> At this point any exchange avoiding FSA regulation is a giant red flag with bonus red siren.
Yes.
No crypto exchange can make money without either charging fees or ripping off the customers. The less legitimate ones just steal the customers' money. The more legitimate ones try to steer the customers into buying financial products profitable to the seller.
Useful rule of thumb: any financial product where they call or advertise to you is no good. If it was good, smart money would be seeking it out and buying it.