Noob question

Hey guys, just a noob question since im new at this...

but can somebody explain to me the benefit and puprose of a wallet as opposed to just using an exchange to manage your coins?

I have bought some crypto on Binance, where I can login and manage it there. So why would I transfer the coins to a wallet like Exodus? (the transfer costs money right)

Is a wallet just safer? Or are there any other difference/benifits?

thank you!

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