Digital Assets
5 “Best” Centralized Exchange Tokens (May 2024)
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Before diving in to our list for the top centralized exchange tokens, we want to make it clear that by using such platforms, you are typically entrusting the safety of your assets to another. While there may be a time and place to use centralized exchange tokens (namely as a means of transaction fee payments for active traders), we implore you to look over our list for the best hardware wallets on the market today. It is only through self-custody that one is truly in control of their holdings. Events over the course of 2022 have highlighted the importance of this, including the collapse of companies like Celsius, Voyager, FTX, BlockFi, and more. With that being said, the following are our pick for the top centralized exchange tokens – including couple ‘out of the box' selections.
1. Binance – BNB
For what seems like years now, Binance has maintained its place as the largest centralized exchange in the world. As a result, its own token, known as BNB, is wildly popular. In fact, the scope of its reach and sheer popularity is why BNB finds itself atop our list. While multiple of those listed below arguably have much greater latent potential, BNB has already proven the markets desire for such a product.
Circulating Supply : ~168,100,100 at time of writing
Max Supply : 200,000,000
Read our Binance Exchange Review, our Binance Investing Guide or visit Binance.
2. INX Token – INX
Next up is a product of INX Exchange, known as INX Token (INX). This exchange token is quite unique in its structuring – and quite possibly holds the most potential of each on this list. What makes this token unique is that it is structured to not only function as a means of payment for transaction fees, it is also a security token which provides holders with a proportionate share to platform revenue.
By functioning as a digital security, INX Token stays in line with the ethos of its issuing platform, which aims to merge “…investing and trading in security tokens, cryptocurrencies and capital raise services all in ONE place”.
INX Token is particularly notable, as it was the first digital security registered with the SEC to be issued through a token offering. INX Tokens went live for trading on secondary markets in July of 2021.
Circulating Supply : 130,000,000
Max Supply : 200,000,000
Read our INX Exchange Guide or visit INX.
3. KuCoin – KCS
Next, we have KuCoin and its native token ‘KCS'. Beyond providing traders with discounted fees, KuCoin clients are incentivized to hold KCS by linking it with daily dividends. Providing a minimum threshold of KCS holdings is met, users are entitled to a proportionate share of 50% of the fees KuCoin brings in on a daily basis.
Like any exchange token, the rise and fall of KCS will directly affect KuCoin itself, and vice versa. Providing KuCoin doesn't experience a catastrophic meltdown like FTX, KCS may see increased interest as investors still interested in centralized exchange tokens look for alternatives.
It should be noted that the max supply listed below for KCS is scheduled to drop as the exchange undertakes scheduled buyback/burning events
Circulating Supply : ~99,000,000 at time of writing
Max Supply : 200,000,000
Read our KuCoin Exchange Review, our Kucoin Investing guide, or visit KuCoin.
4. Bitpanda – BEST
Operating out of Austria, Bitpanda has become one of the regions most regulated exchanges over time, having been awarded licensure as both a MiFID II investment firm and PSD2 payment institution, in addition to being a registered VASP in various countries. This, combined with the growing popularity of the exchange and its bevy of services, allows for its native token ‘BEST' to be one of the more intriguing centralized exchange tokens.
BEST, which stands for ‘Bitpanda EcoSystem Token', is used primarily as a form of loyalty program, being rewarded to traders with each transaction. Beyond being issued as a reward, BEST can be staked, and used to gain access to a variety of platform features. Circulating supply of BEST is constantly decreasing, as it undergoes regular burn events.
Circulating Supply: ~335,000,000 at time of writing
Max Supply: 1,000,000,000
Read our BitPanda Review our BitPanda Investing Guide or visit BitPanda.
5. Gemini Dollar – GUSD
Much like INX Token, the Gemini Dollar (GUSD) is unique among exchange tokens in that it is structured as a stablecoin. While this may appear to make it in a different subset of tokens altogether, it retains certain characteristics found among each on this list – namely the ability to buy/sell on its native platform with either free or discounted transaction fees. In addition to the stability it affords, Gemini indicates that GUSD is used primarily to accomplish the following.
- Transact on decentralized exchanges
- Lend and earn interest
- Provide Liquidity
While not as popular as USDT and USDC, GUSD has become known as a reliable stablecoin that is both regulated and insured within the State of New York. GUSD is structured as an ERC-20 token, and is both maintained and issued by Gemini Exchange.
Circulating Supply : ~791,000,000 at time of writing
Max Supply : Unlimited
