We never compromise on the security of your funds. That is why OVEX does not use hot wallets when it comes to storing your cryptocurrency. Instead, all our clients’ cryptocurrencies are stored in cold wallets.
OVEX has partnered with the world leader in digital asset hardware security – Fireblocks – to guarantee you a seamless experience when it comes to buying, selling, storing, and earning crypto - without ever making a trade-off on security.
Cold vs Hot Storage:
The terms hot wallet and cold wallet are used to define two means of storing ones cryptocurrency - make no mistake though - it is not the temperature of these wallets that set them apart.
Hot wallets are digital cryptocurrency wallets, while cold wallets are physical hardware devices that store cryptos inside of them. Cold wallets generally live inside devices that look like a small to medium-sized USB sticks.
The key difference between hot wallets and cold wallets is that hot wallets are connected to the internet, while cold wallets are not. As a result, cold wallets are considered a more secure storage option for digital assets. Storing a large number of digital assets in a hot wallet is not advisable as it leaves your funds exposed to potential security threats, such as cyber theft.
Generally, cold storage wallets are quite secure. Stealing from a cold wallet would require physical possession of the cold wallet itself, as well as knowledge of associated PINs or passwords used to access the funds locked inside. That is why you can rest assured your cryptocurrencies are safe when stored with OVEX.