Tangem :
There are many cryptocurrency wallets that you can choose from to protect your cryptocurrencies, you must be 100% sure that you are using something safe and secure.
I started using Tangem to store some of my cryptocurrencies.
Security is the most important aspect of your cold wallet and should be your first priority, Tangem’s approach to cold wallet storage is different from anyone else in the market, they don’t use starting phrases.
Initial statements carry inherent risks, if someone understands your starting sentence, that’s it, they can get anything and everything from your wallet, however, Tangem does not depend on a starting sentence for its security. It is a private key generated on this card.
When you buy your Tangem wallet, you can choose to have two or three cards, the additional cards are backups, so it is safer to have three cards because you will have two backups.
These cards do not have a private key yet, because they are not activated when you activate your card, the Tangem chip inside will generate a private key using a Certified Random Number Generator or TRNG for short.
This private key is not known to anyone or anything, and will never leave the card chip, therefore, to activate the card, you must download the Tangem application and create a new wallet.
All you have to do is press one of the cards on your phone, then you can create your own access code to access your wallet, it can be any word, phrase or number of your choice.
Access codes add another layer of security, even if someone gets one of your spare cards, downloads the app and activates NFC, they will still need the unique access code you created.
So even if someone has one of your cards, you are still safe, unless your access code is something silly like “password” or “0000”.
Tangem also works very hard on the security of the tokens inside the cards, they have an EAL6+ security chip, it is the same level of chip protection used in diplomatic passports and higher than most hardware wallets on the market.
They have the highest possible environmental protection rating of IP68, making it safe from dust, water and hacking attempts. Its performance can reach -25°C and up to 50°C, and if that’s not enough, it is also protected against EMI, electrostatic discharge and X-rays, with a guaranteed life expectancy of 25 years.
These cards are very flexible, there are two weaknesses to this process, because you have to use the Tangem application on your phone to create these wallets, so your phone is their number one weak point, you have to make sure that your phone is not compromised by malware, another vulnerability is being online and offline.
It’s easier to solve though, just put your phone in airplane mode when you make connections with your cards. However, the wallet itself is still cold, because it resides on a card that never connects to the Internet.
You have the possibility to use starting phrases with Tangem, which they have recently introduced. They don’t recommend it, and I actually think that their private key process is undoubtedly the best option.
Overall, I give Tangem security a rating of 9.5/10. This is not quite possible due to the small element of human error when setting up the wallet.
Access to a wide range of cryptocurrencies in your wallet is another crucial factor. If there is no support for a wide range of cryptocurrencies, it is not very useful.
Fortunately, Tangem currently supports 38 crypto networks, and more are on the way, this means that there are thousands of tokens that you can store in their wallet and you can add custom tokens if they are not listed.
Tangem also has the ability to connect to the wallet via the app, this gives you compatibility with a range of different decentralized applications so that you can connect to sites.
I always want to see more networks on wallets, but the coverage they have now is impressive.
So Tangem gets an 8/10 for compatibility, the Tangem application will be your main interaction with Tangem, so its functionality and ease of use are very important. Setting up the wallet is a ridiculously easy process, so it’s a very user-friendly experience.
The interface itself is simple and easy to use, you can see all the cryptocurrencies you own and their current value as well as the chains that Tangem has activated, you can even buy, sell and exchange from the app, and they also have a staking process along the way.
There are also many useful settings, you can hide the amounts that appear on your screen so that people cannot see what you are holding.
There is also a dark and light mode, but what really distinguishes the application itself from the others is the fact that you can use it as a ramp to enter and exit.
Obviously, it depends a little on your country, but if your country allows it, you can convert cryptocurrencies into fiat money and have them directly in your bank account, the same applies to the purchase of cryptocurrencies using your card.
But overall, this application does not overwhelm you and offers you a set of utilities that make it one of the best wallets on the market, it is a solid 8/10 for me.
Tangem is one of the few cryptocurrency wallet companies that has a live chat on their website 24/24, seven days a week, 365 days a year, I tested it several times at different times and I always got a response within 10 minutes, but it usually only takes a minute or two, but that doesn’t mean it’s perfect, but the fact that they have dedicated resources to provide solid customer support is really good, there is also support in the application itself, and the average response time I saw was less than 5 minutes.
Among all these things you may find the help you are looking for, for me it means that Tangem gets a 9/10 for customer support. Cryptocurrency wallets can get expensive very quickly, I looked in NGRAVE earlier this year and it starts at $398, the Ledger Stax costs $279 and the Trezor Model T about $219.
So, you might expect Tangem to be quite expensive, but this is not the case for three cards. It will cost you $70, or you can get a set of two cards for $55.
In the end, Tangem does not have some of the features that NGRAVE and others do, but there is an argument that it does not need this feature because it is mainly found in the application.
So Tangem is offered at an affordable price, you are basically buying a card with NFC capabilities, which should not have a high price, for me the price is eight out of ten, but with a discount, maybe 8.5.
When you buy your Tangem, you will be able to choose between two or three cards, these additional cards act as a backup for you.
You can then create backups of your wallet by tapping other cards on your phone when prompted, but basically there are unique keys on these cards that create a chain of trust between the primary wallet card and the backup cards.
It uses something called the Diffie-Hellman key exchange protocol, essentially, the technology inside the chips means that Tangem is able to verify that you are actually using a Tangem wallet as a backup.
The private keys contained in the cards never leave the card chips, so there is no way for anyone to access them, even if they get your backup card, they need your access code to get it.
Avoiding raw instructions means that these backups are actually secure, the element of human error is reduced because no one can get their hands on everything you left lying around to reach. And because the cards are activated when you tap them on your phone.
Tangem themselves do not know what the private key is, so there is no vulnerability on the supply side, Having a database of private keys or something like that.
But if you somehow lose all your cards, you will lose access to all your money again.
This is due to the element of human error, you need to store your spare cards in a safe place, ideally in different places, if you lose your phone, it doesn’t matter, the phone does not contain any cryptocurrency, so you just have to press your card or your backup cards on another phone and you will have access to everything, overall, the backup option for me is 8 or 9/10.
When it comes to design, Tangem has adopted a very simple approach, there is not much you can do with the card, and Tangem has decided to opt for an elegant and sophisticated look.
You can see that the card is of a fairly standard size and it will fit into any regular wallet.
It is not a metal card, so it is not heavy, but it has a good weight, this means that it does not seem too fragile compared to the old version of Tangem, I much prefer the appearance of the new version, it is a little stronger than its predecessor, it would be nice to have some options regarding the different design of the card, some different styles or customizations would give it a little more character, for me, the simple and elegant look gives it a 7/10.
Open source is really important to me when it comes to wallets, community monitoring of applications is really important, both for improvements and transparency with customers, fortunately, Tangem is completely open source, which is a big plus.
The search for updates and the roadmap is a bit of a different story, although they are constantly working on updates such as staking and adding new networks and cross-channel exchanges, but there is no roadmap on their site, and I think this is something they can improve.
Conclusion :
Overall, the Tangem wallet has received a rating of 8/10, it is a wallet that simplifies things while offering you a complete set of in-app utilities.
The security and the lack of starting phrases distinguish it from other wallets, most cold wallets have not adopted Tangem’s approach, but I think their approach is really effective.
It’s very beginner-friendly, quick and easy to install, and it’s not a bulky machine that can be annoying to carry around.
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