CRYPTOCURRENCY (NON-EXCHANGE) WALLETS
A wallet is a digital bank account which you need to hold youR cryptocurrency and you need a unique wallet for each form of cryptocurrency, ie Bitcoin, Ethereum, Stellar Lumens, etc, they all require different wallets. Exchanges make this easy by creating one for each currency automatically when you create an account however these are really only for trading.
Your wallet address is just a long alphanumeric string and its what you must quote to the sender in order to receive a payment.
One big thing to be aware of is most cryptocurrency wallet addresses are public meaning the balance and in fact the full transaction history is publicly viewable. For example with Bitcoin you can lookup any address on the blockchain on https://www.blockchain.com/explorer
As Exchanges are largely unregulated there have been cases in the past of exchanges suddenly shutting down and they are also targets of hackers so it is a risk to leave your investment in an exchange wallet, if you are not trading it is a good idea top hold your funds in your own wallet. Depending on the currency you want there are numerous wallets available, see some below.
Convenient but as they are online can be attacked by hackers, that being said I have used these two for years with no problems.
Mobile App Wallets
Convenient just don’t loose your phone.
When you install these you will be given a recovery seed usually 10 words which can be used to restore wallet
RECORD THEM SOMEWHERE OTHER THAN YOUR PHONE!
PC Application Wallet
These are applications you install on your pc or laptop, they work well until your hard drive dies…
SAME DEAL, RECORD YOUR BACKUP SEED SOMEWHERE OTHER THAN YOUR PC!
External Hardware USB Wallet
These are the best but do come at a cost of a few hundred dollars
This is the most secure as the account does not physically exist so cant be hacked but are only one-time use.