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CoolBitX Crypto

latest release: 2.25.0 ( 27th September 2021 ) last analysed  28th August 2021 Not a wallet 
4.4 ★★★★★
924 ratings
10 thousand
1st December 2017

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The Analysis 

Update 2021-08-28: We now also added the hardware wallets this app is the companion app for, CoolWallet S No Source!  and CoolWallet Pro No Source!  .

This app (made for the CoolWallet S – the second generation card) is the most convenient and secure way to store, receive, and send your cryptocurrency assets.

This app is the companion app of a hardware wallet. If it doesn’t manage private keys itself, it’s not a wallet. Let’s see if it can be used without the “CoolWallet S” hardware wallet …

On Google Play there is no word about private keys.

At first sight, the website only talks about their hardware wallet.

As the app cannot be setup without Bluetooth being activated we assume it can’t be used as a wallet without the hardware wallet. It might still be able to have hardware-less accounts which would make it a wallet again but as we can’t test that and most likely no significant funds would end up in such an account, we file this app as a companion app of a hardware wallet, only.

(lw)

Verdict Explained

This appears to not be a product to receive and send money.

As part of our Methodology, we ask:

Is it a wallet? If not, we tag it No Wallet 

If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!

If you can “have” bitcoins in it but not actually receive or send them, then what really happens is that you can get exposure to the Bitcoin exchange rate but we still don’t consider it a wallet.