Definite wallet.
In fact, there's a new zerocoin wallet at zoin.
You can check it out at www.zoinofficial.com

it depends on you goal.
if you are a long bag holder better keep it on wallet better if external like ledger nano or trezor because it is much safer there because it is not connected to the internet and it is not prone to hacking
if you are a day trader, it is preferred to have it on exchange because it is a big hassle on you to transfer in and out.

well, it's alright to have a purse and exchange account but I would like to admit that there is one more option: you can use aggregator like coinmonkey.io where you can execute exchanges from your wallet directly using rates from major exchanges. so, I do exchange from jaxx wallet and receive back to jaxx if I don't like shapeshift rate.

In my case I am storing btc in my wallet because it has feature where i can convert my fiat money into btc so whenever i want to buy btc or btc to fiat. its already in the wallet and also it has certain service where i can buy prepaid load and paying bills. So for now this wallet is useful to me. may I could use exchanger if i wanted to buy altcoins or vice versa. btw, refer to this wallet if you want https://coins.ph/1zodi2

Greetings, I can tell you one thing on holding tokens on exchanges, then only on large ones and where it is necessary to undergo identity verification, but I would not recommend keeping tokens on purses projects better to purchase a cold wallet and keep all the funds on it. the best option

Not recommended to store yoru all coin or bitcoin in exchanges.
because you can't control your coin there. It is better to store your coin in the wallet

better stored in the wallet in the past just because it is more secure and of course can instead be used for savings and investments, who sell us coins that year could have the higher price then it could be sold at any time if the price began to tall.

It's better to keep your coin on a wallet. Cause if you don't wanna keep it why using a wallet? You can use exchange if just for transaction. So in the end it all depends on you, to choose what is better with what you wanna do.

Depending on what you are looking for, you would either place your coins on exchange or local wallet. For example, if you are a day trader then you will keep some coins on exchanges and trade however if you do not trade often then it is always recommended to have the coins in your local wallet. Also do not keep lot of coins on exchanges because anything can happen anytime. You can get up next day and see that exchange is no longer active. See what happened with coinsmarkets, one fine day they took hit on their servers due to high traffic generated by ECA buy orders. It's been more than 2 months now and the exchange is still down except for the fact that only ECA coin holders can withdraw their coins from here. Hopefully others coins will also start functioning soon. This is one such example where people lost quite a lot of money because they exchange just went down and is still being recovered.

On a personal note I like to control my coins hence I always keep then on local/hardware wallet.

Thanks and have a nice day.