How to Buy Tether Online in 2023?

Bitcoin (BTC) is the most popular and valuable cryptocurrency, but also struggles with massive value fluctuations. How can anyone invest in something when it may have lost much of its value in a few days? That’s where Tether (USDT) comes in. Tether is pegged to the value of the United States dollar, meaning that it is designed to always have an equivalent value. This linking of values solves many of the biggest crypto challenges, making Tether an island of stability in otherwise rough seas. This guide will explain how Tether works, how to buy Tether, and how to trade Tether.

What is Tether?

Simply put, Tether is a stablecoin that has been around since 2014. The crypto’s creation was founded on the idea that what cryptocurrencies needed, above all else, is stability. Bitcoin may have been making big waves in 2014, but most investors were hesitant simply due to how volatile the crypto was at the time. Which isn’t to say that Bitcoin has got any more stable, still seeing massive price jumps today.

Hence, when Tether was launched it came with a promise; the value will always remain tied to the US dollar. This means that 1 USDT will always have a similar value to $1, though perhaps not exact. Either way, it wasn’t long after launch that investors flocked to buy Tether, comfortable that they now had a digital asset that wouldn’t fluctuate in value.

Now, in 2022, Tether boasts the highest liquidity of any crypto, having an incredible trading volume of around $89 billion every 24 hours. That is more than even Bitcoin which, a statistic that speaks for itself.

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4.8/5

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4.6/5

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How Does Tether Work?

Tether is firmly based around keeping its crypto-economy balanced. If Tether is purchased with fiat currency an exact equivalent of USDT is issued. If Tether is redeemed for fiat currency that USDT is destroyed permanently, ensuring that no imbalance can exist one way or the other.

As far as holding its value is concerned, the solution is simple. Each USDT token is backed by the entire Tether reserve, including both fiat currencies and financially certified assets. This means that regardless of what happens elsewhere in the market, a USDT should always maintain the same value.

The balancing system is referred to as stablecoin. Tether was the first to spearhead the trend, managing to find stability in a time when other cryptos were still struggling with massive volatility.

What is Tether Used for?

The primary use of the crypto is trade. An investor can trade Tether quickly and easily for other cryptos, safe in the knowledge that they are avoiding any potential value fluctuations. Since Tether has a set value it makes the currency perfect for quick, hassle free trades. This is why USDT is so liquid, and why the trading volumes are so vast. If a trader wants to get fast trading done, chances are they will buy Tether first.

Of course, given that Tether is a stablecoin there is no point it trying to make profits on its trade. Those sort of investments are for other cryptos, while Tether acts as the glue that holds the system together. In other words; investors trade Tether as a stable way to participate in the market, or otherwise to take advantage of the general benefits that crypto transactions provide.

How to Buy Tether

It is possible to buy Tether through centralised exchanges, decentralised exchanges, or through brokers. Let’s take a look at how to buy Tether in a few simple steps.

Step 1 – Set Up a Wallet

Regardless of which method is used to buy Tether, a storage wallet will be needed. Storage wallets are available in digital or physical form, though most traders will start with a digital version. Signing up to a digital wallet takes just a few moments of time, requiring nothing more than email verification and a few basic details.

Step 2 – Sign Up at an Exchange or Broker

There are a number of exchanges offering trading services, some centralised and some decentralised. Centralised exchanges follow financial rules and regulations, providing security to users. Though in order to meet these obligations centralised exchanges require that traders complete the Know Your Customer (KYC) process. Completing KYC will require validated identification, so it is wise to have this documentation ready in advance. Once KYC is completed the account will be activated.

Trading via a decentralised exchange will not require the KYC process. This means that it is possible to trade anonymously. Whichever option is chosen, a deposit will have to made into the account before trade is possible.

Step 3 – Make a Deposit

If wanting to buy Tether with fiat currency a deposit can be made with credit card, debit card, PayPal, Google Pay or Apple Pay. The option to deposit will have to be selected at the exchange, after which a deposit method specified. The fiat currency may take time to reflect in the account, depending on the bank used.

It is also possible to trade another crypto for Tether. This will require a deposit of a trade crypto into the exchange account. The deposit can be done by selecting the appropriate option at the exchange, after which the desired crypto can be indicated. An address will be generated, allowing for the deposit of the desired crypto from a wallet.

Step 4 – Buy USDT

With available funds Tether can now be purchased. Buying Tether with fiat currency is quick and easy, requiring only that the desired amount of USDT be indicated, and the payment made. The process should take no more than a few moments.

To trade for Tether with another crypto the process is slightly more complicated. It must be indicated which crypto is desired, USDT, and the crypto being used for the trade. Once the parameters have been set the transaction will proceed.

Step 5 – Withdraw USDT

Once the Tether has been purchased it can be left in the exchange account. However, it is highly recommended that the funds be withdrawn to a wallet for safe storage. Should anything happen at the exchange, and funds be in the account, there is no telling what might happen.

Withdrawals can be done by selecting the applicable option, indicating the currency to be withdrawn, and setting the wallet’s address as the destination.

What Fees Apply?

The biggest fees in the crypto-sphere come from buying digital currency with fiat currency. This is because banks will charge their own fees for the transaction, the sum of which will depend on the bank in question. An exchange will also take a fee for a transaction, though generally only a small amount. Crypto to crypto trading is the cheapest option, with fees being almost insignificant.

It is important to remember, however, that exchange fees are generally a percentage of the amount transferred. This means that it is better to make fewer, bigger transactions, rather than many small transactions.

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5/5

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Rating

4.9/5

Excellent

TESTED & VERIFIED

Rating

4.8/5

Excellent

TESTED & VERIFIED

Rating

4.7/5

Excellent

TESTED & VERIFIED

Rating

4.6/5

Excellent

TESTED & VERIFIED

Is Buying Tether Safe?

Now that we know how to buy Tether, let’s talk about security. The online world can be dangerous, with cyberattacks being a constant threat. Thankfully traders can take security steps when they buy Tether, or trade Tether.

First and foremost, two-factor authentication (2FA) is provided at most exchanges. This security option is offered for a reason, allowing for an additional layer of protection. Essentially what 2FA involves is sending a security code to a trader’s phone when that trader logs into an account. Hence, anyone attempting to hack the account will not be granted access, given that they will not have the required code. It is important to note that at many exchanges 2FA is not be turned default, and must be activated manually.

It is also very important to use wallets for storage, as already mentioned. However, those that are particularly serious about security will use physical wallets. Physical wallets are electronic devices, similar to USB sticks, specifically designed to hold crypto. With such a device the crypto is removed from the online world entirely, stashed on a personal storage unit, and made very literally uncrackable. At least, uncrackable assuming that the device itself is kept secure.

Many like to trade and transact with cryptos because of the anonymity provided. However it should be taken into account that regulated exchanges are safer. Since the KYC process is required, most of the criminal and illegal elements are forcefully kept out. This measure provides a much safer, much more secure trading environment.

Lastly, only official channels should be trusted when it comes to asking for help. Exchanges have customer support centres for a reason, namely to assist those that require help. Asking for help online, or accepting advice from a stranger, is a bad idea. Cybercriminals are known to masquerade as a helpful part of the community, only to steal private information from the unsuspecting. If a trader wants more detailed information on how to buy Tether they should contact customer support at their exchange.

Is It Worth Buying Tether?

As mentioned earlier, USDT is a currency that is used for easy liquidity in the crypto-sphere. There is little benefit in investing in Tether long term, or holding onto it. Hence asking if it is worth buying Tether is fundamentally misunderstanding what its primary purpose is. To put it another way, a traveller may wish to purchase $100 of USDT before going overseas. Once overseas the USDT can be quickly sold for an appropriate currency, thereby skipping an exchange bureau.

Alternatively a trader may purchase $100 of USDT, then use the currency to buy other cryptos. Not only will the Tether purchase be clear and easily understood, but the already mentioned banking fees will also be avoided. Tether is, by design, meant for convenience above all else, not for long term investment.

Final Thoughts

In an environment of instability, volatility and uncertainty Tether is a trader’s best friend. There is, as has often been said, no better way to sidestep much of the upheaval in the crypto-sphere than by having a safe haven. Tether is that safe haven, offering an anchor in an otherwise stormy landscape. In that regard it is easy to see why Tether is loved, and why so many traders consider it the foundation of their portfolio.

There is no question that cryptocurrencies can be also confusing, perhaps even overwhelming. Keeping track of values can be a nightmare, especially given that a value can be vastly different by the hour. Again, Tether aims to bring control, balance out confusion and make trade manageable. What more need be said about Tether’s importance than that?

FAQ

Can I Buy Tether Without ID Validation?

Buying Tether with fiat currency is only available at a regulated exchange, which will require the KYC process. Tether can also be traded for at an unregulated exchange which does not require KYC.

Is USDT Always Exactly the Value of a US Dollar?

The value of USDT is always as close to the US dollar as possible. The value may not be exact, but will be near enough identical.

Can I Buy USDT Online?

Yes, Tether can easily and quickly be bought online by following the steps listed above.

Is Trading Cryptocurrency Safe?

In terms of cybercrime Crypto exchanges provide a number of security features, including 2FA. Cybercrime is a problem, but careful traders can avoid many of the common challenges. In terms of crypto trading itself, engaging the market does involve a certain amount of financial risk. It is highly recommended that a trader consult a professional financial consultant before making any high risk moves. Remember; crypto transactions are irreversible, meaning that any investment move made cannot be undone.

Do I Have to Be 18 to Trade Crypto?

Buying or trading crypto at a centralised exchange requires the KYC process be completed, which in turn means that age verification will also be required. Again, decentralised exchanges do not require KYC, though it still not recommended that minors enter the risk landscape of crypto trading.

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