Paper wallet / Cold Wallet

[harizen]

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?

Answers already given so I think you quiet understand those.

Just want to add that just consider those answers if you really plan to hold it for long. This is to save fees. If you are the type of person that always do withdrawing or converting your btc to fiat then I suggest to just stored it on coins.ph for much less hassle way. Yes being a legit company isn't always an assurance that they will not run but soon you will understand my statement as you are a regular user of coins.ph It's not wrong at some point that you trust an exchanges.

P.S Im giving this advice to OP as his fellow PH people and can't be applied to all people here as we have different local exchangers per country.

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[bamboylee]

Wow, this actually helped me. The OP has the same question as mine. I've been meaning to find out the difference and where to find the best wallet. I'm from the Philippines also and I use coins.ph. It's good to know that it's reliable. Thank you

NO, it is not reliable and it is not safe. You do not hold your private keys in coins.ph that is why you cannot be really sure about the safety of your bitcoin. Do not store bitcoins, long term, in exchanges.

Cold wallet is already good security but if you have large funds stored, having a hardware is a better option.  

[phexchanger]

Paper wallet - private keys and all info are printed on a paper or as a PDF file if you have not printed it yet
Cold Wallet - a hardware which you must buy to store your coins together with the private keys.

[bob123]

A paper wallet is a shit, and maybe you lose the paper and then your private key is lost too, it is not recommended to use one of those.

A paper wallet itself is not "shit". "Losing the paper" can happen with every wallet. The clue is to have multiple copys stored in different places.
Its all about having a backup in a secured place. A hardware wallet could also be "shit" when you lose your device and the stupid paper-thing which contains your seed phrase.
Paper wallets, together with Hardware wallets are the best (safest) way to store your coins long term. I don't see why someone would not recommend to use these.