Although security is mandatory, it is not a sufficient condition for me. The exchange would also need to make deposits and withdrawals easy through multiple channels, minimal verification, etc. What is the point of a secure exchange if you cannot get money in and out? The exchange certainly should not ask for more documents than a bank would. I get treated like royalty at my fiat banks (in spite of how much I hate them) - on the other hand I feel like BTC exchanges treat me like I am a 2-bit scammer.
lol. Don't you feel an exchange is more trustworthy if it contains KYC verification?