Hot Wallet
Internet-connected wallet - convenient but exposed to hacks.
Hot wallet = any software wallet with network access: MetaMask, Phantom, Trust Wallet, exchange app. Keys are in device memory (phone/PC), so malware or phishing can steal them. Great for small daily-use amounts, DeFi. Rule: only keep what you can afford to lose in a single attack.
In plain words
An app on your phone/PC where you keep crypto handy. Great for daily transactions but the key sits on a connected device - one phishing wipes you out.
Example
MetaMask on PC: max 1k-2k USD for DeFi. Larger amounts always moved to Ledger.
Also known as: software wallet