during my research I was recommended to use electrum wallet but I was confused if electrum wallet is an exchange or a custodial wallet, therefore i need a good direction, clarification and update of suitable wallet from senior colleagues.
Electrum is a non-custodial wallet which means that it gives you full access to your private keys. Since electrum is open-source and its code has been reviewed by many people, you can be sure that it's secure enough.
Note that if you want your fund to be completely secure, you should run electrum on an airgapped device. Any online device is always prone to hacking.
Another way to lose your coins is through carelessness, I don't want to know how strong your crypto wallet is, if you get careless with your private keys and recovery seeds, every assets is moveable behind your back.
Get the best hardware wallet or open source non-custodial wallet like Electrum and find a safe location to write down the recovery seed, now you are left with becoming the guidance of your wallet recovery seed.
From here on, be careful what you do with your wallet, who you let into your space, and don't trust anyone, not even friends who are close to you, any sentences that looks like recovery seed will caught the attention of anybody this days.