Paper wallets : Great for large amounts of Ether. Since it’s so secure, you can feel happy storing large sums on a paper wallet. Test the wallet first by sending a few dollars’ worth of Ether to it. When it’s confirmed, you can send the rest over.
Completely free. An Ethereum paper wallet that is just as secure as any other wallet and can be made at no cost whatsoever
Online wallet: Great for traders. If the online wallet is based at an exchange, all the coins you can buy at the exchange will have their own wallets within one account.
Can sell a position very quickly. This is a good thing if you are wanting to time the market. However, it could also lead to bad decisions and cost you money in badly timed trades
Software wallet: Usually user-friendly designs. Software wallets have been made to give users the easiest way to use the Ethereum blockchain. Sending, receiving, and importing private keys should all be very simple when using any well-known software wallet.
Easy to access Ether and other digital currencies. If you make a lot of purchases from online sellers using your Ether, payments can be sent quickly and simply from a software wallet
Mobile Wallets: Some cryptocurrency users like to keep their Ether on a mobile wallet. This offers an easy way to store it because they can use their Ether when they’re away from their computer. However, mobile wallets have the same risks as software wallets. They are only as secure as the mobile phone itself
Hardware wallet:Offers much better security than an online wallet and a bit better security than a software wallet.Allows funds to be sent to and from the device. Doing this often will reduce its security though.
To better understand, visit and read https://www.bitdegree.org/tutorials/best-ethereum-wallet/