CoolWallet S Review

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Contributor, Benzinga
Updated: August 24, 2021
Cool Wallet
Best For
  • DeFi Traders
securely through Cool Wallet's website
1 Minute Review

CoolWallet S is a hardware cryptocurrency wallet. The wallet supports a variety of cryptos, including Ethereum, Bitcoin, Litecoin, XRP and ERC-20 tokens. Unlike most hardware wallets that are shaped like thumb drives, the CoolWallet S resembles a credit card, making it even easier to store your cryptocurrencies.

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Best For
  • Cryptocurrency investors
  • DeFi traders
Pros
  • Sleek design
  • Industry-leading security
  • Bluetooth connectivity
Cons
  • Small battery
  • iOS 11+ or Android 6+ required

Cool Wallet Ratings at a Glance

CoolWallet S Product Selection
CoolWallet S Pricing
CoolWallet S Customer Service
CoolWallet S Mobile App
CoolWallet S User Experience
CoolWallet S User Benefits
CoolWallet S Security
CoolWallet S Overall Rating

If you’re invested in crypto, you shouldn’t store your assets on an exchange. Cryptocurrency exchanges have custody of your private keys, making these exchanges large targets for cryptocurrency hackers. The safest way to store cryptocurrency is in a hardware wallet, as these wallets store your cryptocurrency on a physical device offline.

To understand the benefits of using a hardware wallet, you must first understand the concept of public and private keys. Your public key is your cryptocurrency address, which is information you can find on the blockchain. Your private key is your digital signature and is used to gain access to your crypto assets.

The CoolWallet S is a sleek, credit card-shaped hardware wallet that supports a variety of cryptocurrencies. With its multi-currency capabilities, competitive pricing and intuitive mobile app, the CoolWallet S may be the only hardware wallet you’ll ever need.

CoolWallet S Product Selection

The CoolWallet S is the brand’s flagship product. You can choose from a host of different styles, including Binance, My Ether Wallet and Houbi-themed hardware wallets. The hardware wallet connects to CoolWallet’s mobile app via Bluetooth, so you can track your cryptocurrency portfolio in real-time without your tokens being accessible online.

CoolWallet is a great option for investors looking to trade their cryptocurrencies regularly or semi-regularly. Most hardware wallets don’t support trading from their crypto wallets; instead, you send your crypto from your wallet to an exchange to make trades. 

Thanks to innovations in the decentralized finance industry, it’s now possible to transact cryptocurrencies directly from your crypto wallet. CoolWallet is one of the few companies to implement decentralized finance (DeFi) into its mobile app, making it easy for cryptocurrency investors to trade crypto in the safest way possible.

CoolWallet S Pricing

You can buy the CoolWallet S for $99 on CoolWallet’s website. While it’s not the cheapest hardware wallet on the market, it’s definitely competitively priced. 

With Bluetooth connectivity and a mobile application, CoolWallet’s closest competitor is the Ledger Nano X. The Nano X costs $20 more than the CoolWallet S, and the CoolWallet features a sleeker device. 

CoolWallet S Promotions

CoolWallet S doesn’t run many promotions, but there are ways to save money when purchasing a hardware wallet from the brand. You can buy 2 wallets at a discounted price of $159 for the pair. 

For a wallet with Bluetooth connectivity, a sleek design and great customer service, $80 is a good price for a CoolWallet S.

CoolWallet S Customer Service

The Frequently Asked Questions page on CoolWallet’s website is comprehensive, making it easy to troubleshoot any problems you may run into with operating your wallet. If your questions aren’t answered on this page, there’s an option to send a message to the CoolWallet team to resolve your issue.

The company also makes YouTube videos, making it easy for beginners to learn how to interact with a cryptocurrency wallet. The brand is also active on Twitter, and you can reach out via Twitter direct message for any problems you encounter.

CoolWallet S Mobile App

A mobile app is a necessary feature for investors looking to actively track their portfolios. CoolWallet’s mobile application is free, but you need a CoolWallet S to begin using the app. The app connects to your hardware wallet via Bluetooth, so your crypto assets won’t be connected to the internet.

The mobile app isn’t an exchange itself, but you can still trade cryptocurrencies directly on the app. This is thanks to DeFi protocols that let you trade crypto directly from your wallet, offering a more secure alternative to trading on a centralized exchange.

CoolWallet S User Experience

Using a hardware wallet is inherently more involved than storing your cryptocurrency on an exchange. Luckily, CoolWallet makes it easy for beginners to learn how to use hardware wallets. In all cases, hardware wallets are more secure than cryptocurrency exchanges, so learning how to store crypto on a hardware wallet is important to safely store your crypto assets.

The company’s mobile app and physical wallet have many features that improve its ease of use. Because the wallet connects to the mobile app via Bluetooth, there’s no need to connect your wallet via USB cable, which is how many other hardware wallets operate. The hardware wallet charges via wireless charging, creating a completely wireless experience for the user.

CoolWallet S User Benefits

Thanks to CoolWallet’s DeFi compatibility, Bluetooth connectivity and mobile app, the crypto wallet boasts several benefits over other hardware wallets on the market. 

Here are some of the key benefits:

  1. Ability to trade crypto: The CoolWallet S is the best hardware wallet for investors looking to trade their cryptocurrencies. Because CoolWallet’s mobile app connects to decentralized exchanges on the blockchain, you’re able to swap crypto without putting your assets on an exchange, creating a seamless and secure trading experience. 
  2. Security: In general, hardware wallets are more secure than other storage solutions for cryptocurrency. CoolWallet takes security 1 step further, offering users 2+1 factor authentication.
  3. Design: Most cryptocurrency wallets resemble a thumb drive. Because CoolWallet is the same size as a credit card, it’s much easier to store your hardware wallet in your actual wallet. This is great for investors who like to manage their portfolios on the go.
  4. Portfolio management: Because the CoolWallet mobile app communicates with your hardware wallet via Bluetooth, you can track your portfolio in real time without needing to transfer crypto assets onto an exchange to stay updated on your cryptocurrency's value.

CoolWallet S Security

Hardware wallets are by far the safest way to store cryptocurrency. The CoolWallet S boasts several security features, such as 2+1 factor authentication and backup seed phrases. 

Your seed phrase can be used to recover your cryptocurrency if your hardware wallet is lost or stolen, so be sure to store this phrase somewhere safe.

Cool Wallet
Best For
  • DeFi Traders
securely through Cool Wallet's website

CoolWallet S vs Competitors

Major competitors in the hardware wallet industry are Ledger and Trezor. These wallets offer similar security features to CoolWallet, but they don’t offer seamless DeFi compatibility, which is crucial for many crypto investors. 

Similar wallets from Trezor and Ledger are more expensive than the CoolWallet S. Overall, CoolWallet provides some of the best hardware wallet features while pricing its product more competitively than its counterparts. 

CoolWallet S Overall Rating

The CoolWallet S is undoubtedly one of the best hardware wallets on the market. It’s great for investors who own multiple types of cryptocurrencies, as it supports a variety of different tokens. If you’re actively trading crypto, the CoolWallet S is the way to go. With interoperability with decentralized exchanges, you can trade your crypto assets securely from the CoolWallet mobile app.

The main place where CoolWallet could improve is through promotions. While the wallet is priced competitively, less expensive options are on the market for cost-conscious investors. The CoolWallet S is a great deal given its unique features and industry-leading security measures.

CoolWallet S Tutorial

New to crypto and want to use CoolWallet to store your assets? The company has made tutorials to teach new users how to interact with its crypto wallet. 

The interface is pretty intuitive, but if you need some extra help getting started look no further than CoolWallet’s YouTube channel.

Frequently Asked Questions

Q
Is the CoolWallet S safe?
A

Yes. The CoolWallet S is extremely secure. It’s among the safest cryptocurrency wallets on the market, thanks to many innovations made by the CoolWallet team. Because the crypto wallet is a hardware wallet, your assets are stored offline, making it impossible for hackers to seize your cryptocurrency through the internet.

Q
What are hardware wallets?
A

Hardware wallets are the most secure way to store cryptocurrency. These wallets are physical devices, and in CoolWallet’s case, the wallet resembles a credit card. The hardware wallet will have cryptocurrency addresses that allow you to send your crypto to the device, and you can access your crypto via CoolWallet’s mobile app.

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