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The difference in fund security between brokers and exchanges:
The funds of stock trading brokers are custodied in third-party bank accounts, and brokers cannot access user funds, except for some small non-compliant brokers. Even if the broker goes bankrupt, it has no impact on user funds.
Depositing funds for trading in an exchange, the safety of funds completely depends on the exchange, and some exchanges misappropriate user funds.
In the past, there were dozens or even hundreds of times of excess returns that could justify these high risks. Now, with not much return, I don't understand why everyone can still endure such high risks.