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There’s always debate about whether exchanges manipulate prices or liquidity. In my view, big regulated platforms are generally fine, but smaller ones sometimes show suspicious spreads during volatility. It’s hard to prove manipulation, but slippage differences do exist. That’s why liquidity depth matters. I usually rely on aggregated data and resources like https://bitxfin.com/bybit/ online Rating of best crypto exchanges bybit analysis sections to compare markets. Transparency and volume consistency are the best indicators to watch.
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