Top 10 Centralized Exchange Tokens (CET) to Buy During Crypto Downtrend

Centralized exchange tokens
Centralized exchange tokens

Expand your investments in the ever-expanding blockchain ecosystem by buying these top 10 centralized exchange tokens.

Cryptocurrency exchanges are platforms for buying, selling, and exchanging cryptocurrencies, and are an integral aspect of the ever-expanding blockchain ecosystem. Exchanges offer a user-friendly interface that is similar to what you would expect from most traditional online financial exchanges or brokerage accounts but offers access to a spectrum of digital assets. Crypto exchange tokens are digital assets that are native to a cryptocurrency exchange. Here are the top 10 centralized exchange tokens that you can buy amidst this crypto crisis.

BNB

Launched in July 2017, Binance is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. The idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance. Aside from being the largest cryptocurrency exchange globally, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, all of which employ the powers of blockchain technology to bring new-age finance to the world. BNB is an integral part of the successful functioning of many of the Binance sub-projects.

Cronos

Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Cronos Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

UNUS SED LEO

UNUS SED LEO is a utility token that’s used across the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables. The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO the customer has in their account — and the savings on offer are spread across three tiers. Fluctuations are depending on whether a trading pair is crypto-to-crypto or crypto-to stablecoin. UNUS SED LEO launched in May 2019 — and unlike many other cryptocurrencies out there, it is not designed to exist forever.

FTX Token

FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX launched on May 8, 2019. The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their platform. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool, and universal stablecoin settlement. In regards to clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model. On existing crypto futures exchanges, the collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.

KuCoin Token

KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralized trading solution goes live, KCS will be the native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.

Huobi Token

Huobi Token (HT) is the native token of the cryptocurrency exchange Huobi Global. It is a decentralized digital asset based on the Ethereum blockchain and is ERC-20 compliant. HT’s value is in part reliant upon the reputation of the Huobi crypto exchange, yet other factors also have an impact. Huobi Token is a relatively young project. It first launched in January 2018, hot on the heels of the release of a native token on rival crypto exchange Binance. Having its token allows Huobi to build a flexible marketing strategy to attract new users and further grow its platform. One key function of the token is to reduce commissions for trading operations on the exchange, which are usually paid from users’ wallets. Yet the token has much more to offer. Using HT, users can purchase monthly VIP-status plans to receive discounts on transaction fees. Token holders have the right to vote on exchange decisions, can receive crypto rewards for seasonal buybacks, and also get early access to special events. HT holders can, at any point, trade the token for other cryptocurrencies.

OK

OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKEx. The exchange is one of the largest in the world and currently ranks third in liquidity, fourth in trading volume, and provides a wide selection of trading pairs. OKEx is similar in many aspects to the cryptocurrency exchange giant Binance, but there are a few key differences. The OKEx platform has its cloud mining service, and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally.

GateToken

GateChain is a public blockchain dedicated to asset safety. The chain safety account and customizable time-delay recovery features were designed to offer blockchain asset safety even after private keys are compromised.

WOO Network

WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. Presently, a diverse set of products and services interfacing retail, institutions, CeFi, and DeFi, have been built: * WOO X is a zero-fee trading platform providing professional and institutional traders with the best-in-class liquidity and execution. It features fully customizable modules for workspace customization. * WOOFi – a decentralized exchange deployed across select DeFi protocols and applications to provide users with enhanced on-chain liquidity and execution.

MX TOKEN

MX TOKEN (MX) is a decentralized digital asset developed by the MEXC platform based on the Ethereum blockchain. As MEXC’s native token, the MX ecosystem is gradually improved each day to empower users and builders. The main focus of MX Token is to provide users with a safe and stable trading experience and to become an industry leader. MX is also the proof of MEXC community’s rights. Holders have the right to vote on business decisions, and team elections and gain priority participation in activities, etc.

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