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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.
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.
Wondering how to store USDT? Gain more insight with this guide to the best wallets for storing and managing USDT.
What does the future hold for the price of Tether this year and beyond? Find out in our latest prediction.
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