This is the long-form guide we point customers to when they ask how a Tangem wallet actually works, how to set one up properly in New Zealand, and what the security model does and does not protect against. It covers the chip, the card set and backup system, setup step by step, a comparison with traditional hardware wallets, and the habits that matter more than the device itself.
If you only want the quick setup walkthrough, see How to Set Up Your Tangem Wallet in Under 5 Minutes. This guide goes deeper.
Why more New Zealanders are moving to self-custody
Most of the people who buy from us in Auckland have the same story. They started on an exchange, left their coins there for a year or two, then read about an exchange collapse or had a phishing email land a bit too close to home. At that point the question stops being “which exchange” and becomes “how do I hold the keys myself without making a mess of it”.
Traditional hardware wallets answer that question with a USB device, a small screen, and a 24-word seed phrase you have to write down and guard for life. Tangem answers it with a card. You tap the card on your phone over NFC, enter your access code, and sign. There is no cable, no battery, and no seed phrase unless you choose to create one.
How a Tangem wallet works
Inside the secure chip
Each card contains a Samsung secure element certified to EAL6+ under Common Criteria. That is the same grade of chip used in biometric passports and bank cards. The private key is generated inside that chip when you first activate the wallet, and it never leaves. The Tangem app on your phone asks the card to sign a transaction; the card signs it internally and hands back only the signature.
Two consequences follow from that. Malware on your phone cannot read the key, because the phone never has it. And Tangem the company cannot recover your key for you, because they never had it either.
The card firmware was audited by Kudelski Security and Riscure, and it cannot be updated after manufacture. That is deliberate: a chip that cannot accept new firmware cannot be given malicious firmware later.
The card set and the backup system
A Tangem set has two or three cards. During activation the first card generates the key, and the other cards are linked as backups holding the same key. From then on any card in the set opens the wallet. Lose one, and you carry on with the others.
Lose all of them, with no seed phrase created, and the wallet cannot be recovered. That is the same outcome as losing a seed phrase with a traditional wallet, and it is the reason the storage advice further down matters. We recommend the three-card set for anyone holding more than they would be comfortable losing. The backup cards guide explains the recovery scenarios in detail.
Setting up a Tangem wallet in New Zealand
Step 1. Buy from an authorised seller
Buy from an authorised New Zealand seller rather than a marketplace listing or an overseas reseller you cannot vouch for. Tangem NZ is the authorised seller here and ships from Auckland stock. When your cards arrive, the app checks each card’s authenticity on first tap. If it ever tells you a card has already been activated, stop and reset it before use. More on spotting fakes in Where to Buy Tangem Wallet NZ Safely.
Step 2. Install the Tangem app
Download the Tangem app from the Apple App Store or Google Play. Check the developer name before installing; fake wallet apps exist. The app is the interface for balances, addresses, sending, receiving, swaps and staking. It does not hold your keys, so a compromised or lost phone does not expose your funds.
Step 3. Activate the set and choose an access code
Open the app, tap the first card, and follow the prompts to create the wallet and link the backup cards. Then set an access code. The access code is what stops someone who picks up your card from using it, so make it something you will remember but nobody could guess, and record it somewhere separate from the cards.
The whole process takes a few minutes. Send a small test amount in before you move anything substantial.
What Tangem supports
One wallet covers Bitcoin, Ethereum and the main EVM chains, Solana, stablecoins such as USDT and USDC, and thousands of other tokens across more than 90 networks. Swaps between assets run through providers built into the app, so you do not need to move funds back to an exchange to rebalance. If you use cross-chain bridges, our bridge explainer covers what they are and where the risk sits.
What the security model protects against
Because the key never leaves the chip, the common online attacks do not have anything to take. Malware on your phone cannot extract it. A phishing site cannot ask for it, because there is no seed phrase to type. A remote attacker cannot sign anything without the physical card and the access code.
What it does not protect against is you approving a bad transaction. If a scam site convinces you to sign a token approval, the card will sign it faithfully. Read the confirmation screen, use the app’s scam warnings, and treat anyone who asks for your access code as a thief.
Tangem compared with traditional hardware wallets
| Feature | Tangem | Traditional wallets |
|---|---|---|
| Seed phrase | Optional | Required |
| Connection | NFC tap | USB or Bluetooth |
| Cable needed | No | Usually |
| Secure chip | Yes (EAL6+) | Yes |
| Backup method | Extra cards with the same key | Written seed phrase |
| Screen on device | No, your phone shows the details | Yes |
| Setup complexity | Low | Moderate |
The honest trade-off is the screen. Some experienced users prefer a device that displays the destination address on its own hardware. Tangem relies on your phone for that, and compensates with transaction previews and scam detection in the app. For most people the removal of the seed phrase is the bigger win, because seed phrase mistakes are how most people actually lose crypto. The full Tangem vs Ledger vs Trezor comparison goes into this properly.
Habits that matter more than the hardware
- Keep backup cards in different places. One at home, one with family or in a safe deposit box. Not all in the same drawer.
- Record your access code somewhere that is not with the cards.
- Keep your phone updated and do not sideload apps.
- Send a small test transaction to any new address before the real one.
- Tell someone you trust that the wallet exists and where the instructions are. Our crypto estate planning guide covers how to do that without handing over control.
Where a Tangem wallet fits
Long-term holders use it as cold storage that happens to be convenient. People who transact regularly use it as a daily wallet, because a tap is quicker than a USB device. Stablecoin holders like that USDT and USDC sit under their own key rather than on an exchange balance. And a few small businesses use a set as a treasury wallet, with cards held by different directors.
If you lose a card
Tap any other card from the set, enter your access code, and you are back in. Nothing on the blockchain has changed. Many people then buy a fresh set and move funds across so they are back to a full complement of backups. If every card is gone and you never created a seed phrase, the funds are not recoverable, by you or by anyone else.
FAQ
Does Tangem use a seed phrase?
Not by default. The backup is the other cards in your set. You can generate a seed phrase if you want one for compatibility with other wallets, but then you take on the job of protecting it.
Is Tangem secure?
The key lives in an EAL6+ chip, is generated and kept offline, the firmware is audited and cannot be changed, and the app verifies each card is genuine. No wallet protects you from signing a transaction you should not have signed, so the habits above still apply.
Can I access my funds without my phone?
You need a card and an NFC-capable phone with the Tangem app. Any phone will do; your keys are on the card, not the handset.
Is Tangem suitable for experienced users?
Plenty of experienced holders use it, often alongside another wallet. The appeal is the durability (IP69K, no battery, 25-year warranty) and the absence of a seed phrase to manage.
Buying in New Zealand
Two-card sets are NZ$109.99 and three-card colourways NZ$139.99, including GST, shipped from Auckland. Order at tangem.nz, or if you want to talk through which set suits you, use the contact form and a real person will reply.
