Coolwallet S Wallet – Hardware Multicurrency Device Review, Pros and Cons

CoolWallet S is a hardware wallet in a convenient plastic card-like form factor. It supports BTC, ETH, LTC, XRP, BCH, ZEN, ICX, BNB, etc. cryptocurrencies, including many popular blockchain tokens and leading stabelcoins. The device will require the CoolWallet App to be installed, which can be used to make exchanges between cryptocurrencies as well as fiat to cryptocurrencies. Thanks to the integrated WalletConnect system, it is possible to connect to decentralized protocols.

In addition to CoolWallet S, the manufacturer is also releasing a CoolWallet Pro variant, which features higher security and some additional features, such as NFT support.

The editors of digiitallife.com offer a review of the CoolWallet S, so you can get an idea of its advantages and disadvantages.

General Information

  • Name –  CoolWallet S
  • Type Hardware wallet for cryptocurrencies
  • Manufacturer-  CoolBitX, Taiwan
  • Website-  https://www.coolwallet.io/coolwallet_s
  • Number of supported assets 60 major + multi-blockchain tokens
  • Cryptocurrencies-  Bitcoin, Bitcoin Cash, XRP, Ethereum, Litecoin, Horizen, Binance Coin, Stellar, etc.
  • Bluetooth connectivity – interfaces
  • USB – charging
  • Dimensions – 85.6 x 53.98 x 0.8mm
  • Weight – 5g
  • Compatible operating systems – iOS 9.1 +, Android 6.0 +
  • Accessories – Purse, cards for recording phrases, charger with USB-cable

Installation and setup

To get started, download the CoolBitX app on your phone:

https://apps.apple.com/app/coolbitx-crypto/

https://play.google.com/store/apps/details?id=com.coolbitx.cwsapp

During the initial setup and firmware update the device must be on charge. One charge lasts about 4 hours and lasts for 2-3 weeks.

Open the app and pair with the physical wallet via an encrypted Bluetooth connection. To do this, enter a one-time password both there and there, confirming the connection by pressing the button on the card.

Now you need to create a new wallet, i.e. generate a seed phrase of 12, 18 or 24 words. The more words, the higher the level of security.

In addition, CoolWallet is different in that it also generates a digital syde. It should also be written down.

Included with the wallet is a recovery card. Record the phrases there and store them in a safe place. They act as a backup of the wallet, so if you lose access to CoolWallet or your phone, you can recover your funds with these phrases. Make sure you write them down without mistakes and all the words/digits are in the right order.

You need to confirm that the phrase is written down by entering it on the next screen.

After creating a wallet, immediately select the cryptocurrencies that will be displayed in it by default (later you can change this at any time, including adding tokens by their smart contract address).

You will also be asked if you want to display the outgoing address on the card when sending the cryptocurrency. This option can also be changed later in the settings.

Wallet Recovery

There are two options to restore CoolWallet S wallet – basic and advanced. It is recommended to use the second one, as it is safer. In this case, the seed phrase will not be displayed on the phone.

After choosing the Advanced method, follow the instructions:

  • Take the media on which the seed phrase is recorded.
  • In the application, select the number of words of the phrase.
  • Confirm the digital seed by entering the numbers indicated on the device
  • Confirm the normal seed.
  • At the end, just like when creating a wallet, select the desired cryptocurrencies and tokens

How to send cryptocurrency

  1. Open the CoolWallet app and click Send.
  2. Select the cryptocurrency you want to send from the menu. Enter the address or scan the QR code. There is also an option to select the From (outgoing) address. Enter the amount and choose the optimal transaction fee.
  3. Click “Confirm.” Once CoolWallet is connected to your phone via Bluetooth, view the transaction details on the device itself and confirm the sending.

How to get the cryptocurrency

Launch the CoolBitX app and click the Receive button.

Select the cryptocurrency you want to receive. Copy the address and give it to the sender; you can also share the address via social media, send it to a counterparty. You can add a new address for coins.

Additional Features

The app has Marketplace – where you can interact with decentralized applications – games, trading and investment protocols using CoolWallet S wallet.

There is a Crypto Exchange trading platform where you can exchange existing assets. Changelly, ChangeHero service providers are used.

Crypto Purchase function allows you to buy cryptocurrency for fiat (intermediaries – Simplex, Banxa).

Where to buy Coolwallet S

It is possible to order directly from the manufacturer (from the official site

The purchase is possible through Cryptonist or Wallets in Russia.

Reviews

Users like the fastest and easiest setup, high security, excellent design. The device is easy to carry. The application on the phone works without problems regularly updates cryptocurrency rates, and recalculates the amount of investment in fiat.

Users condemn the short duration, in some cases, the wallet worked for less than a year. In particular, Bluetooth stops functioning, and without it, it is virtually impossible to manage the wallet. Some note that the battery quickly runs down (just 15 minutes) – this is especially inconvenient when you need to write a digital sido, that is, 24 lines of 5 numbers.

Advantages and disadvantages

Pros 

  • CC EAL5+-compliant chip is used for security.
  • Relatively low price among competitors (and if you buy two devices, it will be even more profitable).
  • Support for quite a large number of cryptocurrencies.
  • Convenient form factor that provides compactness and low weight. Also, the device can be carried in a wallet, like a bank card.
  • Wireless connection.
  • Functional app that supports WalletConnect, steaking, purchase from the card.

Minuses.

  • No PC connectivity.
  • Closed source code.
  • No official delivery to Russia and Belarus.

FAQ of Coolwallet S

What is Coolwallet S?

Hardware multicurrency wallet in the form of a plastic card. Supports a large number of cryptocurrencies and blockchains.

What coins are supported in Coolwallet S ?

All popular assets: Bitcoin, Bitcoin Cash, XRP, Ethereum, Litecoin, Horizen, Binance Coin, Stellar, etc.

How does the Coolwallet S device connect to the wallet software?

Via Bluetooth.

How are Coolwallet S funds secured?

Several factors of authentication, possibility of adding biometric checks, EAL5+ certified chip.

Can I buy or exchange cryptocurrency with Coolwallet S?

Yes, the app has such features.

Can I connect Coolwallet S to dApps?

Yes, with WalletConnect.

How is the Coolwallet S different from the Pro?

The pro version has more coins, you can store NFT, PoS cryptocurrency stacking is available, more advanced chip (EAL 6+).

Conclusion

Coolwallet S is quite a worthy competitor to other secure cold wallets. You can see that CoolBitX has a clear plan of action, which it tries to stick to. The app is user-friendly, beautiful, and functional. The setup process is very simple. Unfortunately, Coolwallet does not have its own operating system, so new options can only be added through a firmware update. In general, the product successfully combines the advantages of hardware and mobile wallet. Undoubtedly, the manufacturing company makes a significant contribution to the mass adoption of cryptocurrencies.

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