Tangem Wallet

The Tangem hardware device is designed for mobile use only and cannot be used on laptops or desktops as these devices do not have built in NFC(near field connection) technology. This technology is the same that is used in back cards that allow contactless payments as it allows the transfer of data as long as two devices are close and in range. The Tangem wallet can be used on any device with an operating system that is either android 6.0 or later, or IOS15.0 or later, AND supports NFC.

The Tangem app is required to use this wallet, and it works by allowing access to your wallet by tapping the device on your phones NFC area when prompted to do so in the app. Once you tap the device you must also enter an access code (like a password) in order to access your wallet, this code and be any word, phrase or numbers which has more than 4 digits. There are two types of devices available, the card and the ring. Both work the same way with the same technology, and your desired device depends on how secure you feel you’re able to keep each one and your own personal preference.

You can set up your device in the Tangem app in several ways, however, whichever way you choose you will need a minimum of 2 devices and at least one back up is required to set up a wallet. You can restore an existing wallet if you have the seed phrase to that wallet. You can generate a new wallet without a seed phrase, or you can generate a new wallet with a seed phrase. When choosing the best option for you there are certain things to think about. Firstly, if you create a wallet without a seed phrase, your private key used to access all your crypto and funds are stored within your devices. When setting up this option you need a minimum of one back up but can opt for a second back up too (this is the maximum). When setting this up if you opt to only create one back up, a second cannot be added later. If you were to lose both keys, without a seed phrase, all your assets and funds would be lost with no way of recovering them. If one was lost, you could buy a new set of keys set up a new wallet and transfer all funds from your initial wallet to the new one using your remaining key. Setting up a new wallet with seed phrase means that even if all hardware keys were lost, you would be able to access your crypto no matter what as long as you kept the seed phrase safe. It is important to note that if you do decide to keep a written copy of your seed phrase, it must be kept safe and in a place that only you can access as if anyone else were to gain access to your seed phrase they then have access to your assets.

In terms of security the Tangem Wallet has a EAL6+ rating which is one of the highest levels of security, topped only by an EAL7 rating that is often reserved for military and government use. This means it is able to protect against many sophisticated software attacks such as hacking as well as physical attacks in which someone gains access to your device and tampers with it. However, in relation to security, if your device is lost or stolen your access code (the number, work or phrase you created) is the only line of defence to stop access to your assets as it is not possible to deactivate a device like it is a bank card for example. Therefore, it is vital that this is kept top secret, and it is recommended that  if a device is lost or stolen and new wallet is set up as soon as possible, and all funds are transferred from the compromised wallet into the new one using the backup key. It is also possible to reset the access code in the app if you have both the device you want to reset and the backup. So, for example if you kept both Tangem devices in your wallet and your phone and wallet got stolen, if the person can gain access to your app (which can be secured using biometrics) they could change your access code and access all your funds.