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Top 8 Centralized Exchange Tokens To Know About in 2024

12 mins
Updated by Maria Petrova
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Centralized exchange tokens have become golden tickets for traders looking to maximize their experience on trading platforms. From binance coin (BNB) and KuCoin token (KCS) to MEXC (MX), these utility cryptos offer a plethora of perks that can make your trading cost-effective and seamless. 

Whether you’re interested in reduced trading fees, early access to hot new tokens, or bonus rewards, owning some of these top centralized exchange cryptocurrencies can be a game-changer for both newbie and seasoned traders. So, let’s dive into the intriguing realm of exchange platform native cryptos and their varied use cases.

What is an exchange token?

An exchange token is a special kind of cryptocurrency made by a crypto exchange. These tokens, often called centralized exchange tokens or CEX tokens, offer various perks. You can get reduced trading fees, early access to new coins, or even voting rights on platform changes. 

These tokens are not just for trading; they have multiple use cases that make the exchange platform more enjoyable and efficient for users.

Note that the exchange token can become useless and worthless if the exchange is hacked or goes bankrupt, as was the case with FTT following the FTX collapse.

BNB price: CoinMarketCap

Here is a list of the usual benefits of holding such an exchange token in your account:

  • Reduced trading fees
  • Voting rights. Some tokens let you vote on new features or coins to be added to the platform.
  • Early access. Get first dibs on new tokens or features before they’re released to the general public.
  • Bonus rewards. Earn extra tokens or higher returns from staking, liquidity pools, or other financial activities on the exchange.
  • Exclusive promotions: Access to special offers, contests, and airdrops available only to token holders.
  • Enhanced customer support. Faster or premium customer service for token holders.

1. KCS

KuCoin exchange token
Year of release
2017
Total supply
170 million
Type of chain /
Ethereum, KCC

2. OKB

OKX exchange token
Year of release
2018
Total supply
300 million
Type of chain
Ethereum, OKT Chain

3. BGB

Bitget exchange token
Year of release
2021
Total supply
2 billion
Type of chain /
Ethereum

4. MX

MEXC exchange token
Year of release
2021
Total supply
1 billion
Type of chain
Tron

5. BNB

Binance exchange token
Year of release
2017
Total supply
151 million
Type of chain /
BNB Chain

6. BEST

Bitpanda exchange token
Year of release
2019
Total supply
1 billion
Type of chain /
Ethereum

7. GT

Gate.IO exchange token
Year of release
2019
Total supply
300 million
Type of chain
Ethereum, Solana

8. INX

INX exchange token
Year of release
2021
Total supply
200 million
Type of chain
Ethereum

What influences centralized exchange token prices?

The price of tokens tied to centralized exchanges like BNB, KCS, or GT can be influenced by a few key factors. Here are the most important ones: 

  • Exchange popularity: If the exchange is doing well and has lots of users, its token will likely be in higher demand, pushing up the price.
  • Trading volume: The more people trade on the exchange, the more they’ll need the token for trading fee discounts. Higher demand can mean a higher token price.
  • Special benefits: Some tokens offer perks like lower trading fees, rewards, or early access to new features. The more useful the benefits, the more people might want the token.
  • Scarcity: Some exchanges buy back their tokens to reduce the supply, making them more rare and potentially more valuable.
  • Market sentiment: If people think the token and the exchange will do well in the future, they’re more likely to buy, which can drive up the price.
  • Regulatory news: If a government decides to regulate or ban an exchange, this can negatively affect its token price.
  • Overall crypto market: If the entire crypto market is going up or down, this can also affect the price of exchange-specific tokens.
  • Competition: If there are other exchanges offering better services or lower fees, this could make the token less appealing and lower its price.
  • Technological updates: Any new features or improvements to the exchange can also influence how people view its token.
  • Investor behavior: Sometimes, people buy or sell tokens based on trends or news, which can also affect the price, even if nothing fundamental has changed about the token or exchange.

How can I buy centralized exchange tokens?

Buying centralized exchange tokens is like buying a backstage pass to your favorite concert. These special tokens give you perks, like cheaper tickets to the show (aka lower trading fees) and early access to new tokens.

Here’s the step-by-step guide to get your centralized exchange tokens:

Step 1. Pick your exchange

Choose the exchange where the token is available. It could be Binance, KuCoin, Coinbase, or another other big name. Think of this as choosing which concert to attend.

Step 2. Sign up on the exchange

You’ll need an email and a strong password. You may need to complete the KYC process, which requires you to provide an ID for extra security.

Step 3. Find your token

Once you’re in, navigate to the section where you can buy the exchange’s own token. It’s usually easy to spot, like a VIP area. Since it will be the exchange’s own token, it will most likely be promoted front and center just as you sign up. 

Step 4. Fund your wallet

Just like you’d load up your wallet before hitting the merch stand, you’ll need to deposit some money into your exchange account. This could be in the form of other cryptocurrencies or even your country’s currency. 

The menu should have an option like “Buy crypto.” 

Step 5. Make the purchase

Click buy, decide how many tokens you want, and you’re a VIP! You now have special privileges and can enjoy all the perks that come with holding that token.

Step 6. Store safely

Think of this step as safely tucking your backstage pass into a secure pocket. Transfer your tokens to a personal wallet for safekeeping if you’re not planning on using them right away. And voila! You’re now a privileged member of the exchange’s inner circle. Enjoy the perks!

What is a centralized vs. decentralized token?

decentralized vs centralized tokens

Think of tokens as your favorite game’s currency. Some games are like a big, organized theme park where one company runs everything. Others are like a sprawling, wild playground where everyone adds their own slides and swings.

In the theme park, the tokens you use to buy items are “centralized tokens.” There’s one company pulling the strings. It controls the prices, what you can buy, and even the game’s rules. It’s well-organized and easy to use, but you’ve got to play by the company’s rules.

On the other hand, in the wild playground, the tokens you use are “decentralized tokens.” No one’s in charge here. Everyone who plays contributes to how the game evolves. It might be a bit messy and confusing at times, but you have more freedom. These are also known as DeFi tokens and can be found on decentralized exchanges and sometimes on centralized exchanges too. 

So, in short:

  • Centralized tokens are controlled by one entity, like a company. They’re easy to use but come with set rules and limitations.
  • Decentralized tokens are community-run. They offer more freedom and are not controlled by a single group.

Both have their pros and cons; it’s all about what kind of game you want to play!

Ready to invest in centralized exchange tokens?

The world of centralized exchange tokens is bustling with options, each offering its own set of benefits and use cases. Whether it’s Binance Coin (BNB), MECX token (MX), or any of the other top centralized exchange cryptocurrencies, these tokens offer more than just a trading advantage. From reduced fees to governance and exclusive perks, CEX tokens are carving out their own vital space in the crypto landscape. 

Utility tokens on exchanges like KuCoin Token (KCS) and Gate.IO token (GT) offer unique incentives to hold and use them within their respective platforms. Meanwhile, newcomers like OKB (OKEx Token) and INX Token (INX) are fast becoming leading exchange coins to watch out for. So, as you navigate through the bustling market, keep an eye on these centralized exchange tokens and their diverse use cases. They’re not just extras; they’re becoming central characters in the crypto story and undoubtedly have a place in the decentralized future.

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Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
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