{"id":67947,"date":"2022-10-01T16:51:02","date_gmt":"2022-10-01T13:51:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67947"},"modified":"2025-09-07T11:21:59","modified_gmt":"2025-09-07T08:21:59","slug":"how-to-store-cryptocurrency-safely-without-a-seed-phrase-a-tangem-wallet-hardware-wallet-review","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/how-to-store-cryptocurrency-safely-without-a-seed-phrase-a-tangem-wallet-hardware-wallet-review\/","title":{"rendered":"How to store cryptocurrency safely without a seed phrase: a Tangem Wallet hardware wallet review"},"content":{"rendered":"

In June 2021, attackers sent<\/a> counterfeit Ledger devices to customers, allegedly to protect against data leakage. Restoring wallets required entering a seed phrase. After this, hackers gained access to users’ funds.<\/p>\n

A few months later, the Swiss company Tangem AG unveiled a new hardware wallet \u2014 in the form of a plastic card and without a seed phrase. We test the Tangem Wallet<\/a> and discuss its advantages and drawbacks.<\/p>\n

Why the seed phrase is not the best backup<\/h2>\n

The mnemonic phrase (seed phrase or simply seed) is a random sequence of 12 or more words that is needed to restore access to funds in case of loss, theft or damage to the wallet.<\/p>\n

The user generates the seed when creating a cryptocurrency wallet. It must be stored in a secure place: the holder of the seed phrase has full access to the assets.<\/p>\n

However the user cannot be entirely sure that their mnemonic phrase has not been compromised.<\/p>\n

Example:<\/strong> a hacker stole the seed phrase. He does not rush to reveal himself and waits until the owner transfers to the wallet a “sufficient” amount of funds. After that he withdraws the cryptocurrency. The user learns of the compromise only after the assets have been stolen.<\/p>\n

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\u201cYou can buy a hardware wallet with the most advanced security features. Yet the backup will be a simple sequence of words that can be photographed or rewritten. This is enough to access your money. The seed phrase is Schr\u00f6dinger’s private key. It is unknown whether it has been compromised or not, because a piece of paper or a file containing the seed phrase has no reliable protection,\u201d explained Andrey Lazutkin, chief technology officer of Tangem AG.<\/em><\/p>\n<\/blockquote>\n

He added that the seed phrase must be written down correctly and stored in a secure location. As a result, non-custodial wallets may be forsaken in favour of less secure centralised platforms.<\/p>\n

A wireless wallet with no seed phrases<\/h2>\n
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\u201cIf you want to keep a secret, you must hide it even from yourself,\u201d \u2014 George Orwell, 1984.<\/em><\/p>\n<\/blockquote>\n

Tangem Wallet<\/a> \u2014 a multi-currency wallet in the form of a set of two or three plastic cards.<\/p>\n

Each card contains the S3D350A chip from Samsung, which is protected against moisture and dust to IP68 and certified to the Common Criteria EAL6+ (Evaluation Assurance Level) protection standard.<\/p>\n

Chips with such a protection level are used in passports. In 2018, the Tangem Wallet firmware was audited by Kudelski Security.<\/p>\n

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One card can be used as the main card, the others kept as backups.<\/figcaption><\/figure>\n

To work with the wallet no USB cable is required. The user interacts with the cards via NFC using the Tangem app on Android and iOS. The app code is available on GitHub<\/a>.<\/p>\n

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\u201cThis is an ideal solution for long-term storage of cryptocurrencies: after a long period of inactivity you do not need to replace the battery or recharge the device,\u201d noted Andrey Lazutkin.<\/em><\/p>\n<\/blockquote>\n

According to Tangem AG, the cards\u2019 lifespans exceed 25 years. They can operate reliably at temperatures from -25 to +50\u2009\u00b0C.<\/p>\n

The user does not need to create or store a seed phrase. However, if all cards are lost or damaged, the wallet owner permanently loses access to the funds. The manufacturer does not offer other recovery methods.<\/p>\n

Testing Tangem Wallet<\/h2>\n

We tested a set of three cards. The price on the official site<\/a> \u2014 $69,90. Two cards would cost $54,90.<\/p>\n

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Tangem Wallet comes in a cardboard packaging with brief specifications and instructions for loading the wallet app.<\/figcaption><\/figure>\n

To install the app, bring one of the cards to the NFC antenna. On iPhone it is located in the top-right part of the smartphone. On Android devices, the location depends on the model.<\/p>\n

We used an Android phone: after contact with the NFC the app automatically opened in Google Play. This approach protects users from malicious software.<\/p>\n

We installed the app and pressed the \u201cScan\u201d<\/strong> button. After this we created a wallet.<\/p>\n

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The \u201cHelp\u201d<\/strong> button tells Android users the exact location of the NFC antenna.<\/figcaption><\/figure>\n

After generation, they linked the wallet to backup cards. Each card has a unique number on the back.<\/p>\n

Then they performed backups \u2014 placing the second and third cards on the NFC antenna for 15 seconds.<\/p>\n

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For security, Tangem scans the card for 15 seconds \u2014 during backups or wallet deletion.<\/figcaption><\/figure>\n

To protect the wallet against theft, a passcode was set. It can be assigned individually to each card.<\/p>\n

The backup cards allow recovery of the passcode: you need to press the \u201cForgot password?\u201d<\/strong> button when logging into the app, attach the backup card, and enter a new password.<\/p>\n

We completed the backup process: scanned the main and backup cards, then clicked \u201cGo to my wallet\u201d<\/strong>.<\/p>\n

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The \u201cCard 1 of 3\u201d<\/strong> indicator informs about the number of backups. In the menu (\u22ee) there are detailed settings for the card and linking to decentralised applications via WalletConnect.<\/figcaption><\/figure>\n

In Tangem you can configure the display of balances and prices of individual assets \u2014 in cryptocurrencies or fiat currencies, and also add the coins you are interested in to the home screen.<\/p>\n

Sending and receiving cryptocurrencies<\/h2>\n

As of the time of writing, Tangem Wallet<\/a> supports more than 2,500 cryptocurrencies and tokens across 23 networks, including Bitcoin, Ethereum, BNB Chain, XRP, Cardano, Solana, Dodecoin, Polygon, Tron, Avalanche, Ethereum Classic, Litecoin, Stellar, Bitcoin Cash, Tezos, Fantom and Arbitrum.<\/p>\n

We conducted two test transactions for sending and receiving Dogecoin. First, we tapped \u201cManage tokens\u201d<\/strong> and added the main Dogecoin network (MAIN) to the home screen. The cryptocurrency is also available as a wrapped token on the BNB Chain.<\/p>\n

After that we copied our address and made the transfer. The balance updated almost immediately after the transaction.<\/p>\n

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Tangem lets users buy cryptocurrency directly in the app via the Mercuryo service. To do this, choose an asset and press \\”Buy.\\”<\/figcaption><\/figure>\n

We chose a \u201cnormal\u201d fee size and included it in the total. We pressed \u201cSend\u201d<\/strong>, entered the passcode and confirmed the transaction with the card. The Dogecoin network processed the transaction in about a minute.<\/p>\n

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When pressing \u201cVerify address\u201d<\/strong> a blockchain explorer opens, where you can view transaction details and copy its ID.<\/figcaption><\/figure>\n

Working with decentralized applications<\/h2>\n

Connect the wallet to dapps via WalletConnect. At the time of writing the review, it supports more than 450 dapps.<\/p>\n

We performed a test transaction exchanging BNB for Tether via PancakeSwap: we went to the platform site and selected WalletConnect in the \u201cConnect Wallet\u201d<\/strong> menu.<\/p>\n

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After selecting WalletConnect a QR code appears that you need to scan with Tangem.<\/figcaption><\/figure>\n

To complete the connection to dapps: in the wallet app open the menu (\u22ee) and select WalletConnect. Tap the ‘+’ button at the bottom of the screen, scan the QR code on the PancakeSwap site and press \u201cStart\u201d<\/strong>.<\/p>\n

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Tangem Wallet provides brief information about each transaction before signing and sending.<\/figcaption><\/figure>\n

On PancakeSwap we chose to swap BNB for 5 USDT, then pressed \u201cSign and Send\u201d<\/strong> in Tangem to sign the transaction.<\/p>\n

After this, our balance decreased by $5, but the swapped asset (Tether) did not automatically appear.<\/p>\n

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Balance<\/strong> shows the total value of assets on the home page rather than the wallet’s overall balance.<\/figcaption><\/figure>\n

The balance updated only after we opened the token management menu and manually added Tether (BEP20) to the home page. The Tangem team says this approach helps preserve user privacy, but we found it not very convenient.<\/p>\n

Conclusions<\/h2>\n

Attackers can gain access to a seed phrase through social engineering, account hacking or a search. Tangem Wallet<\/a> allows users to completely avoid these risks. The wallet also has a number of other advantages:<\/p>\n