Custom URLs: Wallet Comparison

Our impressions

Ledger Nano S Plus

CoolWallet Pro

Pros

Great form factor, paired with robust casing protection made out of medal for high portability
Future-proof USB-C port
Uses the BIP-39 standard, which allows wallet recovery even without hardware
Can be used as a secure key, providing additional value outside crypto use-cases

not reviewed yet

Cons

Requires constant USB connection to operate
Firmware is closed source
App concept (apps need to be installed on the device to support certain coins and features) can be overwhelming, especially for new users, but easy enough to start using the device in no time

not reviewed yet

Verdict

One of the most secure hardware wallets at a very attractive price point. The secure element chip prevents seed phrase extraction attacks, but comes at the price of closed source firmware. Users have to get familiar with the concept of individual apps that have to be manually installed by the user to make the device support the features (i.e. coins, security key functionality, etc.) they need. Installation is not much different than installing smartphone apps from the app store though, so not that difficult after all. As no company is perfect, please make sure to keep updated on Ledger controversies, before making a buying decision. Read more about Ledger controversies

All in all – a very good deal to keep your crypto assets safe with a very high level of security.

not reviewed yet

Disclaimer: Our impressions are based on a compilation of factors tailored to the average user’s perspective. It is also important to note that whether a feature is a “pro” or “con” can depend on your situation and preferences. What may be an advantage in one scenario could be a challenge in another, and vice versa. Therefore, while reviewing these points, it’s essential to consider your unique requirements and circumstances when making decisions. This list aims to provide an idea of what to anticipate, but it is not the ultimate guide to determining whether something will work for you or not.

Key features

Ledger Nano S Plus

CoolWallet Pro

Release year

2022

2021

Supported coins

Supports multiple coins, Bitcoin-only mode available

BTC, ETH, ADA, XRP, LTC, XLM, DOGE, DASH, XMR
in total 5,000+ coins available

Supports multiple coins

Supports over 30 main chains, including Bitcoin, Ethereum, Binance Smart Chain, Binance Chain, Polygon, Solana, Avalanche C-Chain, Arbitrum, Optimism, Tezos, Cardano, TRON, Aptos, Polkadot, Cosmos, Kusama, Cronos, Crypto.org, Bitcoin Cash, Ethereum Classic, XRP, Flare, Stellar, Litecoin, Horizen, Icon, Stellar, Kinesis Gold, Kinesis Silver, Terra, and Tether (OMNI)

In addition also supports over 12,000 custom tokens on several chains such as Ethereum and Binance Smart Chain

Open source

Companion software

Apps that are installed on Ledger Nano S Plus are open source

Firmware
Companion software

Seedphrase support

BIP-39 (Mnemonic phrase)
Passphrase

BIP-39 (Mnemonic phrase)
Proprietary method

Device does support the BIP-39 standard in the companion app. The proprietary CoolBitX mnemonic (seed phrases generated using the “on card” option) is based on BIP-39, but does not use the BIP-39 wordlist. Sample code that demonstrates seed and key generation is available in the CoolBitX Mnemonic Github repository.

Security protections