How to convert USDT to ETH at the best possible rates
Mar 02, 2019 18:10
If you haven’t heard of USDT or Tether, then take a minute to understand what Tether is.
Tether is essentially a cryptocurrency built on the bitcoin blockchain. Founded by a Hong-Kong based company, Tether Limited, Tether acts as an anchor or tether to fiat currencies. What that means is 1 USD is nearly equal to 1 Tether.
Going in, you should definitely understand that there have been some rumors about Tether Limited not being able to back up USDT with the US dollar reserves it claims to have. It is also possible that the value of Tether might drop and no longer maintain the 1:1 ratio with fiat currencies.
Here’s how you can determine that if the platform is good or not -
1. Is it secure?
When it comes to cryptocurrency, this is one of the main questions that come to mind. A good cryptocurrency exchange platform should have firm security in place with a 2-factor authentication if possible.
2. Is it easy to use?
In pursuit of advanced features, sometimes cryptocurrency exchange platforms can be exceedingly difficult for beginners to master. If you are a beginner, look for a platform that has a straightforward registration process and is user-friendly.
3. Does it have the best exchange rates?
Since you’re going to need the platform to exchange coins at some point, choose a platform that offers the best exchange rates and has a minimal trading fee.
Binance is a China-based cryptocurrency exchange that can act as a USDT to ETH converter. It supports several other cryptocurrencies as well like BTC, XVG, BCC, DASH and 80 more. The trading fees are extremely low - 0.1% making Binance seem a better choice when compared to the rest. The withdrawal fees definitely vary.
Binance has two interfaces - basic and advanced making it easy for both beginners and advanced users to operate it. The platform is compatible with Web, iOS, Android, HTML5, WeChat.
Creating and depositing cryptocurrency on Binance is absolutely free. Binance also offers discounts if you use BNB - Binance coins - a native cryptocurrency.
Binance is extremely secure and has ISO/ICO_27001:2013 and CCSS security protcols in place. It does have a 2-factor authentication in place as well but only Chinese phone numbers can avail of that.
Based out of India, CoinSwitch converts more than 300+ cryptocurrencies. There are no deposit or withdrawal fees. The trading fees are also minimal from 0-0.75%.
You can use CoinSwitch to find the best exchange rates to convert USDT to ETH and have your order processed in 15-30 minutes.
An instant crypto exchange platform, Changelly is a very popular choice. The trading fees are high and hover around 5% whereas the withdrawal and trading fees are 1-7.1%
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