Each method has its own set of pros and cons. Be sure to pick the method that's right for you.
You can generate a wallet with a seed phrase backup, the current de-facto standard.
Pros:
Very secure when managed properly
Most common method to create and manage self-custody wallets
Familiar and well understood by crypto veterans
Relatively easy to get started
Cons:
Confusing for those newer to crypto
Seed phrase mismanagement can lead to a total loss
Without a backup, wallet is non-recoverable in the event your device is lost, damaged, or stolen
You can create a wallet using Web3Auth, which supports these Single-Sign On (SSO) logins:
Apple
Discord
Reddit
Google
Facebook
Pros:
Easiest and fastest way for new users to get started
Follows a more traditional user sign-in flow
Well-audited process by trusted third-parties
Even without a backup, wallet is fully recoverable in the event your device is lost, damaged, or stolen
Cons:
Most centralized of all the options
Encrypted key fragments are stored online, not locally on your device
Security is only as good as the security of your social logins
You can generate a wallet with a backup of multiple shares using the Shamir's Secret Sharing (SSS) algorithm which, when partially recombined, can be used to recover your wallet.
Pros:
Extremely secure when managed properly
Appealing to advanced crypto enthusiasts and security experts
Reduces the risk of physical backups being used to compromise your wallet
A safer way to electronically backup your wallet
Cons:
Most complex and least accessible of all the options
Requires a significant amount of manual set-up to properly backup a wallet
Security is only as good as to how well you backup your shares
