CoolWallet S Review (2021)

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The CoolWallet S is a hardware wallet from the Taiwan-based company CoolBitX that blends portability, convenience, and security into one neat package.

But should you trust the CoolWallet S with your crypto? Is it really worth the sticker price?

In this CoolWallet S review, we’re going to see how this wallet stacks up to the competition. We’ll look at the various features that the CoolWallet S offers and its pros and cons so you can decide if it’s the right storage option for your digital assets.

Let’s get to it.

Advantages & Disadvantages

Advantages

  • Slim credit card-style design can fit in an actual wallet.
  • Uses Bluetooth to connect to your mobile device.
  • Includes advanced security features, such as cold compression.
  • Offers in-app access to two crypto exchanges.
  • Durable, waterproof design is cold- and heat-resistant.

Disadvantages

  • No desktop app available for the wallet interface.
  • Small screen size can be difficult to read.
  • CoolBitX Crypto App doesn’t have a passcode lock for extra security.
  • More expensive than other wallets with similar functionality.

CoolWallet S Price

The CoolWallet S is currently available from the official CoolWallet website for US$99 (£73 / €85).

When compared to other options on the market, the CoolWallet S falls squarely in the middle of the pack.

Here’s how it compares to other top models:

WalletGBPEURUSD
Ledger Nano S£43€51$59
Trezor One£46€54$63
Ledger Nano X£87€103$119
Trezor Model T£143€168$195

You can get it from the official site, or retailers like Amazon in the UK.

Find out more here.

Important Considerations When Ordering a CoolWallet S

There are three things to note about buying the CoolWallet S directly from the company’s official website.

First, even though CoolBitX quotes the CoolWallet S price in US dollars, your payment will be processed in New Taiwan Dollars. Therefore, you may pay a foreign transaction fee when you buy the wallet with a card.

Alternatively, you can pay for your wallet using Crypto.com Pay or BitPay – which can help you dodge this issue.

Second, CoolBitX seems to offer free shipping on CoolWallets. However, the company does not sell or ship its wallets to the following countries:

  • Venezuela
  • Cuba
  • Syria
  • Sudan
  • Iran
  • North Korea

Finally, you may be liable for customs, duties, and import taxes on your CoolWallet S. So, double-check what you might owe before you order.

Supported Cryptocurrencies

The CoolWallet S supports some of the most popular cryptocurrencies, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Stellar Lumens (XLM)
  • Ripple (XRP)

In addition to this, the CoolWallet S supports all ERC20 tokens.

Check out this list of supported cryptocurrencies for the CoolWallet S to learn more.

Wallet Design

If there’s one thing that makes the CoolWallet S stand out from the crowd, it’s the wallet’s unique design.

What’s in the Box?

When you buy a CoolWallet S, you’ll receive a compact package. This package is wrapped in clear plastic and it includes an anti-tamper seal for security.

Inside the box, you’ll find:

  • CoolWallet S crypto wallet
  • Charging dock
  • USB cord (for the charging dock)
  • Recovery seed card

Note that the CoolWallet S doesn’t come with a paper manual. But the company has online help pages that you can check out.

Physical Design

The CoolWallet S is approximately the same size as your average credit card, which is about 86 mm wide, 54 mm long, and 0.8 mm thick. This is just slightly thicker than a standard credit card, which is an average of 0.76 mm thick.

This means that the CoolWallet S can fit inside most actual wallets.

Given that the CoolWallet S is a crypto wallet – not a credit card – I have to say that this is one impressively compact model.

Finally, the CoolWallet S is approximately 6 g in weight. Again, this is nearly the same weight as most plastic credit cards. So this is the kind of cold wallet that you could carry around for everyday use without feeling like it’s weighing down your pocket.

Screen Layout

Unlike many other hardware wallets, the CoolWallet S doesn’t put a lot of emphasis on its screen size. The screen of this wallet takes up just a small portion of the device.

For some users, a small screen might be a non-starter, but there are some advantages to having more of a low-key design. By keeping the screen size of the CoolWallet S to a minimum, CoolBitX effectively made this wallet an incognito option for the crypto enthusiast.

Plus, the screen of the CoolWallet S is only there so that you can verify your recovery seed during set-up and so that you can confirm any addresses that you’re sending crypto to.

If you’re not too fussed about fancy graphics, having a smaller screen ultimately means that the CoolWallet S can be lighter and more portable than the competition.

Battery Life

The CoolWallet S comes with a rechargeable lithium-ion battery. This battery takes about 4 to 6 hours to fully charge and it can generally last about 2 to 3 months on standby.

You can recharge the wallet using the included charging dock and USB cord.

Admittedly, having to tote around a separate charging dock is a bit of a hassle when compared to other wallets that just need a USB cord. But this inconvenience is part of the trade-off between portability and functionality with the CoolWallet S.

Durability

Since the CoolWallet S is designed to be carried around in a physical wallet, CoolBitX created it to be particularly durable.

In fact, the CoolWallet S is completely waterproof, so it’s robust enough to carry with you when you’re out and about. The company doesn’t mention the wallet’s Ingress Protection (IP) waterproof rating (that’s an international waterproofing measurement scale), but CoolBitX does say that it can be submerged for up to 1 hour.

Additionally, the CoolWallet S is designed to withstand temperatures as cold as -10ºC (14ºF) and as high as 50ºC (122ºF). You can technically also bend the wallet (like you could do with a credit card) to an angle of 15º, but CoolBitX doesn’t recommend trying that at home.

One potential area of concern with regards to the durability of this wallet is its single button, which you use to confirm the information on the screen.

The company states that the button can survive 100,000 clicks. But you’ll likely see reviews online from people who have found that their button doesn’t work. In particular, some people find that it’s hard to get the button to work the first few times you try to use the wallet, though this doesn’t seem to be a universal issue.

Wallet Interface

Like most hardware wallets, the CoolWallet S is simply a storage unit for your private keys. If you want to send or receive crypto, you need to connect to the wallet’s digital interface.

The interface for the CoolWallet S is the CoolBitX Crypto App, which is available for both iOS and Android.

Both versions are highly rated and many users of the platforms find that they’re streamlined and easy to use. However, there is no option for a desktop app, like you get with the Ledger and Trezor wallets.

The CoolBitX Crypto App interface is fairly straightforward. It features a dashboard where you can see all of your crypto balances. You can also quickly navigate to different pages for sending and receiving crypto.

Inside the app, you’ll also find access to two trading platforms: Changelly and ChangeHero.

This integration makes it easier for you to exchange coins from within your CoolWallet S.

Just be sure to double-check any fees from Changelly and ChangeHero before you confirm a transaction – as these can be a lot higher than using a cryptocurrency broker or exchange.

Security

Security is an integral part of any crypto storage system, and the CoolWallet S is no exception.

Here are some of the key features of the security system that’s built into this wallet.

Secure Chipsets & Encryption

To keep your private keys secure, the CoolWallet S has a CC EAL5+/6+ certified S.E. Chipset. Additionally, the CoolWallet S has AES256 encryption for its Bluetooth connection. This prevents unauthorized devices from trying to retrieve data from the wallet without your permission.

At the same time, only non-sensitive data (not your private keys) is able to leave the CoolWallet S. So, in the off chance that someone tried to mess with your Bluetooth connection, they would be hard-pressed to get their hands on sensitive information.

2+1 Factor Authentication

If you do want to access your device to send someone crypto, you also have to complete 2+1 factor authentication. This includes:

  • Opening your mobile device using a passcode, fingerprint, or facial recognition
  • Visual confirmation of the destination address of your crypto and the amount that you want to send
  • Physical authentication of your transaction by pushing the button on the CoolWallet S

By requiring these three steps before you can send your crypto anywhere, CoolBitX makes it particularly difficult for anyone to make a transaction with your wallet without your knowledge.

Tamper-proof Technology

Finally, all CoolWallets come with tamper-proof technology in the form of cold compression.

With cold compression, you cannot insert a device into the circuit board of your CoolWallet S without visual damage. If someone tried to manually alter your wallet, you’d know before you accidentally give them access to your private keys.

Alternatives

Not sure that the CoolWallet S is right for you?

If you’re looking for a slightly more affordable option that doesn’t skimp on features, the Ledger Nano S is worth looking at.

Form factor of a closed Ledger Nano S

The Nano S is shaped like a USB stick and it’s nearly half the price of the CoolWallet S.

When you opt for the Nano S, you get access to the industry-leading Ledger Live interface. Plus, the Nano S can support over 1,500 crypto assets, including Bitcoin (BTC) and ERC-20 tokens.

The downside?

The Ledger Nano S is arguably less portable than the CoolWallet S, so it may not be ideal if you’re looking to carry it in your physical wallet. You can find out more in my Ledger Nano S review.

Alternatively, if the small screen size of the CoolWallet S is a no-go from your perspective, you might consider the Trezor Model T.

Ledger Nano S vs Trezor vs Trezor Model T
The Ledger Nano S, Trezor Model T, and Trezor One (left to right).

The Model T is nearly double the price of the CoolWallet S, but it comes with a large, full-colour touchscreen.

This huge touchscreen means that the Model T is much heftier than the slim CoolWallet S. But it’s also compatible with Trezor’s highly rated desktop app (Trezor Suite) for added convenience.

For other options, check out my list of the best hardware wallets.

The Bottom Line

The CoolWallet S might not be as popular as the well-known wallets from Ledger and Trezor, but there’s a lot to appreciate about it.

Here’s what I like about this wallet:

  • Portability: It has a super slim credit card-like design that can fit in your physical wallet for everyday carry.
  • Durability: The wallet is waterproof and highly durable, so it can withstand frequent use.
  • Security: CoolBitX crafted the CoolWallet S with high-end security features, like encrypted Bluetooth and 2+1 factor authentication.
  • Functionality: It pairs quickly with the CoolBitX Crypto App, which is streamlined and easy to use.

But is the CoolWallet S the best crypto hardware wallet on the market?

Although the portability of the CoolWallet S is hard to top, you can get additional functionality for a fraction of the cost if you opt for the Ledger Nano S.

Or, if you’re willing to spend a bit more in exchange for a large touchscreen, the Trezor Model T is worth considering.

But when convenience and compactness are key? CoolWallet S is worth checking out.

Head over to the official CoolWallet S website to find out more or get your hands on it.

Have a Question?

Thanks for checking out this CoolWallet S review!

Got a question that I didn’t cover?

Let me know in the comments below!

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