If you want to trade, my advice is to choose to trade on a large altcoin exchange, which also has a lot of potential and popularity, whereas if you trade on a small exchange, the limit provided is also limited and that's certainly not far from the risks we face, it could even be losing the money you have.
Trading coins listed on small exchanges is also having many advantages like
1. It is a High risk high reward investment
2. Only a little capital is needed to invest in the project
3. Small investment can lead to extravagant results
4. Profit to loss ratio is also very good
5. If the token get listed at a major exchange then it can give handsome returns
So after looking at these advantages it seems that investing in the small tokens can be rewarding. The risk are also very high if investing big chunks of your portfolio into a single token which isn't that popular.
First, it depends on how small the exchange is, and second, if it is a popular exchange. Also, if there's only a series of these exchanges or just one. In a way, with some exchanges like Apeswap can be alright but whether it will do well or not also depends on various features regrading the project itself.
Listings on major exchanges does often come with big players where there's a lot of tokens in circulation so dumps are unavoidable, so it can have its advantages. While listing only on small exchanges can be a sign of weakness for a project - considering that teams often aim to have their project listed in the best places possible. To me it often seems like the latter, but this is my conservative approach and can't say that it didn't do me well.
