Actually I used 3 types of wallets. And every one of them has different purposes, So here are the 3 types of wallets that i use.
1.
MOBILE WALLET - In which in here i stored some of my bitcoin to pay others like paying for the goods i bought online and others.
The good example of it is the Blockchain and Mycelium.
Advantages:* You can bring it whenever you are and make transaction.
* Easy to use.
Disadvantages:* If the system of the app gets hacked by a hacker there's high chance that you will lost your bitcoin.
2.
ONLINE WEB WALLET - I received all the payments and profits in this wallet.
The good example is Coinbase and Blockchain
Advantages:* You can bring it whenever you are and make transaction.
* Easy to use.
Disadvantages:* Just like the mobile wallet your key phrase here is in the server of the company and if that gets hacked your bitcoin will lost. So there's no 100% guarantee that your bitcoin is safe.
3.
PAPER WALLET - In which you will store your bitcoin in a paper where the keyphrase is stored there.
Where you can make a paper wallet? ->
https://www.bitaddress.org/Advantages:* It is good for a long term investment.
Disadvantages:* When you lost the paper itself of course.