What is a bitcoin exchange wallet?

Could you please elaborate on what a bitcoin exchange wallet is? As a cryptocurrency enthusiast, I'm curious to understand the intricacies of this wallet system. Is it similar to a traditional wallet, but for digital currencies? Does it allow users to buy, sell, and store Bitcoin securely? Also, how does the security of these wallets compare to other digital wallets? And are there any specific features or benefits that Bitcoin exchange wallets offer? Thank you for taking the time to explain this concept to me.