Tangem is a very unique hardware wallet: at first glance it can easily be mistaken for a typical credit card. Don’t let the sleek design fool you, though: Tangem is an incredibly powerful and secure crypto wallet, complete with a slew of features.
Today I will take a look at the Tangem Wallet and its pros and cons to see if it is worth buying.
Tangem wallet: an overview
As I mentioned above, Tangem Wallet is designed to resemble a credit card: an interesting choice that has both its pros and cons, which I will discuss later. Here’s an example of what an average Tangem Wallet card looks like:
While the design is one of the most defining features of this wallet, it is certainly not the feature you should pay attention to. This crypto wallet is incredibly easy to use and that’s what makes it perfect for beginners. For more advanced users, it provides an accessible and powerful way to gain full control over their crypto assets.
To start using this wallet, a user simply needs to tap their card on their mobile phone. After a short (usually three minutes long) activation process, the wallet is all set up and ready to use.
How does Tangem wallet work?
As the official Tangem website describes it, the cards you buy can be seen as identical house keys. Different physical entities all opening the same lock – or, in our case, the same wallet.
When you tap your wallet card on your phone, the chip generates a random private key that secures your crypto assets. This key is then transferred to your other cards via a secure connection. Your keys are only stored on the limited number of cards you have purchased and nowhere else to reduce the risk of your wallet being compromised and your money stolen. According to Tangem’s 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 to download on both iOS And Android. It can also be downloaded directly from the official website of wallet. Within that app you can store, buy, sell and trade thousands of crypto assets. The development team has also promised to introduce the Earn feature in the future.
Let’s explore some of the key features of this wallet.
Most important features
- User-friendly design. Tangem excels at being beginner-friendly, with a card-shaped design making it one of the easiest-to-use wallets on the market. It has a very quick and easy installation process.
- Security features. Tangem wallets are secured with a unique private key created by a chip in the card that cannot be accessed by anyone, including Tangem. The wallet also features an EAL6+ security certification, similar to that used in biometric passports.
- Crypto support. Tangem supports thousands of digital assets and is compatible with more than 40 blockchains. The wallet is also constantly adding new networks based on community demand.
- NFT support. This crypto wallet also supports non-fungible tokens via WalletConnect by providing access to NFT marketplaces with 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 does not require a recovery seed. The two additional cards serve as a backup by storing duplicates of your private keys. However, you can still generate a seed phrase for your wallet if that is your preference.
- In-app features. Users can trade, 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 at any time of the day (or night) via the app, Telegram chat, the Telegram chatbot or the official website.
- Affordability and offers. Tangem wallets are affordable and can be purchased directly from the official website. The company also often releases limited edition designs that you can keep an eye on 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 whether this crypto wallet is worth it, let’s take a look at its pricing options.
At the time of writing, there were two main purchase options: one with three cards and one with just two. The first is much safer, but also slightly 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 usually takes up to 20 working days. Please note that there are countries that Tangem does not ship to. You can find the full list in their FAQ here.
So now that we’ve seen the price, let’s see if Tangem is worth it. Before purchasing a Tangem wallet, ask yourself the following questions:
- Do you need a cold wallet and the extra security 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 good purchase for you. It has its drawbacks, especially the need for NFC compatibility, but the benefits are enough to make up for it. It offers a large selection of cryptocurrencies, is easy to use, keeps your money safe, and is relatively cheap for a hardware crypto wallet, often costing over $100.
Tangem Wallet: Final Thoughts
Although cold wallets are an important part of the crypto world, there are certainly not as many models for sale as there are hot wallets. Of course, this only makes sense; After all, they are physical objects that cost money to produce. Still, cold wallets are a much more reliable and secure way to store your crypto because, unlike hot wallets, they store your public and private keys offline and are therefore a lot less vulnerable to hacks.
Besides being one of the most innovative devices on the hardware wallet market, Tangem is an excellent introduction to cold crypto storage. What takes the experience to the next level is that users interact with it through the app, which isn’t all that different from standard software wallets.
For more experienced users, Tangem offers an easy to manage, comprehensive experience and convenience combined with a high level of security.
Disclaimer: Please note that the content of this article is not financial or investment advice. The information contained in this article is solely the opinion of the author and should not be considered trading or investment recommendations. We make no guarantees about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional random movements. Any investor, trader or regular crypto user should research multiple points of view and be familiar with all local regulations before making an investment.