It has been some months that I have been in this forum, I have started making arrangements for transacting with Bitcoin in the aspect of buying and storing. I don't have much knowledge of wallet to the extent of knowing a preferable wallet to use for storing my Bitcoin, right now I know that Bitcoin is a valuable asset from my understanding but other people doesn't accept the fact that it is really an asset, so I want to know a good wallet to use for my Bitcoin because I notice that some wallet my friends recommend to me are all exchange kind of wallet and I was told that it's not proper to use an exchange wallet for storing or saving of Bitcoin for a long time. I wish to have more recommendation or articles to read concerning wallets and it's security values but 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.
Storing bitcoins for the long term, exchange wallets can pose deadly risks. A user must exercise caution in this regard. If your assets are large then you should quickly transfer those assets to a hardware wallet. Exchange wallets can betray you anytime. For example, many investors lost their money after the FTX crash . Again, many complaints are being made about Binance in recent times. However, the case may be different with Binance. But I can't be safe keeping my money with someone else. That's why there is a word that "Not your keys, not your bitcoin". I would definitely recommend using a hardware wallet when it comes to storing bitcoins for a long time. In this case I will suggest Electrum hardware wallet which is currently being used as the most secure wallet for holding bitcoin.