CoolWallet S Review

CoolWallet S Review

Robert McDougall 

January 8, 2024

Cryptocurrency

When you look back at it, innovation has been an integral force behind the growth of cryptocurrencies. The CoolWallet S is a continuation of that innovation and offers a hardware storage solution for all crypto users. I was naturally intrigued when I first heard of the wallet and wanted to give it a try.

The CoolWallet S is a mobile hardware wallet that looks and feels like a credit card and easily fits inside your wallet. It’s controlled through a unique CoolWallet mobile app and requires a Bluetooth connection to manage trades, store cryptocurrencies, and sell assets. The wallet supports a wide range of cryptocurrencies and comes with an inbuilt exchange to support trades.

After having researched the product and using it personally, here I present a detailed review of CoolWallet S.

  • Wallet Name: CoolWallet S
  • Type of Wallet: Hardware Wallet
  • Supported Coins: BTC, ETH, LTC, XRP, XLM, BNB, USDT, TRX, ATOM, DOT, CHR, Tezos, Cardano, ETH 2.0, and ERC20 tokens
  • Battery: 3 months standby battery life
  • Bluetooth Connectivity: Available
  • App: Yes, for iOS and Android
  • Price: USD $99

CoolWallet S Features

The CoolWallet S hardware wallet impressed me from the get go. It’s the size of a credit card and comes with an interactive inbuilt button and screen. Cryptocurrencies have been around for some time, and the CoolWallet S truly encompasses the innovation and the revolutionary mechanism we expected from them. I found the wallet to be equipped with a series of innovative features, including being:

Portable and Durable

The CoolWallet S impressed me with its portable and durable design. Weighing under 6 grams and measuring just 0.8mm thick, it's solid yet lightweight. The small, well-lit screen provides a clear view of assets, despite initial concerns. With Android and iOS app connectivity, transactions can be conveniently done on the go. It's a perfect solution for active individuals who want to manage their cryptocurrencies effortlessly.

Connected to a Mobile App

The CoolWallet S has a connected mobile app allowing you to view your digital assets, invest in future cryptocurrencies, and open new digital avenues. The app is available for both iPhone and Android users. Once I logged into the mobile app, I saw three different tabs – Wallet, Receive, and Trade (or Send for iOS users).

Wallet Tab

The first tab for Wallet opens up a separate page for your total assets, your different wallets, and the balances for each. The interface for this tab is easy to maneuver, and you can reorder cryptocurrencies through it.

Receive Tab

The second tab for receive will include all the important functions usually associated with a wallet. You will find buttons for QR codes, Asset selection, link sharing, and key public addresses. 

Users can only view live balances when they click the refresh button at the top. Unless you do so, the balances that appear will not be updated. This extra step frustrated me a bit, but I later found out that the funds are collected in cold storage, which is why the app needs permission to refresh and access the balances.

Trade/Send Tab

I found the trade tab on both Android phones and iPhones to be identical. It serves the purpose of selecting the desired cryptocurrency, entering the transaction amount, and finalizing the trade. What I particularly appreciated was the inclusion of a connected exchange within the wallet itself. 

This feature enables seamless cryptocurrency selection and swapping right from the wallet interface. I made use of this functionality multiple times and was pleased with the speed of processing and the added security of fingerprint authentication. Upon confirming the trade, the app swiftly guides you to the verification page.

Excellent Security

Security is paramount to me when using a mobile app, so I delved into the background of the CoolWallet S and CoolWallet Pro. These wallets were created with a strong emphasis on providing super-secure and dependable crypto storage solutions. 

Personally, I refuse to use a wallet that has known security vulnerabilities, regardless of its other enticing features. With the CoolWallet S, every transaction necessitates a dedicated 3-step verification process. While this may initially seem excessive to newcomers, as someone experienced with various wallets — I appreciate this robust feature for safeguarding my accounts.

Additionally, the wallet also comes with protection through a seed you pick at the time of choosing your physical CoolWallet S device. We will look at the seed — which is a pre-set code — in greater detail later in this article. 

The physical wallet also comes with a CC EAL 5+ Military grade security chip in its core. The security chip ensures security for the wallet and minimizes any glitches.

Battery Life

I almost forgot to check the battery life of CoolWallet S when purchasing the device. Obviously, having used online crypto wallets, I forgot the need for a good battery on an external hardware device.

Fortunately, the CoolWallet S comes with a good 3V lithium-ion battery, which provides a standby period of 3 months on one full charge. You can easily charge the battery through a USB charging output and carry the wallet with you on your month-long travel excursions.

CoolWallet S Compatibility

My expectations for a hardware wallet were set high, particularly in terms of compatibility with various coins and apps. Thankfully, the CoolWallet S exceeded those expectations by delivering on both fronts. Let me explain how:

Coin Compatibility

The CoolWallet S is compatible with over 15 cryptocurrency assets. This capacity is an increase from the previous 13 cryptocurrency assets — courtesy of a recent update. The coins offered by the wallet include all popular options, including BTC, ETH, LTC, XRP, XLM, BNB, USDT, TRX, ATOM, DOT, CHR, Tezos, Cardano, ETH 2.0 and ERC20 tokens.

App Compatibility

The CoolWallet S is compatible with the CoolBitX app and can work without interruptions. Fortunately, the CoolBitX app works for both Android and iPhone users. Having said that, the app has to be within a 10-meter radius of the wallet to connect and work with the hardware wallet. 

CoolWallet S Cost

CoolWallet S is a one-of-a-kind wallet that offers elite cold storage alongside protection and convenience. The wallet costs $99 if purchased directly from the website. Furthermore, there's an ongoing promotion that allows customers to purchase 2 CoolWallet S units for $159 — resulting in nearly $20 in savings per wallet.

Consider the CoolWallet Pro 

If you want more features with even better security, the CoolWallet Pro (read review) is an upgrade on the S and costs $149 for a single unit. As a more recent offering, the Pro version offers multiple upgrades, including better security, more coin coverage, and easier storage options. The notable upgrade in features justify the additional $50 for the Pro.

CoolWallet S User Experience

CoolWallet S hits the ball out of the park when it comes to user experience and feasibility. To start with, I received my CoolWallet S package in a well-designed box, which came in elegant plastic packing. I also appreciated the attention to detail, as indicated by the integrity-maintaining sticker placed on top of the packaging. 

It's clear that the CoolWallet S team prioritizes both aesthetics and maintaining the product's pristine condition.

The box for CoolWallet S includes the following:

  • 1. CoolWallet S card
  • 2. USB charging dock and cable
  • 3. User manual
  • 4. Recovery seed card

Setting up the Wallet

Setting up the CoolWallet S is fairly simple. I did find a user manual inside, which I used to skim through the directions. Here are the directions I followed:

  • 1. Download CoolBitX App: As we’ve mentioned before, the CoolBitX app is available on both Play Store and App Store.
  • 2. Charge Your Card: You can charge your card once you download the app. The charging time is around 3 hours.
  • 3. Create Wallet: The next step is to select a unique 12-, 18-, or 24-digit seed phrase. The seed phrase acts as a security token that can be added to your app if you ever lose your wallet. You can use the seed phrase to add/remove your wallet.

When it comes to user experience, the CoolWallet S has a simple interface with a minimalist dark theme and an interactive display.

CoolWallet S Security

The CoolWallet S comes with the military-grade CC EAL 5+ certified security chip within the hardware wallet. The microchip handles processing for the wallet and ensures only non-critical data is submitted through the Bluetooth connection.

The microchip is also physically sealed so that no one can access it. I did some further research on this and found out that the microchip is irreversibly destroyed if someone tries to disassemble the wallet and finds the microchip present inside it.

Reputation and Track Record

The CoolWallet S and the CoolBitX app are both known for their stellar security record. The chipset comes with an EAL 5+ rating, which is further enhanced to a 6+ rating in the advanced CoolWallet Pro. Additionally, the app has over 770 reviews on Google Play Store with a rating of 4.6/5, which is a testimony to its stellar reputation.

The wallet offers 2-factor authentication, seed tokens, and physical microchip security to minimize security vulnerabilities. I don't say this often, but the CoolWallet S does not leave room for much when it comes to security.

CoolWallet S Pros and Cons

The CoolWallet S, with its credit card format and mobile operating concept, can be described as a revolution in the hardware wallet market. I will now look at the pros and cons to study where the wallet stands out and where it lacks:

Pros
  • The wallet comes with unique functionality and style.
  • The hardware wallet is the same size as a credit card. I could fit it in my wallet.
  • The CoolWallet S offers secure connectivity with an encrypted Bluetooth connection.
  • CoolWallet S looks aesthetic at first look and offers a simple user interface on the app.
  • At $99 per wallet, the CoolWallet S is reasonably priced.
  • The small display on the CoolWallet S displays information relevant to crypto sales and purchases.
Cons
  • The wallet needs to be within 10 meters of your phone for the app to work.

CoolWallet S vs. Ledger Nano S

Having had the opportunity to use the Ledger Nano S — another notable  crypto wallet — I find it worthwhile to compare it to the CoolWallet S and explore their respective offerings.

Connectivity

In terms of connectivity, the CoolWallet S uses Bluetooth to connect to mobile devices. On the other hand, the Ledger Nano S connects to devices using a USB cable, making it compatible with a wider range of devices, including computers and smartphones.

Security and Connected Cryptocurrencies

When it comes to supported cryptocurrencies, both wallets offer a good range, but the Ledger Nano S has a slight advantage with its larger ecosystem and continuous addition of new assets.

Security is a crucial aspect, and both wallets take it seriously. They both have secure chip storage for private keys and the ability to create backup phrases. However, the CoolWallet S has an extra layer of security with its physical confirmation of transactions through the wallet's button.

User Experience

I find the CoolWallet S to be exceptional with its user-friendly mobile app. It simplifies the management of my crypto assets, making it a breeze to navigate and control my funds. 

On the other hand, the Ledger Nano S relies on a desktop application, which, while more traditional and comprehensive, is better suited for those who prefer managing their cryptocurrencies on a computer.

CoolWallet S vs Trezor Model One

The Trezor Model One is another strong competitor for the CoolWallet S. Here is my comparison of both wallets: 

Connectivity

We already know that CoolWallet S uses Bluetooth to connect to my mobile devices. It's super convenient and makes it easy to manage cryptocurrencies through the mobile app. The Trezor Model One — just like the Ledger Nano S — connects via USB and is compatible with both computers and mobile devices. It offers more flexibility in terms of device compatibility.

Supported Coins

Both wallets offer a wide range of coin compatibility. However, when it comes to overall breadth, the Trezor Model One takes the lead. It supports a wider range of coins and tokens, and is recognized for its ongoing efforts to continuously add support for new assets.

Security

In terms of security features, both wallets prioritized the safety of my crypto assets. They store private keys in a secure chip and allow me to create backup phrases. 

However, the Trezor Model One offers additional security features like a PIN entry on the device itself, passphrase encryption, and an optional passphrase manager for extra protection. These added measures enhance the overall security of our assets and provide us with greater peace of mind.

Conclusion

In conclusion, the CoolWallet S is a safe and reliable hardware wallet that offers good value for money. With support for all major cryptocurrencies alongside DeFi, DApp, and NFT support, CoolWallet S is the hardware solution you need.

The enhanced security measures and affordability make the CoolWallet S an attractive option for all users. I found the CoolBitX app to be safe, seamless, and user-friendly — simplifying the storage and trading experience. Also, the Bluetooth connectivity option is quick and seamless, making the process of checking my funds on the get go a lot smoother.


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