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How To Buy Tether in 2024

Last Updated January 3, 2024 11:31 AM
Justin Murphy
Last Updated January 3, 2024 11:31 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 2024

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.
  • Strong reputation.
  • Wide range of cryptocurrencies.
  • Advanced trading features

Cons:

  • Complexity for beginners
  • Geographic restrictions
  • Fees

Visit Kraken 

4. eToro Review

etoro homepage

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
  • Social trading
  • Wide range of assets
  • Regulation

Cons:

  • Fees
  • Lack of ownership
  • Limited geographic availability

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
  • Established exchange
  • Security
  • Liquidity

Cons:

  • Support has received mixed reviews
  • Geographic restrictions
  • Mobile app issues

For more information, visit Bitstamp 

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.

Choosing a Platform

The first step in your journey to buy Tether is choosing the right crypto exchange. 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
  • 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 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

Navigating the process of purchasing Tether (USDT) involves several key steps, starting with selecting a reputable crypto exchange like Binance, Kraken, or Coinbase. Choosing an appropriate payment method – whether via bank transfers, debit/credit cards, or other cryptocurrencies – follows suit. Setting up the payment method, placing an order for Tether, and securely storing your acquired assets in a personal wallet are vital components of the process.

Remember, the responsibility of owning Tether extends to safeguarding your digital assets. Staying informed about the dynamic world of cryptocurrencies remains crucial even after purchasing. Opportunities like peer-to-peer transactions or gift card use present additional avenues worth exploring.

Frequently Asked Questions

Which platforms can I use to buy Tether in 2024?

In 2024, there are several reliable platforms available for purchasing Tether. One reputable platform is Tether Direct, a dedicated website operated by the creators of Tether themselves.

Tether Direct allows users to purchase Tether directly from the official source, ensuring maximum transparency and security. Additionally, many traditional cryptocurrency exchanges such as Binance and Coinbase also support Tether trading, providing users with a wide range of options to choose from

What are the requirements for buying Tether in 2024?

To buy Tether in 2024, there are a few requirements you need to fulfill. First, you will need to have a valid government-issued identification document, such as a passport or driver’s license. This is necessary for the verification process and ensuring compliance with anti-money laundering regulations.

Secondly, you will need to create an account on a reputable cryptocurrency exchange that supports Tether trading. Once your account is set up, you may be required to complete a Know Your Customer (KYC) process, which involves providing additional personal information and proof of address.

Is it safe to buy Tether in 2024?

Absolutely! Buying Tether in 2024 is considered safe due to the advancements in blockchain technology and regulatory measures implemented by governing bodies. Tether, being one of the most popular stablecoins, has established a strong track record for stability and security.

With the increasing adoption of cryptocurrencies and the continuous improvements in security protocols, buying Tether in 2024 is a reliable choice for individuals seeking a stable digital asset.

Are there any limits or restrictions on buying Tether in 2024?

In 2024, the process of buying Tether has become more streamlined and accessible than ever before. The decentralized nature of cryptocurrencies has led to a global acceptance and adoption of Tether, making it readily available for anyone interested in acquiring it.

Whether you’re an individual investor or a large institution, you can buy as much Tether as you desire, without any hindrances or regulatory constraints. This unprecedented freedom empowers users to take full advantage of the benefits offered by Tether in their financial endeavors.

Are there any legal considerations when buying Tether in 2024?

When it comes to buying Tether in 2024, there are indeed some legal considerations to keep in mind. As Tether is a stablecoin pegged to the value of a fiat currency, it falls under the regulatory framework of digital currencies.

Therefore, it is important to ensure compliance with local laws and regulations regarding cryptocurrency transactions. It is recommended to consult with a legal professional or financial advisor who specializes in digital assets to navigate any potential legal hurdles and ensure a smooth and lawful purchase of Tether.

how to buy tether