Hello

The difference is that hot wallets are hosted on equipments that have an Internet connection, while cold wallets do not.

Thus, any wallet that is hosted on the server of a cryptocurrency exchange platform, on a smartphone or on a PC is considered Hot Wallet. Those stored on USB wallets (such as Trezor Model T) and even on a piece of paper are considered cold.

Because they are connected to the Internet, hot wallets offer greater ease of operation but are vulnerable to attack by hackers.