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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.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.
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.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.