What's the difference between a crypto exchange and a crypto wallet?

[Mahindra]

A wallet is designed for safe storage of your cryptocurrency. An exchange is designed to allow you to buy and sell cryptocurrency easily and quickly. A wallet will hold your private keys security, while when you use an exchange, you provide the exchange your private keys. The exchange then acts as your custodian. info

[micjoh]

People use exchange platforms to buy, sell and store crypto coins(example binance, okex,kucoin and many more). People use crypto wallets to store coins safely. Ledger nano S, safepal, myetherwallet, metamask,trezor and trust wallet are best crypto wallets.

[Maynul96]

You post a Clear discussion with short language but i want to tell here that we are not use Crypto Exchange only for Crypto trading, have many others features of crypto exchange but it is true that Buy selling is main work of Exchange.     

[Review Master]

Not only the exchanges, there are many custodial wallets which provides services to customers so that they can do internal transections without blockchain confirmation, just like p2p trades. As always, we should remember this: "Not your key, Not your cryptos". Also exchanges provide not only trading, nowadays, they're providing yield farming with lower apy and more.