What is the difference between a crypto broker and a crypto exchange?

A crypto exchange (like Coinbase or Kraken) lets you directly buy, sell, and hold actual cryptocurrency and withdraw it to a personal wallet. A crypto broker (like Robinhood or the crypto feature at Fidelity) lets you trade crypto-like assets for price exposure without taking direct custody of the coins. Exchanges give you more control; brokers offer more simplicity and integration with your existing accounts.