As more cryptocurrencies storm the market, it has become difficult to differentiate legit coins from shitcoins.
Of course, you must have heard about Bitcoin and Ethereum. Maybe you came across Dogecoin online when Elon Musk was raving about it.
But if you haven’t heard about USDT (not the USD!), don’t be so hard on yourself. This cryptocurrency doesn’t generate much buzz because it is a stable coin.
And what is a stablecoin?
Stablecoins are cryptocurrencies that are tied to a fixed currency, usually the US Dollars. Some popular stablecoins include Tether (USDT) and Binance USD (BUSD).
In this article, we will discuss USDT and show you things to consider when buying USDT online.
Why should you start buying USDT (Tether) cryptocurrency?
There are multitudes of cryptocurrency options in the market today, but you probably don’t know why crypto experts always talk about USDT.
Here are the reasons why:
1. USDT is stable
The cryptoverse is unstable. One government regulation or Elon Musk tweet can send the market into a spiral. However, stablecoins like USDT are prone to this volatility.
2. USDT has the same value as the dollar
Unlike other cryptocurrencies, Tether coins are tied to the dollar (USD) value at any given time.
3. USDT (Tether) is accepted everywhere
In this era of remote work, you can receive payments and salaries in Tether coins. And since the value is tied to the dollar, you get the exact dollar amount on every transaction.
By the way, you can buy USDT with your regular credit card. Buying USDT with a card eliminates the need to monitor the market value of different coins: what you see on your card is what appears in your wallet.
Where can you buy USDT?
Now that you understand the benefits of buying USDT coin, you are probably wondering where to purchase your first coins.
At the moment, companies are making it possible and convenient for people to buy crypto from anywhere in the world.
However, you need to be careful when conducting transactions. Some exchanges might charge high fees to convert your fiat (USD, EUR, GBP, or RUB) to USDT.
To avoid this problem, let’s look at places where you can buy USDT.
You can spot thousands of crypto exchanges anywhere you look on the internet. But should you trust all of them? Absolutely not. Here are the hallmarks of a reliable cryptocurrency exchange.
- The platform must provide a list of supported currencies on their site or app.
- The currency exchange must have a secure transaction portal.
- The USDT conversion rates should stay the same before and after conversion.
- The currency exchange should have multiple payment options to convert fiat to USDT coins.
- The cryptocurrency exchange platform must be easy to use.
- The support staff should be readily available in case of any complaints.
If any of these features are absent, find another cryptocurrency exchange for buying USDT coins.
If you don’t want to use a cryptocurrency exchange, you can open an online account and hand it over to a broker. However, finding a reliable broker for your assets can be a tough challenge, especially if you are a newbie.
So, don’t just hand over your money to strangers or self-proclaimed “crypto gurus.” Ask for recommendations from friends and trusted partners.
If you must choose a broker for your account, then always consider the following:
- Make sure the broker has a proven track record in the industry.
- Hire brokers who charge reasonable commission.
- Use two-step verification to protect your wallet.
Sometimes, buying Bitcoin with USDT can be a pain when you have many things going on. And with the current state of the market, you might not want to entrust your assets to strangers.
In this case, you can use peer-to-peer exchanges to buy Bitcoin and other crypto-assets using USDT.
Besides, you can request payments from friends in USDT. Instead of receiving the money in your bank account, your wallet will be updated with Tether coins — the exact dollar equivalent minus conversion fees.
Reddit is popular among crypto enthusiasts. You can buy USDT via P2P transactions and save the assets in your wallet — hot or cold. However, Reddit is full of scammers, so you should be cautious when conducting transactions with strangers on this platform.
Trading in USDT does not come with the stress of other cryptocurrencies because you know the value is linked to the US Dollar. However, you might need a trustworthy cryptocurrency exchange when buying USDT coins with your credit card or crypto assets. Protect your assets by using only verified platforms for all your transactions. And if possible, hire a broker to help you monitor your assets.