wallet?
Tangem Hardware Wallet is a card shaped cold-wallet that lets you store your crypto assets secure and easily accessible while keeping private keys contained in the card. Tangem, a tech company working in the blockchain sector was founded in 2017. The companys headquarter is located in Zug, Switzerland while it also has branches, across North America, Eastern Europe and APAC. Tangem has produced 500,000 cards and sold in more than 170 countries.
The card have 25+ years warranty, which means both the device and the chip are very resistant and long lasting. It’s an open-source, multi-currency, multi-chain, DeFi compatible solution that is revolutionizing the way we store and trade cryptocurrencies. With the tangem wallet you can store meme coins, NFT Projects, literally there are a ton of different choices.
Tangem Wallet Pros and Cons
Pros Of Tangem Wallet
- Easy to setup and beginner friendly.
- It’s a cordless and wireless wallet.
- Supports over 6,000 coins and tokens including Bitcoin, Ethereum, Binance, Polkadot, Chainlink, Cardano, etc.
- Multi-chain wallet compatible with 34 blockchains.
- It’s water resistant, dust resistant and temperature resistant.
- 25 Plus year replacement warranty.
- Additional Cards are used for backup.
- Audited by Kudelski Security.
- Wallet activation takes less than 5 minutes.
- The wallet chip securely store private keys, making it impossible to extract them.
- It has an open source application.
- Very cheap hardware wallet.
Cons Of Tangem Wallet
- It does not have a desktop version.
- If all three of your cards are lost you will lose your funds forever.
- You don’t know the secret phrase of your wallet.
Tangem Hardware Wallet Review
A quick look at the Tangem hardware wallet is shown below.
Tangem Wallet Review
|EAL6+ Chip, IP68 resistant, Open Source Application, Access Code
|Yes (Android, IOS)
|Over 6,000 Coins and Tokens
|NFC Support, DeFi Compatibility, Easy to set up, Multi-Currency and Multi-Chain. Smart backup.
|Classic Card :- 2 cards $43.90 and 3 cards $55.90, New Tangem Card :- 2 cards $54.90 and 3 cards $69.90.
|Replacement Warranty of 25+ Years
|Origin of Manufacture
Tangem Wallet Supported Coins And Networks
Tangem currently supports more than 6,000 cryptocurrency coins and tokens. Some of the popular coins and tokens are :- Bitcoin, Ethereum, BNB, Solana, Polkadot, Cardano, Matic, XRP, Dogecoin, etc. Tangem supports 34 different networks ;- Bitcoin, Ethereum, BNB Smart Chain, Ripple, BNB Beacon Chain, Solana, Avalanche C-Chain, Cardano, Dogecoin, Litecoin, Polygon, Bitcoin Cash, Fantom Opera, Stellar, Tezos, TRON, RSK, Ethereum Classic, Gnosis, Arbitrum, Ethereum Fair, Dash, Ethereum PoW, Polkadot, Optimistic Ethereum, Kusama, Kaspa, Ton, Ravencoin, Kava EVM, Cosmos, Terra, Terra Classic, Chronos.
That is huge in terms of simplicity and the amount of money users will save on transaction fees due to this. The ERC-20 ethereum network, which has high transaction fees, is the only one that supports most traditional cold wallets for altcoins. So with the tangem wallet, users can just select any of these chains or networks to send most of their crypto, which costs them 50–100 times less in transaction fees.
This is for sure, one of the most important aspects for users when it comes to crypto wallets. So the fact that this new wallet, Tangem, just enters the wallet market and simply allows a lot of chains upon start, everything is pre-installed and we don’t need to do anything. I think it is a really big deal. Newcomers to crypto shouldn’t have these obstacles and huge fees because that just scares them away.
Tangem Wallet Key Features
NFC Support :- To use and interact with the wallet you need a smartphone with NFC Support which includes any IPhone newer than IPhone 7 or any android with NFC. An NFC stands for Near Field Communication which is technology that allows secure transactions between devices by touch like when we use our phones with Apple Pay and tap on a point of sale device to pay for something.
DeFi Compatibility :- The Tangem Wallet is also a Defi compatible you are able to connect it with different exchanges buy NFTs, make loans and deposits in more than 100 different decentralized applications using wallet connect. Applications such as Uniswap, Opensea, Compound, Aave, Curve, 1inch, Sushiswap, and a ton of other platforms and all you need is your phone and the cards nothing else.
Multi-Currency Support :- The first thing to look at when getting any hardware device does it actually support the coins that you want to store or transfer to the device so what we have got here that Tangem supports over 6,000 cryptocurrency coins and tokens with 34 networks. Tangem Wallet support more cryptocurrency coins and tokens as compared to other hardware wallets like Ledger and Trezor.
Back-up Cards :- Tangem allows users to create backup copies of their wallets using the additional cards. I would recommend getting at least two backup cards, meaning the 3-cards bundle. These can be stored in different geographical locations, providing an extra layer of security and redundancy. In the event of loss or theft, you will just start using one of the backup cards.
App :- The app is available for both IOS and Android devices and it’s easily one of the most user-friendly i’ve used. It’s very simple and minimalist user interface which you will like. The app works with biometrics, so that makes it even easier and more secure for you. The user-friendly interface of the app makes it suitable for beginners.
Tangem Wallet Security
Private Key :- When we activate our tangem wallet the chip in the card generates a random private key that neither tangem nor the cardholder can view, see or know what it is and this card is used each time we need to make a transaction. So the private keys are never provided to any third parties in the tangem app or company also does not collect any information.
So the private keys on your cards never get exposed which makes it impossible to steal or trick us out of our funds. This is much different than the seed phrases we are used to setting up like with mobile wallet apps like trustwallet app or coinbase wallet app or with other cold storage hardware wallet devices like Ledger or Trezor.
IP68 :- The card was designed for maximum resistance with IP68 which means the wallet can survive against dust, water like being completely submerged at the bottom of the ocean. It is also capable of enduring temperatures reaching as low, as 13°F and can handle high temperatures up, to 122°F.
EAL6+ :- The chip in the card is an advanced standalone micro computer that has been independently certified as having the highest standard of security among crypto wallets known as EAL6+ (Evaluation Assurance Level) which is a level of protection similar to that of NASA and Passports. Its even protected against electromagnetic pulse (EMP), electrostatic discharge (ESD), and X-rays in compliance with industry compliance (ISO 7816-1).
Open Source :- The source code of the app is open and available on GitHub, allowing users to verify its integrity and ensuring that there are no backdoors built into the wallet. If the tangem company shuts down, the app can be recreated by third party and users can still access their crypto with thier cards.
Access Code :- There is an additional layer of security which is where we encrypt our wallets with an access code by creating our unique series of numbers or letters similar to a pin code or passphrase. And to protect the wallet from Brute Force Attacks after each wrong password attempt an increasing amount of time delay between each attempt is executed so our crypto remains secure.
How To Setup The Tangem Wallet
Step 1 :- Go to the App Store or Google Play Store and install the tangem app on your smartphone.
Step 2 :- Open the app and you will see two options 1. Scan Card 2. Order. If you have not ordered a tangem wallet yet you can tap the order button. And once you have got your cards tap scan card.
Step 3 :- Just hold the card to the back of your phone until the end of the operation.
Step 4 :- Scroll through the legal disclaimer and click on the accept button.
Step 5 :- Then Click on the create wallet and we’re going to do exactly what we just did to create the wallet. Tap the card as shown in the screen and do not remove it until the operation is complete.
Step 6 :- Now let’s create backups of our wallet with the remaining cards click on the Backup Now button and then add a backup card.
Step 7 :- Hold the card next to your phone wait for the operation to complete and boom. One backup of your wallet and then tap add a backup card again hold the last card to your phone and boom a second backup of our wallet is also ready.
Step 8 :- Now Click on the Finalize the backup process button then we are going to create an access code click on continue then choose any word phrase or number. And then click on continue re-enter the access code to confirm it and click the submit button.
Step 9 :- Finally we are going to prepare the primary card in this case it’s the card with these last four numbers from the number sequence on the back of the card then tap scan the primary card and hold the card to your phone like doing before. Give the operation a few seconds to complete. And repeat this process for the backup cards.
Step 10 :- Then if you want to use FACE ID then click on allow to use FACE ID otherwise click on Don’t Allow. Then your wallet card is configured and ready to use.
How To Buy Tangem Wallet
Price Of Tangem Wallet (Classic Card) :- You can select a package of two cards for $43.90, giving us two backups, or a package of three cards for $55.90, giving us one backup, and note the pricing for this cryptocurrency hardware wallet. It is much cheaper and more affordable as compared to other hardware wallets on the market. Tangem wallet is really competitively priced. It’s under $60, making it an excellent choice for beginners and those looking to introduce friends and family to the world of crypto with free shipping and the option to pay with cryptocurrencies. Tangem Wallet makes it easier than ever to get started with self-custody and secure your digital assets.
Price Of Tangem Wallet (New Tangem Card) :- You can pre-order the new Tangem Wallet and get it after October 5, or you can choose a card with a classic design at a good price. The new wallet also comes in two packages: the price of two cards is $54.90, and the price of three cards is $69.90.
Why you should consider using the Tangem wallet
Here are some reasons why you should consider using the tangem wallet :-
- The Tangem Wallet removes the necessity, for cables, batteries or even a personal computer. All you need is a card and a smartphone equipped with the Tangem app.
- It Supports thousands of coins and tokens.
- Tangems hardware crypto wallets possess the market’s highest level of security certification, known as EAL6+ (Evaluation Assurance Level 6+ Certified). This certification is on par, with the security level maintained by passports guaranteeing top notch protection.
- It comes with a replacement warranty of over 25 years.
- These cards have an IP68 rating, which means they are designed to withstand dust, water, heat and cold.
- The card firmware has undergone thorough auditing by an independent swiss company, Kudelski Security, ensuring the highest standards of security and reliability.
- It also includes a backup feature that lets you connect, up to three cards to one wallet.
- It can be used by any level of user, whether he is a beginner or an expert.
- You have the option to secure the card with an access code, which can be recovered using the backup feature.
Tangem Wallet Fees
It’s important to note when altcoin season fires up ethereum transaction fees can be hundreds of dollars that’s why it’s so important as a crypto investor to learn how to transact on other more efficient less costly networks like Polygon, Binance, Arbitrum and many more. So we can take advantage of other altcoin opportunities outside of the main ethereum ecosystem so the transaction fees are significantly less and what’s great about tangem wallet is that it supports multiple blockchain networks where we can swap directly through the app and avoid high fees.
Tangem Vs Ledger Wallet
You don’t have to think about how to keep your private keys safe in tangem wallet because your private keys are stored inside the card itself, which neither you nor anyone else can see whereas in ledger wallet you have to keep your private keys in a safe place offline (by writing them on paper or in a diary). If we look at the price, tangem wallet is the cheapest wallet compared to any other wallet in the market. Whereas all the models of ledger wallet are much more expensive than this.
The interface of tangem wallet is very user-friendly and even a newbie can use it without any hassle while using ledger wallet is difficult for any beginner. Tangem wallet supports more cryptocurrencies than ledger wallet.
In this tangem wallet review, I told you what are its features, how to use it, what is its price, and how much security it provides, and why you should buy it. A good wallet is one that gives you top notch security, stores your crypto and gives you complete control over your wallet. It’s really a great choice for anyone who wants secure, lightweight, easy setup, user-friendly interface, and affordable price then you can buy tangem wallet.
FAQ :- Tangem Wallet: A Comprehensive Review
Is Tangem A Good Wallet?
Yes, Tangem is a most secure hardware wallet. Tangem Wallet has been in the market for 5 years and till now there has not been any hack or any kind of problem in it.
Are Tangem Cards Safe?
Tangem Wallet has IP68 feature which protects your card from dust and water. It can withstand temperatures as low as 13°F and as high as 122°F.
What If Tangem Goes Out Of Business?
Nothing, Because the assets are stored on the blockchain, not in your card, but of course the card is your private key and gives you access to the assets; hence, even if Tangem stops operating, you can be able to use the tangem wallet through your app.
Who Is The CEO Of Tangem?
Where Is The Headquarters Of Tangem?
In Zug, Switzerland