The common characteristics of fats, steroids, and waxes are that they cannot dissolve in water. Fats, steroids, and waxes are types of lipids. Lipids are soluble in solvents. Fats have two types which are saturated fats and unsaturated fats. An example of steroids is the cholesterol which our body needs in order to survive but too much of cholesterol can lead to strokes and blood clots.