- Tether (USDT) is the biggest fiat-backed stablecoin in the world by market cap and is available to buy, exchange or sell on almost every crypto exchange on the Internet.
- Since 2015 the USDT stablecoin has been pegged at or near the fiat US Dollars with very little slippage.
- The USDT serves as a good crypto staking coin for reliable returns.
This step-by-step guide will take you through the process of buying USDT from Australia and get you up and running in no time.
Step 1: Select an exchange that sells USDT
USDT has been the most dominant stablecoin in crypto for a long time and is listed on just about every crypto exchange. Finding one that sells USDT is not difficult — we've listed some good options above — but there are some points of differentiation to consider:
- account funding options
- what they charge for trades,
- and also if they charge a fee on deposits and withdrawals.
Step 2: Register and verify your identity
After you've chosen an exchange, you'll have to register an account and prove your identity. What information is required will vary by the exchange. Typically you'll need to provide your name, date of birth, and address. Additionally, a copy of a government-issued form of ID may be required before your account can be verified and secured. In all, this process can be completed within a few minutes.
Step 3: Set your budget
Crypto is a volatile asset class that experiences bull runs and sudden drops, so it's important to decide how much USDT you want to buy and stick to it. Only ever invest what you can afford to lose.
Step 4: Fund your account
You can send fiat currency or cryptocurrency to your exchange account.
Most exchanges accept fiat currency (AUD) transfers from a bank account, credit card, or debit card. Payments via PayID, Osko, PayPal, POLi, etc. may also be supported, but this varies widely between exchanges. Fiat deposits can take a few hours or even days to clear into your account at the exchange.
An alternative way to fund your account is to transfer cryptocurrency from a wallet you control, but this may incur processing charges.
A minimum amount may be required for your first deposit.
Step 5: Buy USDT
Various order types are available for buying, much like there are with a stock broker. More complex order configuration tends to be limited to exchanges that are more geared towards the intermediate to experienced trader.
If you are new to trading, a market order is the easiest option, i.e. buy USDT at the next available price. Some exchanges offer the ability to configure recurring buys, which means you can take advantage of dollar cost averaging over time.
Where to store your USDT
You can store USDT in the exchange wallet and third-party wallets.
If you want easy access to your coins, store your USDT in a hot wallet (e.g. at the exchange). Hot wallets are very accessible, meaning you can trade more frequently. However, they have a greater risk of theft since they are connected to the internet.
A safer alternative is to store your USDT in a cold wallet. These offline storage devices can be manually connected to the internet when you want to access your crypto.
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