Hardware Wallets: These are physical devices that store private keys offline, providing maximum security against online threats. Examples include Ledger and Trezor.
Software Wallets: These are digital wallets that can be installed on devices such as computers or mobile phones. They are further divided into desktop wallets, mobile wallets, and web wallets, each with its own level of security and convenience.
Paper Wallets: These are physical documents that contain the private and public keys, used for storing cryptocurrencies offline. They are a cost-effective method but come with the risk of physical damage or loss.
Hot Wallets: These are wallets that are connected to the internet, making them more accessible but also more vulnerable to online attacks. Examples include web wallets and mobile wallets.
Cold Wallets: These are wallets that are kept offline, providing a higher level of security. Examples include hardware wallets and paper wallets.
Custodial Wallets: These are wallets where a third party manages the private keys, often provided by cryptocurrency exchanges.
Non-Custodial Wallets: These are wallets where the user has full control over their private keys, providing greater security and autonomy.