Not entirely believe their volume. I believe some of you have heard about Coinmarketcap were manipulating the volume on their sites. No Idea if that was true or not, but most likely there is something weird about exchanges' volume on cmc. Especially on some unknown exchanges sometime it could have a very higher daily volume than the top exchanges. You need to compared the volumes to all of different kinds of website out there. And regarding all exchanges are fake, ummm, I doubt that. We have some legit exchanges too, Though I admit some of them might have manipulated a few of their alts or something.