Tangem Wallet Review 2023
Tangem AG is a high-tech cryptospace company with headquarters in Switzerland and subsidiaries in North America, Eastern Europe and Asia-Pacific. They have developed a very special hardware wallet the size of a credit card: The Tangem Wallet.
Securely hold, buy, stake, send and swap more than 1.000+ tokens in one app. Everything is confirmed by briefly tapping the card to the smartphone. Find out how this works and what else you need to know about the Tangem Hardware Wallet here.
Buy the Tangem Wallet online
You can order the Tangem Wallet in our own store from around 50,00 $ (click here to check the current price). Tangem wallets are always available in a set of two or three cards, as one card always acts as a backup at the same time. More on this later.
Various payment methods are available in the store, including credit card, PayPal and cryptocurrencies. Shipping costs are added to the normal price.
Hardware Wallets should preferably be ordered directly from the manufacturer or official resellers if possible. Dubious stores or private sellers on platforms like ebay or amazon could manipulate the devices for their own purposes or trick the buyer. This way, the thieves can steal all the coins from your hardware wallet at a later time. Unfortunately, there have already been such cases in the past.
Unboxing the hardware wallet
The Tangem hardware wallet comes in a rather small box that is sealed on the underside. This allows you to check whether the box has already been opened.
When you open the box, you are immediately confronted with the Tangem wallets. Underneath there is a short quick start guide and legal information.
The cards are cards the size of a normal credit card. They are completely in matt black and have a very high-quality appearance. There is a unique identification number on the back.
The cards are made of plastic, are 85x54x1mm in size and weigh 6 grams. According to the manufacturer, the hardware wallet can withstand temperatures from -25°C to +50°C. It also looks very robust in other respects and can be bent slightly without any problems.
Setting up the Tangem Wallet
To set up the Tangem Hardware Wallet cards, you need to download the corresponding app from the Google Play Store or Apple App Store.
Never use a hardware wallet that is already set up. You must choose your own PIN code or password and do the backup yourself. This is not given by anyone!
As soon as you start the app, you will be taken by the hand and the set-up process can begin.
Create the wallet
As soon as you are prompted to do so, tap the card to the smartphone for about a second. You will then be asked how you would like to create your wallet. There are three possibilities:
- Generate a new wallet and leave the private keys on the card. This is recommended by Tangem. Because you still have one or two backup cards, it is unlikely that you will lose access to your cryptos.
- Or you can choose the solution known from other hardware wallets and have a recovery seed generated in the form of 12 words. Of course, there is a risk that someone could copy and steal the seed. However, you still have a backup even if all the cards are gone or defective.
- Or thirdly, you can import an existing wallet with the help of a recovery seed.
Your Recovery Seed is the backup key to all your cryptocurrencies and apps. The Recovery Seed (backup) can only be viewed once. Never make a digital copy of the Recovery Seed and never upload it online. Keep the Recovery Seed in a safe place, ideally also safe from fire and water. Special backup products, for example Billfodl are suitable for this.
No one but yourself can be held liable for any financial losses caused by improper handling of sensitive data.
Create the backup and set an access code
For this test, I opted for the recommended first method. You should then link one or two backup cards to the Tangem hardware wallet. This is the only way to be protected if a card is lost.
To protect your Tangem wallets, you can assign an access code consisting of any characters. Later, a different code can be defined for each card. It is important to know that you can reset the code with a backup card, so you should not keep all cards in the same place.
To complete the set-up process, you need to tap all the cards up to the smartphone one by one. The setup is then complete and you can activate biometric unlocking of the app if necessary. This allows you to unlock the app without the card and you don’t always need to enter the access code when interacting with the card.
The following video shows the entire setup process for the Tangem Wallet.
When you play this YouTube video, data is transmitted to Google.
Conclusion of the Setup
The app is very user-friendly and tidy. This makes the setup very easy to do. The cards are recognized very quickly via NFC on my test smartphone. The haptic feedback when creating the map is really fun and everything seems very well thought out. As promised, setup is completed in just a few minutes.
Handling the Tangem Wallet
After activation, you can use the wallet to manage cryptocurrencies. The app displays the current prices, the total value and the details of the individual cryptocurrencies stored on the card.
To carry out a transaction, simply tap the card to the smartphone and select the desired action, such as sending, receiving or exchanging. The staking of cryptos is also planned. The app displays the necessary information, such as the address, the amount and the fees. To confirm the transaction, you have to tap the card to the smartphone again and enter an access code that you set during activation or select biometric unlocking. This step serves as an additional security layer to prevent unauthorized transactions. The app displays the status of the transaction and updates the wallet accordingly.
Web3.0 and dApps on the Tangem Wallet
WalletConnect is a protocol that enables the connection of Tangem Wallet to various dApps (decentralized applications). WalletConnect helps to send tokens for staking, swap crypto, buy or sell NFTs and much more.
WalletConnect in Tangem Wallet supports almost all common EVM networks.
Manage multiple wallets
What I also like is that you can manage several wallets in the app, including different Tangem wallets. You can also rename the individual wallets so that you don’t lose track.
Supported cryptocurrencies and devices
The Tangem Wallet is designed for mobile use and is therefore only supported by Adroid and iOS.
1.000+ tokens are currently supported on various blockchains. A complete list with search function is available on the official Tangem website: Tangem cryptocurrencies. Among others, the following coins are supported:
- Shiba Inu
- BINANCE COIN
Documentation and Support
The Tangem website has a dedicated knowledge section, a FAQs section, and a page that assists with the setup process. The content is created in English.
Support can also be reached via the app’s built-in chat function or via Telegram.
Tangem Wallet Security
Like every hardware wallet, the Tangem Wallet generates a unique private key that never leaves the hardware wallet. With Tangem, it is also possible that not even the recovery seed will be released. Instead, you can set up multiple Tangem wallets, with the others serving as backups in case of loss.
However, many argue that you don’t really own your cryptos if you don’t also own the keys. So it’s good that Tangem offers both options here.
Assessment security level EAL6+ certification
Tangem has also had its safety concepts externally certified. According to Tangem, the wallet has the highest certification level among direct competitors, which guarantees that there are no backdoors – EAL6+ from Common Criteria. This was tested by the world’s leading laboratory Kudelski Security. They confirm the security in their report: “In particular, we didn’t find any backdoor, malicious or suspicious undocumented feature in the firmware.”
One disadvantage of the Tangem Wallet is the lack of a display.
Without a display, a hardware wallet is very vulnerable to attacks by the software to which it is connected. For example, if we want to create a new address to receive cryptocurrencies, we have to rely on the software, in this case the Tangem app, which shows us the address on the smartphone. But what if the software has been hacked and shows us a wrong address that doesn’t match our hardware wallet? We have no way of checking this on the hardware wallet and could therefore lose our cryptocurrencies.
The same problem exists with transactions. Without a display, we cannot be sure whether the software is sending us the correct transaction for signing to the hardware wallet or whether it has secretly prepared another transaction that is going to a different recipient.
However, this is more of a theoretical problem, as the app is open source and targeted attacks on smartphone apps are rather rare.
The Tangem app is open source
Tangem promises that there are no back doors in the app. Anyone can check it for themselves by looking at the source code on GitHub. No personal data is collected and no dedicated servers are operated to carry out transactions on the blockchain.
IP68 protection class
Furthermore, the hardware wallet is optimally protected against external environmental influences thanks to its simple design. According to Tangem, this makes it the only hardware wallet with the highest possible level of environmental protection – IP68. The IP68 certification defines on the one hand that the device is dust-proof, and on the other hand the protection against permanent submersion up to a maximum water depth of 1.5 meters for a maximum of 30 minutes. Moreover, the card is durable enough to work from -35°C to +85°C. The chip does not break – there is nothing to break, and the service life is at least 25 years.
FAQ 4Ask your own question
It is guaranteed that the private key will never be disclosed. Handing over a card is inherently a payment transaction outside the blockchain. You can sell them as merchandise, send them as gifts, or use them as payment. Basically, it’s a secure, smart banknote for digital assets.
Multi-Sig is a security feature enabled by asymmetric cryptography. It allows two keys, stored securely and secretly in the security element of each card, to independently sign a transaction to send money from the same wallet address. With this level of security, users can reduce the risk of a single-key wallet.
Christmas, a birth, a wedding or a birthday is coming up and you want to give something special. In the process, it is becoming increasingly popular to give away cryptocurrencies like Bitcoin. Because these gain more and more importance and often also value over time. But what is the best way to give away cryptocurrencies?
Of course, you can generate a wallet for the recipient and give him the private key. This can be done in the form of a paper wallet or write the recovery seed in a card. However, this is cumbersome for both sides and requires some basic knowledge on the part of the recipient.
It is easier and more elegant to use a certain type of hardware wallet. These are wallets that act like a traditional banknote and often take the form of a credit card. An example of this is the Tangem Note. You can easily “load” them with cryptocurrencies via smartphone app and then give them away. The recipient can keep the card, give it away or later also spend the cryptocurrencies via smartphone or send it to a trading exchange of his choice, for example.
The major advantages of giving away cryptocurrencies this way are the following:
- the cryptocurrencies are certainly given away. Nobody knows the private keys. Whoever has the card is also the only one in possession of the cryptocurrencies. If, on the other hand, you generate a wallet yourself, the keys could be intercepted by a third party.
- you can give away something physical. The credit card hardware walletlike the Tangem Note are not expensive, high quality and definitely make a statement!
Of course, this comes at a further cost, but give away a great value of cryptocurrencies, the investment is definitely worth it.
A 3-card set gives you a better chance at recovering access to your wallet than a 2-card set. If one card is lost or stolen, you can use the other card to access your wallet. But if you lose one card AND forget your access code, you’ll need a third card to reset the access code. Therefore, we recommend getting the 3-card set.
|Cryptocurrencies||Bitcoin, Litecoin, Dash, IOTA, Tron, Tether, Solana, Shiba Inu, Avalanche, Dai, Quant, Stellar, Tezos, Ethereum, Dogecoin, Ripple, Cardano, BINANCE COIN|
|Display as 2FA|
|Size||85.6 x 54 x 1mm|
User Reviews 18