Over the years, we have experienced the rise of the crypto business in Africa, which has given rise to multiple cryptocurrency exchange platforms. These platforms possess numerous characteristics that have made the conversion and trade of crypto to fiat currency successful.
Today’s article will compare two USDT exchange platforms, BREET and Paxful. We would be putting their features and specifications for a side-by-side overview.
Tether (USDT) is a stablecoin pegged to the US Dollar. According to Investopedia, USDT is a type of cryptocurrency pursuing a steady valuation. Tether is used by investors who want to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system.
Stablecoins are designed to be worth $1.00, with $1.00 reserves for each tether issued.
The stablecoin was founded in July 2014 by Brock Pierce, Craig Sellars, and Reeve Collins and was initially known as “Realcoin”.
Tether (USDT) was designed to solve two issues with existing crypto coins- high volatility and convertibility between traditional fiat currencies and crypto assets.
Breet is an OTC crypto trading mobile application where registered users can seamlessly sell their USDT for fiat currency and withdraw it directly to their local bank account in less than five minutes.
If you are looking for an exchange that offers quick crypto assets liquidity, Breet is for you. But if you are looking for where to purchase crypto or store your crypto coins, it is best to look away because we do not do that here.
Breet is an over-the-counter strictly-spend crypto trading app that allows users and businesses who ‘just’ need the fiat currency equivalent of their crypto to get it.
Because Breet uses an OTC cryptocurrency trading method, it is perfect for beginners with limited knowledge of crypto who want the quick conversion of their crypto coins to cash.
Breet offers three different USDT networks to choose from- TRC20, MATIC and ERC20.
Paxful is a peer-to-peer crypto trading platform that facilitates buying and selling cryptocurrencies. Founded in 2015 by Ray Youseff and Arthur Schaback, it has its headquarters in New York.
With over 300 payment methods to choose from, Paxful allows you to buy and sell your crypto from other people without the need for a financial institution.
A Side-By-Side Overview of Breet and Paxful
Based on some factors, we’ll be conducting a side-by-side comparison between Breet and Paxful.
1. Trading options:
Breet is a strictly-spend crypto trading platform which only offers selling options. You cannot purchase or store crypto on Breet; instead, you can only sell your cryptocurrency for cash.
On the other hand, Paxful offers both buying and selling options. Paxful users can purchase crypto on the platform and sell by pairing with another user.
2. Method of trading:
There are various methods of trading crypto, and Breet and Paxful happen to have distinct methods.
Breet uses an over-the-counter (OTC) cryptocurrency trading method, which means that only two parties are involved in a transaction- the user and Breet. With an OTC trading method, transactions have a predefined rate for trading and instructions. Users can instantly sell their crypto with just a few steps and button clicks and get the fiat equivalent (depending on the rates).
Meanwhile, Paxful uses a peer-to-peer (P2P) trading method. A P2P trading method involves the exchange platform, in this case, Paxful) being the middleman who brings two parties together- one who wants to buy crypto and another who wants to sell. Paxful pairs these two traders together and facilitates the trade.
3. Trading fees:
Some exchange platforms charge specific fees when trading crypto, whether buying or selling.
Breet does not charge transaction fees when receiving, selling or withdrawing to your local bank account.
Although Paxful does not charge any fees when purchasing crypto, they charge specific percentages when selling, and it depends on the payment method selected. Check out this Paxful fees article to learn more about what percentage they charge when selling crypto.
4. Cryptocurrencies Available:
This refers to what crypto coins are available to trade on the exchange platforms.
Breet has six cryptocurrencies available to trade: USTD, Bitcoin, Ethereum, Litecoin, Dogecoin and Bitcoin Cash.
Paxful has only three crypto coins to buy and sell- USTD, Bitcoin and Ethereum.
5. Countries Supported:
Breet is available in Nigeria and Ghana but plans to expand to other countries soon.
Paxful, on the other hand, is available in multiple countries such as Nigeria, the United States, the United Kingdom, China, Australia, Canada, India, Japan, Mexico, Brazil, Russia and other countries worldwide. Finding a buyer or seller who is willing to work with you is the key.
In the case of security, both Breet and Paxful are very secure as they both have two-factor authentication, which adds an extra layer of protection to keep users’ funds safe.
7. Payment Method:
Breet offers two payment methods to receive your funds- bank transfer and airtime.
Meanwhile, Paxful offers over 400 payment methods, such as bank transfer, PayPal, gift cards, online wallets etc.
Breet VS Paxful – Which Is Better USDT Trading Platform
Fortunately, Breet and Paxful support USDT trading, but what platform is best for trading USDT?
Earlier, we compared Breet and Paxful using certain factors such as trading options, fees, countries supported, security etc. That comparison shows that both Breet and Paxful are excellent crypto trading platforms with distinct features that set them apart.
To choose the best platform between the two to sell USDT, you have to weigh the options and choose the one that is most suitable for you.
Although Paxful has existed longer than Breet, Breet is clearly one of the best crypto trading platforms in Africa. Trusted by over 200,000 users in a significantly shorter amount of time than Paxful, it is clear that it is fast becoming one of the leading crypto trading apps.
Paxful and Breet are excellent platforms that offer superb service, but they have different trading methods that have an edge over each other. Do more research and select the most suitable platform for you.