MetaMask, Phantom and Trust Wallet are hot wallets. They are free and convenient for daily use and DeFi, but malware, fake extensions and phishing sites can reach them.
A common setup: a hot wallet with spending money, and a cold wallet for savings.
Wallets & security
Hot wallet
Also called: software wallet
In shortA wallet whose keys live on an internet-connected device, like a phone app or browser extension.