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Tangem is a popular cryptocurrency hardware wallet that supports over 6000 digital assets. It’s a Swiss-based product with a 25-year warranty and adheres to the EAL6+ (Evaluation Assurance Level) security standard, ensuring top-notch security for users.
The EAL is an important security aspect as it allows developers to achieve a high level of confidence by applying sophisticated security engineering techniques within a rigorous development environment, resulting in a premium Target of Evaluation (TOE) designed to safeguard high-value assets against substantial risks.
The Tangem Wallet app complements its hardware card so users can view their cryptocurrency wallet balance and data through their phones on desktop devices. The app facilitates storing, sending, and receiving crypto assets such as Bitcoin and Ethereum and a comprehensive list of popular crypto assets.
Tangem has a decent score across several review sites, with most users highlighting its simplicity, user-friendly setup, and practicality of the cards, while some users criticize customer support. Our Tangem review will shed light on this peculiar card-shaped cold wallet and its pros and cons.
Let's get to it.
Tangem Overview: How Does It Work?
You might have noticed that Tangem is not your typical hardware wallet. Its design deviates from the typical USB sticks we see in today's market as it comes as a card-shaped wallet.
Buying the Tangem set includes a maximum of three Tangem cards, giving you three identical cards for a single wallet. This approach could be more practical and user-friendly to new crypto users, like having three identical keys for a room door.
To send and receive crypto assets, it goes like this:
- Copy and paste the recipient's address or use the built-in QR code scanner within the Tangem app.
- Choose a network transaction fee or keep it as the default.
- Confirming the transaction and tap the Tangem card link to the phone for verification
- Done —as simple as that.
- To receive crypto, select the correct coin/token and the correct network for that asset, and finally, share the address with the sender.
Moreover, it takes three minutes to activate the wallet. The activation process is a crucial security measure, with the embedded chip generating a random private key. This ensures that the wallet remains highly secure and cannot be compromised.
The option to have up to three Tangem cards in one set, providing three identical keys to one wallet, adds an extra layer of flexibility for users. This is what it looks like after unboxing:
Security tip: make sure you know where you store your cards; losing them would be like losing the keys to your house. If all three of your Tangem cards are lost, you'll lose access to your funds permanently because the private keys are stored on the cards without any recovery option. This is why storing the cards in different and secure locations is advised.
But, in such a scenario, what happens, and what can you do? Here are a few pro tips:
- If one card is stolen, the thief must still figure out the passphrase.
- Ensure you create a passphrase with a minimum length of 15 characters to make it challenging for potential thieves to crack passwords.
- If the thief steals two of the three cards, they could access the "forget passphrase" option and change the passphrase by tapping on the second card. To counter this, users can switch off the possibility of resetting their PIN code access, preventing anyone from having access to the wallet in such a scenario.
Pros and Cons of Tangem
Tangem offers a wide array of features that provide users with a simple, accessible, and user-friendly wallet. But in all fairness, prospective users should weigh the advantages and disadvantages of the Tangem Wallet. Let's see them below:
- Accessibility: an aspect that distinguishes Tangem is its easy-to-use application, as it allows you to check your wallet funds without physically accessing the cards. Unlike some other wallets that require retrieval and connection to view portfolios and assets, with Tangem, you can open and view the app while keeping the cards securely stored in a hidden location, which is reasonably practical and handy for all kinds of users.
- User-Friendly Design: The Tangem Wallet, shaped like a card, is highly portable and easy to use, catering to on-the-go crypto usage and convenient concealment.
- Security: With an EAL6+ security level chip, the wallet offers robust resistance to dust, water, and impacts.
- Support for Over 6000 Cryptocurrencies: Enabling users to store, buy, earn, transfer, and swap thousands of cryptocurrencies, the Tangem Wallet provides extensive support.
While the Tangem Wallet offers various features, one potential drawback is the lack of a display. This absence leaves the wallet vulnerable to potential attacks by the software to which it is connected. For instance, users must rely on the Tangem app to display the address when creating a new one for receiving cryptocurrencies.
It’s worth noting that the wallet’s app is completely open source, with its programming code being available and verifiable on GitHub. While being open-source means the community can help verify the code and prevent vulnerabilities, Tangem is also the first hardware wallet with two audits, one from Riscure and one from Kudelski Security, that affirmed the absence of risks, malicious features and backdoors in Tangem app and firmware.
Without a display on the hardware, there's a theoretical risk that a compromised app could show an incorrect address, potentially leading to loss of funds.
The Tangem Wallet combines user-friendliness, security, and a unique design. Its card-shaped form factor and intuitive operation make it an attractive choice for newcomers and seasoned users. However, potential users should carefully evaluate their needs and circumstances, considering the theoretical risks associated with the lack of a display.
Overall, the Tangem Wallet is a reliable option for securely storing cryptocurrencies. Using CryptoCompare’s referral link, you’ll be able to buy the wallet with a 10% discount.
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