Tangem Wallet vs Ledger – Which is the Best?

Review of Tangem wallet VS Ledger. Looking at security, hack risk, fees, storage capacity and which wallet I think is the best.

tangem wallet vs ledger

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Table of Contents

  1. Tangem wallet vs Ledger
  2. Safety differences – Seed phrases
    1. Risk of being hacked
    2. Storage capacity
    3. Which Hardware wallet is easier to use?
  3. Which wallet is best regarding physical & environmental protection?
  4. Historical proven track record?
  5. Connection to Defi?
  6. Which wallet have more supported blockchain networks
  7. Which wallet have higher fees?
  8. Tangem vs ledger – Which is the best wallet?

Tangem wallet vs Ledger

Tangem is a relatively new company from Switzerland. Their wallet is a slim and durable card that is said to be the safest & most reliable crypto hardware wallet in the world. Tangem utilize a phone app as their user interface. Ledger wallets have been around since 2014. They are traditional crypto hardware wallets that looks like a USB stick that utilizes old-school storing in apps that can be installed in Ledgers own PC program called Ledger Live.

Safety differences – Seed phrases

Ledger wallets use seed phrase words to secure your private key, which is the key to your crypto. The seed phrase needs to be hidden so that no one can see it and steal your crypto. If someone finds your hidden seed phrases they can steal all your crypto. Tangem knows about this risk and have instead a safer way to store crypto, by not letting you know your own seed phrase. Instead Tangem wallet consists of multiple back-up cards where you need at least one card to access your crypto, plus your password. So, even if someone finds one of your Tangem cards, they can still not steal your crypto. This makes Tangem a safer wallet compared to Ledger.

tangem new wallets

Risk of being hacked

Ledger utilizes online updates to their wallets firmware and programs which allows hackers the ability to sneak in code through a back door. This happened during December 2023 were Ledger’s connecting feature to Web3 apps was hacked which ultimately lead to users who used Web3 apps to get their crypto stolen. Tangem know about this risk as well and have instead made it so that the wallets firmware can not be updated. This allows Tangem to avoid this back door risk. This is the major safety reason why I like the Tangem wallet. Tangems app can still be updated, but that is just a user interface that have no access to your crypto funds.

Storage capacity

Ledger wallets have different storage capacity. For each distinct crypto you want to store on the Ledger you need to download an app which takes up space. The Ledger Nano S have capacity for 3-4 apps (or crypto) to be stored whilst the Ledger Nano X have capacity for 10-20 apps. So you can not store many kinds of crypto on the Ledger wallets. Tangem wallet have no storage restrictions since all crypto is stored on the blockchain and not using apps. You can thereby store how many different crypto you want on the Tangem wallet. Tangem also supports a lot more blockchain networks which gives it the ability to store crypto on more network chains.

Which Hardware wallet is easier to use?

The Ledger wallet looks like a USB-stick that have two buttons to perform all actions with. With the Ledger wallet you also need to download a PC program called Ledger Live where you will be able to see your crypto. Combining both makes it quite un-familiar for crypto beginners on how to use the Ledger wallet and store crypto. The Tangem wallet is just a card and a mobile app where you handle all your crypto. When you make a transaction you simply need to touch the card to your phone to verify and that is it. So the Tangem is 100 times easier to use compared to the Ledger wallets.

tangem wallet easy

Which wallet is best regarding physical & environmental protection?

The Ledger wallet is similar to a fragile USB stick. It can break if you drop it or it get wet since it is not water proof. The Tangem wallet is both water proof, dust resistant, much more durable to physical damage. The Tangem card even have a 25 year warranty. It is safe to say that the Tangem wallet is a lot more physically protected compared with the Ledger wallet.

Historical proven track record?

The Tangem wallet have not been around for long. However their security chip in the card that stores the private key is the same security level as passports and should last for a long while and be safe. The Ledger wallets have proven over many years that it is good protection to keep crypto funds safe. However, with more updates coming to Ledgers programs there is always a risk of hackers being able to steal users funds which have already happened.

ledger wallet

Connection to Defi?

You can connect Ledger wallets to certain Defi wallets so that you need to verify each transaction using the Ledger. However, it takes a few steps to setup and the connection feature is not that common within the Web3 space. The Tangem wallet have a feature called “Wallet Connect” which is very common and almost a standard way of connecting to defi apps within Web3. The connection through Wallet Connect is easy with just one click. So Tangem is much easier to use with Defi & Web3.

Which wallet have more supported blockchain networks

Ledger mainly support the Ethereum network ERC-20 for most crypto tokens which is the most expensive network. Transactions usually cost between 5-50 dollar per transaction. This makes the Ledger wallet expensive to use for altcoins due to its few supported networks. The Tangem wallet supports 12+ different crypto networks and multiple selections for each crypto token. This makes storing crypto on the Tangem wallet a lot more flexible.

Which wallet have higher fees?

The Tangem wallet have the lowest fees due to the flexibility of choosing cheaper crypto networks. So, sending for example Ethereum to your Tangem wallet you can do both using Arbitrum, Optimism or the Ethereum network etc. Ledger mainly supports ERC-20 (Ethereum network) for most crypto sorts which is the most expensive network. With the Tangem wallet you have the option to choose the cheapest network to use.

tangem wallet blockchain networks

Tangem vs ledger – Which is the best wallet?

It is quite clear that the Tangem wallet is the better wallet in all aspects. It is far better in terms of physical protection but also online protection due to its unique security features. Tangem also supports more tokens, more blockchain networks, easy access to Defi, it is cheaper to buy and much cheaper to use in terms of fees. Tangem have not either have had any hacks or breaches. Ledger have had issues with hackers implementing fraudulent code within Ledgers code that have lead to users getting their crypto stolen. The Tangem wallet is a clear winner in all aspects.

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