Find Out More About CoolWallet in Our Review

Coolwallet S is a cryptocurrency hardware wallet in the form of a credit card. The product was released by the Taiwanian company founded by Michael Ou.

After receiving and opening the package, we discovered a box inside that looked like a crankcase. Coolwallet is actually a card with a size of about 85 × 53 mm with rounded corners and a display on the back. A command button is located just below the screen.

Packaging and Equipment

The wallet card is packed in a rectangular box, covered in a small box. You can see the golden company logo, and the model name is printed on the bottom of the box - CoolWallet S.

In the second half of 2019, the manufacturer changed the packaging of the wallet, so we will show both versions.  

The updated packaging is smaller on all sides and, according to the manufacturer, has become more in line with the concept of mobility. You can read about it in more detail in the manufacturer's official article. The package is wrapped in plastic, and a small seal-like film should be glued to the side. The complete set of the device consists of:

- Hardware wallet Coolwallet S;

- 2 cards for recording a mnemonic phrase (SEED), which will be discussed later;

- Micro USB cable;

- Two Coolwallet stickers;

- Charging device.

Please note that the device uses a special secure chip that is CC EAL5 + certified. The exact same element is used in one of the popular Ledger Nano S hardware wallets. Similar secure chips are used in smartphones, bank cards, and other devices. 

Authentication

The most important thing when receiving the device is to make sure that the packaging is in perfect condition. If the plastic wrap shows slight abrasions, that is okay. However, damage to the packaging or other defects may indicate that the device has been previously used. In this case, it is not recommended to use the device and you should immediately contact the seller.

One of the advantages of the device is the inability to counterfeit or inject malicious stuffing into the device. CoolWallet S uses a patented “cold compression” process that prevents attackers from installing interception devices that can alter transaction details. The device is very thin, and there is no free space on its circuit board for installing foreign microcircuits.

Initial Settings

Initially, it is recommended to charge the device. To get started, you need to download a special client to your phone from the App Store or Google Play (there are links on the official website of the product). Further, all operations will be performed only through the application, and a hardware wallet will be needed only for confirmation. You will need to sync your devices by setting and confirming a PIN.

Next, you can choose between creating a new wallet and restoring. In the first case, the formation of a secret combination will follow (you can choose 12, 18, or 24 digits in a row). The sequence is displayed once and is not saved anywhere, so it must be recorded correctly. It is not recommended to transfer data to digital media or cloud storage as it can create a potential security risk. The combination should be checked. Place the sheet in a safe place.

Features 

The COOL WALLET S hardware wallet does not need to be connected to a phone, tablet, or PC via USB. Instead, data exchange is synchronized using Bluetooth and NFC. The battery requires regular charging, but will last at least 2 years. Cool Wallet is available since 2016. In case of failures during the first year, the manufacturer will replace the product. Work is possible through a special client or any compatible desktop wallet.

The device allows you to store and perform transactions with popular cryptocurrencies:

- Bitcoin (BTC);

- Ethereum (ETH);

- Litecoin (LTC);

- Ripple (XRP);

- Bitcoin Cash (BCH);

- Tokens of the ERC20 format from the top 100.

The list is not too long, but all major assets are available, although the token limitation does not allow storing ICO assets. It is planned to gradually expand the list, which will be automatically added in updates.  

Safety

Despite the visual fragility, the device is quite sturdy. Magnets, moisture, bending and other adverse factors will not interfere with operation. It is better to store it in a wallet or a secure place.

Private keys never leave the COOL WALLET, and all transmitted information is encrypted using cryptography. It is impossible to make a payment without the device itself. Physical access is additionally protected by a PIN.

In case of loss or damage to one of the devices, access to funds can only be restored using a code. The developers claim that any wallet that supports BIP32 is suitable. Creating a backup copy will ensure the complete safety of assets.

Verdict

CoolWallet S is quite different from Trezor and Ledger wallets. It has less features, but it also has two fundamental advantages - mobility (connecting via Bluetooth to smartphones) and an option that allows you to store it in your wallet and use it on the go without attracting unnecessary attention. In my opinion, this surely compensates for the lack of some features.