What's Wrong With The Tangem Crypto Cold Wallet?

There is no shortage of videos raving about the Tangem Crypto Cold Wallet. No wallet is perfect. So what are the downsides to the Tangem Cold Wallet? I answer that question in this video. I give 9 often overlooked drawbacks to the Tangem Wallet. What are they and are they enough for you to avoid this wallet altogether?

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⏰ Timestamps:
00:00 Intro
00:52 Tangem Wallet Explained
02:00 Downside #1
02:35 Downside #2
03:08 Downside #3
03:23 Downside #4
04:20 Downside #5
04:54 Downside #6
05:17 Downside #7
06:36 Downside #8
07:47 Downside #9
08:22 A Little Story
09:34 Lesson
10:10 My Recommendation

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Full Disclaimer: This video and its contents are for informational and entertainment purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by SVRN Money. SVRN Money may have a financial investment with the cryptocurrencies discussed in this video. In preparation for this video, the individual financial or investment needs of the viewer have not been taken into account nor is any financial or investment advice being offered. Any opinions expressed in this video were developed based upon the information available at the time. New or additional information could cause these opinions to change.

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[SVRNMoney]

Well, this is turning into a bit of a shit-show. I need to say that my intention for this video was for the 32 subs I had to learn about some of the drawbacks of the Tangem wallet. Apparently, I ruffled a few feathers. I've been accused of making this video to get "clicks". That is NOT the case. I am retired and don't need to be making these videos. I do it for fun and I don't get paid a dime. I made this video to help people understand more about this particular hardware wallet. However, one statement I made is apparently incorrect. In a new video-reaction to this video, youtuber @cyberscrilla, whom I admire and respect, pointed out that my claim that the 24-word seed feature being developed by Tangem will not be more secure than the 12-word seed is NOT correct. It WILL use 256 bits of entropy. That means it will be twice as secure as the shorter, 12-word seed. My mistake, and my apologies. I hope I didn't cause any confusion or misunderstanding with that statement. I don't care what kind of wallet you use, I just want everyone to be safe and help crypto adoption. I have not been contacted by Tangem OR @cyberscrilla. Thank you for watching and stay tuned for more great Bitcoin and crypto videos!

[CreativeSoul]

Wow!!! This video was VERY HELPFUL! I was just about to buy this product. NOPE, not after hearing about all of the vulnerabilities. Thank you so much!

[savedone]

I got Tangem a few weeks ago and set it up. I had a funny feeling about it so I only put 10 XRP on it to see if it worked, and it did. Haven't put anything else on it yet. Glad I waited! You raised great concerns about this cold storage. I am going to stick with other options. Trying to protect your crypto is just like trying to hide money from people. No matter what you do, there is ALWAYS the potential of it being found and stolen. You just have to diversify where you put your money, be as wise as possible, and move on.

[pgk]

I prefer Tangem. Guys handling seed phrases is a huge task for me
All you need is just make more backups for safety reasons.

[joarvatnaland]

"Firmware can't be updated". That is actually both a good and a bad thing. I think it is a good thing. This prevents updates with malware. And by the way, the card does not produce a seed phrase. It produces the secret and public keys directly, unless you choose to use a seed phrase yourself.

[nonshatter]

After countless Tangem reviews from other channels that sounded like commercials, it is nice to hear a balanced review with some downsides mentioned. I never trust a review that is completely glowing - nothing is perfect.

[donotwatchthis]

Thank you for exposing all the problems with this wallet. Most crypto influencers are selling them so you won't hear anything about it. This is a valuable video.

[MKULTRA]

My Tangem wallet is great for me. I keep all 3 cards in different geographic locations. I don’t keep my passcode stored on my phone. Solid product for me.

[mshea]

I was about to pull the trigger on Tangem but you 100% changed my mind. Thank you!!!

[cryptosunflower]

What a useful video. Exactly what Ive been looking for. Thank you so much.

[stevolanddownunder]

Even if you create your own seed phrase you actually have to enter it into the phone app. Which makes it no more than a hot online wallet.
Cheers mate good info.

[barrynee]

I used a seed phrase from a Ledger and setup a Tangem wallet with it. I only had SOLANA on the Ledger. When the Tangem synchronized with the block chain 80% of the SOL was missing, even after 2 days? So I went back to the Ledger and it was all there? No answer from Tangem after 2 months! Great card for removing ice of the front screen of the car. Thanks for a truthful video.

[mikhaillyasch]

@Tangem is the best COLD wallet in the world:
1. Security- EAL-6+, other wallets EAL5❗
2.Easy to use, no wires, no batteries! Very friendly and intuitive interface(100% of users are satisfied)
3.Audit Firmware❗

[PPCCO.]

If you lose 3 cards, you must hate money at that point. One in the wallet, one hidden within or outside your mailbox, and one in the safe. If you lose one, you can add another. As for the ability to hide the seedphrase, I feel that's an amazing feature. So far for Ice Storage, Keystone 3 Pro. For day to day? This one appears to be one of the best. No one would ever think that the card is a key.. which is an amazing security feature by itself.

[eddieannang]

Thanks for this very informative video on the pros and cons of the Tangem wallet.

[TheChadWork]

No matter what solution you use, if you die, how will your heirs get access to it? Your solution must be simple enough for them to do it.

[_dn.]

It's worth noting that when you're importing a seed phrase from another wallet to Tangem, you need to manually type the 12 or 24 words into the app, which isn't something you should do if you're using that as a cold wallet, since you're typing your seed phrase on a smart phone connected to the internet and you don't have any guarantee that the device is reliable. There could be someone remotely watching and recording you screen, and even if you do the whole process with airplane mode turned on, most modern spywares simply store everything locally on the compromised device and send everything to the attacker as soon as the device connects to the internet again. And also I'm not sure about the keyboard they use in the app. Is incognito mode or password mode used while typing the seed phrase? If not, they could be stored on auto complete. Does it work with whatever keyboard the user has installed? If so, it could be stolen if the keyboard app is malicious.

[steve]

Fantastic info. I was aware of a couple of the short comings of these when i ordered 3 sets last week but your video has really made me quiet worried about using them. I have used Ledger for the last 5 years for storage as I HODL mostly and have been looking for alternatives. Have you any opinion on the Zero NGrave?

[ccjohnson]

Good valid points. Was thinking of this wallet. Changed my mind. Thank you! Seed phrase is the way to go.

[ericvtutube]

Thanks for the honest review - good stuff