Should I use crypto wallet or exchange?

Should I opt for a crypto wallet or an exchange? This is a question that many crypto enthusiasts often grapple with. On one hand, a crypto wallet offers the convenience of storing and managing my digital assets securely. It gives me the freedom to transact directly with other wallet holders, without relying on a third party. However, the responsibility of safeguarding my private keys and ensuring the security of my wallet falls squarely on my shoulders. On the other hand, a crypto exchange provides a platform where I can buy, sell, and trade cryptocurrencies easily. It offers a wide range of cryptocurrencies to choose from and allows me to convert my digital assets into fiat currencies or other cryptos. However, using an exchange means entrusting my funds to a third party, which might carry certain risks, such as the exchange being hacked or going bankrupt. So, the question remains: Should I prioritize the convenience and autonomy of a crypto wallet, or the ease of trading and diverse options offered by an exchange? It's a decision that depends on my individual needs, preferences, and risk tolerance.