Custodial exchanges are the antithesis of Bitcoin and cryptoassets. Why even bother with these new technologies if you're not even going to use the benefits they offer?
The list of useful trading technologies should actually be pretty short:
Custodial exchanges are basically all grey market, as they are offering securities trading but are not licensed. Many will exit scam. All of them take your money, and can do whatever they like with it. And they have the power too easily trade against you.