The crypto market is a growing sphere that offers users a wide range of options for storing cryptocurrency. One of them is Tangem Wallet, a hardware wallet that features high security, convenience, and support for thousands of different currencies.
We are going to give you an overview of Tangem Wallet, tell you what functionality it offers, what networks it supports, what its advantages and disadvantages are, and share with you tips on how to increase the security of your assets storage.
Tangem Wallet: What You Need to Know
The Tangem Wallet provides cold hardware storage of crypto assets. Wallets of this type do not maintain constant access to the network, which provides maximum protection from fraudulent attacks.
Tangem Wallet's physical media are plastic cards similar to bank cards. They are equipped with a chip that creates a unique private key the first time they are used. In this case, the user does not need to remember or write down key (seed) phrases. Code passwords and (optionally) biometrics are used for access.
When purchasing a Tangem cryptocurrency wallet, the user receives two or three similar cards. One of them is the main, and the second and third cards serve as spare keys to the wallet in case the first one is lost.
This method of asset protection was developed as a way to eliminate one of the main security flaws in classic cold cryptocurrency wallets. The absence of a seed phrase guarantees that the user will not lose it, and attackers will not be able to access the assets without having a card and knowing the password.
The system's capabilities include exchanging, buying, and selling cryptocurrency. You can find out what coins Tangem Wallet supports when using the branded application or using the website's search function. The list includes thousands of assets. The wallet does not charge commissions when transferring funds. Fees for the purchase of cryptocurrency for fiat are calculated according to the rates of the Mercuryo service.
Advantages and Disadvantages
Users choose Tangem Wallet for several reasons:
- Space-saving. Tangem Wallet fits into a wallet or cardholder like a bank or other plastic card. This is more convenient than flash wallets or other designs from various manufacturers.
- DeFi Compatibility. Tangem uses the WalletConnect protocol, which allows the cold wallet to be combined with online wallets and DeFi apps for mobile and desktop devices.
- Low price. Tangem Wallet can be bought as a set of 2 or 3 cards at a price of $54.90 or $69.90 respectively.
- Open source code of Tangem Wallet application. This allows users to ensure that the service does not store personal data and offers high protection.
- Backup Cards. Tangem Wallet is presented as a set of two or three cards. The service recommends using one card for transactions and keeping the second or third card in a vault.
- A wide range of supported cryptocurrencies. The list of tokens includes several thousand items. The user can find information about a specific currency for Tangem Wallet on the official website.
- High security. It is a reliable cryptocurrency wallet that is protected from invasive/non-invasive hacking, aggressive influence and external factors.
One of Tangem Wallet's main drawbacks is that it only works with NFC-enabled devices. NFC technology is needed to activate the card, install the application, and perform any operations.
Besides, the wallet is not suitable for work on PC: the branded application has no application for desktop operating systems. This limitation may be inconvenient for some users.
Tangem Wallet: How Does It Work
To start using Tangem Wallet, you will need to:
- Install the Tangem app. It is available both in the App Store and in Google Play. The app store will open when you bring the card to the device's NFC chip.
- Scan the card by putting it against the device. This activates the card: the card chip generates a unique private code.
- Add one or two backup cards by applying them to the device. At this point, the private key is transmitted to them over an encrypted connection. All cards are equal.
- Follow the app's instructions. Create a access code for all cards. Later, you can set a separate password for each card.
- Scan the cards once again to complete the wallet creation. The app will tell you how long you need to keep them near your smartphone to complete the process.
After that, the user gets access to token management, where they can add the desired asset and network to the main menu. In the same menu, there is a function to buy cryptocurrency for fiat — it only requires clicking the buy button in the tab of the desired currency.
In the same tab, the currency can be sent to another user. To do this, you will need to press «Send» and enter the address of the recipient or scan a QR code.
What Networks Does Tangem Wallet Work With
The wallet supports 55+ networks, including Bitcoin, Cardano, Dogecoin, Ethereum, Kaspa, Litecoin, Polkadot, Polygon, Solana, Stellar, TRON, VeChain, and others. The full list is available on the wallet's official website.
Note that the list on the website may also be outdated: Tangem Wallet is constantly expanding its collection of available assets, networks and standards. The exact list can be seen in the wallet app when selecting a token of interest.
When adding a currency in the app's main menu, you can select a network. The system notes the coin's network and also offers a list of available alternative blockchains.
How to Ensure the Security of the Wallet
Even such a proven cryptocurrency wallet as Tangem Wallet can be protected additionally:
- Use a unique password. It is recommended to create long passwords with different symbols and numbers. This password should not be similar to others: users need to create a separate access code for each backup card.
- Activate biometric authentication. Tangem Wallet offers this feature to protect assets in case the card and password get into the «wrong hands».
- Do not store cards and recorded passwords in the same place.
- Use additional cards as backup rather than creating a separate wallet. This will help maintain access even if the primary card is lost.
- Report any suspicious activity.
Tangem Wallet: a Reliable and Convenient Wallet
Tangem Wallet is a cool wallet that contains a set of convenient plastic cards. Thanks to the Tangem chip and IP68 protection class, the cards are reliable against tampering and the environment. The warranty period is 25 years.
