Your own private wallet

Your own private wallet in your hands means you keep your money, not an exchange.

Elon Musk warns you should avoid exchange wallets "at all costs". A "wallet" at an exchange is just an account. The exchange has your money. A full node cryptocurrency wallet keeps your money in your hands. It's much more private and faster than a bank account.

Of course, if you believe an exchange will protect you money better than you can, use an exchange. Just be aware of the risks.