- Buy USDT and 50+ other cryptos
- Pay by bank transfer, credit or debit card
- Spend anytime with the Crypto.com Visa card
- Take advantage of a wide range of extra features
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Tether, otherwise known as USDT, is a cryptocurrency built on the Bitcoin blockchain (via Omni Layer) and founded by a Hong Kong-based company, Tether Limited. Tether is anchored to the US dollar, where every tethered cryptocurrency issued in circulation is backed by a 1:1 ratio by US dollars. Buying USDT is easy through a variety of exchanges, so we’ve compared 20+ to help you find the right fit.
This is our quick guide to just one way to buy USDT. Compare some other options in the table below.
Tether is widely accepted throughout the cryptocurrency world. You can find it on almost every exchange and buy it with almost every other cryptocurrency or fiat currency. Compare exchanges by deposit method and cryptocurrency support to find the right fit:
Here’s how to buy Tether (USDT) in Canada:
Look for an exchange that lists USDT in one or more currency pairings, and sign up with your email address and a password. Compare exchanges when buying USDT to find the lowest fees and freshest exchange rates.
If your exchange supports Tether you’ll be able to buy USDT directly with Canadian dollars. Some exchanges charger varying fees depending on the amount of USDT you’re buying, so pay attention to the cost of your transaction.
Navigate to the markets section on your chosen exchange to find your desired USDT pairing. Look for the section on buying USDT, and type in the amount of the paired cryptocurrency you want to spend or the amount of USDT you want to buy.
The process is similar to step 3 above, except you would opt for the option that allowed you to sell USDT or buy the cryptocurrency or fiat currency you want to exchange it with.
There are different types of Tethers, each requiring a different type of wallet. Sending the wrong type of Tethers to the wrong kind of wallet will result in a loss of funds.
Read our guide on Tether wallets to see what each type of Tether is, how to find out which type you have and how to choose the right wallet.
USDT was designed so that the US dollar could be digitized and used on the blockchain by financial businesses, such as cryptocurrency exchanges, wallets, payment processors and financial services. Some of the largest cryptocurrency exchanges, such as HitBTC and Poloniex, have already integrated USDT into their systems and use it as one of their primary cryptocurrencies; USDT has several pairings, meaning that it can be used to purchase several other cryptocurrencies.
USDT was conceived to give companies an alternative to the traditional processes involved in exchanging and depositing fiat currency. Its team aims to help businesses manage customers’ assets through using cryptocurrency processes while enabling them to settle fiat balances between exchanges. This means that companies can exchange cryptocurrency funds faster, bypassing the process of converting in and out fiat currencies through the banking system.
Additionally, in January 2018, Tether Limited issued USDT and EURT as Ethereum-based tokens compatible with the ERC20 standard. This innovation was designed to give the new Tether faster confirmation time and lower network fees.
Tether currencies are often denoted by the ₮ symbol; for example, USDT can be signified as USD₮ and Tether EUR (EURT) can also be signified as EUR₮. Tether Limited states that to keep the Tether pegged to fiat currencies, the balance of fiat currencies held in its reserves will be equal to or greater than the Tethers in circulation. This is called a proof-of-reserve process.
If you are thinking about buying Tether or any other cryptocurrency, it’s recommended that you understand the risks involved. Here are some facts to consider if you are thinking about buying USDT:
Once you have considered these factors and used this as a starting point for your own research, you’ll be able to make a more informed decision about buying USDT.
What affects the value of Ethereum (ETH) and how might the price of ETH fluctuate in the year ahead? Find out in this comprehensive guide.
Taking a chunk of your retirement savings to buy an annuity can provide peace of mind in your golden years. Find out how.
Axie Infinity is an RPG game that is currently dominating the NFT sector. Discover what Axies are, what makes them unique and how you can earn money simply by playing.
Find out how to trade over-the-counter stocks through OTC Markets.
Check out our review of Sprott Money, where you can buy, sell and store a variety of precious metals.
Find out about 4 ways to invest in this popular crop including futures, futures options, ETFs and stocks.
Find out about silver ETFs, how they’re traded and where you can buy them in Canada.
Find out about gold ETFs, what influences their prices, how you can trade them and whether they could be worth your weight in gold.
Find out what a futures contract is, how to trade one and how futures contracts are different to options.
Find out about cannabis ETFs, the risks and what you need to consider when investing in cannabis.
You must be logged in to post a comment.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.