What is the difference between a wallet and an exchange?

A wallet is a software program or device used to store, send and receive digital currencies like Bitcoin. Wallets are typically secured with two-factor authentication, private keys and passwords, and can be used to store, transfer and receive digital currency. An exchange, on the other hand, is an online platform where users can buy, sell and trade digital currencies for fiat currency (or vice versa). Exchanges also allow users to store their digital currencies, but they are generally not considered as secure as wallet services.