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CoolWallet S Review and Analysis
In 2021, there are endless places to buy and store cryptocurrency but not all operate or can be trusted the same.
According to the coin market cap, a platform that tracks cryptocurrencies’ current prices, one Bitcoin is equal to around 56k USD today.
With prices this high, people will do almost anything to get your Bitcoin and other crypto. This is why you need a game plan to securely protect and store your coins and this is where a hardware wallet comes in.
A crypto hardware wallet is fundamentally a secure digital wallet that holds, sends, and receives cryptocurrencies while never giving access to your private keys.
We have reviewed various cryptocurrency wallets on this site before and today we are taking a look and doing a CoolWallet S review, a hybrid style crypto wallet with a number of popular features allowing for quick access to your coins while remaining secure.
CoolWallet S: What it actually is, and why is it getting popular?
There are essentially two types of wallets that crypto-enthusiasts use to store their cryptocurrencies’ information. They are known as cold wallets and hot wallets.
The hot wallets have been around since the inception of Bitcoin itself in 2019, allowing for instant connectivity and availability of funds. On the other hand, cold wallets are hardware devices designed specifically for storing digital currencies in physical capacity, keeping them entirely offline until needed.
Without going into in-depth details, both hot and cold wallets have their pros and cons. But the main feature that makes them apart is security. The hot wallets are cloud-based and always connected to the internet. On the contrary, cold wallets are accessible via the internet only when the owner is doing the transactions. Hence, as they are less exposed to cyber-criminals, the information they carry is more secure than hot wallets.
Who Started CoolWallet?
In 2016, the Taiwanese fintech company, CoolBitX introduced the world’s first-ever hardware/cold wallet, CoolWallet. It is a combination of both types of wallets’ features, the ability to remain protected(being hardware device) and accessible via the internet when needed for transactions(through apps).
In essence, CoolWallet S is the upgraded version of CoolWallet launched in March 2018. The purpose of this wallet is to allow users convenience and mobility. The device contains an inbuilt e-paper display for monitoring cryptocurrency information and possesses a secure element chip (SE) to store your private keys.
Resembling a credit card with a built-in metal button, CoolWallet S functions through a mobile app connected via Bluetooth or NFC (near field community).
CoolWallet S: Specs
The CoolWallet S device weighs about 5 grams with the inbuilt e-paper screen dimensions of 85 mm in length, 54 mm in width, and 0.8 mm in thickness.
It comes with a lithium-ion battery(rechargeable) that could last up to a fortnight if you perform two transactions each day. Users can connect the hardware on both Android and iOS versions.
Furthermore, at a time, three different devices can pair up with the CoolWallet S hardware device via a secure Bluetooth connection.
CoolWallet S: Security Features
Couple things we felt necessary to include in this Coolwallet S review.
The CoolBitX site (creator of CoolWallet) also claims that the CoolWallet S wallet is flexible up to 15 degrees, temperature resistant, and tamper-proof. Below are a few of the riveting features that users can benefit from using the CoolWallet S.
Metal dome button
Performing Transactions via CoolWallet S wallet is so effortless that the users just need to press their wallet’s button by monitoring the transactions’ details on both the app and their wallet’s e-paper screen. In other words, the device is utterly hacker-proof.
If you read our review until this point, you know that the CoolWallet S looks like any other credit card because of its sleek and slim design and lightweight. Due to the wireless capabilities, you can take it anywhere you travel so you are never lost without your money.
Advanced Recovery Feature
If, by any unfortunate accident, you have lost your wallet somewhere, as long as you have written down the private keys, you can get access to your crypto using their recovery software.
The company provides its users with an effective recovery feature to protect all their crypto investments. You can recover your wallet’s assets by generating a custom seed containing 12, 18, or 24 numbers or words upon your choice.
EAL5 Certified Chip
Another exciting feature that assures the CoolWallet S hardware wallets’ security is using an eAL5+ (evaluation Assurance Level) certified microchip. It means that the users can feel safe storing their private keys into the wallet, knowing that it is built at a high international standard with latest security measures.
You can set up the connection between your CoolWallet S hardware wallet and your smartphone(Android or iOS) application via encrypted Bluetooth technology. It is also worth noting that the wallet communicates with its native app using the AES-256 encrypted Bluetooth technology. This implies that you are the only one who can track your cryptocurrency investments with a hyper-secure connection.
Cryptocurrencies that CoolWallet S Supports
The CoolWallet S also presents its user community with another exciting feature of cryptocurrency swapping. This option is beneficial for those users, especially, who make their livings on daily trading or short-term trading. Following is the list of 10 most popular cryptocurrencies that the CoolWallet S stores:
- Bitcoin (BTC)
- XRP (XRP)
- Etherium (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Tether (USDT)
- USD Coin (USDC)
- XLM (Stellar)
- ERC20 Token
- ICON (ICX)
- Horizon (ZEN)
How to configure your CoolWallet S?
After receiving your CoolWallet S box, configuring it is not much of a hassle. In fact, you can set it up in 5-10 minutes. All you need to do is follow the instructions mentioned below.
- Download the company’s official crypto wallet application on your smart mobile. The is available on both popular operating systems, Android OS and iOS.
- Before we move forward, please make sure that your CoolWallet S hardware is charging. As a matter of fact, always remember to keep your wallet plugged in whenever you are updating the version. According to the company’s claim, a brand new CoolWallet S takes about 4 hours to get fully charged, which will last for 2 to 3 weeks.
- Open the installed platform’s application on your mobile and tap on “Connect” to start pairing it with your wallet via Bluetooth.
Follow instructions for the easy pairing process; the application will ask for OTP(one-time-password), showing on your wallet’s screen. After entering it into the app, you need to click on “Pair” on your mobile screen while confirming it through your wallet by pressing its button.
- Your application will then show a pairing password, which you can use to pair other devices to your crypto wallet.
- Tap the wallet’s button to verify the pairing sequence.
Once you follow all the above five steps, your device’s application and CoolWallet S are synchronized. Now, you need to create a new wallet using the app by following the below steps.
- Tap on “Create.”
- You will then be required to choose the seed’s length that your CoolWallet will generate for you. As we have mentioned above, there will be options for you to choose from, 12,18, or 24.
Although you can select to your likings, the manufacturer, however, recommends choosing 24 digits length for enjoying the highest degree of security.
- Write down the seed onto the recovery card(also present in the box) that your hardware wallet has set up for you. Please keep in mind that this seed is of the utmost importance, as it will help you recover your funds in the case of your wallet getting misplaced.
- In the final step, the application will show you the verification process of the seed you have written in the previous step. You will be required to calculate all the numbers of your seeds set and type the sum on the yellow field given. After you have put the sum, click on “Verify” the sum.
How pricey is the CoolWallet S?
As of writing this piece, the cold wallet is available at the company’s official website at USD $99.
If you decide to buy the CoolWallet S, we recommend you to purchase it through the website directly, as getting it from somewhere else(second hand) may result in compromising your security key.
The platform also offers its community to buy two CoolWallet S wallets for $159, which would cost you around $80 per wallet.
CoolWallet S: A quick look at its Pros and Cons
- CoolWallet S is easy to configure and use; hence, an excellent choice for some new to the crypto-mania and busy traders.
- The wallet is connected to the internet when trading with cryptocurrencies; otherwise, it remains offline. Ensures the wallet’s content safety as its top-most priority.
- CoolWallet S is designed in a way that it is waterproof for up to 1 hour. Besides this, the wallet is also heating resistant as well as pliable to up to 15 degrees.
- The first-ever hardware wallet also supports the military-grade AES-256 Bluetooth technology.
- It also facilitates its community with in-built cryptocurrency swapping features. Helpful to those who are in the habit of daily/short-term trading.
- Despite all its incredible features, the wallet is not made open source to the public yet.
- The hardware wallet supports only a few popular crypto-coins.
CoolWallet S Review Conclusion
Wrapping up this CoolWallet S review, we have found this wallet appears to have all the important features needed and overall we were happy with the quality and attention to detail. Another bonus point is deserved when noticing the latest standard and offering for security and protection.
The price is reasonable too but at the end of the day, it’s the lack of crypto options that justifies our decision to continue using the Ledger Nano S or Nano X wallets.
Reasonable in price, CoolWallet S appreciates the advantages of a hot wallet with its robust features while reducing the shortcomings of both. Although the CoolWallet S is not as popular as its contenders, Ledger Nano S and Trezor, it slowly but surely making it onto the mainstream.
Thanks for checking out this CoolWallet S review. Do you own a CoolWallet? If not, what is your favorite crypto hardware wallet? Let us know in the comments below.