What is the best way to store Algorand?

Could you please explain, in your professional opinion, what the most effective approach would be for securely storing Algorand? I've heard of hardware wallets, but are there any other reliable options? Also, could you discuss the pros and cons of each method, considering factors like ease of use, cost, and overall security? Additionally, are there any specific steps or guidelines I should follow to ensure the safety of my Algorand holdings? Thank you for your assistance in this matter.