Hot wallets are basically those wallets that allows a user to send and receive crptocurency and hold a crptocurency in that particular space. Hot wallets are basically connected to internet. A person can send and receive crptocurency through these wallets globally. Hot wallets are secured wallets. There are proper transaction record. Private keys and public keys play a important part in these wallets. There are different hot wallets like software hot wallets, some application wallets that are free to use and some of them you have to buy. Softwares wallets are downloadable wallets that aren't link to any particular exchanges. You maintain the public and private keys so that the crptocurency stored in that remain in your own hold. Besides all these facts your crptocurency is still vulnerable and a hacker might hack your computer, your public and private keys and all your crptocurency currency will be lost then. So be careful.