Exchange vs Wallet

A platform facilitating cryptocurrency buying, selling, and trading, either through centralized services managing transactions and custody (like Coinbase or Binance) or decentralized protocols enabling peer-to-peer trading through smart contracts without intermediaries (like Uniswap or dYdX).

A cryptocurrency wallet is a digital tool that stores your private keys and enables you to send, receive, and manage crypto assets, functioning like a secure keychain rather than actually holding the cryptocurrency itself.