Quick Comparison: Cold Wallet vs Hot Wallet
| Feature | Cold Wallet | Hot Wallet |
|---|---|---|
| Examples | Ledger, Trezor | MetaMask, Trust |
| Connection | Offline | Online |
| Security | Highest | Medium |
| Convenience | Lower | Highest |
| Cost | $50-200 | Free |
What is Cold Wallet?
Cold wallets keep your crypto offline — unhackable by design. Your private keys never touch the internet, so even if your computer is compromised, funds stay safe. For anything you're not actively trading, cold storage is non-negotiable.
The main options are Ledger and Trezor. Both work similarly: a physical device stores your keys, and you plug it in only to sign transactions. Think of it like a safe deposit box vs. cash in your pocket.
What is Hot Wallet?
Hot wallets live on your phone or browser — always connected, always ready. MetaMask, Trust Wallet, and Phantom are the big names. They're perfect for daily use: trading, DeFi, minting NFTs.
The risk is real though. If your device gets malware, if you sign a malicious transaction, or if you fall for a phishing site, your funds are gone. Never keep your life savings in a hot wallet.
Key Differences
- Security: Cold wallets are offline and nearly unhackable
- Convenience: Hot wallets let you transact in seconds
- Cost: Hot wallets are free, cold wallets cost $50-200
- Recovery: Both use seed phrases for backup
- DeFi Access: Hot wallets connect easily, cold wallets need extra steps
- Best For: Cold = savings, Hot = spending
Which Should You Choose?
Choose Cold Wallet if: You have over $1,000 in crypto or plan to hold long-term. The $100 for a Ledger is cheap insurance against losing everything.
Choose Hot Wallet if: You're actively trading, using DeFi, or have small amounts. Just treat it like your physical wallet — keep spending money, not your savings.
Track Both with Strykr
Stop juggling multiple apps. Strykr gives you unified access to crypto and stocks with AI-powered insights. Whether you choose Cold Wallet, Hot Wallet, or both — monitor everything from one intelligent dashboard.