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.
The crypto experts at CCN have done tons of research to find the best exchanges for buying Tether. These are our top picks.
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
2. Coinbase Exchange Review
3. Kraken Exchange Review
4. eToro Review
5. Bitstamp Exchange Review
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.
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.
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.
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:
Most exchanges offer two main types of orders:
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.
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 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.
Besides buying Tether through an exchange, you have other options.
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.
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.
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.