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any exchange doesn't have a cold or hot wallet. But, a wallet may contain pairs, like private keys. your exchange only provides you a voucher with different addresses and generated by the exchange. in all scenario, you don't have any access to your money and your addresses, in cold wallet.
using a same wallet doesn't makes sense to me and creating wallets for every user is not feasible as every one said, but not sure how exchange does that, may be hot and cold wallet concept is what every exchange follows!
Yes giles, it is necessary, because if you don’t have any wallet cold or hot then how would you get bitcoin in other crypto? And for that purpose, there is a need to user with wallet and compulsory to have a unique address for unique id
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