Prototyping and wireframing are the terms used to elicit the requirements given by the client through drawing tools. Wireframes are the backbones of the project and the prototypes are the end projects representation.
Prototyping : Prototyping is a middle to high fidelity representation model used to evaluate a product without investing in the actual development. The main purpose of using these tools is to develop product without writing code and also helps to visualize the requirements given by the stakeholders in an actual design format.
For Example: to create a website, or insert image, symbol or to change the color, font etc, it takes lot of time to do coding, but here everything is already available just need to insert, which takes very less time to develop a product and to put it infront of a stakeholder. Prototyping tools include Moqups, Sketch, Balsamiq and other. Prototyping reduces development time; helps to show how the interface looks like; prototypes are less expensive; helps the developers to understand the challenges which can be faced during the actual development stage; helps in a better communication with stakeholder and also reduces mistakes at different stages of development.
Wireframing : Wireframes is the low fidelity representation of the project. Wireframes are quick and simple, which helps for a better inner communication with the team. Wireframes are used for designing complex projects to link various functionalities flow based on the requirements. Wireframing tools include Axure, Balsamiq, Whimsical, Pidoco, Wireframe.cc, Justinmind and Mockplus, Marvel, MockFlow and others. Wireframes are used during prototyping to create interactive sketch.