Top 3 centralized exchange tokens to avoid after FTX crash
The collapse of FTX has been the most important cryptocurrency news this week. Its challenges came a few months after other centralized exchanges (CEX) like Voyager Digital, Celsius, and BlockFi. Therefore, there are concerns about the safety of centralized exchanges and their tokens. Here are some of the top CEX tokens to avoid.
Kucoin Token (KCS)
KuCoin is one of the biggest crypto exchanges in the world. In May, the company raised $150 million at a valuation of over $10 billion from the likes of Jump Crypto, Circle Ventures, and IDG Capital. It has over 27 million customers. In addition to its exchange, the company is exploring becoming a major player in other industries like the metaverse and gaming.
In a statement this week, KuCoin’s CEO reiterated that the exchange was completely safe and that it was in a position to handle any outflows. He talked about a major hack that happened in the exchange in 2021, which it managed to cover internally.
He also added that the company will release its Merkle tree proof-of-reserves in one month’s time. KuCoin Token price has crashed by more than 6% in the past 24 hours and over 19.54% in the past 7 days.
How to buy KuCoin Token
As KCS is such a new asset, it’s yet to be listed on major exchanges. You can still purchase KCS using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy KCS right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for KCS
Now that you’re connected, you’ll be able to swap for 100s of coins including KCS.
OKX (OKB)
OKX is a Seychelles-headquartered company that serves more than 20 million users in over 100 countries. It provides services like spot, margin, futures, options, perpetual swaps, DeFi, and OTC trading among others.
OKB is the ecosystem’s native token. Like FTX’s FTT, the coin’s holders get trading fee discount that saves them up to 40% discounts. It is also used for passive income. Also, users can use it in places like Coinrule, Cobo, and Bitpie. OKB has a total supply limit of 300 million coins and burns many of them every three months.
How to buy OKB
Huobi Token (HT)
Huobi Global is one of the biggest Chinese exchanges in the world. The company was started by Leon Li, a leading entrepreneur in the country. Huobi experienced substantial growth a few years ago. This happened as cryptocurrencies became more popular in China.
Recently, however, the company experienced slow growth after China banned digital coins. It also experienced substantial competition from the likes of Binance and Coinbase. Last month, Leon exited his stake and sold it to About Capital, a firm associated with Justin Sun. While Huobi is doing well now, there are concerns about most offshore exchanges.
How to buy Huobi Token
KuCoin
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
FTX
FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
