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Thank you @ryanchain. It depends on the persons preference. I know lots of new entrants into the crypto space mostly find it easy to use the online wallet until they get a hang of the whole space. Some also choose to go for the Hardware wallet since it is non- technical.

If you're rich enough to afford a hardware wallet, you're probably rich enough to need one. That's the way it was explained to me back in the day. Personally, I spread my funds thin across multiple wallets for both security and redundancy reasons.