We’ve rounded up a list of options for how to buy USDT in Canada, so keep reading to learn how to buy USDT, explore the best Tether wallets and more in this detailed guide to buying Tether.
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\n
Stablecoin: USDT is a stablecoin. This means that it is not intended to fluctuate in value, and instead follows the price of an underlying asset. With that in mind, investing in USDT for a profit is theoretically the same as investing in cash (USD). If you want to buy a cryptocurrency in the hope it will rise in value, you should consider non-stablecoin alternatives to USDT. \n\n
The price of USDT is $1.43 CAD today. That is a slight loss from yesterday's USDT trading price of $1.43. Tether has seen a year-over-year price increase of 0%.
Tether at a glance
Tether (USDT) is the 3rd largest cryptocurrency by market cap, valued at US$148,444,530,121.
Tether is a highly volatile asset capable of major price swings in a single day. Today the price of USDT is $1 USD, which is higher than yesterday's trading price of $0.9998781149 USD. Over the past year, Tether's price has seen an increase of 0%.
So before you buy Tether, make sure you understand these unique risks as well as its legal and tax status here in
Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Tether.
How to buy Tether in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Tether is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Tether
You can now exchange your funds for Tether. On beginner-friendly exchanges, this is as simple as entering the CAD or USDT amount you want to purchase and clicking "buy".
Secure your Tether
Consider transferring your USDT to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Where to buy Tether in
Canada
Find an exchange to buy, sell and trade USDT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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Finder Score for crypto exchanges
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.
Tether, otherwise known as USDT, is a cryptocurrency built on the Ethereum blockchain 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 at a 1:1 ratio by US dollars.
USDT was designed so that the US dollar could be digitised and used on the blockchain by financial businesses, such as cryptocurrency exchanges, wallets, payment processors and financial services. USDT has several pairings, meaning that it can be used to purchase several other cryptocurrencies.
USDT intends 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 cryptocurrency while enabling them to settle fiat balances between exchanges. This means that companies can exchange cryptocurrency funds faster, bypassing the process of converting in to and out of fiat currencies through the banking system.
How do I find the best places to buy Tether?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Canada to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Tether?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Tether.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing USDT with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Tether?
Once you've created an account, you will need to deposit funds to buy USDT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy USDT:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase USDT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for USDT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Tether?
The easiest way to buy USDT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying USDT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Tether has been performing recently.
Best Tether wallets to store your USDT
You can keep your USDT on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your USDT below.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Is Tether a good investment?
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:
Stablecoin: USDT is a stablecoin. This means that it is not intended to fluctuate in value, and instead follows the price of an underlying asset. With that in mind, investing in USDT for a profit is theoretically the same as investing in cash (USD). If you want to buy a cryptocurrency in the hope it will rise in value, you should consider non-stablecoin alternatives to USDT.
Controversy: Tether Limited, the company that created USDT, is allegedly closely affiliated with the Bitfinex exchange. While Tether Limited claims that USDT in circulation is backed up by fiat currency reserves, it discontinued relationships with auditors who were supposed to verify this claim. This incident has led to speculation and uncertainty about whether USDT is securely backed up by US dollar reserves. Reports conducted by Moore Cayman in 2021 seem to support Tether's claims that USDT is fully backed by reserves, but it is worthwhile to assess alternative opinions too. For example, a study by the University of Texas suggests the true purpose of Tether is to keep the price of Bitcoin high.
Competition: USDT is just one of many stablecoins pegged to the US dollar. USDC and Binance USD are two alternatives to Tether that you may want to consider.
Use-case: Considering USDT is a stablecoin, the reason for investing in the token is not necessarily for profits. Generally, investing in a stablecoin is a good way to avoid market volatility and downswings while still keeping your assets in cryptocurrency. They can also be used to engage in DeFi practices like staking or yield farming without needing to worry too much about the market.
Today's Tether price versus ATH
Compare today's price of Tether ($1 USD) against its all-time-high price of $1.32 USD on 24 July 2018. The closer the bar is to 100%, the closer USDT is to reaching its ATH again.
Tether's price: $1 ATH date: July 24, 2018
75.76%
Tether ATH: $1.32
How to trade, convert or sell Tether
You can convert or sell your USDT with the same exchange you bought it through:
Sign in to the exchange you have USDT on.
If you store your Tether in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of USDT you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Tether.
Complete your transaction and move your USDT to a wallet for storage.
Disclaimer: Cryptocurrencies, including Tether, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Tether or any other cryptocurrency discussed.
Learn how to buy Litecoin in Canada with our simple step-by-step guide and tips on what to know before you get started.
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