While people are signing up left and right for hot wallet storage options it’s easy to forget that despite the solid security of a hot wallet, cold storage options are still the way to go for absolute security when it comes to storing your cryptocurrency.
CoolBitX and Ledger are two of the biggest names in digital asset cold storage. Seeing as CoolBitX pioneered encrypted Bluetooth connectivity in their CoolWallets, it’s fitting that Ledger’s Nano X, Bluetooth cold storage device is their most immediate challenger, possibly stealing the throne altogether.
Despite their drastic aesthetic differences, both the CoolWallet S and the Ledger Nano X share a lot in common. Both are cold storage options for digital assets, both utilize Bluetooth communication protocol, both have military-level, CC EAL5+ Secure Element (SE) security, and AES256 encrypted Bluetooth.
To separate things out a bit, it’s best to go with a full spec sheet comparison of the two.
CoolWallet S | Ledger Nano X | |
Mobile and Tablet Apps | Both | Mobile Only |
Desktop Apps | No | Yes |
Altcoin Support | No | Yes |
# of Supported Cryptocurrencies | 33 | 780 |
Open Source | No | No |
Interface | Bluetooth and NFC | Bluetooth and USB-C |
Hidden Wallet Feature | No | Yes |
Segwit Protocol | No | Yes |
Face ID | Yes | No |
Fingerprint Scan | Yes | No |
BIP Compliant | BIP39 | BIP32, 39, and 44 |
BECH32 Compliant | No | Yes |
Air-Gapped | Yes | No |
Waterproof | Yes | No |
Primary Differences
Just scanning through the core data specifications, one thing is clear, CoolWallet was designed for mobile applications while the Ledger Nano X clearly favors desktops via PC, Mac, and Linux-based systems.
While there is a degree of interaction with the Ledger Nano X—it has an OLED screen with physical buttons—the CoolWallet S was clearly designed to be completely synchronized and controlled with your smartphone.
On some levels, CoolWallet’s mobile-heavy use is nice, as it leaves only one screen to deal with, and it’s already a familiar screen because it’s your smartphone. The Ledger requires you to learn the ins and outs of an entirely new interface and, if you happen to have large fingers, that may be problematic for some.
Another glaring difference between the two is how they approach security. The Ledger Nano X comes with an ANSSI CSPN (First Level Security Certificate), while that is distinctly lacking with the CoolWallet S.
However, the CoolWallet S is completely disassociated from any type of hardware connected to a computer, also known as “Air-Gapped,” which heightens its level of security. It also requires on-screen, two-factor authentication, and supports face ID and touch ID.
See the currrent price of the Coolwallet S on Amazon
Since CoolWallets are also hierarchically deterministic and require multi-signature access, it’s definitely the more secure of the two, both in terms of intrusion and privacy.
Differences in Storage Capabilities
As the number of digital assets continues to increase, in terms of NFTs and cryptocurrencies, the gulf between the Ledger Nano X and the CoolWallet S becomes that much wider.
The Nano X supports Alt-Coins along with 780 cryptocurrencies. That’s more than 23 times the amount of Cryptocurrencies supported by the CoolWallet S and that doesn’t include the fact that CoolWallet doesn’t support Alt-Coins.
As of this writing, the number of supported cryptocurrencies on the Ledger platform is continually increasing. Part of this is because of the hardware design of the CoolWallet S, as it can only hold so much memory.
The Ledger Nano X, on the other hand, has a larger storage capability along with a STM32WB55 operating system.
Check the availability of the Ledger Nano X on Amazon
Setup and Price Differences
The CoolWallet S is far simpler to set up. In fact, one of the loudest complaints with the Ledger Nano X is the unnecessarily complicated operation and setup involved with using it. Unless you’re an expert, the CoolWallet S is the better choice.
CoolWallet S
- Download CoolBitX App (Android or iOS)
- Insert CoolWallet into charger
- Pair with your smartphone
- Create a wallet with your recovery seed phrase
- Verify seed phrase
- Create an app PIN #
Ledger Nano X
- Download the Ledger Live App (desktop)
- Prep the Nano X using the device’s physical buttons
- Set up a PIN #
- Set up a seed phrase
- Connect Nano X and Ledger Live (Bluetooth)
- Set up Ledger Live Password
- Create Ledger Live Account
- Download and install the Bitcoin app
- Download and install each cryptocurrency you want in cold storage
Convenience and Design Differences
Convenience in portability easily goes to the CoolWallet S. Its no larger or thicker than a credit card and you can easily tote it around in your wallet and it uses electronic ink on a small, square display on one side of the card (think Amazon Kindle Paper). The Nano X, however, is a little different.
It’s not waterproof, like the CoolWallet S, and has a better display, but it’s bulkier, and the “feel” you get while carrying it is that it’s going to get scratched up or broken as it scrapes up against your car keys in your pocket.
The CoolWallet S feels far more durable, flexible, and protected inside the safety of your wallet. Between the two, the Ledger Nano X just feels like it belongs inside, nestled safely up against your other thumb drives, while the CoolWallet S can go anywhere you go, even if you get caught in the rain.
Fortunately, both devices have screens for you to digest whatever essential information is on them at the moment, with the Nano X being the more interactive. Still, nothing is neater than seeing the e-ink light up on the corner of what looks like a credit card.
All Things Considered
At the end of the day, your choice between the two will probably boil down to security and cryptocurrency. Security depends on your knowledge of the benefits of each and what you feel more comfortable with. The truth is, both devices are pretty secure as cold storage goes.
When it comes to crypto, however, the Ledger Nano X truly outshines the competition and if you’re holding bags of Alt-Coins and have an extremely diverse portfolio, the Nano X is the only suitable answer.