Tangem Wallet Review – Safest Hardware Wallet in the World?

Tangem wallet review looking at cost, safety, hacking and compare with the Ledger wallet. I finish with my final thoughts at the end.

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Table of Contents

  1. What is Tangem wallet?
  2. How does Tangem wallet work?
    1. Where about seed phrases?
    2. Are Tangem wallets safe?
    3. Can Tangem wallet be hacked?
  3. Tangem 1.0 VS Tangem 2.0 – What have changed?
  4. Tangem wallet vs ledger – How do they differ?
  5. Can you stake on Tangem wallet?
  6. How much does the Tangem wallet cost?
  7. Tangem Wallet Review – Final thoughts

What is Tangem wallet?

Tangem is a company from Switzerland that produces hardware crypto wallets. The wallet is said to be the safest & most reliable hardware wallet in the world. What sets their wallet apart from most others is that Tangem uses no seed phrases. Instead of seed phrases the wallet consists of two or three cards where the additional cards acts as backup cards that you store safely, similar to how you store seed phrases for other wallets. With the new Tangem 2.0 version you can however choose the option to use seed phrases with the Tangem wallet.

How does Tangem wallet work?

The Tangem wallet works similarly to most crypto hardware wallets. You need the physical wallet in order to verify any transactions you make. All handling and actions you choose using the Tangem app. The app is however just an interface and does not store any of your passwords or private keys. All important information of your private keys are stored on the card itself in a security element chip. This chip is what keep your crypto funds safe by securing your private key. So it is the chip that is protecting you against hacks. The chip have a 25 year guarantee and it’s made by Samsung.

Tangem wallet
Tangem wallet

Where about seed phrases?

Tangem stands by not knowing your own seed phrase makes your crypto funds safer. When you setup a new Tangem wallet the seed phrase are generated and stored directly on the security element inside the card. It is impossible to withdraw and see the actual seed phrases. The new 2.0 version wallet does however allow users to choose their setup route, where one route allows users to see and store seed phrases like other traditional hardware wallets.

Are Tangem wallets safe?

The wallet is said to be the safest crypto cold wallet in the world. It got a security level of EAL6+, which is the highest in the crypto wallet market.

Can Tangem wallet be hacked?

The security element within the wallet got the highest standard level of security, the same as passports or credit cards. However, I think the best part about the wallet is that the cards are not updatable. And that is because of a good reason. By not allowing updates Tangem makes it impossible for hackers to slip in fraudulent code with potential updates through a backdoor, like we have recently seen happen with Ledger wallets. The Tangem app can still be updated with new features but the app got no access to your private keys & crypto funds.

tangem wallet card

Tangem 1.0 VS Tangem 2.0 – What have changed?

Tangem version 1.0 cards only have the setup option were users can’t access their seed phrases. The version 2.0 wallet have enabled so that users can choose which setup route they want to make and can select between three options. 1: Standard tangem setup. 2: Seed phrase setup or 3: import seed phrases from another wallet. The new second setup route with seed phrases is made through the tangem app which generates your seed phrase and then imports it into the chip in your wallet. The new third setup option enables people to bring other wallets onto the tangem wallet by importing them.

Tangem wallet vs ledger – How do they differ?

Tangem wallet differ from Ledger wallets in several ways. Tangem have multiple setup options where one is without seed phrases, which is more secure. Tangem does not allow updates to their wallet which hinders any backdoor vulnerabilities. Tangem supports and can store an unlimited amount of crypto on the wallet, which Ledger wallets can not since they have a storage limit. Tangem wallet is about 100 times easier to use compared to Ledger. Tangem support 12+ crypto networks which makes fees a lot cheaper compared with Ledger. Tangem takes about 1 minute to setup with their easy app while Ledger takes 20 minutes using a PC program called Ledger live.

Can you stake on Tangem wallet?

Staking can be done using your Tangem wallet by utilizing the Wallet connect feature and stake in Defi applications. You can thereby stake on-chain. There is however no staking options directly within the Tangem app.

tangem crypto wallet

How much does the Tangem wallet cost?

The Tangem wallet cost $54.90

Tangem Wallet Review – Final thoughts

I think the Tangem wallet is the safest crypto hardware wallet on the market right now. Not only safest in regards to its unique way of storing the private key but also from a physical standpoint. The Tangem wallet is waterproof, dustproof, durable against blunt forces and therefore have the best physical protection. Tangem is also easier and cheaper to use due to it supporting so many network chains. What is also worth noting is that that their wallet is also one of the cheapest crypto wallets on the market as well. If you got the version 1 wallet and are satisfied with it there is no reason to get the 2.0 version.

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