Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to buy, sell and trade Tether (USDT)

A beginner's guide to buying and selling USDT in New Zealand.

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 some to help you find the right fit.

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.
Promoted

Quick guide: How to buy USDT

  1. Register an account with a cryptocurrency exchange like Easy Crypto.
  2. Upload ID to the platform to verify your identity.
  3. Wait a moment for Easy Crypto to confirm your identity.
  4. Create a cryptocurrency wallet on Easy Crypto if you don’t already have one.
  5. Select the cryptocurrency you want in the “Buy” section.
  6. Enter how much you want to buy and your wallet address.
  7. Check the amount and confirm the purchase.
  8. Pay for the purchase with a POLi payment or bank transfer.
  9. Receive your cryptocurrency to the wallet address provided.
Go to Easy Crypto's site

This is our quick guide to just one way to buy USDT. Compare some other options in the table below.


Where to buy USDT in New Zealand

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.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

153
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Independent Reserve Exchange
Cryptocurrency, SWIFT, Osko, PayID, EFT
AUD, NZD, USD

27
cryptocurrencies

Deposit NZD and buy or sell BTC, ETH and 20+ other cryptos with trading fees of up to 0.5%.
Easy Crypto Cryptocurrency Exchange
Bank transfer, POLi
NZD

104
cryptocurrencies

Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

315
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
FTX Cryptocurrency Exchange
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

69
cryptocurrencies

FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

280
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

824
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Coinbase Digital Currency Exchange
Bank transfer (ACH)
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

73
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Swyftx Cryptocurrency Exchange
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CEX.IO Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)
USD, EUR, GBP, RUB

22
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Neteller, Skrill, Apple Pay
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

32
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Paxful P2P Cryptocurrency Marketplace
Bank transfer, Cash, Cryptocurrency, PayPal, Credit or Debit Card, Payoneer
DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more

3
cryptocurrencies

Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

168
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
BitPrime Cryptocurrency Retailer
Bank transfer, Credit card, Cryptocurrency, POLi
NZD

96
cryptocurrencies

Based in New Zealand, BitPrime trades around 90+ of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple.
Bitstamp Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Credit or Debit Card, SEPA, Faster Payments (FPS)
USD, EUR, GBP

35
cryptocurrencies

A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins.
loading

Compare up to 4 providers


A step-by-step guide to buying USDT

Here’s how to buy Tether (USDT) in New Zealand:

Step 1. Create an account at an exchange listing USDT

Exchanges such as Binance or EXMO list USDT. Let’s use Binance as an example.

Firstly, sign up for an account at Binance and follow the instructions you receive in the email they send. After that, you need to verify your identity. Don’t forget to activate two-factor authentication for an added security layer while you wait for the ID verification procedure to complete.

Alternatively, if you wish to sign up for an exchange which accepts fiat currency such as USD or EUR, you might choose EXMO. To create an account at EXMO, sign up on their website and follow the instructions you receive in an email. Once logged in, you can choose to verify your identity if you want access to a broader choice of payment options.

For EXMO, payment options which do not require verification include Perfect Money, Payeer and Money Polo. Yet certain popular fiat payment options require verification, including Neteller, wire transfer, debit card and credit card payments.

Step 2. Deposit funds into your account

Depositing on an exchange which doesn’t support fiat currencies:

Binance does 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 Binance. 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 in Binance, you would begin by moving your mouse cursor over the “Funds” button at the top menu on their website and then clicking on “Deposits” in the drop-down menu. 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, Binance will generate a deposit address for you.

Next, you will need to send the cryptocurrency bought with fiat currency to your Binance 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. You would enter in your unique Binance wallet address and select to send your funds. Subsequently, you should be able to receive these funds in your Binance wallet address.

Depositing on an exchange which supports fiat currencies:

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.

Step 3. Buying USDT

At Binance, you can buy USDT by moving your mouse cursor over the “Exchange” button at the top menu and clicking on “Basic”. A price chart will appear. To the right side, you will notice a 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.


How to sell USDT

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 Binance, you can sell USDT on the same webpage where you buy the tokens, except you need to click “Buy BTC/USDT” and enter the number of Tether you want to spend to buy Bitcoin. The trading fee is 0.1%.

At EXMO, you can directly exchange USDT for USD on the same webpage where you buy them. The trading fee is 0.2%.


Which wallets can I use to hold USDT?

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 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.


What are the uses of USDT?

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 Binance, 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 and fiat currencies

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.

To find out more about USDT, check out our introductory guide.


Restricted countries

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:

  • New York
  • Washington
  • Iran
  • Bosnia and Herzegovina
  • Yemen

What should I consider if I want to buy USDT?

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:

  • Supply. According to CoinMarketCap, the circulating supply of USDT at the time of writing (April 2021) was 42,990,752,850 USDT tokens. The number of tokens can increase or decrease as long as the Tether company has enough funds in their bank account to back them up.
  • USDT use. USDT is mostly used on cryptocurrency exchanges to trade and buy other cryptocurrencies but the company behind Tether hopes to make USDT the virtual equivalent of USD.
  • Availability. USDT is available on several crypto exchanges and can be bought with fiat currencies directly or even with a credit card.
  • Risk. In their white paper, the Tether company claims there are several risks involved in the use of USDT. For example, the company could go bankrupt, their funds could be frozen, or their bank could go bankrupt. If this happens, USDT could become useless as there might be no fiat currency backing their value.
  • ERC20 compatibility. In January 2018, USDT was issued by Tether Limited as an Ethereum-based token, which means it is compatible with the ERC20 standard and can be stored in wallets which support this.
  • USDT stolen from Tether. In November 2017, more than 30 million tokens were stolen from the official Tether Treasury wallet.
  • Bitfinex and Tether controversy. Tether Limited, the company that created USDT, is allegedly closely affiliated with the Bitfinex exchange. While Tether Limited claims that Tethers in circulation are backed up by fiat currency reserves, they 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.
  • Market competition. There are other cryptocurrencies pegged to the US dollar in one way or another. The most popular of them are Steem Dollar, NuBits and BitUSD.

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.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site