CoolWallet S is an innovative crypto vault by CoolBit X that blends the effectiveness of both the hardware and hot wallets to come up with the most secure hybrid crypto wallet. It has both the features of hardware and hot wallet in that it features a portable hardware component in the form of a card that’s then controlled via a crypto app. Each has its individual security measures and won’t function without the other.
The wallet offers the best of both worlds. It differs from the rest of the hardware wallets in that it uses a wireless connection to communicate with an app. And while most other hardware devices are USB-like, CoolWallet S is designed to imitate the exact dimensions, durability, and portability of a credit card. It is also waterproof, temperature resistant, and bendable.
In this CoolWallet S review, we take a deeper look into its key operational and security features, its pros and cons, and ease of use.
Key Features:
Mobile friendly: Most hardware wallets available today were designed with the desktop app, chrome extension, or a web trader in mind. They connect to a computer via a USB cable. CoolWallet S, on the other hand, is specially designed to work alongside iOS and Android-based apps.
Durable: The CoolWallet S card is made using the credit and debit card technology to make it extremely durable.
Sleek design: The CoolWallet S card has a cool design as it features an on-card screen and an authorization button.
Button: Like most USB-like hardware wallets, CoolWallet S features an on-card button used to authorize transactions or for navigating the card screen.
Inbuilt exchange: The CoolWallet S features a Changelly API that serves as its internal exchange. Using the exchange, CoolWallet S users can swap different cryptos and tokens without leaving the wallet.
Wallet connect feature: The portable wallet uses Bluetooth of the Near Field Communication features to connect wirelessly with the smartphone hosting the ColWallet S app. The connection is always shown on the card screen by the Bluetooth connection indicator, and you can use it with up to three devices.
Innovative UI: CoolWallet S presents you with two easy to use interfaces on the card and on the smartphone app. You can use to either check the balances of your digital assets, create new wallet addresses, or view your transaction history.
Security features:
Pass-code: When personalizing the card and registering with the app, you will be required to create a strong pass-code. You will need it every time you want to log into your app or card.
Biometrics security features: The app is further fortified with biometric security checks like the fingerprint and face ID. Unlike most crypto wallet apps that will use either the password or the biometric, CoolWallet S employs the 2+1 authentication features that allow you to use both the password and biometric checks to access your account.
AES 256 encrypted Bluetooth connection: The card is detached from its associated app and will only connect via a Bluetooth connection. The connection is further secured with AES-256 encryption to eliminate possible compromise of wallet data.
Seed phrase available: Like in the case of any other Crypto wallet app, CoolWallet S also has 12 words seed backup that you can use to recover your private keys in you forgot the password or if the app or card were compromised.
Hierarchically deterministic: The wallet is hierarchically deterministic, allowing you to create multiple wallet addresses that help throw off trackers.
Ease of use:
Apart from both the app and card having very friendly user interfaces, the wallet also designed with the global crypto community in mind. For instance, instead of using English words for passwords and recovery seed phrases, CoolWallet S uses numerals to accommodate the non-English speaking crypto enthusiasts.
Setting an account with CoolWallet S is also easy and straightforward. You also don’t need professional help to send/receive coins into your wallet. Plus, its simplistic app design makes exchanging currencies and tracking your crypto assets beginner-friendly.
Currencies and countries supported
CoolWallet S supports 30+ major cryptocurrencies, including Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin, Dash, and ZEN Cash and USDT. It also supports all ERC 20 tokens and is available in 100+ countries across the world.
CoolWallet S crypto wallet cost and fees
The CoolWallet S costs $99 or $159 when buying a pair. This gets you the CoolWallet S card, its charging dock, and a special paper where you can note down the recovery seed.
You won’t be charged for preserving your digital assets on this wallet, but sending and swapping tokens and coins on the integrated Changelly platforms attracts variable transaction fees. These are dependent on the amounts traded and the blockchain network.
Customer support
CoolWallet S has a highly responsive support team. This can be accessed by opening a support ticket on the website, via email, by contacting them via the live chat or on their different social media platforms. Most of the queries will be satisfactorily answered within two hours.
There, however, is no phone support.
Setting up the CoolWallet S crypto wallet
How to install the CoolWallet S crypto wallet:
Step 1: Start by downloading and installing the CoolWallet S app for your iOS or Android phone.
Step 2: Press the button on the card to activate it and turn on Bluetooth for your phone.
Step 3: The app will soon show a string of letters and numbers representing your wallet address. Click connect to pair.
Step 4: On the app, select ‘Create’ to start the wallet creation process.
Step 5: The app will then ask you to choose the length of your recovery seedeither12-, 18- or 24- words sets. (We advise you to use the on-card screen and not the app to select the seed set). Note the seed down on a piece of paper or save it as an image file.
Step 6: Verify that you have captured the right seed by answering a random seed query.
Step 7: Click the ‘Create a New Wallet’ option on the app to finish the setup process.
(You can now activate the biometric security features on the settings page of your app).
How to receive cryptocurrencies into your CoolWallet S:
Step 1: Log in to your CoolWallet S app and select Receive on the user dashboard.
Step 2: Click on the crypto/token you would like to receive (if not listed, add it automatically at the coin display tab on the settings page).
Step 3: Clicking on the cryptocurrency will display your wallet address and QR code.
Step 4: Copy either and send them to the individual/entity, sending you the coins.
How to send cryptos into your CoolWallet S:
Step 1: Log in to your CoolWallet S app and select Send on the user dashboard.
Step 2: On the pop-up menu, enter the recipient’s wallet address in the TO field and the number of coins you wish to send.
Step 3: Chose the cryptocurrency you wish to send.
Step 4: Review the transaction by confirming the amounts to send and the recipient’s wallet address. This tab will also display the transaction fee that you can modify based on the speed at which you would like to have the order confirmed.
Step 5: Press ‘Send.’
CoolWallet S crypto wallet pros and cons:
Pros:
- The wallet embraces a multi-layered security protocol guaranteeing the absolute safety of your private keys.
- CoolWallet S has a sleek design that isn’t just highly portable but also quite convenient.
- Provides a one of a kind offline wireless storage for your digital assets.
- It is easy to set up and use for crypto beginners due to its very friendly and simplistic user interface.
- CoolWallet S hosts a number of important features that include the Changelly API that allows for swaps and in-app crypto exchanges.
Cons:
- At $99, it is more expensive than equally reliable hardware crypto wallets like Trezor or Ledger Nano.
- It supports a limited number of cryptocurrencies (less than a hundred) compared to other hardware wallets that support 1000+ coin and tokens.
- The CoolWallet S technology isn’t open sourced and thus inadequately audited.
- You will have to re-enter the seed words every time the app/card firmware is updated, which can be cumbersome.
Comparing CoolWallet S with other cryptocurrency wallets:
Comparing CoolWallet S with Ledger Nano S hardware wallet
CoolWallet S can be said to have employed more security measures to fortify both the app and card than Ledger Nano S hardware wallet. It is also more versatile as it features a larger on-card screen and probably easier wallet setup process. The Ledger Nano S hardware wallet, on the other, carries the day when it comes to the number of supported cryptocurrencies. It is also more affordable and even more reputable based on its developer’s exposure to the crypto world and by virtue of having been a pioneer hardware wallet.
Verdict – is CoolWallet S safe?
CoolWallet S is, without a doubt, one of the safest cryptocurrency wallets available today. It is also is one of the most versatile, given that you can use either the mobile app or the card-like hardware device to monitor your digital assets. And this makes it appealing to both the low-volume traders and high-volume investors alike. To enjoy these benefits, however, you will need to dig deeper into your pockets.
