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The world of cryptocurrency wallets is a competitive one indeed. Many different companies strive to create “the next best thing” - which is great, especially if you’re a user that needs good crypto storing device! Once in a while, however, there comes a product that rocks the entire community and sends people down into months of discussions and comparisons. In this review, we’ll be talking about one such product - the CoolWallet S hardware cryptocurrency-storing wallet.

I’ll start by telling you about the company - how it came to be, what it strives to become and everything in between. After that, we'll move on to talking about the product itself - I’ll tell you what it is, how it works, how you can set it up, what coins the CoolWallet S supports and so on.

Let’s not waste any time and jump straight into it.

Benedetto Biondi

CEO at Folks.Finance

What are the critical security measures that crypto wallet users should be aware of to protect their digital assets effectively?

Be cautious of phishing scams. DYOR of CEXs and DeFi protocols that you are using. Do not trust protocols where the yield seems too high to be true unless it is clear where it comes from.

Pros

  • Unique style and functionality
  • Encrypted connection
  • Cool storage - the most secure

Cons

  • The wallet isn't open-source yet

CoolWallet S - About the Company

It would be rather tough to talk about the CoolWallet S without knowing the context of the company behind it, don’t you think? That’s why, before we go on and start unrevealing the wallet, we’ll cover CoolBitX - the company behind the world’s first mobile hardware cryptocurrency wallet.

CoolWallet S review: product.

CoolBitX launched back in 2014, in Taiwan. The founder and CEO, Michael Ou, learned that mobile hardware crypto wallets are the future when hackers managed to break into Mt. Gox and steal cosmic amounts of money shortly after the inception of Mr. Ou’s company.

A reliable, functional and easy-to-use cold wallet was the goal for CoolBitX. In 2015, the company managed to launch its first crypto wallet - the CoolWallet. This campaign was powered and supported by people that decided to back it up on Indiegogo (a crowdfunding platform).

After the experiences of the first launch (and a lot of ticket and support inquiries later), CoolBitX had enough data to improve their product and service. So, they launched the CoolWallet S in early 2018. As of writing this review, the wallet is considered to be a major success.

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What is it?

So, now that you have some context on the creators and developers of the CoolWallet S, we can start talking about the wallet itself.

The CoolWallet S is the “world’s first mobile hardware wallet”. But what does the statement mean, exactly?

First of all, you have to know what a “cold wallet” is. Not to go into too much detail, cryptocurrencies are stored in two main types of wallets - hot and cold ones. Hot wallets are online interfaces and software - they are always connected to the internet. A cold wallet (exactly what Mr. Ou set out to create) is a hardware device that tracks your cryptocurrency on the blockchain - “stores” it in the wallet. Cold wallets do not require an internet connection.

CoolWallet S review: card.

So, this is a hardware wallet review. But where does the “mobile” part come in, then? Well, the CoolWallet S is easily accessible on your phone - all that you need is an app. With it, you can perform all of the necessary and optional operations of the wallet.

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Specifications

The CoolWallet S is the size of a standard credit card and has a built-in metal button. If you perform the “standard” amount of transactions per day - that being 2 -, the battery should hold for about 2 weeks on a single charge (it takes 2 hours to charge fully). It has a built-in lithium rechargeable battery (3 V, 15 mAh).

When it comes to the CoolWallet S Bitcoin specs, the wallet supports the transaction signing algorithm ECDSA (elliptic curve - secp256k1). It is recommended to perform seed generation from the CoolWallet S itself. This is recommended because doing so from the wallet guarantees a higher level of security than doing it from the mobile app.

Features

The CoolWallet S allows you to track your cryptocurrency investments, as well as send and receive cryptocurrencies in the quickest of manners.

The wallet also offers a feature of instantly swapping currencies. This is a great option for traders to have - especially those who partake in short-term cryptocurrency trading.

CoolWallet S review: features.

The CoolWallet S is supported by both iOS and Android. It offers great security, supports all of the main cryptocurrencies and is even waterproof!

The CoolWallet S supported coins are as follows: Bitcoin, Ethereum, ERC 20 tokens (Bitdegree's BDG token is one of them!), Ripple, Litecoin and Bitcoin Cash.

The wallet itself costs $99, but there is also a duo option (two wallets) for $159, averaging at ~ $80 per wallet. Taking a look at some other cold wallet prices in the market (I’m looking at you, Trezor), it’s probably safe to say that $99 or $80 depending on if you buy one or two wallets for a cold crypto storage device is a very reasonable, middle-ground price.

What’s in the Box?

Finally, let’s check out the box itself. After all, it wouldn’t be a proper CoolWallet S review without actually opening the product up and seeing it up close.

CoolWallet S review: recovery card.

The wallet comes in a sleek, trendy black box. Once you open it, you will be greeted by some nice food for thought by the creator and CEO of the company, Michael Ou.

CoolWallet S review: card in a box.

Inside the box, you will find the CoolWallet S recovery card, a sticker, the charging pad with a standard USB cable and, of course, the CoolWallet S device itself.

CoolWallet S review: unpacking.

All in all, it’s a pretty compact setup - there is no clutter or needless amounts of paperwork.

About the App

The mobile app can be accessed in both the Android app store and on iOS.

Once you power it up, it will ask you to pair your device with it. If you turn on your CoolWallet by pressing and holding the button on it, the app will ask you to confirm the device. Once you pair the device and the app, you’re good to go.

Wallet Software

What kind of actions you can carry out via certain cryptocurrency wallet

Whether or not the users can control the transaction fees according to their personal needs.

What kind of additional features does each cyrpto wallet offer.

Is the crypto wallet open source or closed source.

How helpful and responsive is each cryptocurrency wallet's customer support.

LEDGER NANO X COOLWALLET S

Wallet Software

Android
iOS
Windows
macOS
Linux
Android
iOS

Software Functions

Receive
Send
Store
Track
Send
Receive
Store
Exchange
Trade

Transaction Fee Control

Extra Features

Password Manager
Swap Cryptocurrencies

Transparency

95% Open-Source Open-Source

Customer Support

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Excellent
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Very Poor
Average
Excellent
Visit site
Read review
See TOP10 Brands
Read review

Table: The software features of the Ledger Nano X and CoolWallet S

The app offers a wide variety of different functions. You can check your assets, track your crypto investments, exchange, trade, send and receive cryptocurrencies. The app is aesthetically appealing and easy to navigate - it doesn’t encumber you with a ton of needless information or pop-ups.

How to Set Up?

Now, what’s a CoolWallet S review without telling you how to set it all up, huh?

The process is simple and straightforward. I’ll divide it into a few simple steps.

Step 1. Turn on your wallet and navigate to the CoolWallet S application on your phone.

Step 2. Your app displays a string of letters and numbers. That’s your wallet ID. Press "Connect".

CoolWallet S review: connect.

Step 3. Once you are asked to press the button on the CoolWallet S, do so. You’re paired!

Step 4. Press “Create” on the app.

CoolWallet S review: CoolWallet S

Step 5. Now you must choose the length of your seed. It is recommended, however, that you set your speed on the wallet itself, rather than on the mobile app, for security purposes.

Step 6. You will get a random generation of words and numbers. Either write them down or save them as an image file.

CoolWallet S review: seed.

Step 7. Once that is finished, all that’s left to do is press the “Create Wallet” button and that’s it! You are now the official owner of a CoolWallet S!

CoolWallet S review: create wallet.

Send / Receive Crypto

Sending and receiving crypto coins is an essential feature of any crypto storing wallet. Since this is a hardware wallet review, we’ll talk about the Cool Wallet Bitcoin sending and receiving features.

If you want to send Bitcoins, all you have to do is type the address of the wallet you want to send it to, set the amount and the fee. After that, finish all of the confirmation processes (on the CoolWallet S itself - press the button) and that’s it! The transaction speeds of the wallet are great, so it won’t take long until the receiver gets his or her amount of your Cool Wallet Bitcoins.

CoolWallet S review: send.

If you want to receive BTC, you gave the options to scan a QR CoolWallet S code or simply copy and paste it. It’s as simple as that!

CoolWallet S review: receive.

Security

It is widely known and accepted that security is the main factor when it comes to choosing a cryptocurrency storage wallet. After all, as I’ve mentioned at the beginning of this CoolWallet S review, this wallet was born out of the idea of a super-secure and reliable crypto storage device! Who cares if you’ve got a fancy-looking wallet with hundreds of features and the slickest design even if it fails in the security department?

Overall level of security & safety of your assests offered by a certain crypto wallet.

Whether the crypto wallet requires two-factor authentication as an extra layer of security when completing an action.

Whether the crypto wallet requires multiple keys to authorize a transaction as an extra layer of security.

Whether the crypto wallet requires a Pin code as an extra layer of security when completing an action.

The general anonimity level of your data.

What kind of methods of recovering your cryptocurrency assets in case you lose your wallet or forget your primary password does the wallet offer.

Who owns your private keys.

The level of control you have on the crypto wallet.

TREZOR COOLWALLET S

Security Level

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Average
Excellent
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Average
Excellent

2FA Two-factor Authentification

Multi-signature

Pin Code

Anonimity Level

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Average
Excellent
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Backup Type

12- and 24-word seed phrase 12- and 24-word seed phrase

Private Key Owner

You You

Full Wallet Control

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No
Partial
Yes
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No
Partial
Yes
See TOP10 Brands
Read review
See TOP10 Brands
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Table: The security features of the Trezor One and the CoolWallet S

None of these things will matter if all of your crypto coins get stolen because of some bug or a simple fault in the security development procedure. With that said, let’s check the CoolWallet Bitcoin storing and safekeeping security.

First of all, the CoolWallet S requires you to pass a 3-step verification every single time that a transaction is performed. Although this might seem tedious at the beginning, it’s a great feature to help you secure your funds in the long run.

Furthermore, the wallet is protected by the seed that you choose to set. It’s a recovery code-based system - you can make it as strong as you want it to be.

CoolWallet S review: CoolWallet S pricing.

Finally, the wallet is protected by something that is known as the Secure Element - a microchip that makes sure that all of your transactions and currencies stay encrypted the way that they should.

All in all, its’ probably safe to say that the CoolWallet S is pretty solid when it comes to the security side of things. It being a cold wallet is just a cherry on top of an already great security system.

Pros and Cons

With all that's said and done, the next smart thing to do would be to summarize what we’ve already talked about. After all, it wouldn’t be a proper hardware wallet review without a designated pro and con section, would it?

PROS CONS
  • Unique style and functionality. The CoolWallet S avoids the ever-popular bulky design options that a lot of other hardware crypto-storing wallets choose to utilize. Instead, it’s a slim, aesthetically pleasing, credit card model-based cryptocurrency wallet that uses an encrypted Bluetooth connection instead of a USB or WIFI.
  • Encrypted connection. The fact that the wallet uses an encrypted Bluetooth connection instead of WIFI or USB is just another argument for its security. Oftentimes, you are not going to be able to find a secure internet connection, especially when you’re traveling.
  • Awesome package. The box that the wallet comes in is nice to open for the first time - it’s clutter-free, has a paper recovery card and sticker, and the wallet itself fits into your physical wallet because of its simplicity and slim design.
  • Simple to read. The “e-paper display” is a great choice when it comes to having to read the information presented on screen.
  • User-friendly. Both the wallet and the app are super user-friendly and simple to use. The whole setup process is quick and fluid, without any occurring issues.
  • The CoolWallet S is always offline. The information is refreshed once the app is updated. This allows maximizing the security of the wallet to the fullest extent.
  • The wallet isn’t open-source - YET! There are plans to make it open-source soon.

As you can see, there are little to no cons for using the CoolWallet S - all of the possible issues that you might face with the device will probably be resolved in the future (open-source and QR wallet transfers).

Ledger Nano X Review
Pros
  • Can be managed from mobile device
  • Very secure
  • Supports more than 5500 cryptocurrencies
Trezor Safe 5 Review
Pros
  • Supports over 7000 crypto assets
  • Easy navigation
  • Open-source
Ledger Nano S Plus Review
Pros
  • Top-tier security
  • DeFi app support
  • Store over 5500 assets, install up to 100 apps simultaneously

Conclusions

As I’ve mentioned in the very beginning, the world of crypto coin storage devices is a tough one to compete in. However, CoolWallet S seems to be doing just fine.

One of the most important things when choosing a cryptocurrency wallet (other than the features of the wallet) is the vision of the company. If a company is greedy and is “only in it for the money”, it quickly shows on its design and security departments. However, this is not the case when it comes to CoolWallet S.

It's pretty clear that CoolBitX has a clear vision that they aim to follow. Even though the majority of the companies give up after losing their reputation and credibility, CoolBitX, came back with CoolWallet S, one of the most successful crypto wallets in the market.

If you're interested in checking out other recommended and even more secure cryptocurrency wallets, you should check out Ledger and Trezor.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

About Article's Experts & Analysts

By Benedetto Biondi

CEO at Folks.Finance

Benedetto Biondi is the co-founder and CEO of Folks Finance, the leading DeFi protocol on Algorand, offering a complete set of decentralized tools for managing digital assets. Benedetto has 3 years of experience as a blockchain project manager, is...

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Benedetto Biondi , CEO at Folks.Finance
Benedetto Biondi is the co-founder and CEO of Folks Finance, the leading DeFi protocol on Algorand, offering a complete set of decentralized tools for managing digital assets. Benedetto has 3 years of experience as a blockchain project manager, is a mentor in the Algorand Miami and Europe Accelerators, Moonbeam Accelerator, Fin+Tech accelerator, DeFi advisor at Climatecoin, and DeFi lecturer at the course of Economics and Law for Digital Assets at the University of Florence.

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Recent CoolWallet S User Reviews

a-g brennan

4.6/5.0 - CoolWallet S User
15/08/2024

waiting for desktop app

very convenient to use on mobile, could really use the desktop version on this wallet

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anne with an e

4.6/5.0 - CoolWallet S User
17/07/2024

not used to charging my cards :D

the shape and size of the is very cool, but i more often than not forget to charge it and end up delaying all my actions to some other time

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P. Beck

4.6/5.0 - CoolWallet S User
14/07/2024

Could always be better

No major issues ocurred while using the app, but if they will go to open-source i think it will run smoother than ever

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COREY R

4.2/5.0 - CoolWallet S User
15/09/2024

Expensive, but just once

The wallet itself is a bit pricey, at least it is a one time purchase. The two card deal if worth considering

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Travis_Sinclair

4.8/5.0 - CoolWallet S User
03/07/2024

Security is top priority

The company is obviously very security oriented. Have never used any other wallet that had 3step authentication process :) It's not too annoying as well since i have used it to verify transactions

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timmy

5.0/5.0 - CoolWallet S User
24/09/2024

great combo

my favourite cold wallet - stylish and secure

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Zena Costa

5.0/5.0 - CoolWallet S User
26/07/2024

Easy to use

Not only the physical crypto wallet is very durable, it has a very user friedly interface

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Arissa L

4.6/5.0 - CoolWallet S User
12/09/2024

Encrypting connection

I carry the coolwallet with me everywhere and the encryption feature is very innovate (at least i haven't seen it being used anywhere elese)

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AlexTate3686

5.0/5.0 - CoolWallet S User
14/08/2024

Crypto swapping

Of all the exchange features this wallet has, the instantly swapping cryptocurrency is my most often used one - fastest conversion i have experienced :D

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Saf Suarez

3.6/5.0 - CoolWallet S User
26/08/2024

Unsupported customer

Contacted the customer support few days ago and no answer yet. Couldn't find much info on the internet whether support on this platform is worth the wait or if i should just seek out external help. Hope to receive the help i need in the upcoming week

Evaluation

Price value
Ease of Use
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FAQ

Is CoolWallet S reliable?

CoolWallet S is one of the most reliable hardware wallets in the market. It allows you to track your crypto assets at all times. What is more, to keep your assets safe, it uses 2+1 factor authentications well as connects to your app via Bluetooth only.

How much does CoolWallet S cost?

A single CoolWallet S costs $99, however, if you purchase two wallets, they will cost you $159 - about $79 each. You can also get a 25% discount when purchasing CoolWallet S with crypto through Bitpay (discount code - bitpay25).

Is CoolWallet S waterproof?

CoolWallet S is not only waterproof but also very flexible, tamperproof and temperature resistant. That being said, you shouldn't be worried about ruining it.

What are the main CoolWallet S features?

CoolWallet S has a unique style and functionality, it uses an encrypted Bluetooth connection instead of USB or WiFi. What is more, it's very user friendly and is super comfortable to carry in your wallet.

What cryptocurrencies does CoolWallet S support?

CoolWallet S hardware supports Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash and ERC20 tokens. So, the majority of users should be able to find a coin that they're using.

What does CoolWallet S package includes?

CoolWallet S package includes 2 seed recovery cards, charging dock and a Cool Wallet S itself.

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