The Lévy-Khintchine theorem is a classical result in Diophantine approximation that describes the growth rate of denominators of convergents in the continued fraction expansion of a typical real number. We make this theorem effective by establishing a quantitative rate of convergence. More recently, Cheung and Chevallier (Annales scientifiques de l'ENS, 2024) established a higher-dimensional analogue of the Lévy-Khintchine theorem in the setting of simultaneous Diophantine approximation, providing a limiting distribution for the denominators of best approximations. We also make their result effective by proving a convergence rate, and in addition, we establish a central limit theorem in this context. Our approach is entirely different and relies on techniques from homogeneous dynamics.