My girlfriend made me a diy that worked great. Don't put too much stock into fancy or expensive names. Its all the same shit.
She used jojoba oil, almond oil and a few choice essential oils.
I remember her saying it wasn't super cheap but she uses essential oils for other things so those she had around.
Im not sure about cocunut oil but im sure its fine. Just trying it on its own to see how you like it first. In a pinch ive put olive oil in my beard so honestly whatever you like will work.
I have a balm as well but i bought it at a local market so dont know much about it. Balms are nice because you get a bit of sculpting with it.
WITH that all said I have been using Queen Bee from Lush, its not specifically for beards but i think it works amazing, it melts in your hand really well so its a good medium between oil and balm, plus I love the smell, here is the link