There should be more information about what a wallet is and what are the major advantages/disadvantages of the different wallet types.
Hope my answer can help OP to explain.
-Hot wallets : this wallet is everything wallet that connect to internet connection. This can be mobile wallet and desktop wallet.
Major advantages when using this is
1. Most services are free.
2. Very accessible.
3. Very intuitive and easy to use.
Disadvantages
1. Because Hot Wallet is always connected to the internet, the risk of hacking ,phising and fraud
- Cold wallets : different with hot wallet, this wallet is not connected with internet connection so this much saver than hot wallet. Cold Wallet can be a paper wallet (Paper Wallet) or a hardware wallet (Hardware Wallet).
Major Advantages
1. because it is offline, this wallet is much safer from hacking, phishing and other cyber crimes.
Disadvantages
1. Maybe it is expensive if we first time we join at crypto then must buy this wallet .
2. Vulnerable to external damage, human error and theft (Paper wallet) .
3. Not efficient for micropayments and daily transactions.
- Hardware wallet (i think this type of cold wallet too) : this wallet is connected to hardware, where the addresses of all transactions and private keys are stored securely. This device is usually installed on compatible devices and connected to an online platform.
Major advantages when using this wallet
1.Immune to computers viruses
2.They are safe from hacking online
Disadvantage
1. Insecure RNG (Random Number Generator)
2. Malware swaps