USDT trading platforms are innovations which emanated from the increasing need to trade USDT. Cryptocurrencies are mostly known as volatile assets whose prices can never be controlled, given the decentralised nature of crypto.
Even though the non-intervention of a central government in cryptocurrencies has made it quite attractive to people, the volatility is still a problem to many risk-averse investors who may not want to play a risky game with the market.
However, in the interest of many investors who may not want to play on the volatility of crypto prices, a type of cryptocurrency called stablecoins was developed.
Stablecoins were developed to stabilise prices by pegging theIr to that of the dollar.
The first and most popular type of this cryptocurrency is the Tether coin(USDT).
Tether(USDT) developers planned to have a cryptocurrency that will represent the value of one dollar in the crypto market while adjusting for any market change by maintaining the same price level through its reserve.
Tether(USDT) is traded in the crypto market just like every other cryptocurrency you can think of. Many investors have learned to invest their fiat money in Tether (USDT) to hedge against inflation and sell it back at any time.
There are many trading platforms for trading USDT, and we will discuss the top five USDT trading platforms in this article.
What Is Tether (USDT)?
Tether (USDT) is a stablecoin developed on the Ethereum blockchain network. The Tether tokens were launched in 2014 to provide a stable cryptocurrency by backing the USDT in circulation by the dollar.
However, later, the company denounced the claim that Tether is 100% backed by the dollar. Therefore, there is no guarantee from Tether Limited that customers can redeem their USDT tokens at the same USD value.
Again, there has never been financial evidence from Tether which shows they have enough USD reserve to back the issued tokens.
It has been revealed over time that Tether asset reserve may not be only backed by just USD alone but also by loans to affiliate companies and other currencies like Euro and Japanese yen.
To create a stablecoin that is interoperable with all significant blockchains, Tether was released on other blockchain platforms like EOS and Tron. These two popular blockchains have a wide range of applications and activities.
Tether is relatively easy to purchase, giving more convenience than other cryptocurrencies.
Where To Trade Tether(USDT)
If you want to trade Tether and do not know where or how to go about it, you first need to understand that you will need a crypto exchange and fiat money which you will convert to USDT.
There are numerous cryptocurrency exchanges to purchase Tether, and these exchanges usually accept various payment methods like card payments and bank transfers.
The first exchange platform which enabled the trading of Tether was Bitfinex in 2015. Although Bitfinex and Tether were investigated for allegations of potential price manipulation between the two, the investigation was futile.
Tether has been listed on many other exchanges since it was listed on Bitfinex, and we will show you the top five of these exchanges where you can trade Tether.
Best 5 Tether Trading Platforms
1. Kraken:
Kraken was launched in 2013 and is one of the oldest crypto exchanges in the crypto industry.
The CEO Jesse Powell believed the platform would replace Mt. Gox, the most dominant exchange at that time. However, Mt. Gox went bankrupt in 2014 and made way for the emergence of Kraken.
Among the cryptocurrencies listed on the exchange is Tether(USDT). Users can buy or sell USDT on Kraken using payment methods like wire transfer, bank transfer and crypto. However, card payments are not accepted by the platform.
Kraken has millions of users and over $400 million 24hr trading volume.
2. Binance:
Binance is currently the most popular crypto exchange in the world. Binance was founded in 2017 by Changpeng Zhao and, since then, has become the leading exchange in the world. The platform offers the most crypto trading pairs, which translates to a large trading volume.
Tether, among many other cryptocurrencies, is listed on Binance. Binance has over $203 million 24hr trading volume. Users can use various payment methods such as card payments, bank transfers, and card payments for funding and receiving payments for trading USDT.
3. KuCoin:
This crypto exchange has developed faster than anticipated, despite being a new cryptocurrency exchange. KuCoin has a large and vigorous fan base due to its level of security, intuitive design and voluminous crypto trading pairs.
However, this exchange does not accept any other payment method except crypto. That is to say, KuCoin is a crypto-to-crypto exchange; hence, users who wish to buy coins with fiat money may need to convert them on another platform before buying on KuCoin.
4. Paxful:
Paxful is a very popular crypto peer-to-peer platform with millions of happy users worldwide. This platform allows users to trade different USDT and cryptocurrency pairs amongst themselves at their chosen price.
Paxful allows traders to choose their desired payment methods and search for buyers or sellers on the platform. Users can use different payment methods like bank transfer, PayPal, cash deposits, gift cards, MTN mobile money etc., to fund their trade.
The platform also charges meagre transaction fees ok trades.
5. Coinbase:
Coinbase is another reputable and one of the largest cryptocurrency exchanges in the world where you can trade Tether (USDT).
The platform is imbued with a user-friendly design, high-security protocol, advanced trading tools and some educational content.
Coinbase has millions of users from around the world due to the large cryptocurrency pairs it offers.
However, users can trade cryptocurrencies on the exchange and use payment methods such as card payments, money wires, PayPal, bank transfer etc.
Conclusion
Tether (USDT) is the most popular and traded stablecoin in the crypto market. Many crypto investors and traders perceive USDT as a safer crypto they can invest in and hedge their fiat money against depreciation.
However, Tether is listed in almost all the legitimate crypto exchanges, and you can easily buy or sell Tether on any of the exchanges mentioned above.
