What Is Tangem Wallet? A Comprehensive Review
Tangem is a very unique hardware wallet: at first glance, it can be easily mistaken for a typical credit card. However, dont be fooled by its sleek design: Tangem is an incredibly powerful and secure crypto wallet complete with a whole wealth of features.
Today, I will take a look at the Tangem Wallet as well as its pros and cons to see if its worth buying.
Tangem Wallet: An Overview
As I have mentioned above, Tangem Wallet is designed to resemble a credit card: an interesting choice that has both its advantages and disadvantages, which I will discuss later. Heres an example of what an average Tangem Wallet card looks like:
While design is one of this wallets most defining features, it is certainly not the one you should pay attention to. This crypto wallet is incredibly easy to use, which makes it perfect for beginners. For more advanced users, it provides an accessible and powerful way to take full control of their crypto assets.
To start using this wallet, a user simply needs to tap their card on their mobile phone. After a brief (typically, 3-minute long) activation process, the wallet will be all set and ready to go.
How Does Tangem Wallet Work?
As the official Tangem website describes it, the cards you buy can be viewed as identical house keys. Different physical entities that all open the same lock or, in our case, the same wallet.
When you tap your wallet card on your phone, its chip generates a random private key that will secure your crypto assets. This key is then transferred to your other cards through a secure connection. Your keys are stored only on the limited number of cards you bought and nowhere else to lessen the risk of your wallet being compromised and your funds being stolen. According to the Tangem website, 0 out of over a million Tangem wallets have been hacked since 2018.
Once you have your keys, you can interact with the wallet via a mobile app, which is free for download on both iOS and Android. It can also be downloaded directly from the wallets official website. Inside that app, you can store, buy, sell, and swap thousands of crypto assets. The development team has also promised to introduce the Earn feature in the future.
Lets explore some of the key features of this wallet.
Key Features
- User-Friendly Design. Tangem excels at being beginner-friendly, with a card-shaped design that makes it one of the easiest-to-use wallets on the market. It has a really quick and easy setup process.
- Security Features. Tangem wallets are secured by a unique private key created by a chip inside the card and inaccessible to anyone, including Tangem. The wallet also boasts an EAL6+ security certification, similar to that used in biometric passports.
- Crypto Support. Tangem supports thousands of digital assets and is compatible with 40+ blockchains. The wallet also constantly adds new networks based on community demand.
- NFT support. This crypto wallet also supports non-fungible tokens via WalletConnect by providing access to NFT marketplaces through just one tap of your card.
- DeFi and dApp Integration. Users can access DeFi platforms and dApps directly from the Tangem wallet app using WalletConnect.
- No Recovery Seed Required. Unlike many other hardware wallets, Tangem doesnt require a recovery seed. The two additional cards serve as your backup instead by storing duplicates of your private keys. However, you can still generate a seed phrase for your wallet if thats your preference.
- In-app features. Users can swap, buy, and sell crypto without having to leave the Tangem app.
- Multiple wallets on one device. One mobile phone can host more than one wallet.
- 24/7 support. You can contact Tangem support via the app, Telegram chat, the Telegram chat bot, or the official website at any time of the day (or night).
- Affordability and Offers. Tangem wallets are affordable and can be purchased directly on the official website. The company also often releases limited edition designs that you can keep an eye out for on their social media platforms.
Is Tangem Wallet Worth Buying?
As with all cold wallets, Tangem is not free: you have to buy it before you can actually use it. So, before we actually discuss if this crypto wallet is worth it, lets check its pricing options.
At the time of writing, there were two main purchasing options: one with three cards and one with just two. The former is much more secure but also a bit more expensive:
There are two payment options: PayPal and the usual card payment. Alternatively, you can also buy Tangem on Amazon. According to the Tangem website, delivery typically takes up to 20 business days. Please note that there are countries Tangem does not ship to. You can find the full list in their FAQ here.
So, now that weve seen the price, lets see if Tangem is worth it. Before you buy a Tangem wallet, ask yourself the following questions:
- Do you need a cold wallet and the extra security that it brings?
- Does your mobile phone have NFC a feature required to connect your Tangem wallet to your device?
If you answered yes to these questions, then Tangem could be a great purchase for you. It has its downsides, mainly the necessity of NFC compatibility, but its upsides are enough to make up for it. It offers a great selection of cryptocurrencies, is easy to use, keeps your funds safe, and is relatively cheap for a hardware crypto wallet, which often costs over $100.
Tangem Wallet: Final Thoughts
Although cold wallets are a staple in the crypto space, there are definitely not as many models available for purchase as there are hot wallets. This is only natural, of course after all, they are physical objects whose production costs money. Still, cold wallets are a much more reliable and secure way of storing ones crypto, as, unlike hot wallets, they store your public and private keys offline and are thus a lot less vulnerable to hacks.
Apart from being one of the most innovative devices in the hardware wallet market, Tangem is an excellent introduction to cold crypto storage. What elevates the experience is that users interact with it via the app, which is not so different from standard software wallets.
For more experienced users, Tangem offers an easy-to-manage comprehensive experience and convenience coupled with a high level of security.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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