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CoolWallet S – 2021 review

Take a closer look at the portable hardware wallet for storing bitcoin and other cryptos.

finder.com.au's rating: 4.13 / 5.0

★★★★★

If security is your number-one priority when storing cryptocurrency, chances are you’ll want to compare the range of hardware wallets available. The CoolWallet S is one such wallet, offering cold storage for bitcoin (BTC), ether (ETH) and several other popular cryptos all in one portable device.

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Tim Falk
Last Updated

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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is the CoolWallet S?

Most of the popular hardware wallets available on the market at the moment connect to your laptop or PC via USB. However, the CoolWallet S is a wireless bitcoin wallet that uses bluetooth or near field communication (NFC) to connect to your Android or iOS smartphone.

The main aim of this wallet is to provide portability and convenience, and to that end it features a slim and sleek design that makes it easy to take with you wherever you go. Inside the device you’ll find a secure element (SE) chip for storing your private keys, while there’s also a built-in display for viewing transaction details.

The CoolWallet S was developed by Taiwanese fintech company CoolBitX, which specialises in digital asset hardware and developing smart contract platforms. The original CoolWallet hit shelves in 2016, while the S was launched in 2018.

Compatible with:

Operating systems: The CoolWallet S can be paired with Android 5 or later, or iPhone 5 (iOS 9.1) or later.

How much does it cost?

As of May 2019, you can find the CoolWallet S selling for $99.

    • How do I set up my wallet?

    To set up your CoolWallet S, complete the following steps:

    1. Download the CoolWallet S app from Apple’s App Store or Google Play.
    2. Make sure your CoolWallet S is charging.
    3. When opening the app for the first time, check that the serial number quoted in the app matches the serial number in the top left corner of your wallet.
    4. Press “Connect”.
    5. Check your CoolWallet S for a one-time password which you can then enter in the app.
    6. Tap “Pair” on the app and press the button on your CoolWallet S to confirm.
    7. You’ll then be provided with a pairing password which can be used to pair additional devices to your CoolWallet S.
    8. Press the button on your wallet to confirm the pairing sequence.

     
    Next, you’ll need to create a new wallet by doing the following:

    1. Press “Create”.
    2. Select the length of the seed you want CoolWallet S to generate for you, then tap “Generate”.
    3. Write down the seed and store it somewhere safe.
    4. Press “I have written down all numbers”.
    5. A verification screen appears. Add up all the numbers in your seed, input the total in the field provided and press “Verify”.

    How do I add currency to my wallet?

    To add currency to your CoolWallet S, select the wallet address you want to use and tap “Receive”. You can then scan the relevant QR code or copy the wallet address, which can then be used as the receiving address when transferring funds. Please note that you can change the currency you wish to receive by clicking the icon at the top right of screen.

    How do I make payments with my CoolWallet S?

    To make a payment you’ll need to:

    1. Select the wallet you want to transfer funds from.
    2. Tap “Send”.
    3. Use the icon at the top right of screen to select the currency you want to send.
    4. Enter the receiving wallet address in the “To” field or scan the relevant QR code.
    5. Enter the amount you wish to send.
    6. Tap the “Send” button.
    7. Read the transaction details on your app and on your CoolWallet S.
    8. Confirm the transaction by pressing the button on the card.

    How secure is the CoolWallet S?

    The CoolWallet S offers a number of security features to help protect your crypto holdings, including:

    • Secure element. The wallet features an eAL5+ certified SE microchip for the storage of your crypto private keys.
    • Encrypted bluetooth. Wireless syncing is conducted using encrypted bluetooth technology, allowing for quick and secure funds transfers.
    • Multiple confirmations. To confirm a send transaction, you’ll need to review transaction details on both the app and your CoolWallet S screen before pressing the “Send” button on your device.
    • Set your security level. When you create a new wallet, CoolWallet S generates a new seed set. Depending on your desired security level, you can choose from a seed with 12, 18 or 24 number sets.
    • Hierarchical Deterministic (HD). As CoolWallet S is a HD wallet, it’s simple to backup and recover your wallet if anything ever goes wrong.

    Where can I get the CoolWallet S?

    You can buy the CoolWallet S from the manufacturer’s website.

    Pros and cons

    Pros

    • Wireless storage for your crypto
    • Sleek design for portability and convenience
    • Simple to setup and use
    • Supports 2-factor authentication and a host of other security features
    • Waterproof, heat resistant and bendable up to 15 degrees
    Cons

    • Doesn’t support some popular currencies
    • There are cheaper hardware wallets available
    • Company isn’t as well established as some other wallet providers

    Next steps

    Compare a variety of cryptocurrency wallets to decide which one has all the features you want. If the CoolWallet S is the right fit for you, click on one of the green “Go to site” links on this page. You’ll be taken to the manufacturer’s website where you can read up on the technical specs and features of the CoolWallet S and finalise your purchase.

    FAQs

    Disclosure: At time of writing the author holds ADA, IOTA and XLM.

    Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

    Cryptocurrency wallet ratings

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    We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:

    • Security: 50%
    • Functionality: 40%
    • Cost: 10%

    These scores are aggregated and visualised as a total score out of 5 stars.

    Read the full methodology on how we rate cryptocurrency hardware wallets.

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