Cryptocurrencies are becoming increasingly popular across the globe. However, many people are still nervous about investing in cryptocurrencies due to their inherent volatility. To avoid this, users are turning to stablecoins such as USDT (Tether). USDT is the third-biggest cryptocurrency in the world when looking at market value, and is designed to have a relatively stable price by being pegged to the US dollar. While the value of other cryptocurrencies varies wildly, USDT is usually equivalent to 1 USD.
In this article, we cover how to buy USDT, where to buy USDT, and show you the advantages and disadvantages of a couple of payment options.
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How to buy USDT (Tether) online?
The specifics of buying USDT will vary from platform to platform, however, the general steps you need to take when buying USDT online are as follows:
- Choose the platform you want to use (if you’re struggling with this decision, check out our recommendations in the next section).
- Create an account. This will usually involve going through some verification steps, including verifying your phone number, email, and ID.
- Select ‘buy USDT’ and choose the amount you want. You’ll need to follow the instructions on the exchange’s website to do this.
- Choose your payment method. Exchanges may offer a different set of payment methods, however, most should support card payments and bank transfers.
- Confirm the purchase. Once you’ve added your payment method and the money has been received, you should now own some USDT.
Depending on the exchange you use, you may need to get a separate crypto wallet where you can hold your USDT. Even if an exchange allows you to hold USDT directly on the platform, some users prefer to send the USDT to an external crypto wallet anyway for increased security.
Where to buy Tether?
The biggest part of buying USDT, or any cryptocurrency, is choosing the right platform for you. Here is a list of some of the most popular and beneficial platforms you can use to buy USDT today.
1. hi
hi is an all-in-one crypto exchange that also offers next-gen mobile banking. With hi, you can buy crypto at true cost via bank transfer, credit card, or other cryptocurrencies. There are a few advantages to buying USDT on hi. You can add currency into your hi account at true cost at a 1:1 ratio with no fees. The platform also allows users to convert USDT to other supported currencies and offers the ability to earn Flexible yield for holding USDT in a hi account at 11% APY with no lockup.
2. Binance
Binance is the world’s leading cryptocurrency exchange, with 2 billion average daily trading volumes and over 1.4 million transactions per second. Binance offers a variety of ways to buy cryptocurrencies, including credit/debit card, cash balance, and peer-to-peer. The platform allows you to pay in a variety of different currencies, as well as enables users to buy other coins using their USDT. Despite being a slightly less user-friendly option, it is a favourite due to its comparably low fees.
3. Coinbase
Coinbase is another well-known and popular cryptocurrency exchange. Coinbase makes it easy to buy, sell, and exchange cryptocurrency using a variety of methods. It’s often compared to Binance due to both platforms’ popularity and is often rated as being far more user-friendly than its competitor. However, this convenience does come with slightly higher fees, but if you’re still getting acquainted with cryptocurrency, Coinbase is a good and reliable choice.
4. eToro
eToro is a social investment and multi-asset brokerage company that also allows users to purchase cryptocurrencies (including USDT) from their platform. It’s easy to learn how to trade and invest using eToro and the platform supports a very wide variety of payment methods, including PayPal. The main appeal of buying cryptocurrency via eToro is the simplicity of the process as well as the relatively cheap fees.
The cheapest way to buy USDT
There is no guaranteed cheapest way to buy USDT, as it all depends on the amount you are buying and the fees from a plethora of platforms. One of the cheaper ways to buy USDT is likely via a peer-to-peer (P2P) exchange, for instance, Binance P2P. A P2P exchange is a marketplace where people can trade crypto directly with each other on their own terms. Sometimes with a bit of luck, you might be able to find trades that are cheaper than the going exchange rates.
The amount of USDT you are buying may play a factor in the overall cost as well. For example, on Binance, paying with SEPA bank transfer costs 1 EUR, whereas paying with a bank card costs a 1.8% transaction fee. The best way for you to determine the cheapest option is to consider these factors.
Buy USDT with debit card
When you buy USDT with a debit card, there are a few things you consider. You’ll need to make sure you have sufficient funds in your debit card account as insufficient funds will likely incur fees. In addition, different platforms charge different fees for using card as the payment method.
For example, on Binance, buying USDT with a credit/debit card incurs a fee rate of 2% per transaction.
Here’s a step-by-step guide on how to buy USDT using a debit card. The steps may vary slightly depending on the exchange you choose:
- Create an account on your exchange of choice and verify the account.
- Link your debit card to your profile.
- Start the exchange by selecting the debit card as payment method
- Select to buy USDT
- Follow the instructions to complete the exchange
- Receive USDT into your wallet.
Buy USDT with credit card
The steps involved in buying USDT with a credit card are virtually the same as that with a debit card. However, there are a few things that you should consider that are specific to credit cards.
Buying with a credit card is only possible if both your credit card issuer and your crypto exchange allow it. For example, some exchanges only accept Visa and Mastercard, and some banks may block payments to some platforms. Another thing to consider is that credit card transactions are often considered a ‘cash advance’, which is likely to incur a fee and raise the costs of buying USDT. Finally, foreign exchange fees may apply if the exchange is outside of your country of residence.
Here’s a step-by-step guide on how to buy USDT using a credit card. As with paying via a debit card, the steps may vary slightly depending on the exchange you choose:
- Create an account on your exchange of choice and verify the account.
- Link your debit card to your profile.
- Start the exchange by selecting the debit card as the payment method
- Select to buy USDT
- Follow the instructions to complete the exchange
- Receive USDT in your wallet.
With the variety of payment options and platforms, it can be overwhelming to buy USDT. We hope this article has given you some idea of the process of buying Tether and showed you just how easy it can be. Don’t forget to check out hi, where you can buy and earn cryptocurrencies such as USDT.