Top Crypto Platforms to Exchange Ethereum (ETH) to Tether (USDT): Which One Is Right for You?

Exchanging Ethereum (ETH) to Tether (USDT) is a common task for crypto traders, whether to hedge against volatility or move funds between exchanges. We’ve picked out five platforms where you can easily swap these assets and others as well. On top of analyzing their past incidents of security breaches (or the absence of them), we counted what else these platforms have up their sleeves – from asset variety to special benefits for you to consider before deciding which one to choose.

1. StealthEX

StealthEX is a non-custodial platform which appears to excel in providing a private and straightforward way to exchange Ethereum (ETH) to Tether (USDT). The platform supports over 1,500 digital assets, making it a great choice for various trading needs and enabling easy, seamless cross-chain transactions.

StealthEX does not hold any users’ cryptocurrency as it is a non-custodial platform. By enabling direct trading between wallets, StealthEX prevents hacking incidents – simply because there are no hot wallets with large amounts of crypto for bad actors to target.

Furthermore, StealthEX operates through a vast network of liquidity providers to offer users the best exchange rate available at the time of the transaction. Also, the platform requires no registration or KYC procedures and is compatible with any wallet. 

On top of personal use features, StealthEX has a lot to offer in the business realm as well. For example, with its specialized API optimized for wallets, aggregators, and fiat on- and off-ramp services, the integration process is quite simple.

Pros:

• The widest range of supported cryptocurrencies (over 1,500).
• No hacking incidents owing to the non-custodial nature of the service.
• Access to the most favourable exchange rates through a rich network of liquidity providers.
• Ideal for users seeking anonymity and simplicity.
• Compatible with any wallet.
• Offers B2B functionality through its API, Widget or Affiliate Links.

Cons:

• Lacks advanced trading features for professional traders.

2. Crypto.com

Crypto.com provides an easy-to-use platform and a mobile app that makes exchanging ETH to USDT quite straightforward. The platform’s competitive fees and extensive support for over 250 cryptocurrencies make it a versatile choice for traders. 

In January 2022, the platform experienced a security breach, where unauthorized withdrawals affected nearly 500 accounts. However, the platform claims that in most cases the team prevented unauthorized withdrawals, and in all other cases, customers were fully reimbursed.

Among its security features are peer-reviewed software, a combination of static and dynamic source code analysis tools, multi-factor authentication (MFA), withdrawal protection, and cold storage for most assets. Crypto.com holds the private keys and provides insurance coverage. For users who prefer to control their private keys, Crypto.com offers its DeFi Wallet. 

Pros:

• User-friendly mobile app.
• Wide range of supported cryptocurrencies (over 250).
• Competitive fees and rewards programs.
• Insurance coverage for digital assets against theft or hacking by unauthorized parties.
• Additional features like staking and crypto credit cards.

Cons:

• Complex fee structure.
• Experienced a security breach, though losses were reimbursed.

3. Coinbase

Coinbase’s simple interface and strong security like two-factor authentication (2FA), biometric logins, hardware security keys, and rigorous security audits make it a reasonably reliable choice for exchanging ETH to USDT.  According to its website, the platform holds “a vast majority of assets” in cold storage facilities. 

The platform also claims it uses machine learning to monitor and analyze user behaviour to detect and prevent fraudulent activity. However, in a significant phishing incident in 2021, hackers used fraudulent emails and social engineering tactics to trick users into revealing their credentials, leading to unauthorized account access for some users. Moreover, its higher fees might be a consideration for frequent traders.  Coinbase supports more than 260 digital assets. Additionally, users can also custody more than 425 digital assets, inclusive of 38 different chains, offering enough variety for most trading needs.

Pros:

• User-friendly interface.
• High security standards.
• Insurance coverage for digital assets.
• Educational resources for beginners.
• Security features include two-factor authentication (2FA), biometric logins, the majority of funds held in cold storage, hardware security keys, and security audits.

Cons:

• Higher fees compared to other exchanges.
• Limited range of altcoins.
• No significant hacking incidents, but faced phishing attacks on users.

4. Kraken

Kraken’s advanced trading features, margin trading with up to 5x leverage, and low fees make it a viable option for experienced traders looking to exchange ETH to USDT. The platform supports almost 250 cryptocurrencies, offering significant flexibility. The platform’s fee structure includes a maker-taker model based on trading volume over the past 30 days. Lower fees apply to higher volume traders, and instant buy fees are 1.5% for most cryptocurrencies.

Security features include two-factor authentication (2FA), global settings lock (GSL), SSL encryption, and cold storage for 95% of deposits. Kraken also undergoes regular penetration testing and has a bug bounty program to find and fix vulnerabilities. The platform also says it uses real-time monitoring for suspicious activity and maintains full reserves to ensure users can always withdraw their funds. However, the platform experienced a significant DDoS attack in May 2017, which caused trading disruptions and losses for some users.

Pros:

• Robust security measures.
• Wide range of supported cryptocurrencies.
• Advanced trading features and margin trading. 
• Reasonable fees.

Cons:

• Occasionally slow customer support.
• Interface can be overwhelming for new users.
• No major hacking incidents, but experienced a DDoS attack.

5. Bitstamp

Bitstamp’s straightforward interface and competitive fees are ideal for those who prefer a simpler trading experience when exchanging ETH to USDT. Bitstamp supports around 80 cryptocurrencies, which may be a downside for some users. 

After a significant hack occurred in January 2015, the exchange compensated affected customers and enhanced its security protocols following the incident. Currently, it adheres to the US Financial Crimes Enforcement Network (FinCEN) regulations regarding security. 

Pros:

• Simple and intuitive interface.
• Supports direct deposits and withdrawals to US bank accounts
• Competitive fees.
• Responsive customer support.

Cons:

• Limited range of cryptocurrencies.
• No advanced trading features.
• Experienced a significant hack. 

Conclusion

Picking the right platform for swapping ETH to USDT ultimately comes down to what’s most important to the user. If you prioritize mobile functionality with additional features, Crypto.com could be a great choice. For ease of use, Coinbase stands out. At Kraken, they offer a wide variety of options for traders with their advanced trading features. Bitstamp also provides a simple trading experience with competitive fees. 

However, if privacy is your top concern and you don’t want to give anyone access to your digital assets in any way, StealthEX provides a unique and advantageous option with no known hacking incidents due to its inherent non-custodial nature. Whatever your preference, there’s a platform out there to meet your crypto exchange needs.