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Hot wallet vs cold wallet: where to keep your crypto

By SendPay Business · · 2 min read

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A crypto wallet holds the private keys that control your coins. A hot wallet keeps those keys on a device connected to the internet, such as a phone app. A cold wallet keeps them offline, such as on a hardware device or paper.

Hot wallets

  • Quick to set up and easy to spend from.
  • Good for small amounts you use often.
  • More exposed to hacking, malware and phishing because they are online.
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Cold wallets

  • Keys never touch the internet, so remote attacks are much harder.
  • Slower to use: you connect the device or sign by hand each time.
  • If you lose the device and your recovery phrase, the coins are gone.

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Using both

Many people keep a small spending balance in a hot wallet and the rest in cold storage, a bit like a purse and a safe. Whichever you use, keep your recovery phrase offline and never share it.

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Where SendPay fits

SendPay platforms let customers buy, sell and hold crypto, held with regulated partners, alongside GBP, EUR and USD accounts, powered by licensed partners. SendPay doesn't offer trading tools, DeFi or lending.

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How it works

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

Is this wallet address valid?

Check a Bitcoin or Ethereum address for mistakes before you send.

Crypto wallet address checker →
What is a hardware wallet?

A small device that stores crypto keys offline.

Hardware wallets →
What is a seed phrase?

A list of words that can restore a crypto wallet.

Seed phrases →
What is a multisig wallet?

A wallet that needs more than one key to approve a payment.

Multisig wallets →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.