With the recent rise in prices, the “Layer 1 (L1) wars” are about to heat up again. Many smart contract blockchains will be duking it out. All for Total Value Locked (TVL) and developer talent, which are both needed for success. Algorand is one of many serious contenders in this war. With strong partners like FIFA and T-hub, it’ll be wise to keep an eye out for its native token, $ALGO.
Now, you could be a believer of $ALGO’s potential. You could be an investor looking to buy some $ALGO amidst today’s rising market. In this case, we’ve got just the guide for you. The easiest way to get $ALGO is through centralized exchanges (CEXs). Today, let us bring you through the top 3 CEXs for Algorand.
CEX #1 – Binance
First of the best 3 CEXs for Algorand is Binance. In the world of CEXs, Binance currently sits on the throne. Why is that so? Let’s dive into some numbers.
- First, Binance has the highest 24-hour trading volume – $10.3 billion.
- Next, Binance has the highest number of monthly visits – 75.4 million.
- Moving on, Binance has a 10/10 trust score from CoinGecko.
- Lastly, Binance has transparent exchange reserves.
With the above, you can rest easy when buying $ALGO from Binance. You’ll be getting an accurate price, while your funds remain safe.
On top of that, Binance offers trading for many other cryptos too! 357 other cryptos, to be exact. Along with 1,414 trading pairs. So, you can use Binance if you’re building a diversified portfolio.
Moreover, Binance offers the Earn program for your $ALGO. With that, feel free to deposit your tokens for up to 6.59% return per year. That’s quite a good return for your $ALGO.
Indeed, Binance is a great all-around CEX for getting $ALGO. But wait! There are two other CEXs below! Let’s give them some attention too.
CEX #2 – Digifinex
Next of the top 3 CEXs for Algorand is Digifinex. Digifinex was founded back in October 2017. Its company’s headquarters is in Singapore. Apart from CEX services, Digifinex is big on trading. They offer margin trading, copy trading, and derivatives too. So if that’s up your alley, do check them out.
Digifinex is by no means a small CEX too. As of today, it has:
- $517 million in 24-hour trading volume.
- 5.71 million monthly visitors.
- A trust score of 7/10 from CoinGecko.
Again, this reinforces the trust factor for Digifinex. In addition, it supports 408 coins and 577 trading pairs. So if you’re looking for a coin to trade, chances are you’ll find it on this CEX. Unless of course, you’re a huge degen.
Speaking of degen, you would have heard of CEX #3 if you’re one. Without further ado, lets check it out now!
CEX #3 – MEXC
Last, but not least, of the top 3 CEXs for Algorand is MEXC. If you’re a degen gem hunter, MEXC is a great CEX for you. This is because MEXC regularly lists low-cap cryptos. Many of which have a lot of upside price potential. Aside from that, MEXC also supports $ALGO trading as well.
As of time of writing, MEXC support a total of 1,576 coins and 2,226 trading pairs. That’s more than Binance and Digifinex combined! Indeed, MEXC excels with the amount of cryptos they support. In addition, MEXC also has:
- $1.08 billion in 24-hour trading volume.
- 15.7 million monthly visitors.
- A 9/10 trust score from CoinGecko.
- Verified exchange reserves.
Similar to Binance, MEXC has verified proof of reserves. This means that they’ve got the user’s funds securely stored with them. Hence, you can trust that MEXC won’t drop the ball like how FTX did.
Conclusion
To conclude this guide, the top 3 CEXs for Algorand are Binance, Digifinex, and MEXC. Each CEX here has its own strengths. Hence, each will cater to a different audience. If you’re an all-around crypto investor, feel free to pick Binance. You’re an avid trader that uses futures or derivatives? Go with Digifinex. Love low-cap gem hunting? Get set up with MEXC.
Today, $ALGO’s price sits at $0.21. It ranks #41 on the crypto market cap list, with a market cap of $1.54 billion. $ALGO has a max supply of 10 billion tokens. Out of which, 7.2 billion circulate.
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