Web wallets offer the convenience of accessing your cryptocurrencies from any device with an internet connection, making them ideal for users who frequently trade or use their assets for online payments. However, since they are stored online, web wallets are more vulnerable to hacking and phishing scams compared to cold storage options like hardware wallets. The main benefit is ease of use and accessibility, while the primary drawback is reduced security, highlighting the importance of using web wallets with enhanced security features and practicing safe browsing habits.