- Buy crypto at true cost with the lowest fees
- Buy, sell, and manage 100+ cryptoassets, and track 200+ coins
- Earn up to 14.5% p.a. on interest, paid weekly. T&Cs apply
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 Limited has designed currencies which act as anchors or ‘tethers’ to fiat currencies such as the US dollar or the euro, where every tethered cryptocurrency issued in circulation is backed by a 1:1 ratio with traditional currencies held in deposit by Tether Limited. This means that the conversion rate from USDT to US dollars (USD) is one USDT to one USD.
If you’re keen to learn more about USDT, including where to buy it and things to consider before buying, keep reading our guide.
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. You can also buy USDT with a credit card on Changelly. Exchanges which list USDT include:
USDT was created by a company called Tether Limited and is closely affiliated with the Bitfinex exchange.
There are currently over 2 billion USDT in circulation. Potential buyers should bear in mind that while the Tether company claims to have fiat currency reserves to back up all the Tethers in circulation, there is no concrete evidence of this.
Tether recently and unexpectedly discontinued its relationship with the auditors that were going to verify this claim, causing uncertainty about whether USDT is securely backed by US dollar reserves.
Even though the cryptocurrency is pegged at US$1, Tether users should note that this price stability is largely dependent on Tether Limited actually being able to support the amount of Tether currently in circulation, and that a loss of value is still possible.
Exchanges such as EXMO list USDT.
Firstly, sign up for an account at your chosen exchange and follow the instructions you receive in the email they send. After that, you need to verify your identity. Don’t forget to activate 2-factor authentication for an added security layer while you wait for the ID verification procedure to complete.
Some exchanges do not accept fiat currency deposits so you’ll need to acquire cryptocurrency which can be paired with USDT, such as Bitcoin (BTC) or Ethereum (ETH). If you don’t have any BTC or ETH, follow our guide here on how to purchase one of these cryptocurrencies.
When you acquire BTC or ETH, you can deposit the cryptocurrency at your exchange. To send funds to an exchange, you will normally first need to generate a wallet address for the exchange you wish to send funds to. This is a unique code consisting of several numbers and letters.
To generate this address, go to the “Deposits” section of your exchange. Type BTC or ETH in the “Select Deposit Coin” box and click on either BTC or ETH, depending on the currency you want to use to buy USDT. After this, your exchange will generate a deposit address for you.
Next, you will need to send the cryptocurrency bought with fiat currency to your wallet address. Withdrawal methods vary by platform, however once you opt to withdraw you should be prompted to enter in the amount you wish to transfer as well as the wallet address you will be sending funds to.
At EXMO, you can deposit US dollars (USD), rubles (RUB), euros (EUR), Polish zloty (PLN) or Ukrainian hryvnia (UAH) through multiple payment methods.
To deposit, you need to log in to your account and click on the “Finance” button at the top menu on the website. A list of fiat and cryptocurrencies will appear with the buttons “Deposit” and “Withdraw” next to them. If you want to deposit currency such as USD, you would select USD, click “Deposit” and then choose your payment method. For detailed information on deposit fees and limits, check out our review page on EXMO.
Navigate to your exchange where you can find the list of cryptocurrency pairs. Select USDT and pair it with the cryptocurrency acquired from fiat currency in Step 2. If you bought BTC, you would select a USDT/BTC pairing. To buy USDT, you need to click “Sell BTC” and enter the amount of BTC you want to sell. This will sell your BTC and you will receive USDT in return.
At EXMO, you can directly exchange fiat currencies such as USD and RUB for USDT. Choose a pairing such as USDT/USD. Click on the “Exchange” button on the top menu on the EXMO website. Select the amount of fiat currency you want to exchange for USDT and then click the “Exchange” button.
Alternatively, you can click on the “Buy & Sell” button on the top menu on the website and select your fiat currency of choice next to the price chart. Pair this fiat currency with USDT and select the “Buy USDT” tab below the price chart.
The process is similar to Step 3 above, except you could reverse the pairing order. For example, if you wanted to sell USDT in exchange for BTC, you would find a “BTC/USDT” pairing.
At EXMO, you can directly exchange USDT for USD on the same webpage where you buy them. The trading fee is 0.2%.
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 the guide to 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 digitised 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 their reserves will be equal or greater than the Tethers in circulation. This is called a proof-of-reserve process.
Ensure that you also bear in mind the restricted locations and key considerations outlined below. Due to regulations and government compliance, at the moment of writing (February 2018), Tether has limited availability for citizens in these locations:
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 own research, you would be able to make a more informed decision about buying USDT.
If you’re looking for ways to gain exposure to bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
Mahu membeli Tether? Dalam panduan langkah demi langkah ini, ketahui bagaimanakah cara membeli Tether, di manakah boleh membelinya dan apakah yang harus dipertimbangkan terlebih dahulu.
Learn more about the AAVE cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the Avalanche (AVAX) cryptocurrency in this beginner’s and buyer’s guide.
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
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.
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
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.
Learn more about the UNI cryptocurrency in this beginner’s and buyer’s guide.
If you want to know where and how to buy, sell and store TRON (TRX) in Malaysia, you’ll find all the essential information in this handy guide.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.