CoolWallet Pro Review

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Bottom line:

The CoolWallet Pro is a new cryptocurrency hardware wallet that supports a wide variety of coins with staking features. The cold storage device is the size of a standard credit card which makes it ideal for everyday use. The CoolWallet Pro offers a premium level of security with the added benefit of linking to a mobile device to send, track and receive crypto. For its price tag, the CoolWallet Pro is a great wallet for crypto investors.

CoolWallet Pro At A Glance

Wallet Name	CoolWallet Pro
Type of Wallet	Hardare wallet
Price	USD $149
Supported Coins	BTC, ETH, LTC, XRP, XLM, BNB, USDT, TRX, ATOM, DOT, CHR, Tezos, Cardano, ETH 2.0 and ERC20 tokens.
Coin Staking	Yes (Polkadot, Tron and Cosmos only)
Battery Life	2-3 weeks
Bluetooth Connectivity	Yes
Mobile App	Yes (Android and iOS)

What Is The CoolWallet Pro?

The CoolWallet Pro is the latest cold-wallet device that was released in May 2021. The cryptocurrency hardware wallet allows individuals to safely and securely send, store and receive multiple digital currencies. The wallet was developed by the Taiwanese tech company CoolBitX, the maker of the acclaimed CoolWallet S which has sold more than 200,000 units worldwide.

The CoolWallet Pro is the next-generation hardware wallet that has improved the features of its successful predecessor. Whilst the former wallet provided an easy way to store and trade crypto, the CoolWallet Pro is a more advanced hardware wallet with cutting-edge software, increased security and the ability to earn free crypto through staking coins while held on the device.

Some of the key features we will assess include:

• Track, monitor, send and receive crypto with ease from cold storage
• Size of a standard credit card, durable, flexible and portable
• Multi-currency wallet for popular crypto assets and ERC-20 tokens
• Encrypted Bluetooth connection to Android and iOS devices
• Directly purchase crypto or connect to Binance DEX to trade
• Stake crypto to earn rewards

Features & Benefits Reviewed

Portable & Travel-Friendly

The CoolWallet Pro hardware wallet is the size of a standard credit card which can be easily transported while on the move. The wallet is 0.8mm thick and weighs 6 grams which can easily fit into a physical wallet or pocket. For added durability while traveling, the CoolWallet Pro is water-resistant and tamper-proof.

Supported Assets & Staking

CoolWallet Pro is a multi-currency wallet that can be used to stake ERC20 tokens to earn crypto rewards for holding the coins on the device. Users can mine these POS coins to earn staking rewards on Cosmos, Tron and Polkadot. The CoolWallet website supports the most popular staking coins such as Tezos, Cardano and ETH2.0 tokens. Although, CoolWallet falls well short of the top staking wallets and exchanges with its limited selection of tokens.

Link To Mobile Devices

Being able to control digital assets that are safely stored in a hardware wallet is an important consideration. The CoolWallet Pro allows crypto holders to pair with an Android or iOS device via Bluetooth within a 10-meter range. This also acts as 2FA for increased security that supports biometric login. Crypto investors can trade, exchange, check balances and swap crypto on their mobile device that is linked to a cold storage device to verify the transaction.

Enhanced Security

Software wallets and crypto exchanges can be hacked so it's important to use a hardware wallet for crypto. The new CoolWallet Pro has increased its security features with the CC EAL 6+ Military grade security chip installed. This is an improvement compared to the CoolWallet S and also the Ledger Nano X which have EAL 5 security chips. 

The development of the chipset has undergone a rigorous process and bank-like security engineering techniques in order to produce a secure wallet for the protection of high-value assets. The CoolWallet Pro is a perfect companion for cryptocurrency holders that combines everyday convenience and robust safety measures.

Price & Value

The CoolWallet Pro costs USD $149 which can be purchased directly on the CoolBitX website or through selected resellers in Australia or Amazon.com. In comparison to other reputable hardware wallet providers such as the Ledger Nano and the Trezor series, the price of the CoolWallet Pro is quite reasonable and is great value for money. The older CoolWallet S model can still be purchased for a cheaper price of USD $99.

Battery Life

The CoolWallet Pro is powered by a 3V lithium-ion rechargeable battery that has a standby period of 2-3 months in idle mode from a full charge. The wallet comes with a charging unit that can be plugged into a USD device to recharge the device. The battery life of the CoolWallet Pro is quite reasonable given the credit card form factor and size. The battery duration is similar compared to other hardware wallets, the Ledger Nano X that also provides several months of battery life in idle mode. 

What Coins Can Be Stored On The CoolWallet Pro?

The CoolWallet Pro is a multi-currency digital wallet that can store 16 of the major cryptocurrency assets on the market including support for ERC-20 and TRC20 tokens, including USDT / USDJ / JUST / WBTT / WIN. This is an additional 3 coins compared to the older CoolWallet S model. Upon its launch, the CoolWallet Pro included support for TRX, ATOM and DOT whilst CHR was added in May 2021.

According to the website, CoolBitX plans to expand crypto coin support and has listed ETH 2.0, Tezos and Cardano in the near future which will likely have support for staking. Full list of current tokens supported by the CoolWallet Pro can be viewed here.

CoolWallet Pro App

The CoolWallet Pro connects offline to a single mobile wallet device using an encrypted Bluetooth connection within a 10-metre radius. The device communicates to Android 6, or iOS 9.1 mobile phones using the CoolBitX app. The app has an average 4.5/5 star rating based on 770 reviews on Google Playstore. The main features of the CoolWallet app are to monitor wallet balances, send and receive crypto, trade and view history.

Monitor Wallet

The ‘wallet' tab provides a general overview of the total net worth of assets held on the cold storage device and displays the individual amount in crypto and equivalent fiat currency (e.g. US Dollars) for each wallet. The ability to monitor balances on a hardware wallet from a mobile device is an excellent feature.

Send & Receive Crypto

Using the CoolWallet Pro app, users can quickly select the ‘receive' tab to select an asset and generate a QR code or public address. Multiple addresses can be created and shared with others using the mobile device. Similarly, the ‘send' user interface closely resembles a standard cryptocurrency wallet with options to select the coin, enter the recipient address, choose an amount and the fee. Each buy and sell transaction will need to be verified on the CoolBitX app.

Trade Crypto

Through the ‘trade' tab, users can be crypto, trade and sell through cryptocurrency exchanges, decentralized exchanges (DEX) or instant swap exchanges from within the CoolBitX app. The Binance DEX features an advanced platform to trade hundreds of crypto pairs with access to decentralized apps (Dapps), staking and other Binance services and products we have reviewed. Digital assets purchased on the exchange are sent directly to the CoolWallet Pro without any intermediaries which greatly reduces the risk of hackers.

What Comes With The CoolWallet Package?

The CoolWallet Pro is delivered in a well-packaged box that is wrapped in plastic and sealed with a tamper-evident sticker. This is important as the security label provides a level of reassurance the package has not been tampered with when it arrives. There have been incidents with other wallets where the package was intercepted and installed with malware that gave the hackers access to the Bitcoin private keys.

Here is a list of items that are included in the box:

• CoolWallet Pro
• USB charging dock and cable
• User manual
• Recovery seed cards (2)

When purchasing the CoolWallet Pro, it is important to never buy the wallet from an unauthorized retailer or seller online. The official CoolWallet website is the best place to buy the CoolWallet Pro, however, the payment will be charged in New Taiwan Dollars (NTD) and may incur a foreign exchange fee depending on the bank and payment method.

How To Set Up The CoolWallet Pro

Setting up the CoolWallet Pro for the first time is simple and takes only a few minutes. Within the box, there is a user manual with step-by-step instructions on configuring the wallet and pairing to a mobile device.

Step 1: Download the CoolBitX Crypto Wallet App

The first step is to download the CoolBitX app on AppStore or Google Play. The software is made for the CoolWallet Pro that will allow the user to send, receive and monitor balances on the wallet.

Step 2: Insert the CoolWallet Into The Charger

Once the CoolBitX app has been downloaded, connect the CoolWallet Pro into the charge and connect to a USB slot of a computer or laptop to begin charging the device. The card must be charging during the initial setup and any firmware updates. For a full charge, it will take around 4 hours which will last at least 2-3 weeks.

Step 3: Pair To A Mobile Device

Open the CoolBitX software application and pair it to a mobile device via Bluetooth. A one-time password (OTP) will be sent to the phone to confirm the pairing to the CoolWallet Pro. Click on ‘Connect' to complete the pairing. We recommend waiting for the wallet to be fully charged before pairing. The OTP code did not display when the wallet was partially charged.

Step 4: Create A Wallet

Once the wallet has been paired to a mobile device, a wallet can be created which will require a new seed phrase to be generated with either a 12, 18, or 24 number set. A higher number of characters will provide a greater level of security. The seed phrase can be written down on the seed cards to serve as the backup for your device. In the event the CoolWallet Pro or mobile device is lost or stolen, the seed phrase can be used to restore the funds. Although, the best way to protect a seed phrase is to purchase a metal wallet to store the recovery phrase.

Once the code is verified, the wallet can be used with the CoolBitX app to send, store and receive cryptocurrency.

CoolWallet Pro vs CoolWallet S

When the CoolWallet Pro is compared to the older generation model the CoolWallet S, there are not too many differences in the physical product in terms of size, flexibility and weight. Both hardware wallets are connected to Android and iOS mobile devices via encrypted Bluetooth, use the CoolBitX app and are powered using a USB device.

The CoolWallet Pro does have increased security within the chipset and has increased support for 3 more cryptocurrencies. The most notable improvement is the introduction of staking features and integration with DeFi, Dapps and NTF's. Overall, the CoolWallet Pro is a well-rounded cold wallet storage device that has nice features compared to the older model. 

Criteria	CoolWallet Pro	CoolWallet S
Price	USD $149	USD $99
Portability	Credit card size (0.8mm thick), 6g	Credit card size (0.8mm thick), 8g
Operating System	Mobile (Android and iOS)	Mobile (Android and iOS)
Encrypted Bluetooth	Yes	Yes
Security	EAL 6+ certified Secure Element	EAL 5+ certified Secure Element
Power	Lithium rechargeable battery (3 V, 15 mAh)	Lithium rechargeable battery (3 V, 15 mAh)
Supported Cryptocurrencies	BTC, ETH, LTC, XRP, XLM, BNB, Tether, ERC20 tokens, TRX, ATOM and DOT, CHR, ETH 2.0, Tezos and Cardano	BTC, XRP, ETH, LTC, BCH, BNB, Horizen, ICX, stablecoins and all ERC20 tokens.
Staking	Yes	No
Integrations	DeFi, Dapp and NFT (e.g. Compound, Opensea) coming in Q3 2021	No

Customer Service & Support

Users experiencing technical difficulties will be able to access various guides relating to the basics of CoolWallet Pro accounts and features on the CoolBitX website. The FAQ page is well stocked with answers to general information queries and common troubleshooting issues users may come across. Wallet owners that are not able to find adequate information on the website can reach out to CoolBitX via email at support@coolbitx.com. 

There was no 24/7 customer support or live chat for urgent queries which should be considered. We tested the customer support with a specific CoolWallet Pro query and received a response 17 minutes after. This is relatively quick and the quality of the response was also impressive. An invitation to submit a short video depicting the issue was suggested, a link to the user manual was provided and further assistance was offered via referral to the engineering team once further information of the issue was provided.

Frequently Asked Questions

How We Rated The CoolWallet Pro

Review Criteria	Hedge With Crypto Rating
Features	3.5 / 5
Supported Fiat and Deposit Methods	4.5 / 5
Supported Crypto & Trading Pairs	4.4 / 5
Fees	4 / 5
Ease of Use	4.5 / 5
Customer support	3.4 / 5
Security Measures	4.5 / 5
Mobile App	4 / 5