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The main difference between the crypto wallets and exchanges

Stardom22

Stardom22

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Crypto wallets are the safest places for storing of the coins as the users have the control of the private keys that maintains the security for the coins.
Crypto exchanges on the on the other hand offers online platforms for a marketplace to buy, sell and trade crypto coins.
 
Wallets are where you store your cryptocurrencies in a decentralized way and where you have your private keys and own your funds, exchanges are for buying and selling and leaving your cryptocurrencies there means that you are delegating your cryptocurrencies to a third party and they are not yours until they are out of there.
 
Functionally, wallets are safer for storing crypto, we can fully control the crypto we have, while wallets function as trading transactions, in addition, crypto exchanges are often intervened by the government so that your crypto balance can be frozen.
 
Exchange platforms can also be used to store crypto if you choose to, so it's pretty much the same thing as a crypto wallet. The major difference is that with an exchange platform, you have the ability to directly exchange or covert your crypto to flat currency.
 
Crypto exchanges facilitate the buying, selling, and trading of cryptocurrencies, crypto wallets are designed for securely storing and managing users' digital assets. In terms of security, crypto wallets generally offer a higher level of protection
 
The highest you can do with a crypto wallet is to swap. But for exchanges, you can swap to both crypto and fiat.
 
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