diff --git a/BTCPayServer/Controllers/StoresController.Onchain.cs b/BTCPayServer/Controllers/StoresController.Onchain.cs
index 25d5647f4..f2808dfd9 100644
--- a/BTCPayServer/Controllers/StoresController.Onchain.cs
+++ b/BTCPayServer/Controllers/StoresController.Onchain.cs
@@ -11,11 +11,11 @@ using BTCPayServer.Models;
 using BTCPayServer.Models.StoreViewModels;
 using BTCPayServer.Payments;
 using BTCPayServer.Services;
-using BTCPayServer.Services.Wallets;
 using Microsoft.AspNetCore.Authorization;
 using Microsoft.AspNetCore.Http;
 using Microsoft.AspNetCore.Mvc;
 using NBitcoin;
+using NBXplorer;
 using NBXplorer.DerivationStrategy;
 using NBXplorer.Models;
 
@@ -411,6 +411,8 @@ namespace BTCPayServer.Controllers
             }
 
             var (hotWallet, rpcImport) = await CanUseHotWallet();
+            var isHotWallet = await IsHotWallet(vm.CryptoCode, derivation);
+
             vm.CanUseHotWallet = hotWallet;
             vm.CanUseRPCImport = rpcImport;
             vm.RootKeyPath = network.GetRootKeyPath();
@@ -421,12 +423,13 @@ namespace BTCPayServer.Controllers
             vm.KeyPath = derivation.GetSigningAccountKeySettings().AccountKeyPath?.ToString();
             vm.Config = derivation.ToJson();
             vm.Enabled = !store.GetStoreBlob().IsExcluded(new PaymentMethodId(vm.CryptoCode, PaymentTypes.BTCLike));
+            vm.IsHotWallet = isHotWallet;
 
             return View(vm);
         }
 
-        [HttpGet("{storeId}/onchain/{cryptoCode}/delete")]
-        public IActionResult DeleteWallet(string storeId, string cryptoCode)
+        [HttpGet("{storeId}/onchain/{cryptoCode}/replace")]
+        public async Task<IActionResult> ReplaceWallet(string storeId, string cryptoCode)
         {
             var checkResult = IsAvailable(cryptoCode, out var store, out var network);
             if (checkResult != null)
@@ -435,9 +438,62 @@ namespace BTCPayServer.Controllers
             }
 
             var derivation = GetExistingDerivationStrategy(cryptoCode, store);
+            var isHotWallet = await IsHotWallet(cryptoCode, derivation);
+            var walletType = isHotWallet ? "hot" : "watch-only";
+            var additionalText = isHotWallet
+                ? ""
+                : " or imported into an external wallet. If you no longer have access to your private key (recovery seed), immediately replace the wallet";
             var description =
-                (derivation.IsHotWallet ? "<p class=\"text-danger font-weight-bold\">Please note that this is a hot wallet!</p> " : "") +
-                "<p class=\"text-danger font-weight-bold\">Do not remove the wallet if you have not backed it up!</p>" +
+                $"<p class=\"text-danger font-weight-bold\">Please note that this is a {walletType} wallet!</p>" +
+                $"<p class=\"text-danger font-weight-bold\">Do not replace the wallet if you have not backed it up{additionalText}.</p>" +
+                "<p class=\"text-left mb-0\">Replacing the wallet will erase the current wallet data from the server. " +
+                "The current wallet will be replaced once you finish the setup of the new wallet. If you cancel the setup, the current wallet will stay active  .</p>";
+
+            return View("Confirm", new ConfirmModel
+            {
+                Title = $"Replace {network.CryptoCode} wallet",
+                Description = description,
+                DescriptionHtml = true,
+                Action = "Setup new wallet"
+            });
+        }
+
+        [HttpPost("{storeId}/onchain/{cryptoCode}/replace")]
+        public IActionResult ConfirmReplaceWallet(string storeId, string cryptoCode)
+        {
+            var checkResult = IsAvailable(cryptoCode, out var store, out _);
+            if (checkResult != null)
+            {
+                return checkResult;
+            }
+
+            var derivation = GetExistingDerivationStrategy(cryptoCode, store);
+            if (derivation == null)
+            {
+                return NotFound();
+            }
+
+            return RedirectToAction(nameof(SetupWallet), new {storeId, cryptoCode});
+        }
+
+        [HttpGet("{storeId}/onchain/{cryptoCode}/delete")]
+        public async Task<IActionResult> DeleteWallet(string storeId, string cryptoCode)
+        {
+            var checkResult = IsAvailable(cryptoCode, out var store, out var network);
+            if (checkResult != null)
+            {
+                return checkResult;
+            }
+
+            var derivation = GetExistingDerivationStrategy(cryptoCode, store);
+            var isHotWallet = await IsHotWallet(cryptoCode, derivation);
+            var walletType = isHotWallet ? "hot" : "watch-only";
+            var additionalText = isHotWallet
+                ? ""
+                : " or imported into an external wallet. If you no longer have access to your private key (recovery seed), immediately replace the wallet";
+            var description =
+                $"<p class=\"text-danger font-weight-bold\">Please note that this is a {walletType} wallet!</p>" +
+                $"<p class=\"text-danger font-weight-bold\">Do not remove the wallet if you have not backed it up{additionalText}.</p>" +
                 "<p class=\"text-left mb-0\">Removing the wallet will erase the wallet data from the server. " +
                 $"The store won't be able to receive {network.CryptoCode} onchain payments until a new wallet is set up.</p>";
 
@@ -480,7 +536,7 @@ namespace BTCPayServer.Controllers
         private IActionResult ConfirmAddresses(WalletSetupViewModel vm, DerivationSchemeSettings strategy)
         {
             vm.DerivationScheme = strategy.AccountDerivation.ToString();
-            var deposit = new NBXplorer.KeyPathTemplates(null).GetKeyPathTemplate(DerivationFeature.Deposit);
+            var deposit = new KeyPathTemplates(null).GetKeyPathTemplate(DerivationFeature.Deposit);
 
             if (!string.IsNullOrEmpty(vm.DerivationScheme))
             {
@@ -529,7 +585,7 @@ namespace BTCPayServer.Controllers
                 return (true, true);
             var policies = await _settingsRepository.GetSettingAsync<PoliciesSettings>();
             var hotWallet = policies?.AllowHotWalletForAll is true;
-            return (hotWallet, hotWallet && policies?.AllowHotWalletRPCImportForAll is true);
+            return (hotWallet, hotWallet && policies.AllowHotWalletRPCImportForAll is true);
         }
 
         private async Task<string> ReadAllText(IFormFile file)
@@ -539,5 +595,11 @@ namespace BTCPayServer.Controllers
                 return await stream.ReadToEndAsync();
             }
         }
+
+        private async Task<bool> IsHotWallet(string cryptoCode, DerivationSchemeSettings derivation)
+        {
+            return derivation.IsHotWallet && await _ExplorerProvider.GetExplorerClient(cryptoCode)
+                .GetMetadataAsync<string>(derivation.AccountDerivation, WellknownMetadataKeys.MasterHDKey) != null;
+        }
     }
 }
diff --git a/BTCPayServer/Models/StoreViewModels/WalletSetupViewModel.cs b/BTCPayServer/Models/StoreViewModels/WalletSetupViewModel.cs
index 82f400771..9803bac02 100644
--- a/BTCPayServer/Models/StoreViewModels/WalletSetupViewModel.cs
+++ b/BTCPayServer/Models/StoreViewModels/WalletSetupViewModel.cs
@@ -20,6 +20,7 @@ namespace BTCPayServer.Models.StoreViewModels
         public WalletSetupMethod? Method { get; set; }
         public GenerateWalletRequest SetupRequest { get; set; }
         public string StoreId { get; set; }
+        public bool IsHotWallet { get; set; }
 
         public string ViewName =>
             Method switch
diff --git a/BTCPayServer/Views/Shared/Confirm.cshtml b/BTCPayServer/Views/Shared/Confirm.cshtml
index 23aed1ae7..a87dc385e 100644
--- a/BTCPayServer/Views/Shared/Confirm.cshtml
+++ b/BTCPayServer/Views/Shared/Confirm.cshtml
@@ -31,8 +31,8 @@
             @if (!String.IsNullOrEmpty(Model.Action))
             {
                 <form method="post" class="modal-footer justify-content-center" action="@Model.ActionUrl">
-                    <button type="submit" class="btn @Model.ButtonClass w-25 mx-2" id="continue">@Model.Action</button>
-                    <button type="submit" class="btn btn-secondary w-25 mx-2" onclick="history.back(); return false;">Go back</button>
+                    <button type="submit" class="btn @Model.ButtonClass xmx-2" id="continue" style="min-width:25%;">@Model.Action</button>
+                    <button type="submit" class="btn btn-secondary mx-2" onclick="history.back(); return false;" style="min-width:25%;">Go back</button>
                 </form>
             }
         </div>
diff --git a/BTCPayServer/Views/Stores/GenerateWalletOptions.cshtml b/BTCPayServer/Views/Stores/GenerateWalletOptions.cshtml
index 4c8d93f3d..8878f338d 100644
--- a/BTCPayServer/Views/Stores/GenerateWalletOptions.cshtml
+++ b/BTCPayServer/Views/Stores/GenerateWalletOptions.cshtml
@@ -23,8 +23,9 @@
             <div class="content">
                 <h4>Hot wallet</h4>
                 <p class="mb-0 text-secondary">
-                    Allows spending directly from your BTCPay Server.
-                    Each private key associated with an address generated will be stored as metadata and would be accessible to anyone with admin access to your server. Use at your own risk!
+                    Wallet's private key is stored on the server.
+                    Spending the funds you received is convenient.
+                    To minimize the risk of theft, regularly withdraw funds to a different wallet.
                 </p>
             </div>
             <vc:icon symbol="caret-right"/>
@@ -51,7 +52,10 @@
         </div>
         <div class="content">
             <h4>Watch-only wallet</h4>
-            <p class="mb-0 text-secondary">Needs to be imported into an external wallet to spend or provide the seed while spending.</p>
+            <p class="mb-0 text-secondary">
+                Wallet's private key is erased from the server. Higher security.
+                To spend, you have to manually input the private key or import it into an external wallet.
+            </p>
         </div>
         <vc:icon symbol="caret-right" />
     </a>
diff --git a/BTCPayServer/Views/Stores/ModifyWallet.cshtml b/BTCPayServer/Views/Stores/ModifyWallet.cshtml
index 4f5c3c003..23c5e70bb 100644
--- a/BTCPayServer/Views/Stores/ModifyWallet.cshtml
+++ b/BTCPayServer/Views/Stores/ModifyWallet.cshtml
@@ -44,6 +44,10 @@
                 <th>Source</th>
                 <td>@Model.Source</td>
             </tr>
+            <tr>
+                <th>Type</th>
+                <td>@(Model.IsHotWallet ? "Hot wallet" : "Watch-only wallet")</td>
+            </tr>
             <tr>
                 <th>
                     Enabled
@@ -57,7 +61,7 @@
     </form>
     <br>
     <form method="get" asp-controller="Stores" asp-action="DeleteWallet" asp-route-storeId="@Model.StoreId" asp-route-cryptoCode="@Model.CryptoCode" class="mt-5">
-        <a asp-controller="Stores" asp-action="SetupWallet" asp-route-storeId="@Model.StoreId" asp-route-cryptoCode="@Model.CryptoCode" id="ChangeWalletLink" class="btn btn-secondary mr-2">
+        <a asp-controller="Stores" asp-action="ReplaceWallet" asp-route-storeId="@Model.StoreId" asp-route-cryptoCode="@Model.CryptoCode" id="ChangeWalletLink" class="btn btn-secondary mr-2">
             Replace wallet
         </a>
         <button type="submit" class="btn btn-danger" id="Delete">Remove wallet</button>