The CoolBitX wallet blends the mobility that software wallets afford with the exceptionally advanced security features that hardware wallets offer. Since digital assets are here to stay, you need a wallet that guarantees safety and convenience.
In this article, we provide an honest review of the CoolBitX wallet, with reliable and useful information that should help anyone looking to use the wallet to make an informed decision before going on to use it to store digital assets.
CoolBitX Wallet Review Overview
CoolBitX launched its first crypto wallet in 2015. Many people backed the initial campaign on a crowdfunding platform known as Indiegogo. SBI Holdings, one of the early investors in the project, helped to raise $16.75 million in a Series B funding round. After the initial launch, the company received many support and ticket queries and utilised the feedback to launch a new hardware wallet in early 2018.
We like that the CoolBitX wallet allows you to enjoy the features of cold and hot devices without compromising on security. The wallet is the most secure, and the advanced encryption connection ensures a high level of privacy.
What is CoolBitX Wallet?
The CoolBitX wallet is a cold storage device that tracks cryptos on the blockchain and stores them in an offline environment. This credit card-sized Bluetooth device offers the next level security for multi-cryptocurrencies. As such, we consider this to be a hardware wallet review. However, unlike other cold storage wallets, CoolBitX also requires an internet connection. The hardware wallets connect to iOS/Android smartphones via the CoolBitX application to allow for fast and safe transactions. Once you install the appropriate app, you can store and transact whenever you want from any remote location.
The company’s CEO, Michael Ou, founded CoolBitX in 2014. He was inspired to develop the first mobile cold storage wallet when thieves broke into Mt. Gox, stealing thousands of bitcoins worth millions from the exchange’s users.
Why do people like CoolBitX Wallet?
One factor that makes the CoolBitX wallet a mainstay of the crypto wallet space is the confidence inspired by its top-notch technology as well as from its founder, Michael Ou.
Users have noted that the wallet is super-secure and reliable, and the company’s regulatory approval adds to its reputation. The wallet is unique in that it ensures that users must pass a 3-step verification for every transaction they perform.
While this requirement can appear tedious initially, many people love because it ensures that their digital currencies are always safe. The seed also protects the wallet. You can make this security code-based system as secure as you like.
The Secure Element feature also adds another security layer to all transactions. Strong encryption also aids in making it difficult for nefarious actors to access user data, a scenario that can greatly compromise the safety of funds.
All these features make the CoolBitX wallet incredibly popular across the world. But you can access the cold storage on your mobile phone provided you have a secure internet connection, and that makes it an outstanding digital asset storage option.
What types of wallets from CoolBitX are available?
As discussed in our CoolBitX review overview section, the crypto security company has two different models- the CoolWallet, and the CoolWallet S. Each wallet has its unique features that address a wide variety of needs. Here is a description of these wallets:
CoolBitX had launched the CoolWallet in 2015 to offer advanced security to crypto users. Before 2018, it was the company's best product. However, users had a few issues with some of its features, and CoolBitX used the feedback to launch the present advanced version.
If you want to reap the most from CoolBitX, the CoolWallet S is all you need. As we have said, it is the advanced version of their flagship project. The company launched the CoolWallet S model that is the size of a credit card and has an in-built metal button in 2018 in response to public demand.
The CoolWallet S supports elliptic curve-secp256k (ECDSA), the transaction signing algorithm that ensures blockchain security. The company recommends that you seed-generate from the wallet itself, as this guarantees users a higher security level than performing it from the mobile application. Moreover, if you perform an average of two transactions per day, the battery will serve you for approximately two weeks on a single charge. Its built-in lithium battery takes 2 hours to charge fully.
In the CoolWallet S box, you will find the following:
· CoolWallet S (Secure Element, 3 Factor Authentication, and Bluetooth Connectivity),
· Recovery seed card, and
· Charging dock.
CoolBitX Wallet Pros and Cons
Buying a CoolBitX Wallet
CoolBitX wallets are in demand in all parts of the world. Here, we want to see how you can buy one in your region and set it up in under 10-to-20 minutes.
How to order your CoolBitX Wallet
Our research established that only the advanced version, the CoolWallet S is available in the market. So, you do not need to struggle to choose from a list of models.
We recommend that you purchase the wallet online through the manufacturer's official website. Used wallets can expose your digital currency to lots of security risks. Before you process the payment, check the shipping costs, as they vary depending on the region. But free shipping is also available in many countries. Also, you should consider any taxes such as VAT and duty (if they apply). After that, proceed with the payment. You can use the button below to visit the official website and order your CoolBitX wallet.
CoolBitX at a Glance
You will receive a slim and aesthetically appealing wallet. It is a credit card-sized device that lacks the bulky designs and comes with the USB or WIFI connection features typical with many crypto-storing wallets.
How to set up your CoolBitX wallet
Once you receive your package, you are free to start setting it up. Since CookBitX is a hardware wallet, you are not necessarily required to sign up on an online system or follow any KYD/ID verification procedures. However, you need to follow these simple steps:
· Turn on the app-Turn on your CoolWallet S and navigate to the app on your phone.
· Press Connect- Once you see a string of letters and numbers, which is your wallet ID, press "Connect."
· Press "Create." Choose the seed length-choose the seed on the wallet itself rather than the mobile application for security reasons.
· Write down or save the random generation of numbers and words that you get as an image file.
· Press "Create Wallet."
How to send and receive crypto funds
Once you press the "Create Wallet" button, you are an official owner of a CoolBitX wallet and can start sending and receiving funds. Here are the simple steps to send your digital assets:
· If you want to send your digital currency, type the receiving address and set the fee and the amount.
· Press the button on the wallet to confirm the provided information.
· Due to the high transaction speed, the receiver gets the money in near-instant time.
· If you want to receive crypto, copy and paste a QR CoolWallet S code or scan it.
Our review of CoolBitX wallet
Now that we have explained how to set up your CoolBitX wallet and use it to send and receive digital currencies let's focus on the different aspects of the device that makes it incredibly alluring to many users.
CoolBitX Main Features
Use CCEAL5+ Secure Element-The Secure element adheres to the highest standards of the Evaluation Assurance Level Common Criteria. It keeps your private key locked up at all times and only communicates non-essential information over Bluetooth.
Military-level Bluetooth encryption- The manufacturer started using Bluetooth about five years ago, long before some of its rivals finally discovered its future-proof qualities. The CoolBitX wallet uses AES256 Bluetooth encryption that is reliable, secure and works seamlessly.
Biometric and Physical verification-The CoolBitX wallet adds a layer of 2FA security. To confirm any transaction, you need to go through software, biometric, and physical verifications.
Tamper-Proof-It feels like a credit card. Unlike USB cold wallets, you cannot open it, making the wallet safe from supply chain attacks.
Waterproof and Durable-The wallet is designed for every use. It is ultimately waterproof and bendable (15 degrees).
What cryptocurrencies can be stored in your CoolBitX wallet?
The CoolBitX wallet stores over 1,000 cryptocurrencies and tokens, including Bitcoin, Ethereum, Litecoin, and many others. Since listing all of them is out of our review's scope, let's list some of the top altcoins and tokens.
Bitcoin (BTC), Bitcoin Cash (BCH), Binance Coin (BNB), Ethereum (ETH), ERC-20 tokens, Ripple/XRP (XRP), Litecoin (LTC), ZenCash (ZEN), ICON (ICX), Omni Tether (Omni USDT), Tether (USDT), Lumen (XLM), WETH (WETH), UNUS SED LEO (LEO)
CoolBitX Wallet Price
The CoolBitX wallet is incredibly cost-effective. As of September 2020, the CoolWallet S costs $99.
It is the standard price for a single wallet. You can pay up $ 159 if you go for the Duo option. Even though some wallets are cheaper than the CoolWallet S, we consider it affordable due to its advanced security features. The fact is that you can find free crypto wallets online, but it might be prudent to spend a little more money to protect your funds from being stolen.
Is CoolBitX Wallet Suitable for Beginners?
The CoolBitX wallet is suitable for beginners due to ease of use. After buying the wallet, a new user can conveniently download the app from Google Play or App Store and set it up by following the instructions that appear on the screen. The user can then start adding digital currency into the wallet and can start sending it to other people with ease, as we have seen above.
The fact that the CoolBitX wallet is waterproof and durable also makes it the best choice for beginners. Even though we ask all users to take the best care of their wallets, some beginners may forget to follow the instructions to the letter in the initial days. If you don't want to start worrying about the card malfunctioning if the wallet accidentally drops in water or is bent (up to 15 degrees), this is a suitable option.
The wallet is discreet and portable like a standard credit card. This means that beginners can take the wallet anywhere to trade, receive and send digital currency on the go without being noticed.
CoolBitX Wallet Security
CoolBitX relies on Sygna to bridge the gap between mainstream finance and the virtual asset industry. In 2020, Sygna was recognised for the role of solving the Financial Action Task Force's R. 16 puzzle, and compliance for virtual asset service providers (VASPs). The CoolBitX wallet is using this messaging service to share the required compliance data following the global regulatory standards and discourages money laundering.
The advanced security features such as 2+1 FA verification, military-grade Bluetooth encryption, and the most Secure Element also guarantees users the peace of mind. What's more, the other features that were added in 2019, including PIN code for the application, advanced seed recovery, and the 3-month lasting battery, are also worthwhile for the safety of the users' funds.
Is CoolBitX Wallet a Legit and Safe Option to Store your Cryptocurrencies?
Many users are turning to the CoolBitX Wallet because it is portable and convenient to use. The sleek design of the CoolWallet S makes it easy for anyone to carry it along wherever they go. Inside the device is a Secure Element that securely stores your private keys. So, the wallet is built with the security needs of everyone in mind.
The built-in display also plays a significant role in helping the users to carry out accurate transactions. From our research, we noticed that many users enjoy using the display to view transaction details to minimise errors.
The CoolWallet S is also compatible with several operating systems. You can use it with Android 5 or higher or iPhone 5 (iOS 9.1) or higher. It also means that it is an option that most smartphone owners can find incredibly useful.
Despite the undisputed legitimacy and advanced security level that the wallet offers, you need to take your share of responsibility seriously. Keep your wallet disconnected from the internet when not in use and adhere to the best security practices to enhance your fund's security.
Frequently Asked Questions
The CookBitX wallet is a hardware wallet for hundreds of cryptocurrencies, including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Ripple. Better still, it stores all the ERC20 tokens. This handy crypto storage device also has an exceptional balance of world-class convenience and security. Moreover, it is portable and easy to set up.
You need not worry at all. If you lose the wallet, look for your seed recovery card and use it to recover the wallet on the application. Once done, enter the backed up seed. Likewise, you are free to restore your digital money if you lose access to your phone. However, we recommend that you buy a new wallet and restore the seed via the manufacturer's app due to security reasons.
The main cause of firmware update failure is an unstable Bluetooth connection and power source. If you experience this problem, insert the wallet into the charger during the upgrade, which will solve it.
Some beginners often feel in the initial days that the requirement to pass the 3-step verification makes performing transactions tedious. The lengthy verification is meant to protect your hard-earned funds. Once you understand the process, you can complete many transactions in minutes.
This cold storage device offers several security features, including EAL5+ certified Secure Element, encrypted Bluetooth, multiple confirmations before sending money, setting unique security level, and hierarchical deterministic (HD). The HD makes it simple to back up and recover your wallet if it is lost.
As security is a big issue in crypto, the collaboration with the FATF is to enhance blockchain security, prevent money laundering, and improve the virtual currency industry's reputation.