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Tether (USDT) is a cryptocurrency pegged to the US dollar (USD). It is classified as a stablecoin, meaning its price is tied to the underlying asset. Specifically, 1 Tether token is equivalent to 1 USD, which is backed by Tether’s significant reserves. The assets backing Tether may be held in cash or as loans to affiliates. This structure provides investors with a great deal of stability, as the price of Tether typically stays around $1. Therefore, Tether is the preferred intermediary coin for investors who engage in day trading of other cryptocurrencies. This allows stablecoins to be stored in a cryptocurrency wallet during trading intervals.
Interested in adding USDT to your crypto portfolio? This guide will detail the important steps on how to buy Tether (USDT) for a smooth buying experience.
How to purchase Tether (USDT)
Follow this step-by-step guide to learn how to buy USDT easily and safely.
1. Open an online account
The first step to buying or selling any type of cryptocurrency is usually to open an account at a cryptocurrency exchange that supports market access with the coin or token you are interested in. To sign up or register for an account, please provide your email address and personal information, such as your name, phone number, and home address. As part of Know Your Customer (KYC) regulations, you may be required to provide documents such as government-issued ID or proof of address. Once verified, you can enable two-factor authentication for added security.
2. Fund your account
To fund your account, link your payment method such as debit/credit card, bank transfer, or PayPal in the “Deposit” section. These may vary depending on the platform you choose. For fiat deposits, follow the instructions to enter the amount and review the fees. For cryptocurrencies, generate a wallet address, transfer funds from your personal wallet, and verify that the address and amount are correct before confirming. Depending on your payment method and network conditions, it may take some time for the changes to be reflected in your account.
3. Buy Tether (USDT)
Once your account is funded, place your first order to purchase Tether. Go to the trading section and search for your coins by typing “Tether” or “USDT”. Select the option to buy tokens and enter the desired amount. Please review your order details carefully before confirming your transaction. Once the buy order is completed, the coins will appear in your exchange wallet.
Overview of Tether (USDT)
Tether (USDT) is a popular stablecoin designed to maintain stable value by pegging its value to a fiat currency, specifically the US dollar. Founded in 2014, USDT aims to facilitate trading and trading within the cryptocurrency ecosystem by minimizing the volatility typically associated with cryptocurrencies. Each USDT token is intended to be equivalent to 1 USD held in reserve, fostering trust among investors and users alike.
As the most widely used stablecoin, Tether has become an integral part of many trading pairs on various cryptocurrency exchanges. This enables seamless transfer of value between different digital assets. But it also faces increased scrutiny regarding transparency and the actual reserves backing the issued tokens. This has sparked a debate regarding regulatory compliance and the overall stability of the cryptocurrency market.
With a market capitalization of over $118 billion, USDT maintains its position as the third-largest cryptocurrency after Bitcoin (approximately $1.1 trillion) and Ethereum (approximately $284 billion).
Where to buy Tether (USDT)
Don’t know where to start your search? Here are some of the best cryptocurrency exchanges that offer access to Tether (USDT).
How to safely store Tether (USDT)
There are two main types of cryptocurrency wallets. One is a hardware wallet, which is a secure offline device, and the other is a software wallet, which is a useful online application but is susceptible to hacking. Both types aim to increase control and security of digital assets. Consider some of our favorite options below.
Best Hardware Wallet: Ledger
Ledger has sold millions of devices worldwide. We’ve been protecting investors’ digital assets since 2014. The most popular hardware wallet on the market. Ledger offers a number of features designed to protect your assets.
Best Software Wallet: Coinbase Wallet
Coinbase Wallet is an easy-to-use app for storing your cryptocurrencies in your own vault, separate from the Coinbase platform. This enables easy integration with decentralized finance (DeFi) and non-fungible tokens (NFTs), allowing users to manage all their digital assets in one place.
Trade or sell cryptocurrencies
Tether is different from most cryptocurrencies because it is tied to an underlying asset. One of the main reasons Tether is attractive to investors is because it rarely fluctuates from its $1 value. This means that holding Tether for the long term is usually not profitable.
Most investors use Tether as an intermediary cryptocurrency. Let’s say you want to buy Chainlink using fiat currency. Once the order ends, the price of Chainlink increases and you decide to sell your coins. It is often more affordable to convert Chainlink tokens to Tether than directly back to fiat. If you don’t think you’ll want to buy it again for a while, you can store your Tether in a cold storage wallet.
Current virtual currency price
By tracking how the price of a cryptocurrency is changing, you can get a better idea of the best time to buy or trade. Check out some of the most popular cryptocurrencies on the market below.
Is Tether a good investment?
Tether can be used as a replacement for dollars and can be used between exchanges or between individuals. You no longer need to move money through banks. Tether is easy to buy and sell and is available anywhere you would normally buy cryptocurrencies. Although Tether has significantly lower volatility than other major cryptocurrencies, there is no guarantee that investing in Tether will not result in losses. If you decide to invest in Tether, use it only as a supplement to a fully diversified portfolio of stocks, bonds, and funds.
FAQ
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As long as you do your research and fully understand the market, you can safely invest in Tether.
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Tether can be stored in a cryptocurrency wallet such as Ledger.
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Yes, Tether is a stablecoin.
