CoolWallet S Review

CoolWallet S Set

TL:DR CoolWallet S
For ~$99 USD or $130 CAD you can store your own private keys for Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, BNB, and ERC-20 tokens.

Highly Mobile (fits in your wallet like a credit card).
CCEAL5+ security. Tamperproof credit card design.
Transactions signed on device.

Option to choose 12, 18 or 24 seed word recovery. Uses U2F to sign transactions on device.

Welcome to the Markshire Crypto CoolWallet S Review! The CoolWallet S is a cryptocurrency hardware wallet or a “cold wallet” since it stores your private keys offline. The creators of CoolWallet S boast the pocket-sized mobile capability of this hardware wallet and claim to be the world’s first mobile hardware wallet.

Table of Content for CoolWallet S Review

What is the CoolWallet S

The CoolWallet S is the hardware wallet that was created by the parent company CoolBitX. CoolBitX is a blockchain security company. Michael Ou is the founder and CEO of CoolBitX. The Ou family business has been doing banking security solutions for over 20 years, giving them the experience, business connections and technical knowledge on how to best secure financial assets.

They first launched the CoolWallet back in 2015, however, after many support inquiries, they fixed a number of issues and launched the CoolWallet S in early 2018.

CoolWallet S is backed by the gigantic Japanese banking company SBI Holdings (multi-million-dollar Series A strategic investment in 2018).

About CoolBitX, Parent Company of CoolWallet S:

The CoolWallet S is no ordinary hardware wallet. It’s a contemporary mobile solution that truly secures your crypto assets and empowers you, the investor. It stays safely in your pocket, giving you discrete access to your investment, on the go, wherever you are.

Thanks to the combination of both usability and the patented tamper-proof security, the CoolWallet S is the cold wallet of choice for many of the world’s crypto leaders.

CoolWallet Website

Check out the great promo video from CoolWallet S below:

The CoolWallet S is credit card-sized [85.6 (L) x 53.98 (H) x 0.8 (T) mm], with one button. It takes ~2 hours to fully charge with the battery lasting 2 weeks, although this is with an average of 2 transactions per day, so if you tend to transact more, then it will likely need to be charged sooner.

It has a slim, simple design based on credit cards and is Bluetooth enabled to interact with the CoolWallet S app on your mobile phone to send/receive transactions (although all transactions are signed with 2+1 factor authentication on the hardware wallet itself).

The CoolWallet S is waterproof, tamper-proof (due to its credit card design), easy to carry (just slide it into your wallet like you normally would with a credit card).

As the Founder of CoolWallet S claims, it is the first mobile cryptocurrency hardware wallet (not the first hardware wallet). The mix of the cold storage hardware wallet nature of the CoolWallet S, it’s credit card-like structure creating a physically tamperproof device and its encrypted Bluetooth capabilities combine the best of hardware and software wallets to enhance security and user experience/interface. The table below nicely summarizes its functions.

CoolWallet S Advantages

Here is another great video that gives a great overview of the CoolWallet S:

CoolWallet S Security Features

The CoolWallet S boasts some great security features.

  • Cold storage – keeps your private keys private (offline).
  • Uses 12-24 Seed word recovery list (you can choose between 12, 18 or 24 seed words).
  • Utilizes CCEAL5+, which is a secure element that is the highest industry standard.
  • Your transactions are signed on the device, within the secure element, not on your mobile phone (or any vulnerable component).
  • Encrypted Bluetooth
  • 2+1 Factor Authentication (mix of biometric, software and physical verification to confirm a transaction)
  • Tamper-proof – the CoolWallet S is the size/shape of a credit card, it cannot be opened and tampered with, unlike USB hardware wallets, eliminating the risk of supply chain hacks.

I like the fact that you can choose between 12, 18 or 24 seed word recovery. Personally, I would only use the 24-word option since it is exponentially more difficult to guess/break into.

CoolWallet S Mobile App

The CoolWallet S primary function is to serve as an offline, mobile, hardware wallet to keep your cryptocurrency assets in cold storage, wherever you go while maintaining easy access.

There are two mobile apps, both for Android and iOS. You simply download the app from the app store, open the app, pair it with your specific CoolWallet S hardware wallet (there is a pairing code on the card). You confirm pairing with U2F (physically pressing the button on the CoolWallet S hardware wallet).

The app is simply designed and has the functions to view your cryptocurrency holdings, send and receive cryptocurrency.

Supported Cryptocurrencies

The CoolWallet S allows you to store a large number of cryptocurrencies on the hardware device and Mobile App. These cryptocurrencies are:

Supported Coins:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Litecoin (LTC)
  4. XRP (XRP)
  5. Bitcoin Cash (BCH)
  6. Icon (ICX)
  7. BNB
  8. ZEN

Supported Tokens:

  1. ERC-20 Tokens
  2. TUSD
  3. GUSD
  4. DAI
  5. USDT
  6. WETH
  7. JOY
  8. ZPR
  9. ZRX

Keep in mind that the ERC-20 tokens include HUNDREDS of different tokens built on top of Ethereum.

What’s in the Box?

The CoolWallet S is a simple hardware wallet with a clean design and a few items:

  • One CoolWallet S Hardware Device
  • One Power Cord
  • One Power Dock
  • Recovery Seed Word card
CoolWallet S Whats in the box
Clean design and set up. One CoolWallet S Hardware Device, one power cord and charger dock, one recovery seed word card.

CoolWallet S Price

CoolWallet S Hardware Wallet

CAD ~ $130

USD ~ $99

EUR ~ €88

GBP ~ £80

^ These prices are approximations based on Google currency exchange rates as of mid-July 2019.

Considering the added security of the tamperproof credit card form and the easy mobility, the CoolWallet S is even less expensive than some other mobile hardware wallets such as the Trezor Model T and Ledger Nano X.

CoolWallet S Pros and Cons

CoolWallet S Pros:

  • Small/compact
  • Waterproof
  • Secure chip element (CCEAL5+)
  • Encrypted Bluetooth connectivity (wireless)
  • Tamper-proof design
  • 3 month battery standby time

CoolWallet S Cons:

  • Battery life: if it lasts 2 weeks at only 2 transactions per day, this wallet is unlikely to be useful for commercial applications, or for small businesses or active traders.
  • Software code not open source… on their website they did state that they were diligently working with members of the security industry and crypto-community to test, audit and evaluate their code with anticipation of making it open source in Q2 2019, which has already passed.
  • Does not support U2F for other accounts such as the Trezor, or Bitbox hardware wallets.

CoolWallet S User Reviews

There actually is not a list of published user reviews on the CoolWallet website which is a little disconcerting… if it is an excellent cryptocurrency hardware wallet the great reviews would far outshine any negative reviews and so they should not hesitate to share them all. However, they did post a small selection of curated reviews from big crypto personalities such as Charlie Lee (Creator of Litecoin).

I’ve used many crypto hardware wallets and CoolWallet S is the best one.

Charlie Lee (Creator of Litecoin)

To enable digital identity, security, AML/KYC ready and financial inclusion, CoolBitX provides an integrated solution. I support the team’s dedicated focus and unwavering effort to make Taiwan a champion in the digital economy.

Jason Hsu (Congressman & Legislator, Taiwan)

The CoolBitX team provides outstanding products, which brings decentralizated security to a whole new level.

Ilya Bere (CEO of Changelly)

CoolWallet S is my default hardware wallet because it’s easy to use, secure and my favourite colour: black. Don’t tell blue.

Robbie Coleman (Creative Director of The Tokens Agency)

While these reviews are screened and obviously collected and displayed by the CoolWallet S team (CoolBitX) they are still somewhat helpful as some big players are saying positive things.

Markshire Crypto Conclusion on CoolWallet S

I think that it is hard to argue against the CoolWallet S. It does seem to add a whole new level of security and portability with its tamper-proof credit card design and encrypted Bluetooth technology. Not to mention that it is more affordable than the Ledger Nano X and the Trezor Model T. With that in mind:

The CoolWallet S is a great buy.

The small size of the wallet truly allows you to carry it around in your wallet like a credit card, as opposed to having to carry a USB key.

The background experience of the Founder’s family (Michael Ou) in the banking security industry certainly adds a level of credibility and experience as does the endorsement and investment made by SBI Holdings.

I currently have not used the CoolWallet S primarily because I am not planning on carrying my cryptocurrency assets around with me daily to use/spend. However, once we reach that point in 3-8 years where people do use/spend cryptocurrency on the go, the CoolWallet S definitely seems like one of the best options right now. In that future case, I would likely only ever carry a small amount of cryptocurrency on the wallet since it would be mobile with me.

As always, leave your comments below. If you have and/or use the CoolWallet S please feel free to comment below about your experience with it and how you like or dislike it!

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Author: Markshire Crypto

Millennial cryptocurrency investor, researcher, and writer. Medical professional, avid reader, proud nerd, and intellectual. Founder of Markshire Crypto. Mark has been into cryptocurrency since 2017, following the industry daily and creating content.

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