Daedalus is a full node, this means it downloads and synchronizes with the blockchain.

It's developed by IOHK, the blockchain research and development company behind Cardano.

Download Daedalus

Pros:
fully validates every block and transaction, you don't need to trust anyone

create secure and fancy looking paper wallets

supports as many wallets as you like

Cons:
needs time to synchronize when opening, cumbersome on bad internet connections

needs a lot of disk space (more than 4.5 GB)

since it's a full node some users do have some problems from time to time, for several reasons

no support for hardware wallets like Trezor or Ledger Nano (will change soon)

Yoroi is a lightweight node, this means it doesn't need to download and synchronize with the blockchain.

It's developed by Emurgo, the commercial arm of Cardano.

Download Yoroi

Pros:
just open and use it - instantly

it doesn't need much space (less than 20 MB)

as a Chrome browser extension Yoroi is sandboxed by design

supports Trezor and Ledger hardware wallets (for example TREZOR-T, Nano S and Nano X)

is able to import Daedalus paper wallets, but can also create own more advanced paper wallets.

Cons:
a lightweight node has to connect to a full node, this means you need to trust a 3rd party (of course not with your private key, but e.g. reliability)

currently no multi wallet support

Yoroi is also available for Android and iOS. In contrast to the desktop version, you can create several wallets in the app.

There is no Daedalus mobile wallet, and btw you don't want to run a full node on a mobile. Don't fall for scams that appear in the App Stores from time to time.

Android Version iOS Version

AdaLite.io was developed by vacuumlabs, they were also responsible for the Cardano Ledger app and won the crypto puzzle at the IOHK Summit 2019.

In fact, we're not big fans of Web-Wallets and can only recommend them in combination with a Hardware-Wallet, like the Ledger Nano S or the TREZOR-T.

But then, AdaLite.io shows its advantages, because it leaves no traces behind. Also great in terms of plausible deniability because after using it with Ledger you can no longer "look into" the account to see the balance, unless you replug your hardware wallet.

Visit AdaLite.io

There are other wallets like Infinito or Atomic Wallet and we know people that are happy with them.

Since we would not use them ourselves at the moment, we cannot recommend them here. In our opinion wallets should be open source. This does not mean they are insecure or bad.

More about wallets and their attack vectors