This article would serve as your complete guide on How to Buy, Sell and Trade Tether(USDT),?
The tether was designed to negate the volatility factor in the cryptocurrencies, and it acts as an anchor for fiat currencies such as US dollars and Euros.
Every USDT in circulation is backed by a 1:1 ratio against a fiat or traditional currencies stored in Tether limited. This means no matter what the market trends are, you will always get a dollar in exchange of 1 USDT.
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A Complete Guide to Buying, Selling and Trading Tether
Tether (USDT) is a well-known crypto asset cum altcoin with various exchanges listing the cryptocurrency on their network. You can easily buy, sell and trade the USD from an exchange providing support for the USDT. Let us dive deep and see a complete guide.
In order to store your crypto asset, be it USDT or any other cryptocurrencies, you need a wallet to store it. Although, exchanges around the world provide you with an option to hold your cryptocurrencies on their network, however, they are deemed as one of the most unsafe forms of a store.
So make sure, you either use a hardware wallet or one of the following ones.
- Web-based wallet. Tether has its own web-based wallet.
- Mobile Wallet. You can use the Free wallet app for Android.
- Desktop wallet. The OmniCore wallet is available for Windows and Linux.
- Hardware wallet. ERC20-compatible Tethers can be held in a hardware wallet via MyEtherWallet.
You May Also Read: Pros and Cons of the Tether
How To Buy Tether
First Make an Account on any of the Exchange listing USDT
- Binance Exchange receives the highest trading volume for USDT, so let us take Binance as an example
- You need to signup with a new account and then follow the instructions which you would receive in the mail.
- You need to verify your identity, to get approval, so make sure to use the two-factor authentication process.
- As soon as your identity is confirmed, you can start using the Exchange to buy USDT. But, Binance does not accept fiat, so you need to buy Bitcoin or Ethereum first and then trade it against USDT.
- If you want to use fiat, you can go for an Exchange-like EXMO, which allows for Fiat deposits.
Buy USDT against Fiat or Other Cryptocurrencies
- As we discussed above, Binance does not all for trade against fiat, so if you are certain about using the Binance then you need to buy or own crypto pairs such as BTC or ETH which can be used to trade against the fiat.
- On Exchanges such as EXMO, you can deposit fiat and buy USDT against it. So buying the USDT is simple and can be achieved as per the needs of the user.
You May Also Read: Why Tether Is the Antithesis of Bitcoin
How to Sell Tether
Selling your Tether is as easy as buying it, and there are various options to do the same, let us see each one separately.
Use The Exchange
- The best way of selling or trading your USDT is through an exchange. The only difficult part is verification and, making an account, after that it’s like any other form of service.
- So, find an exchange which has a good trading volume, Binance being the number one. Now see what do you want to sell your USDT against, is it crypto or fiat.
- If the Exchange that you are currently using allows for Fiat withdrawals, that’s well n good, but if it does not, you can trade it against a crypto pair like BTC or ETH and then move to another exchange which allows for fiat withdrawals.
- The transaction fee is generally as mere as 0.1 %
Sell It To Your Peers
- You can also sell your USDT to the peers who are in the crypto game.
- There are various communities and people who put up advertisements for selling their crypto riches, connect with anyone who is looking for USDT and sell it to them.
- Make sure the person you are dealing with is not shady, and have the resources which they promise.
USDT despite its flaws, and the controversy can prove to be a better option, thanks to its two coin theory, where one is maintained at a constant against US dollar while the other bear the brunt of trade market volatility. Thus maintaining the Blockchain Technology and its Decentralization aspect.
Hopefully, the guide on how to buy, sell and trade USDT gave you a proper insight into the trading aspect of the USDT. Whether USDT is a good investment option, totally dependent on the investor and what he expects and wants from his investment.
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