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Every crypto exchange comparison site claims to be independent. Almost none of them are, and the interesting question is not whether they are biased - it is which specific bias each business model produces. If you are opening an account 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 described near the end is the step that decides whether it exists. Now the business models, because they determine what the tables say.
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Yinghui Chen (2026) studied this question.
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