Coolwallet.io Review: Coolwallet Is Safe & Secure

About Coolwallet.io

Coolwallet.io is the credit card-sized Bluetooth hardware wallet that supports various tokens, including Bitcoin, Ethereum, Litecoin, XRP, ERC20 and many more. This is a mobile hardware wallet that is designed to look and feel like a credit card, fitting inside your wallet. How does it stack up? Keep reading for a full hands-on review.

CoolBitX launched back in 2014, in Taiwan. The founder and CEO, Michael Ou, learned that mobile hardware crypto wallets are the future when hackers managed to break into Mt. Gox and steal cosmic amounts of money shortly after the inception of Mr. Ou’s company.

Coolwallet.io Wallet Points Table

How To Install & Send/Receive Coin

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 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.

Wallet Setup

Getting started with the wallet is quick and painless, you can have it done in under 5 minutes. Connection is made via Bluetooth which pairs almost instantly. The CoolWallet has an AES256 (Advanced Encryption Standard) encrypted Bluetooth connection to communicate only with the authorized device. The tamper-proof CC EAL5+ chipset also provides full control over your crypto assets.

The Coolwallet.io S only transmits non-essential transaction information. Even in the highly unlikely case that the Bluetooth encryption is cracked, neither the private key (protected by a secure element as you will know) or any important information will ever be exposed. A seed phrase for backups is set using your phone, or directly on the card for added security. It’s really easy to scroll through using the screen on the wallet itself.

To check the seed phrase is correct, you then need to add up all the numbers and input the total outcome. This could expose your phrase a little if you require a calculator (which you probably would). It actually took me three times to get this calculation right. The numbers are very complicated (e.g. 61346, 52488, 40718, etc.) and when you add up 16 numbers, you tend to make some mistakes, I guess.

CoolWallet uses numbers to ensure that non-native English speakers don’t make any spelling mistakes, for example, writing to instead of too, or fire instead of file. One could argue this is worth the hassle overall. Most calculators are on internet-connected devices like phones or laptops so be a little careful.  Once the seed phrase is confirmed, you are up and running.

CoolWallet S Mobile App

The wallet is controlled using the app so its functionality is a really important feature. There are three main tabs to look at within the platform – Wallet, Receive and Trade (or “Send” on iOS).

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:

• Smartphones
• Tablets

Which cryptocurrencies are supported?

CoolWallet is a hardware wallet that can help store your private keys for 5 of the most popular cryptocurrencies:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple/XRP (XRP)
• ERC-20 tokens

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