Storing our crypto easily and effectively is what most of us are looking for, we want convenience and security within the reach of our back pockets. So, imagine carrying your crypto in a secure cold wallet just like a credit card.
Tangem Wallet claims to give you just that: the highest crypto security in the palm of your hand.
This post will provide a Tangem crypto wallet review, guiding you through the fees, supported cryptocurrencies, pros, cons, and set-up process. We will even see how it stacks up to other crypto cold card wallets and see if Tangem is best for safeguarding your digital assets.
Basic Overview
👉Tangem Wallet is a credit card-sized NFC-enabled smart card.
👉It’s extremely portable, fitting into a regular-sized wallet.
👉Tangem Wallet works with NFC-capable smartphones, which include most iOS and Android devices.
👉Tangem supports over 6,000 cryptocurrencies, ERC-20 tokens, and some NFTs on various blockchains.
👉Access to DeFi applications through WalletConnect.
What Users Are Saying About Tangem Wallet
Right off the bat, the reviews are mixed. Tangem Wallet has been on the scene since 2017, registered as a Swiss-based company.
It is a hardware wallet that uses NFC technology to sign into your account by simply tapping the card on your phone. You can purchase 2 or 3 card sets, depending on how many physical card backups you want.
The company aims to keep things simple and clear for users, valuing convenience and security as their top-selling features.
Here’s what Tangem Wallet users have to say:
The Good,
The Bad,
And the Ugly…
Our Complete Review of the Tangem Wallet
Of course, it’s important to do your research and see what other user experiences are like, but you also can’t believe everything you read at face value. Whether the product is easy to navigate, set up, and buy and sell crypto are all vital aspects to your wallet storage, so let’s have a more in-depth look into the Tangem Wallet and its features before deciding on a verdict.
💰Fees: Prices start at $54.90 for a two-card set and $69.90 for a three-card set. There are no additional fees that Tangem charges for transactions, apart from the typical blockchain transaction fees associated with buying, selling, and trading crypto.
💸Taxes and duties are not included and a standard $5.99 shipping fee is also applied.
🔐Security Features: Tangem Wallet prides itself on its high-standard EAL6+ secure chip within the card that makes it resistant to hacking threats. This chip technology is what’s used in electronic passports globally. Tangem Wallet also functions with NFC for linking, helping to keep your private keys on the card without transferring the data onto your phone or app.
🧑💻Setting Up: First, you must download the Tangem app, supported on iOS and Android, then tap the card to your phone, and finally complete the prompts for set-up. Your keys are generated at this point and “stored” on the physical card.
🪙Supported Cryptocurrencies: Tangem Wallet supports over 6,000 cryptocurrencies, including Bitcoin, Ethereum, Kaspa, Litecoin and many more. It supports the Ethereum network and can also connect to NFTs and DeFi through a third-party marketplace app, WalletConnect.
🗣️User Feedback: The wallet’s ease of use is what most users rave about. Set-up only takes 3 minutes and the NFC technology makes accessing the app super quick. However, a majority of complaints revolve around a lack of customer care and service as well as questions regarding privacy and security since Tangem does not rely on seed phrase recovery systems.
Potential Issues with Tangem Wallet
One of the biggest concerns about Tangem Wallet is what could happen if any of the physical cards are lost, stolen, or broken.
Usually, a hardware wallet will always have seed phrase recovery integrated into its setup. It is a security feature that is almost indispensable, which is why Tangem Wallet was “forced” to introduce the security feature in 2024. Up until this year, they argued against the use of a recovery phrase for your crypto!
We want to point out a few issues with this take on self-custody:
- Tangem now offers seed phrase recovery if you’d like to set it up. But, they don’t offer any protection for these seed phrases other than suggesting that you write it on a piece of paper.
- The cards themselves are made of plastic. Not steel or another strong material, so the possibility of them snapping or breaking is a high risk with wear and tear from everyday use.
Similar to a paper wallet, the potential of losing your private keys due to storing them physically on a destructible material is not the safest option.
- Anonymity and privacy are questionable with Tangem Wallet as they require KYC verification. The platform relies on third-party apps, such as MoonPay for buying and selling crypto, which means your private information is also shared with these service providers.
✅Pros:
- Portable and convient.
- Easy set-up and user-friendly.
- No battery or cables are required.
❌Cons:
- Dependent on the integrity of the physical card.
- Limited recovery options if all cards are lost or broken and no seed phrase is set up.
- Must apply to KYC regulations.
- No QR Code sign-off capability.
- Requires a smartphone with no desktop option.
Alternative Cold Cards
When searching for alternative cold wallet options, there are so many on the market that promise to safeguard your crypto. Cypherock, Ledger, Trezor, and Arculus wallets, all share similar objectives to crypto storage, but Material Wallets stand out among these options for a few reasons.
Like Tangem, Material has all the convenience and easy-to-carry attributes since it is the standard size of a credit card. But what sets it apart is that it is made from steel, making it fire, water, and shock-resistant. So, it not only matches Tangem Wallets in terms of size and convenience but gives you enhanced protection from physical damage.
When it comes to privacy and anonymity, Material Wallets provide the advantage of not only buying Bitcoin anonymously but also purchasing the cold card itself without leaving a trace. Simply click on the pay-upon-delivery option when purchasing. This maintains your sensitive information offline.
For added caution, Material DIY is a separate seed phrase wallet crucial for the recovery of your crypto wallet. With Material DIY, you engrave your 12 – 24 seed phrase onto the physical metal card, guaranteeing that the backup to your crypto is always available and protected.
Final Thought on Tagnem Wallet
The idea of a sleek and convenient cold ward seems like a great option for users looking for fast access, including the additional “backup” cards that can be used for added security.
But the reality is that KYC regulations, lack of customer care and support, and the fragile state of the physical cards itself, doesn’t add a sense of safety but rather raise doubts about the wallet’s security standards and measures.
Material Bitcoin offers a great solution appealing to all the positive aspects of Tagnem without the worry of third-party interactions or fear of damaging the card itself.
FAQs
How safe is the Tangem wallet?
Tangem wallet uses EAL6+ secure chip to protect against cyber threats, however the lack of anonymity to transactions and third-party affiliates questions the wallet’s safety protocols.
Are Tangem cold wallets good?
Yes, Tangem cold wallets are known for their easy-to-use set-up and interface, along with their backup card options. A good wallet option for those looking for quick and fast access to crypto assets.
Is Tangem Wallet traceable?
Yes and No. Its use of NFC technology eliminates connecting to online platforms which aids in the safety of your private information, but transactions rely on third-party set-ups, such as MoonPay, credit cards, and bank transfers, which all possess your private information.
What is the difference between Tangem and Trezor?
Tangem is a credit card-like NFC-enabled wallet, while Trezor is a USB-connected device that relies on a digital display and user responsibility for charging.
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