Home Guides How To Buy Tether in 2023

How To Buy Tether in 2023

Justin Murphy
Last Updated September 22, 2023 9:11 AM

Cryptocurrencies have grown exponentially in popularity over the years. In this expansive landscape, Tether (USDT) has emerged as a cornerstone.

As a stablecoin pegged to the U.S. dollar, Tether offers relative stability compared to the volatility of other crypto. If you’re new to this sphere and wondering how to buy Tether, fret not.

This comprehensive guide will walk you through every step. We cover platform selection steps, payment methods, order placement, and secure storage. We’ll also explore alternative buying methods for added versatility.

Best Tether exchanges in 2023

The crypto experts at CCN have done tons of research to find the best exchanges for buying Tether. These are our top picks.

  1. Binance  – Best for trading a wide variety of cryptocurrencies.
  2. Coinbase  – Best for beginners and easiest to use.
  3. Kraken  – Best for advanced traders and high trading volume.
  4. eToro  – Best for investors who want to trade cryptocurrencies securely and cash out for fiat money.
  5. Bitstamp  – Best for low fees and high liquidity.

Review of our top 5 Tether exchanges

Here are some quick reviews of some of the best USDT exchanges. If you want to get started quickly, start by reading these reviews.

1. Binance Exchange Review

Binance homepage

  • Overview: Binance is the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange. It was founded in 2017 by Changpeng Zhao, a well-known entrepreneur, investor, and software engineer. Binance offers crypto-to-crypto trading in more than 360 cryptocurrencies and virtual tokens, including bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), and its own coin, BNB.
  • Tradable coins: 350+ cryptocurrencies and virtual tokens.
  • Fees: Binance charges a 0.1% trading fee for both makers and takers, which is relatively low compared to other exchanges. Users can also get a discount on trading fees by holding Binance Coin (BNB).
  • Pros:
    • Offers a wide range of cryptocurrencies and virtual tokens
    • Low trading fees
    • High liquidity
    • Discounts on trading fees for Binance Coin (BNB) holders
    • Strong focus on altcoin trading
  • Cons:
    • Not beginner-friendly
    • Limited payment options
  • Visit Binance  if you’re eager to get started.

2. Coinbase Exchange Review

Coinbase homepage

  • Overview: Coinbase is a popular cryptocurrency exchange designed for beginners and ease of use. It was founded in 2012 and is headquartered in San Francisco, California. Coinbase offers trading in a limited number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
  • Tradable coins: This exchange hosts a limited number of cryptocurrencies
  • Fees: Coinbase charges a spread of about 0.5% for cryptocurrency purchases and sales, which is relatively high compared to other exchanges. It also charges a variable fee of 1.49% for bank account purchases and 3.99% for credit/debit card purchases.
  • Pros:
    • Beginner-friendly
    • Easy to use
    • High liquidity
    • Insured deposits
    • Supports fiat currency
  • Cons:
    • Limited number of cryptocurrencies
    • High fees compared to other exchanges
  • Visit Coinbase  for a closer look at this convenient exchange platform.

3. Kraken Exchange Review

Kraken homepage

  • Overview: Kraken is a well-established cryptocurrency exchange founded in 2011 and based in San Francisco, California.  It is best for advanced traders and high trading volume. Kraken offers trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
  • Tradable coins: These include numerous cryptocurrencies.
  • Fees: Kraken charges a maker-taker fee schedule that starts at 0.16% for makers and 0.26% for takers. These fees decrease as trading volume increases.
  • Pros:
    • Advanced trading features.
  • Cons:
    • Not very suitable for newcomers to the world of crypto.
  • Visit Kraken 

4. eToro Review

  • Overview: eToro is a renowned social trading platform that allows users to trade cryptocurrencies, stocks, and other assets. It was founded in 2007 and is headquartered in Cyprus. eToro offers a user-friendly interface and is best suited for investors who want to trade cryptocurrencies securely and cash out for fiat money.
  • Tradable coins: eToro offers a limited selection of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more.
  • Fees: eToro charges spreads on cryptocurrency trades, which vary depending on market conditions. There are also withdrawal and inactivity fees to consider.
  • Pros:
    • User-friendly interface
  • Cons:
    • Limited choice of cryptocurrencies.
  • Visit eToro  if you’d like to know more.

5. Bitstamp Exchange Review

Bitstamp homepage

  • Overview: Bitstamp is one of the oldest and most reputable cryptocurrency exchanges, founded in 2011 and headquartered in Luxembourg. It is known for its low fees and high liquidity. Bitstamp offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more.
  • Tradable coins: Bitstamp offers a wide range of cryptocurrencies.
  • Fees: Bitstamp uses a tiered fee structure based on trading volume. The fees start at 0.25% for the lowest tier and decrease as trading volume increases.
  • Pros:
    • Low fees
  • Cons:
    • Limited selection of cryptocurrencies compared to other exchanges
  • For more information, visit Bitstamp 

Choosing a Platform

The first step in your journey to buy Tether is choosing the right platform. This is the digital marketplace where you’ll carry out your purchase.

There are many cryptocurrency exchanges available, each with its unique features. These platforms include Binance, Kraken, Coinbase, Bitfinex, and many others.

Binance is a globally recognized platform. They have a high trading volume and an extensive selection of crypto currency. It offers advanced features for experienced traders and a basic user interface for novices. It also has a reputation for its robust security measures.

Kraken is another reputable site famous for its strong emphasis on security.

It offers a variety of products like futures trading and margin trading. This makes it suitable for both new and experienced investors. Aside from this, it provides detailed guides to help users understand the trading process.

Coinbase, on the other hand, is highly rated for its user-friendly interface. Thanks to this, it is a popular choice for newbies to cryptocurrency.

It offers a range of educational resources to help users better understand trading. Coinbase is also one of the few insured platforms, adding another layer of security.

Choosing a Method to Buy Crypto With

Once you’ve chosen a platform, the next step is to determine how you’ll buy your Tether. Most crypto exchanges offer a variety of payment methods to suit different user needs.

You can usually buy USDT with fiat currency via bank transfer, debit card, or credit card. Or you can even use other cryptocurrencies.

Bank transfers are common due to their wide acceptance and low fees. But they can be slower than other options, as money processing can take a few days.

Credit cards or debit cards offer a more convenient and quicker option. Still, they come with higher transaction fees compared to bank transfers.

If you own currencies like Bitcoin or Ethereum, many exchanges allow you to trade them for stablecoins like Tether.

This could be a convenient option, especially if you want to diversify your portfolio.

Setting Up a Payment Method

After choosing how to buy your Tether, setting up your payment method is the next step. You’ll need to provide your banking information to the exchange for bank transfers.

This typically includes your bank account number, routing number, and other necessary details. Keep in mind that verification of this information can take a few days.

You must provide your card number, expiry date, and CVV for credit or debit cards.

Most exchanges will need you to confirm your card by processing a small transaction.

If you’re using other cryptos, you’ll need to deposit it into your exchange wallet.

This process usually involves generating a wallet address for the specific cryptocurrency. Once generated, transfer the funds from your personal crypto wallet to the exchange wallet.

Placing an Order

As soon as your payment method is set up and you fund your account, you’re ready to buy Tether. This step involves navigating to the exchanges and searching for Tether or USDT.

Once you’ve found Tether, decide how much you want to buy. You can usually:

  • enter this as an amount of Tether
  • or specify how much of your chosen payment method you want to spend.

Most exchanges offer two main types of orders:

  • market orders (these allow you to buy Tether at its current crypto market price)
  • limit orders (give you the option to specify the price at which you’re willing to buy Tether)

With limit orders, you can set up a price that is lower than the current market price. The exchange will execute your order once the market price reaches your specified price.

Storing Your Tether Securely

After purchasing your Tether, it’s crucial to store your asset securely.

Although exchanges do provide online wallets, they can be susceptible to hacking. As a rule of thumb, moving your funds to a private crypto wallet is safer.

There are two main types of wallets:

  • hot wallets (online)
  • cold wallets (offline).

Hot wallets are connected to the internet and are convenient for frequent trading. But they are more vulnerable to online threats.

Examples of hot wallets include software wallets on your computer or mobile device.

On the other hand, cold wallets are completely offline. Thanks to this, they provide maximum security against online threats.

These include hardware wallets like Trezor or Ledger. Both of which are physical devices that store your cryptocurrencies.

Paper wallets are another form of cold storage, where your crypto private keys are printed on a piece of paper.

Different Methods of Buying Tether

Besides buying Tether through an exchange, you have other options.

Peer-to-Peer (P2P) Transactions

P2P platforms connect buyers and sellers directly. This enables them to negotiate prices and payment methods.

This method can be convenient, as it may allow for more payment options and lower fees. However, it also requires being careful to avoid scams.

Gift Cards

Some services allow you to buy Tether using gift cards. You simply buy a gift card with a set value and then redeem it for Tether.

Be aware that this method often involves high fees. It can also suffer fraudulent attacks if you don’t do it through a reputable platform.

Final Thoughts on Buying Tether

So you’ve come this far. We’ve walked through the process of buying Tether together.

We’ve run through everything. From picking the right platform and deciding on your payment method to securing your Tether in a wallet. It’s not as complicated as it first seemed, is it?

But does the learning stop here? Not at all! The world of cryptocurrencies is ever-changing, always offering something new to discover.

You’ve learned how to buy Tether on an exchange, but what about other ways? Have you considered peer-to-peer transactions or using gift cards? These options provide flexibility and more control over your transactions.

However, remember this: owning Tether is a responsibility. It’s essential to keep your digital assets secure. Moreover, staying informed about the latest trends in cryptocurrencies is crucial.

You’re now equipped with the knowledge of how to buy Tether.

how to buy tether