If you are getting started and want to get the hang of cryptocurrencies, use an online wallet. However, do not use it to store crypto assets of a higher value.

If you are comfortable using desktop and mobile apps and not highly concerned about security, you can go with desktop/mobile wallets. Remember, your wallet is prone to virus attacks.

If you are highly concerned about security but need assistance to manage your keys, go for a hardware wallet.

If you are a pro and can manage the keys on your own, you can go for an offline/paper wallet.