Let's now compare some of the wallets in the following diagram and see what features they provide us with:

We will now look at these wallets and compare the safety and convenience that they provide:

• Web wallets: They are relatively unsafe. Since they are online, they're vulnerable to attacks by hackers. These are very convenient and easy to use because they are online, highly available, and free to use most of the time.
• Mobile wallets: They are equally unsafe. You can use HD wallets to utilize some security features, using seed words and keeping them safe. These are also very convenient because they are available at your fingertips and are inexpensive.
• Desktop wallets: They are a little safer than your mobile wallets because desktops are not publicly accessed that easily. You can secure desktop wallets with backups, which will keep them away from malicious software, or malware, or even Trojans. So, using secure backups is always the key to safeguarding your desktop wallets. These wallets are average in terms of convenience because you have to go to your desktop and access your wallets. Most of these wallets are freely available.
• Hardware wallets: They are considered very safe and are nothing but the hardware devices that you possess. They are not usually convenient, because they cannot provide you with easy trading or connectivity to online services. We can also see that there are a variety of hardware wallets available, costing between 90 to 400 US dollars.

• Paper wallets: These are very safe until you lose the paper because that leads to the loss of your Bitcoins or your cryptocurrency. Therefore, a hard paper is used, and we should keep them safe in personal vaults or in different locations that are not easily accessible by anybody else. Again, these are not convenient, because they are hard manual paper wallets. They are usually available free of charge, while some websites provide them for a small fee.
• Multisig wallets: Next are multisig or multisignature wallets. These are considered safe, as more than one entity, authority, or person needs to sign the transactions for them to be carried out. The usage of the wallet can vary between being easy to use or adhering to a relatively moderate level of complexity, since it depends on more than one person signing a transaction to complete it. Multisig wallets are freely available.