What is the major difference between A Wallet and Exchange?

eldavis

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• Feb 8, 2023

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To my understanding, a wallet is simply where you hold your crypto currency, while an exchanger also plays the function of a wallet, but you can also buy and sell and as well exchange crypto currency.

 

SHAHID987

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• Feb 11, 2023

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the main difference between a wallet and an exchange is that a wallet is a place to store your cryptocurrency, while an exchange is a place to buy, sell and trade cryptocurrencies.

 

saoussen5765

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• Feb 14, 2023

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SHAHID987 said:

the main difference between a wallet and an exchange is that a wallet is a place to store your cryptocurrency, while an exchange is a place to buy, sell and trade cryptocurrencies.

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Even a wallet provides exchange between various wallet available so you could see exchange feature: Metamask, Coinbase, Coinpayments, Spectrocoin and all of them provides such a feature. So there is pratically any difference between them.

 

Starmix

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• Feb 14, 2023

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I am so excited to know about your definitions of wallet and exchange. It is so interesting. I only have a PayPal wallet and a GCash wallet. I may engage with other eWallet soon.

 

saoussen5765

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• Feb 14, 2023

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Starmix said:

I am so excited to know about your definitions of wallet and exchange. It is so interesting. I only have a PayPal wallet and a GCash wallet. I may engage with other eWallet soon.

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There is no difference between both of them as any wallet provides exchange service means no need for external wallet provider for exchange except if you are just creating wallet with one coin support this is another story.

 

Enxx

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• Mar 13, 2023

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In a very simple definition. An exchange I platform where we trade cryptocurrency to another cryptocurrency while a wallet is a place where we store our cryptocurrency asset to secure them.

 

nomad

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• Mar 16, 2023

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You can send and receive crypto on the wallet but you cannot trade or exchange (there might be exceptions though). Exchanges not only allow sending and receiving but also trading and exchanges.