Tangem Wallet Review – Is This Still One of the World’s Safest Crypto Wallets?

There is no doubt that the cryptocurrency space has advanced significantly in recent years. However, security is still one of the biggest concerns in the industry. How can crypto users store their digital assets safely and enjoy peace of mind? Non-custodial wallets are often recommended for users who want additional security, and the Tangem wallet is one of the best options.

In this Tangem wallet review, we’ll discuss the key things you should know about the wallet and its key features and functionalities. We’ll also highlight Tangem’s security features and explore how it compares to other wallets. 

What is Tangem wallet?

Tangem wallet can best be described as a self-custodial cold wallet for storing digital assets. It is a type of hardware wallet that allows users to store their assets offline in a physical card. Typically, users are advised to purchase three cards, with two serving as backups.

The Tangem wallet gives users full control of their private keys, and by extension, their digital assets. Like most advanced crypto wallets, it is not used for storing assets alone. Rather, it can be used to store, buy, earn, transfer, and even swap assets. It supports several thousand digital coins and tokens. Of course, there is a connected app to help you access all Tangem features and functionalities.

Tangem wallet pros:

• Multi-chain wallet compatible with 30 blockchains
• Offers access to several thousand different digital coins and tokens
• Very affordable
• No memory limit
• Private keys are stored within the wallet’s chip and there’s no possibility of extraction
• It utilizes NFC (Near Field Communication) technology for authentication for ease of transaction and security reasons
• Multi-card backup options – you can choose 1 or 2 backup cards in addition to the one that holds your private key

Tangem wallet cons:

• Risk of losing the physical card, although you can always have a backup
• Incompatible with devices that are not NFC-enable, including older versions of iPhones (before iOS 13)
• Shipping may take a while

Tangem wallet’s key features

The Tangem wallet has several key features you should know about. 

Multi-currency support

The fact that Tangem supports multiple digital currencies cannot be overemphasized. It’s compatible with 30 blockchain platforms and supports several thousand different digital coins and tokens. With this cold wallet, you can store almost every digital asset you own in the most secure manner.

The app

Of course, Tangem comes with a user-friendly mobile app. This app provides an interface where you can view your funds and access other services. It doesn’t hold your assets, however, as your private keys are safely stored in the physical card.

DeFi compatibility

Tangem gives you access to decentralized finance, among other related services. Users can interact with over 100 decentralized applications with the help of WalletConnect. From there, users can buy NFTs, exchange tokens and even obtain loans or lend to earn more. It’s also an in-app DEX aggregator, integrating seamlessly with 1inch and allowing users to execute swaps and purchase supported tokens.

Open source

It’s important to mention that Tangem wallet is open source. The application is easily available on GitHub and can be recreated by a third-party developer. The implication is that even in the unlikely event that Tangem as a company shuts down, users of the wallet can still access their assets with their cards.

Back-up cards

To minimize the chances of losing your physical card and losing your crypto as a result, Tangem gives you the option to have one or two backup cards. When requesting the card, you can choose to order either two or three. When you lose a card, you can quickly access your funds with the backup.

Why you should consider using the Tangem wallet

From what we’ve covered so far, there are many reasons to choose Tangem wallet against other wallets. For the sake of emphasis, we’ll highlight some of the major reasons why one would be interested in using Tangem:

• Tangem is a self-custodial wallet, meaning only you have access to the digital assets stored in your wallet
• It looks and feels very much like a bank card and it can easily fit into a cardholder
• The device is reliable and highly secure, as there are no failure-prone elements such as cables and batteries
• It is easy to use and there’s no need to charge it, connect to a computer, or enter a complex code
• All you need to access and manage your assets is an NFC-enabled phone
• It gives you access to DeFi, DEX, NFTs, and other Web3 products and services
• It is very affordable
• It comes with a 25+ year replacement warranty
• It is great for users of all experience levels, including newbies and seasoned crypto investors

Tangem wallet security

Obviously, we’ve stressed the security features of the Tangem wallet, but it’s still important that we dedicate a short section to it. After all, security is always the priority when choosing a wallet.

One of the most important things to know about Tangem is that the chip in the card generates a random private key for you and stores it. This private key is never exposed at any level. The implication is that neither the Tangem team nor the user of the card can access this key, as it is not extractable. Besides, the card’s firmware is not updatable, which eliminates additional attack vectors. 

It’s also important to state that the microchip in the card has an (evaluation assurance level 6) EAL6+ certification. This is the highest level of security acquired by a mobile component. This non-breakable microchip is from Samsung. It guarantees 25+ years of operation and offers maximum resistance to water, dust, and temperature extremes (-25 to 500C).

Tangem wallet review – The verdict

Tangem is one of the most secure and highly advanced hardware wallets and its features will satisfy the vast majority of cryptocurrency investors. In addition, the wallet’s form factor makes it extremely convenient to use and transport.

Understanding your needs is important when choosing a crypto wallet. It’s also important to look ahead and consider what a wallet offers before signing up and activating one. Here, we’ve discussed the most important aspects of Tangem’s offering and highlighted why it is one of the best hardware wallets now.

It’s up to you to decide if it is the wallet for you. In terms of security, ease of use, and affordability, Tangem ranks among the best wallets in the crypto space.