CoolBitX is a company based in Taiwan that focusses on creating blockchain security solutions. In 2016, they developed a preliminary version of a mobile-functional hardware wallet, which has since been discontinued and replaced by the newly launched CoolWallet S. The CoolWallet S has surprisingly become a popular product in 2018, despite how well established competitors like KeepKey, Trezor, and Ledger Nano are.
Pros & Cons
How does a CoolWallet work?
Like any hardware wallet, a CoolWallet holds your coins in ‘cold storage’ to keep them out of the reach of hackers. They are designed to cater to a smartphone or tablet-based audience, as CoolWallets can be managed through Bluetooth connection through native Android or iOS apps.
As a hardware wallet, a CoolWallet stores private keys to secure the holding of several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple/XRP, and Bitcoin Cash. They enable users to manage their funds and private keys on the go, and are the size of a regular credit card.
Which cryptocurrencies are supported?
CoolWallet is a hardware wallet that can help store your private keys for 5 of the most popular cryptocurrencies:
What devices is a CoolWallet compatible with?
CoolWallet can be used by any device that has Bluetooth enabled, but it is designed to be used with native Android and iOS apps. You can therefore use it best with:
As a hardware wallet, CoolWallet S can be used in any place in the world, so long as the user can download the native apps required, and has Bluetooth enabled. However, users should refer to CoolWallet’s website to see whether the wallet can be delivered in their respective country.
CoolBitX’s customer support team can be reached through their website by submitting a ticket request, or through email contact at firstname.lastname@example.org. Users might also find that some of their queries may have already been answered on the ‘FAQ’ or ‘Manual’ sections of the website.
The CoolWallet S looks incredibly sleek and impressive in design, as it is the thinnest hardware wallet on the market, having the dimensions of a regular credit card. Furthermore, its native mobile iOS and Android apps are easy to navigate, making managing your coins simple.
Despite being so thin, the e-paper display is still clear and easy to read on the hardware wallet itself. The ability to store private keys for the top cryptocurrencies is also really impressive, as it allows users to manage a diverse range of funds on the go.
How does a CoolWalletS keep my cryptocurrency safe?
CoolBitX has put in place top-level security features that ensure your private keys remain entirely within your hands. The hardware wallet itself is waterproof, heat resistant, and can bend safely up to 15 degrees. It also comes with the following security features:
- Encrypted Bluetooth connection. The Bluetooth connection can only be accessed through the native mobile app, meaning that you are the only one who can access the hardware wallet and its functions.
- EAL5 certified chip. The hardware wallet comes with an EAL5 certification, meaning that its Evaluation Assurance Level (EAL) is at a high international standard.
- Metal dome button. To confirm transactions back and forth from the hardware wallet, users have to click on the metal dome button, which means that the device is effectively hacker proof.
- Seed Recovery phrase. Users can create a seed recover phrase, which can be used to recover funds in case the hardware wallet is lost. This should be written down on the accompanying seed recovery form.
Do I need to download any software?
Yes. The CoolWallet S will require you to download their native iOS or Android apps to ensure that you can use the device effectively. These can be downloaded from the Google Play Store or the App Store.
Can I back up my CoolWallet?
Yes. You can backup your wallet by using the backup seed recovery phrase you generate during the setup process. This phrase is made up of 12, 18, or 24 words and can be used to recover your coins if your CoolWallet is lost or stolen. Remember to write down this seed on the card provided and keep it safe because it is necessary in order for you to recover your funds if you lose the hardware wallet.
Can I use it anonymously?
Yes, you can use the the wallet anonymously. This is because a hard wallet acts as a store for your private keys, while the movement of your cryptocurrency is recorded on the blockchain under your wallet address (public key). This address cannot be traced back to your identity or CoolWallet, so you remain anonymous.
Are there any extra fees for using my CoolWallet wallet?
Apart from the base price of the CoolWallet S, there are no other extra fees attached to use of the wallet. However, when moving your cryptocurrency funds, you might experience small transaction fees (typically under £2 worth of whichever coin you are transferring). These are to pay the miners who verify transactions on the blockchain, not a fee charged by your wallet.
Are there limits to the amount of cryptocurrency I can deposit and withdraw?
No. There aren’t limits to the amount you can withdraw or deposit from your CoolWallet S.
How much does a CoolWallet S cost?
On their official website, the CoolWallet S goes for $99, which is roughly £75 pounds. However, be sure to check the latest exchange rates to double-check the latest price. Furthermore, there might be additional delivery fees depending on the country you wish to deliver to.
What are the differences between the CoolWallet wallets available?
CoolWallet used to have a 1st generation wallet dubbed the ‘CoolWallet’. However, this has been discontinued and the CoolWallet S is the only current copy of the wallet produced by CoolBitX.
The CoolWallet S now has compatibility with the ShapeShift exchange, much like the rival KeepKey wallet does. This means users can exchange cryptocurrency funds on the same app interface as the native CoolWallet app.
CoolWallet is an ideal wallet if you are looking to avoid the cumbersome nature of having to use a USB connection to manage a hardware wallet. It is developed for users who truly wish to have complete control of their funds anyplace, anytime, whilst ensuring that they are secure. This means that it is specifically designed for a tablet or smartphone-using audience.
Coupled with its sleek design, ability to hold 5 of the top cryptocurrencies, and solid security features. CoolWallet is a great option for those who want to manage their crypto on the go.
How to set up a wallet with CoolWallet S
Decided to get a CoolWallet S? Great, here’s how you get started:
- Download the CoolWallet app and launch it.
- Enable Bluetooth on your respective device.
- Turn on your CoolWallet S. Once your wallet is in range, you will notice its serial number showing on the mobile app, so connect by taping it.
- You can then tap the ‘pair with this device’ button.
- Once paired, you can start to create new or additional wallets. To do so, tap on the ‘create new wallet’ button on your app.
- You will now be given the option to create a recovery seed phrase, with the options of having a 12, 18, or 24-word phrase. Write this down on a piece of paper, or on the sheet provided in the correct order. This will be used for the recovery of private keys in the event you lose your wallet.
- You’re now ready to start holding coins on your CoolWallet!