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CoolWallet S Review: Is This Hardware Wallet Secure?



CoolWallet S Review

Cryptocurrency wallets are an essential tool for cryptocurrency investing. While you might be able to invest without any specific platform, you can’t do much without a wallet. As such, here at Turbo Wallet, we can’t stress enough the importance of choosing the best one.

Choosing the right cryptocurrency wallet will not only ensure your crypto is safe but also open the doors to new opportunities. A good wallet will protect your crypto but a great wallet will take your crypto investments to the next level.

When it comes to crypto wallets, there is no safer option than hardware wallets. We already have reviewed some of the most popular hardware wallets out, including names like Ledger and Trezor. However, there are many other options that offer great features and security… which unfortunately remain unknown to many crypto enthusiasts.

In this CoolWallet S review, we will be taking a look at… Well, the CoolWallet S. If you make it to the end, you will see why it is a shame this wallet is not that well-known. Hopefully, you will also be able to tell if the wallet is a good fit for you. Let’s get to it!

What Is The CoolWallet S?

The CoolWallet S is the first crypto hardware wallet developed by CoolBitX, a Taiwanese company focused on blockchain security. The company has been around since 2014, creating blockchain-based solutions for a variety of applications.

In addition to the CoolWallet S, CoolBitX has developed the CoolWallet Pro and Sygna, a decentralized messaging service. The CoolWallet S was originally launched in 2017 after the company raised over $500k in funding.

Now, the company has raised more than $30.4 million from investors that include Kyber Capital, the National Development Fund of Taiwan Government, and SBI Crypto Investment.

Founded by Fintech Entrepreneur Michael Ou, the company has assembled a stellar team with backgrounds in sales, computer software, marketing, data science, graphic design, and of course… Blockchain and crypto.

The company has created a reputation for its focus on providing top-notch security while providing convenience. It has also established partnerships with names like, MEW, Binance-chain, OKB, and Huobi to launch special editions.

The CoolWallet S is used by more than 200k users around the world. Its beautiful and convenient design makes it perfect for those who like trading on the go. While other hardware wallets look like USB flash drives, the CoolWallet S is basically the same as a credit card. This makes it extremely convenient and stylish.

With a weight of only 6g, encrypted Bluetooth connection, water-resistant capabilities, and the size of a credit card, you wouldn’t think this wallet stores crypto at first sight.

While you would also believe that this design should reduce the device’s capabilities… You would be wrong. This crypto hardware wallet packs quite a punch.

What Features Does The CoolWallet S Offer?

Let’s go to the heart of this CoolWallet S review by talking about the features the wallet has to offer you. After all, a wallet is only as good as it features.

Multi-Currency Support

Unlike some hardware wallets we have covered, the CoolWallet offers support for multiple cryptocurrencies. While not as extensive as the most popular wallets, you will find support for 12 cryptocurrencies and all ERC20 tokens. This is a matter we will look into later in this CoolWallet S review.

Mobile App

The CoolWallet S operates by using Bluetooth to connect to your devices. To do this, you will need to install the CoolWallet app, which is available on iOS and Android. The App will allow you to monitor your crypto and interact with it, providing you with real-time value updates.

Buy, Sell, Trade, And Exchange Crypto

As you probably guessed already, this feature consists of a built-in exchange available through the app. By using it, you will be able to buy, sell, trade, and exchange your crypto without the need for another platform.

When using this feature you will have access to a wide number of possibilities, improving your options when it comes to investing. This is possible due to the integration of Banxa, Simplex, Bitpay, Changehero, and Changelly.

Okay, call us cheaters for not combining this feature with the mobile app. However, when you consider that other wallets offer mobile apps without these capabilities… It just makes sense.

Integrated WalletConnect

The CoolWallet S supports WalletConnect, which will allow you to easily interact with DeFi and Dapp platforms. Some of the platforms you can use the CoolWallet directly are MEW, Maker, KyberSwap, Uniswap, and Binance DEX.

Bluetooth And NFC

The CoolWallet S comes with Bluetooth and Near Field Communication capabilities. This will allow you to use it with any Android or iOS device that supports any of the technologies. The potential for other uses is also great, as you could use it as a biometric authentication device.

e-Paper Display

The CoolWallet S has a 22.5 mm x 13.5 mm e-Paper Display that provides you with information on the wallet’s status. Here, you will be able to see the battery status, balance (both in USD and milliBitcoins), connection status, current account, and more.

Multiple Accounts

Being limited to a single account per wallet can be a pain for many traders who choose to use multiple accounts for different purposes. With the CoolWallet S, you will be able to have up to 5 wallets! You will also be able to switch between them by clicking on the card’s button. By doing so, you will be able to see the balance of your other accounts at all times.

How Secure is The CoolWallet S?

As we said earlier in this CoolWallet S review, we consider the features the difference between a good and great wallet. However, the difference between a good and bad wallet is bigger than between good and great. As such, security is the most important feature.

Non-Open Source Firmware

In terms of security, the CoolWallet S shines bright. However, let us start with a security aspect we are not big fans of: The CoolWallet S’ firmware is not open source. This means that the general public is not able to review and audit the code, which is a practice that has proven to increase security.

That being said, this doesn’t mean that the CoolWallet S operates as a black box. The company does provide the source code of the firmware and microcontroller to third parties. This works by having the interested parties apply to audit the code, with only trust members of the crypto community being accepted.

Military Grade Encryption

A team of test teams is also constantly testing the device’s security, ensuring that it remains secure against the latest attack vectors.

The CoolWallet S makes use of military-grade AES256 encrypted Bluetooth to connect with the CoolBitX app. This prevents any malicious actor from sniffing the data when you are using the wallet.

Secure Element Chip

The card also has a Secure Element chip that counts with EAL5+/CoolWallet Pro EAL6+ certifications. This ensures that your private keys will be protected at all times even if your Bluetooth connection is compromised.

This is because the chip does the digital signing while the Bluetooth only receives non-sensitive data. While the design of the CoolWallet S is extremely stylish and convenient, it also provides additional security. Any tampering attempt will be immediately noticeable.

How Good Is The CoolWallet S Customer Support?

We understand that things don’t always go as planned. For this reason, having good customer support when using a device or platform designed for crypto is essential. After all, crypto is money!

In case you ever need assistance from CoolWallet’s support team, you will be able to contact them via email. Unfortunately, CoolWallet doesn’t offer phone or chat support, which seems to be a common trend. However, the team is pretty quick at answering inquiries, taking them only a few hours to reply.

That being said, using the CoolWallet S is pretty straightforward. This, combined with the knowledge base the team has assembled, means you are unlikely to contact customer support, unless you are experiencing some technical issues.

All in all, we believe that the customer support offered by this wallet is pretty good. We have no real complaints in this regard.

Does The CoolWallet S Charge Fees?

Let’s start with the obvious. The CoolWallet S is a hardware wallet and as such, you will need to pay to get it. With a price of $99 for one wallet or $159 for two, the CoolWallet S is pretty competitive. This includes the wallet, the charging dock, and 2 seed recovery cards.

Let’s get to the actual fees. As with any cryptocurrency wallet or platform, you will need to pay network fees when transacting with crypto. This is not charged by the CoolWallet but by the network itself and as such, you would incur the fees independently of the wallet you use.

Now, when you use the crypto purchase, sell, trading, and exchange features, you will also have to pay fees. This will depend on the service and platform but it will range around 2% and 5%. This is pretty competitive but it’s still worth considering if you are not better off using another platform.

A 1% difference can make a difference for some traders, after all! Personally, we believe convenience is worth it.

How To Use The CoolWallet S?

Using the CoolWallet S is extremely easy. Let’s take a look at the process:

  • Place the card on the charging dock when you receive it as it will be unlikely to be charged. It is recommended you let it charge for 4 hours.
  • Download the iOS or Android CoolBitX Crypto Wallet App from the respective store.
  • Open the app on your mobile phone.
  • Pair your CoolWallet using the Bluetooth functionality. This can be done by Inputting the one-time password and confirming the pairing by pressing the card’s button.
  • Create a new wallet and store the seed phrase. It is recommended that you use a 24 number set and write it down in the recovery card or other place. Keep this seed phrase safe as it is the only means to recover your crypto if you lose the wallet or it breaks.
  • Confirm the seed phrase is correct before verifying it, as it won’t be shown again.
  • Use the app to interact with tour crypto!

What Currencies Are Supported By The CoolWallet S?

As we said earlier in this CoolWallet S review, the wallet supports 12 cryptocurrencies. In addition to this, you will also be able to store and interact with all ERC20-compliant tokens, further expanding its capabilities.

While this is not the biggest offering we have ever seen, it will be more than enough for most new traders who are looking to invest in the basics. Personally, we would like to see major coins like Cardano, Solana, Avalanche, and Algorand being added.

The coins supported at this time are:

Bitcoin (BTC)Bitcoin Cash (BCH)Ripple (XRP)
Ethereum (ETH)Litecoin (LTC)Horizon (ZEN)
Icon (ICX)Tether (USDT)Binance Coin (BNB)
Stellar (XLM)Kinesis Money Gold (KAG)Kinesis Money Silver (KAU)

In addition to these, you will have access to all ERC 20 tokens. This means you will be able to store and trade coins like USDC, Chainlink, DAI, coin, and hundreds more.

Is The CoolWallet S Right For You?

As you can see from this CoolWallet S review, this wallet offers pretty comprehensive features with sleek design and convenience. Its interface is extremely user-friendly, which makes it great for new investors. Its portability is just another aspect we love.

That being said, the lack of wide cryptocurrency support is something we are not fans of. However, this is due to our trading preferences and not due to an issue with the wallet itself. When you consider that some wallets are limited to Ethereum or Bitcoin… The CoolWallet S is clearly a winner.

All in all, the CoolWallet S is more than a solid option for anyone who is satisfied with using it to invest in the supported currencies. Security, design, features, convenience, and more, are all available with this wallet.If you are convinced and considering giving the wallet a try, you can buy it in the official shop. However, if you would like to know more about other alternatives first, you can check our other wallet reviews!

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