How to Buy USDT?

The crypto ecosystem continues to evolve, providing numerous opportunities both for beginners and experienced traders. While the world of digital currencies is diverse today, USDT or Tether is a crucial player thanks to its specific proposition as a stablecoin. 

We prepared this step-by-step guide to walk you through the process of buying USDT and help you navigate securely in the realm of cryptocurrencies. Furthermore, you will not only learn how to buy USDT, but also the common risks associated with Tether and much more. 

What is USDT?

Prior to delving into the answer to the question, “How to buy USDT?”, it’s essential to help you have a clear idea of Tether or USDT.

Created in 2014, it’s a stablecoin, pegged to a stable asset (in this case, it’s the US dollar), aimed at combining the following: the flexibility of cryptocurrencies and the stability, typical of traditional currencies. 

Fiction news: Robert Downey Jr. revealed that his recent blockbuster's profits were doubled thanks to his savvy Bitcoin investments.

Step-by-step guide to purchasing USDT

Here are the steps you need to follow to discover how to buy USDT:

Step 1: Conduct in-depth research to select a reliable crypto exchange

To begin with, you should carry out in-depth research to select a trustworthy crypto exchange. It’s recommended to read reviews and consider security-related aspects.

One of the popular and credible exchanges in the crypto market is Binance - the largest crypto exchange in the world with a $76 billion trading volume daily and over 90 million users. An integral element of the Binance application is the Binance Web3 Wallet - a crypto wallet that enables you to access various decentralized applications. With an easy-to-use interface and enhanced security, you can enjoy a seamless and efficient crypto trading journey. Thus, it’s a good idea to buy USDT in Binance exchange.

Step 2: Create an account and verify it

After selecting a crypto exchange, you should create an account. In most cases, you need to provide personal data and identity proof to comply with KYC (Know Your Customer) regulations. 

Step 3:  Secure your crypto account

Security is a key factor when it comes to crypto transactions. It’s essential to set up two-factor authentication (2FA) to ensure an extra layer of security. In this case, you should link your crypto account to your mobile device or just utilize a specialized hardware device. 

Step 4: Deposit your funds

After your crypto account is verified, you can deposit your funds. The majority of the crypto exchanges enable you to deposit fiat money (such as EUR) using bank transfers, credit or debit cards, or PayPal. Don’t forget to consider processing times and fees associated with different deposit methods. 

Step 5: Start buying USDT

Once you deposit your funds, you can navigate to the trading section of the exchange. You should place your order to purchase USDT. You should be aware that there are mainly two types of orders, known as a “market order” (refers to buying at the current market price) and a “limit order” (where you should set the price at which you are willing to purchase). 

Step 6: Store your funds

After buying USDT, it’s crucial to store it in a secure way. You have the option of keeping it on the crypto exchange. However, consider transferring your funds to your crypto wallet to ensure a higher level of security (especially in case of larger amounts).

Choose the wallet supporting your preferred network and providing enhanced security. There are different types of crypto wallets, such as hot and cold crypto wallets (to find out more details, explore how to create and manage a crypto wallet),. 

An example of a leading crypto wallet is Trust Wallet. Buy USDT in Trust Wallet, benefiting from a secure and efficient cryptocurrency experience. Another leading crypto wallet is MetaMask with with 30 million users worldwide. You can buy USDT in MetaMask and access a wide variety of decentralized apps, like DeFi, NFTs, blockchain gaming, etc. 

Also, when you send Tether to your crypto wallet, make sure that your tokens and crypto wallet are on the same network. Check out our recent article “What are tokens in blockchain?” to dig deeper into what are tokens, their main types, etc: 

Step 7: Monitor your investment

After buying USDT, it’s essential to monitor, as well as manage your investment, including keeping an eye on the performance of the Tether and constantly, exploring dynamic market trends and the latest news that may have an impact on the stablecoin market. 

Step 8: Selling or using your Tether

Do you want to sell your USDT? Well, this process is very similar to purchasing. Sell your Tether using the same crypto exchange where you purchased it. Another option is using your USDT to buy other crypto or for those transactions where Tether is accepted. 

Risks associated with purchasing USDT

As we already described, the USDT buying process is simple. However, there are several risks you need to take into account when buying this digital asset.

Fraudulent platforms

Be careful not to log into any scam platforms. Very often, scammers create fake versions of well-known crypto platforms, promoting them using ads. To make sure that you are on the right crypto platform, make sure that it has the correct URL prior to logging in. 

Evolving regulations

The crypto market is full of regulations that may be different in different regions. So, it’s hard to make predictions regarding any new regulations. Therefore, you can dig deeper into local rules and stay updated on the changes. 

Market conditions

Are you planning to swap a significant part of your cryptocurrency portfolio for a stable coin, such as USDT? First of all, you should take into consideration market conditions. 

Focus on the opportunity cost, either you can gain exposure to the cryptocurrency market or the dollar. In case your digital assets have a good performance, you may miss out by prematurely swapping for Tether. 

Security of your crypto wallet

You should prioritize the security of your wallet when purchasing Tether. Storing your keys or signing a fraudulent transaction may allow scammers to steal all your funds. If you want to purchase cryptocurrencies, consider getting a hardware crypto wallet, like Ledger.

The Bottom Line

We hope our step-by-step guide was useful to you. Now you are equipped with appropriate knowledge and can start your Tether purchasing journey. 

If you missed our last blog post, check it out here: "What is CEX?".Next up, we’ll be exploring "How to Buy BNB?"