I am a newbie yet but I know a lot about the crypto wallet. Higher ranked members would know pretty more about the wallets but this will be helpful for new people that just joined in crypto world.

Crypto wallets are used to save cryptocurrencies like bitcoin. It generate you crypto addresses. The address are called public key like bank account number where you can send cryptocurrencies.

Note: sending crypto to a wrong address is 99% to 100% impossible to be reversed. Send to the right address. The best is to copy and paste the address.

Crypto wallet also have private key, just like a password but different from a password because it gives you the full ownership of the wallet. Some wallet do not have this feature.

There are two types of crypto wallet:

1. The online/hot wallet
2. The offline/cold wallet

The online wallets are not safe and more susceptible to cyber attack. There are 3 types.

The web wallet
Web wallets are wallets you can access through the browser, it can be mobile or computer browser.

The mobile wallet
The wallets you can access through a mobile app. The bitcoin wallet and mycelium wallet are example.

The desktop wallet
The wallets you can access through laptop or other computers. Example is bitcoin core and electrum wallet. You can use it to connect to your hardware wallet

The offline wallets are the safest wallets and are of 2 types

The paper wallet
As the name imply, some organizations provided you the opportunity to save cryptocurrencies  on papers. It is very safe to use. But some people see it like a transitional means.

The hardware wallet
It is very safe too like the paper wallet but are very expensive. You will save the cryptocurrencies  on a hardware. There are 3 common hardware wallets.

The Trezor Model T is the most expensive
The Trezor one

The Lender Nano X is the one you can also connect with phone or also with laptop
The Lender Nano S is the most common used
 
The third one is Keepkey.
Making the fifth one I talked about the hardware wallet.