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Every crypto exchange comparison article ranks by the same thing: the trading fee. It is the metric that is easy to publish, easy to compare, and almost irrelevant to whether you will have a good or bad experience over the next three years. If you are setting up an account right now and want the discount before the analysis: my referral code is BBBKK at https://www.binance.com/register?ref=BBBKK - roughly 20% off spot trading fees - and the attribution check at the end of this article is what makes it exist rather than not. Now the four criteria that actually predict outcomes, in order of how badly they can hurt you.
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Yinghui Chen (2026) studied this question.
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