Cold creams are typically oil-in-water emulsions. A common traditional formulation involves beeswax, mineral oil, and water, emulsified with borax (sodium borate). The beeswax provides structure and emolliency, mineral oil is the oily phase, and borax reacts with free fatty acids present in beeswax to form sodium soaps, which act as the emulsifying agents, creating a stable emulsion. Stearic acid is used in vanishing creams (water-in-oil emulsions) and is saponified with alkalis like borax or KOH to form the emulsifying soap, but beeswax is a characteristic component of traditional cold cream formulations.