The CoolWallet Pro is a hardware wallet that supports Bitcoin, Ethereum and ERC-20 tokens, Litecoin, plus other cryptocurrencies. It has a sleek design and can be used to store large sums of cryptocurrencies without fear of hacking or theft. Find out if the CoolWallet Pro is worth buying!
Hardware Review
The CoolWallet Pro packaging comes with a chip card (the size of a credit card), an inserter that charges it, a micro USB cord, and an instruction manual. The hardware wallet uses Bluetooth to connect with your smartphone (no desktop app exists). The front side features a tiny display that shows lettering with inconsistent readability. As a result, the company includes an alphabet chart. Use it to match letter appearances on the chip card with the corresponding letter of the alphabet.
Opinion
The chip card can fit in your wallet like a regular credit card, so there’s no danger of damage. Numbers are readable, but letters might need some deciphering using the guide in the instruction manual.
The chip card should stay powered up for at least two weeks, but I am unsure if this is true.
Activation and Setup Review
The instructions tell me to charge the chip card while running the setup. I connect the charger to my laptop and insert the card. A red light appears, and a “Hello” message surfaces on the tiny rectangular screen in the top-right corner. Then I downloaded and launched CoolBit X Crypto from the app store. When a Bluetooth symbol appears on-screen, it indicates that the device is searching for it. When it’s found, I press the “Connect” button at the bottom of the screen.
Next, I’m prompted for a pin. I type “0000” as advised, but it fails. Then, by chance, I look at the display of my chip card, and a number appears. After inputting the number, I arrive on the main screen and get prompted to upgrade the firmware. I proceed, and the CoolWallet Pro restarts.
I reconnect the hardware wallet with the app. This time, the mobile app urges me to press a button on the device. I inspect the chip card and notice a protrusion. I press it. Two options appear on a menu: “Create” and “Recover.” I choose “Create.” I’m given two options: “By App” or “By Card.” Next, I’m able to choose the length of the seed phrase. It defaults to 12 words, but I prefer it at that length. After that, the app displays a message informing me that the seed phrases will appear on the chip card screen beginning with “Seed 01.” I press the chip card’s button to continue with the following seeds in the sequence. After scrolling through all the seeds, I press “Continue” on the software. Finally, I must add (calculate) all of the generated seeds to confirm.
Unlike other wallets that use phrases, the CoolWallet Pro generates numbers to act as seeds for your wallet.
When I add all the seed numbers, I’m brought to a page to select coins. I can choose each cryptocurrency by checking the box next to it.
Opinion
I’ve never seen a seed number used to generate a private key. There’s nothing strange or alarming about it, according to a quick Google search.
Setting up the CoolWallet Pro took longer than other wallets. But I liked that I just had to sum the seed numbers for confirmation rather than type in my seed words again like with other wallets.
Transaction Review
I transferred money from a different wallet. I started by clicking “Receive,” which produced a QR code and a button to capture the public address for future reference. My cash appeared in the CoolWallet Pro wallet after I finished processing the transaction in the other wallet.
I chose “Send” and was presented with a variety of text input fields. One of the options was to use Bitpay (which I don’t utilize). I enter the public address, make sure to keep the fee slider as low as feasible, and then hit “Next.” When I confirm the transaction on my phone, a message appears that instructs me to complete the procedure on my chip card. I press a button on my chip card to scroll through the transaction. I’ll now send it back to the other wallet. After the last part of the transaction, I pressed a final button, now it’s signed. My app confirms that I have sent the funds.
The CoolBit X Crypto mobile app allows you to make a variety of transactions:
- You can stake with ATOM, DOT, and TRX.
- Earn interest with USDT.
- Purchase and swap BTC for ETH.
- Integrate with other dapps.
WalletConnect allows for a wide range of connections with dapps that utilize the protocol. I tried this with Uniswap, and it worked flawlessly. A special mode activates in CoolBit X Crypto, allowing me to conduct swaps on my laptop. Transactions still have to be signed using my hardware wallet.
Opinion
When I’m conducting transactions with the CoolWallet Pro, it seems easy to process. But letters in the public address appear illegible. I have to reference the instruction manual multiple times to make sure that everything is correct.
There’s a lot of stuff you can do with their mobile app, but they revolve around Bitcoin and Ethereum. You might use this mobile app as an on-ramp to switch cryptocurrencies elsewhere before moving them into your desired coins or tokens if you’re good at cross-exchanging cryptos.
According to CoolWallet’s website, they have “exciting capabilities to come including, but not limited to Web3 Integrations, NFT Listings, Layer-2 Scaling and much more.”
Security Review
The CoolWallet Pro has a Bluetooth connection and is very safe. It uses certified EAL6+ Secure Element, which means it is very safe.
You have the choice of generating at least 12-count seeds to make a private key. The mobile app does not provide options to export your settings or display your private keys (you’ll need to keep them safe).
To activate the security features for your mobile app, go to the settings. By default, the PIN code is disabled, and you need to go into the mobile app settings to enable it. There is a setting that looks like it might be for fingerprint scanning. But when you select the option, you need to set up one fingerprint at least. Maybe this will become available in the future.
Opinion
Unlike other top hardware wallets on the market, the CoolBit X Crypto mobile app does not activate any security features by default. I believe this is a mistake, and the manufacturers should at least make the PIN option active by default. I don’t anticipate novices navigating this choice in the mobile app’s settings.
Supported Coins
The CoolWallet Pro can hold 15 coins and tokens. It does not seem to be able to store coins outside of the ones listed in the app. The company plans on adding more cryptocurrencies.
Overall Opinion
The CoolWallet Pro is a good product. But it doesn’t support many cryptocurrencies or other wallet integrations. If you invest in cryptocurrencies or tokens other than the most well-known ones, purchasing this hardware wallet may restrict your cryptocurrency options (ex: Theta, Cardano, EOS, and others). If you only want to store the coins that CoolWallet Pro supports, then this hardware wallet would be a good choice.
The company that makes the CoolWallet seems to be doing a good job. They keep up with the latest trends by announcing support for cryptocurrencies and more ways to use their hardware wallet.