It’s also known as web wallet because you can easily access it from your web browser just like accessing a website on the internet. 
Pros:
●        Instant completion of transactions.
●        Ideal for small amounts of crypto coins.
●        Direct integration into exchange platform
●        Some offer multiple currency management
●        Conceals users’ identities via TOR network.
Cons:
You cannot have full control of your wallet as all information is stored on an exchange platform that could be susceptible to malware, phishing scams, and obsolete security measures, etc.
Mobile Wallet:
The name is self-explanatory. It’s the wallet you can access from anywhere using your mobile device(s).
Pros:
●        Easy to use with a lot of additional features for improved performance.
●        More practical and quick transaction process – payments transfer on the fly.
●        QR code scanning and TOR network bring much more privacy to user data.
Cons:
Mobile devices are more prone to keyloggers and are maliciously compromised. Additional security encryptions are required to reduce privacy risks.
Desktop Wallet:
Accessible from your desktop devices, these wallets are more secure than mobile and web wallets. It depends on the security potential of your internet connection.  Moreover, a clean operating system on your laptop makes it a more effective mode for cold storage of your cryptocurrencies.
Pros:
●        An incredibly secure cold storage solution.
●        Easy to use and ensure quick transactions.
●        No dependence on third party server.
Cons:
You can lose everything in case of computer failure, and you couldn’t recover it. Always keep a backup.
Hardware Wallet:
It looks like a small hard drive or a USB device. Though less user-friendly than web and desktop wallets being not connected to the internet all the time, but more comfortable to work and more secure compared to hot wallets.
Pros:
●        Best for large numbers of crypto coins
●        Stores cryptocurrency for an extended time.
●        Easy to carry and use with stronger security.
Cons:
Beginners take time to use it without errors. Often out of stock due to increased demand and high cost.
Paper Wallet:
It’s the pioneer of cold storage of crypto coins, and now their secure versions make them a preferred choice for people under budget.
Pros:
●        Hacker-proof because private keys are not stored on an external server.
●        Much more secure than other wallets as not stored on your computer or any other device.
Cons:
Users require more technical understanding and efforts to send and receive their cryptocurrencies.