Grok says: Legit exchanges (US stocks, A-shares, Hong Kong stocks): - Only charge fees - Don’t bet against you - Your profit or loss has nothing to do with them But crypto, small exchanges, shady platforms: - Your loss = exchange’s profit - Your profit = exchange’s loss - So they will: wick manipulation, slippage, disconnect your network, change prices in the backend, force liquidation. You’re not investing at all, you’re just giving away money.