What is the major difference between A Wallet and Exchange?

[Hate2Wait]

I'm a little confused about this thing and according to me they are the same because all wallets allow us the option to exchange our crypto currency anytime and for any number of times.

What according to you is the major difference?

 

[Stardom22]

I personally think that they are all the same. This is simply because they both perform the same functions of sending and receiving of crypto

 

[Hate2Wait]

I personally think that they are all the same. This is simply because they both perform the same functions of sending and receiving of crypto

I also feel the same but if it's the same then there won't be any need to use both these words so there must be something that makes both different.

 

[Bisolami]

I'm a little confused about this thing and according to me they are the same because all wallets allow us the option to exchange our crypto currency anytime and for any number of times.

What according to you is the major difference?

A wallet is a safe place to keep all your cryptocurrency access while an exchange is where you can exchange those cryptocurrencies or trade them

 

[Hate2Wait]

A wallet is a safe place to keep all your cryptocurrency access while an exchange is where you can exchange those cryptocurrencies or trade them

I think that's correct so can you share few examples of Wallet and Exchange?

 

[Chibson]

the major difference between a wallet and an exchange is that wallet can be used to store cryptocurrencies while exchanges are used to trade crypto-currencies.

 

[Knowledge Quest]

A wallet doesn't directly allow trade. An exchanger does.

 

[Hate2Wait]

the major difference between a wallet and an exchange is that wallet can be used to store cryptocurrencies while exchanges are used to trade crypto-currencies.

What is trust a wallet or exchange? I think it's a wallet where we cannot exchange and I'm even facing issues to swap from one currency to another

 

[Starmix]

I think they function accordingly. And Ewallet is where you keep your money and ready for an exchange when a need arises.

 

[Suba]

A Wallet and Exchange, both have different functions, so if the main function of the wallet is to receive, store and send crypto, while the crypto exchange also has the same features but the crypto you have can be traded. If you store crypto on an exchange, it means you fully trust the exchange, because you don't have a private key.

 

[saoussen5765]

A wallet is a safe place to keep all your cryptocurrency access while an exchange is where you can exchange those cryptocurrencies or trade them

This is not true. Most of people use exchange to keep all their cryptocurrencies assets. And this is why earning sites says do not use exchange address.

 

[Magnus2022]

I'm a little confused about this thing and according to me they are the same because all wallets allow us the option to exchange our crypto currency anytime and for any number of times.

What according to you is the major difference?

Wallet is like your vault where you store your cryptocurrency while exchange is where you trade and exchange your coins. Though some exchange have embedded wallet.

 

[Chibson]

What is trust a wallet or exchange? I think it's a wallet where we cannot exchange and I'm even facing issues to swap from one currency to another

You cannot swap one cryptocurrency to another in a wallet, so you need to transfer it to an exchange. You can also use a decentralized exchange and connect your wallet.

 

[cherry123]

A wallet is a safe place to keep all your cryptocurrency access while an exchange is where you can exchange those cryptocurrencies or trade them

I think this is the right difference you store in a wallet but some people store their in exchanges too

 

[iyanpol12]

Wallets and exchanges are the same with regards to receiving and sending crypto. They are not the same because you own your keys with wallets, which is safer. With exchanges, you don't own your keys. They can take your crypto away. See what happened on FTX.

 

[cherry123]

Wallets and exchanges are the same with regards to receiving and sending crypto. They are not the same because you own your keys with wallets, which is safer. With exchanges, you don't own your keys. They can take your crypto away. See what happened on FTX.

Just learn a new one now so one gives users liberty of having the key the other don't.

 

[iyanpol12]

Just learn a new one now so one gives users liberty of having the key the other don't.

On exchanges, if it shuts down, it takes your crypto. On wallets, you can open it in any wallet as long as you have your keys. For example, your wallet was created on Trust Wallet, you can import that wallet on Safepal (wallet) by entering your seed phrase (or keys).

 

[jetsaints30]

The main difference between a wallet and an exchange is where you store your coins a wallet is like your own personal piggy bank where you keep your coins safe while an exchange is more like a bank where you trade your coins with others.

 

[flower]

Cryptocurrency exchange performs the function of cryptocurrency wallet because they have their own wallets but they perform more functions like trading etc.

 

[Niyi Briggs]

Ledger and Trezor are considered some of the best hardware wallets in the market. Both offer top-notch security, support for multiple cryptocurrencies, and a user-friendly interface. The choice between the two often comes down to personal preference and specific features desired.