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When you buy cryptocurrency, one of the first questions is: where do you actually keep it?
On an exchange, on your phone, or on a special hardware device?

In this video I’ll explain the difference between hot wallets, cold wallets, and exchange wallets, the risks of each, and how to use them wisely.

First, a quick foundation.
A crypto wallet doesn’t really store coins inside it – the coins live on the blockchain.
Your wallet stores the private keys: secret numbers that prove you own those coins and allow you to move them. Whoever controls the private keys, controls the money.

Now, hot wallet vs cold wallet.

A hot wallet is connected to the internet.
Examples:

A wallet app on your phone or computer

A browser extension wallet

And yes, the balance you keep on a centralised exchange account also behaves like a hot wallet

Because it’s online, a hot wallet is:

Very convenient – easy for sending, swapping and trading

But more exposed – to malware, phishing, hacked platforms, or a compromised device

A cold wallet is kept offline.
Examples:

Hardware wallets (the small USB-style devices)

Paper wallets with keys written down and stored securely

Any device where keys are generated and kept offline

Cold wallets are:

Much safer against online attacks

But less convenient – you need extra steps every time you move funds

Now let’s talk specifically about exchange wallets.

When you keep your crypto on a centralised exchange, you normally do not hold the private keys.
The exchange holds the keys in its own big wallets and shows you a balance in its database. This is called a custodial wallet – they are the custodian, you are the customer.

That has some advantages:

Very easy for beginners – just log in with e-mail and password.

Fast trading between different coins on the same platform.

If you lose your password, there is usually an account recovery process.

But there are important risks:

Exchange risk – if the exchange is hacked, goes bankrupt, or simply runs away with the funds, your coins may be lost.

Freezing and restrictions – withdrawals can be paused, limited or blocked due to legal issues or internal policies.

Privacy – exchanges usually require full KYC: ID checks, address, transaction monitoring. Much more of your activity can be linked to your real identity.

And remember the classic phrase: “Not your keys, not your coins.” If you do not control the private keys, you are ultimately trusting someone else.

So how should you use all of this in practice?

Think of it like money:

A hot wallet on your phone is your everyday wallet.

A cold wallet is your safe at home.

An exchange wallet is more like leaving money with a bank or broker – convenient, but you’re trusting their system and rules.

A sensible approach is:

Keep only what you are actively trading on exchanges.

Keep small spending amounts in a personal hot wallet you control.

Move larger, long-term holdings into a cold wallet where you hold the keys, with the recovery phrase stored securely and offline.

Extra tips:

For exchanges: use strong passwords, two-factor authentication, and avoid leaving large balances there longer than necessary.

For hot wallets: never type your seed phrase into random websites or store it in screenshots or cloud notes.

For cold wallets: make at least one secure backup of your recovery phrase, and treat it like gold – if you lose it, nobody can rescue those coins.

In summary:

Hot wallets and exchange wallets give convenience, but increase your exposure.

Cold wallets give strong security, but need more discipline.
Using a mix of all three, with most value in cold storage and only working amounts online, is usually the safest way to manage your crypto.