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Your complete guide to buying and investing in Tether (USDT)

Your complete guide to buying and investing in Tether (USDT)

Tether (USDT) is one of the most popular stablecoins in the crypto industry. Its value is pegged to the US Dollar (USD), meaning that the Tether price in the current market is similar to whatever the value of USD is. Stablecoins like USDT are less volatile than other assets like Bitcoin (BTC).

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Because of its 1-to-1 pricing, depositing US$100 to Tether reserves will gain you 100 USDT in return. Is it worth it to invest and buy USDT? Find out below:

How to buy USDT

Learning how to purchase USDT is easy and is similar to how you would also buy stablecoins and other assets. To know how to buy Tether, follow these quick and simple steps:

  1. Choose a crypto exchange - Tether is listed and available on several crypto exchanges. To find the best one, research and select a reputable exchange that supports Tether trading. Popular exchanges include Binance, Coinbase, Kraken, and Bitfinex.

  2. Create your account - After choosing the best USDT exchange, sign up for an account. Creating an account involves providing your email address, creating a secure password, and completing any required verification processes required by the exchange.

  3. Complete the verification process - Depending on the exchange's policies, you may need to complete a Know Your Customer (KYC) verification process. This often involves submitting documents such as a passport, driver's licence, or any bill with proof of address.

  4. Deposit funds - Once your account is set up and verified, deposit funds into your exchange account. Many exchanges support various deposit methods, including bank transfers, credit or debit cards, or other coins. Select the method that suits you best and follow the provided instructions to deposit your desired amount.

  5. Find a trading pair - Locate the trading pair that matches USDT with your desired currency. If you want to buy Tether with US dollars, look for the USDT/USD trading pair. If you prefer to trade with another crypto, search for the relevant trading pair, such as BTC/USDT.

  6. Place your order - Choose the type of order you want to place. A market order will process your order instantly at the current market price, while a limit order allows you to set a certain price at which you want to buy USDT. Enter the amount of USDT you wish to buy and review the details before finalising the order.

  7. Securely store your USDT - After completing the transaction, store your Tether coins in a secure wallet. Some exchanges provide built-in wallets, but consider using a hardware wallet or a reputable software wallet supporting USDT for enhanced security. Some of the best Tether wallets you can consider are Ledger Nano S and X, Trezor Model T, and MyEtherWallet.

Best crypto exchanges where you can buy USDT

Choosing the best USDT exchange is one of the most important steps to buy virtual currency Tether hassle-free. A great USDT exchange offers a variety of trading pairs and crypto options to choose from. Some of the best USDT exchange recommended include:

  • Binance - Binance is one of the largest crypto exchanges in the world that offers a wide variety of trading pairs, including USDT. Binance also offers a mobile app and a user-friendly interface for easy trading.

  • Coinbase - Coinbase is a popular exchange known for its user-friendly interface and high level of security. In the app, USDT can be purchased using a variety of payment methods, including bank transfers and credit or debit cards.

  • Kraken - Kraken is another popular exchange that offers USDT trading pairs. It is known for its high level of security and advanced trading features, making it a good choice for experienced traders.

  • Bitfinex - Bitfinex is a well-established exchange that offers a variety of trading pairs, including USDT. It is known for its advanced trading features and margin trading features.

What to do before you invest in USDT

After you learn how to invest in USDT, it’s time to decide whether you should start your USDT investment. Buying and investing in USDT is easy and hassle-free, but it’s still crucial to follow the following tips to make your USDT investment process as worthwhile as possible:

Research

Before investing in USDT, know the basic concept of stablecoins, USDT's mechanism, and its overall reputation in the crypto market. Stay informed about any news, updates, or trends related to USDT to make informed investment decisions.

Choose the best exchange

Select a renowned and well-established crypto exchange to buy and store your Tether virtual currency. Look for exchanges with a strong track record of security and user trust. Always read reviews, check their security measures, and ensure they have a good reputation in the industry.

Know the risks

While USDT aims to provide stability, it's essential to recognise that investing in any type of crypto involves risks. The US Dollar’s stability and other crypto market changes can impact the value of USDT. Be prepared for possible fluctuations and assess your risk tolerance before investing.

User secure wallets

Protect your USDT holdings by using secure wallets. Hardware wallets, such as Ledger or Trezor, are considered by many as the most secure option. If you choose to use a software wallet, make sure that it’s from a trusted source and follow best practices for security, such as using strong and unique passwords.

Place your USDT wagers on live sports events and tournaments here

Is USDT worth it?

Since Tether has been popular in recent years, most people who aren’t familiar with it wonder: is USDT a good investment? Just like other stablecoins, investing in USDT comes with its own pros and cons:

Advantages of holding Tether:

  • Stable - USDT is more stable compared to other coins that are known for their volatile nature. Each USDT token is backed by an equivalent amount of fiat currency in a designated reserve, making it a more stable option for investors and traders. Its stable nature makes Tether a preferred choice if you wish to avoid the rapid price fluctuations of most coins.

  • Flexible - Tether is widely accepted and supported on many crypto exchanges, making it easily tradable for other coins or fiat currencies. Its high liquidity ensures that users can quickly convert their USDT holdings into other assets or currencies, enabling seamless transactions and a more flexible portfolio.

  • Accessible - USDT operates on blockchain networks, making it accessible to users worldwide. It boasts faster and more efficient cross-border transactions compared to standard banking systems.

Disadvantages of holding Tether:

  • Counterparty risk - USDT’s stability nature relies on the trustworthiness and solvency of the company that issues and maintains it. As its stability is pegged to fiat reserves, there is a risk of default or insolvency on the part of the issuer. If the issuer fails to honour the redemption of USDT for fiat currency, it could lead to a loss of value for holders.

  • Potential systemic risks - As one of the largest stablecoins, USDT's widespread adoption and impact on the crypto market can create systemic risks. Any disruption or loss of confidence in USDT could have far-reaching consequences and affect the overall crypto ecosystem.

Where can you use your USDT?

Since USDT’s price is pegged to the US Dollar, it can be used in the same way as the currency. Here are a few examples of how you can use USDT:

  • Online shopping - Some online retailers and e-commerce platforms accept USDT as a form of payment. You can use USDT to purchase goods and services online, just as you would with US dollars.

  • Crypto sports betting - Many online sports betting platforms like Sportsbet.io that accept crypto as payment also support USDT. This allows you to place bets on sports events using USDT instead of standard fiat currencies.

  • Trading - USDT is a popular trading pair on many crypto exchanges. You can use USDT to trade for other coins or to buy and sell USDT for profit.

How to start USDT sports betting at Sportsbet.io

As one of the most renowned crypto betting platforms in the world, Sportsbet.io makes it easy for you to buy USDT at the site. Follow these easy steps:

  1. Click the ‘Deposit’ button at the top right section of the site.

  2. Choose the ‘Buy Crypto’ option between ‘Deposit’ and ‘Withdraw’. You can buy crypto using various exchanges at Sportsbet.io.

  3. Choose whether you want to buy USDT using Onramper, MetaMask, or other exchanges.

  4. Enter your desired amount and click ‘Buy USDT’.

  5. Wait a few seconds for your transaction to go through.

Experience hassle-free betting with USDT at Sportsbet.io

Now that you know how to buy and invest in USDT, you can use it to bet on your favourite sports at Sportsbet.io. With USDT, expect faster transactions and more stable value for your assets. Don’t miss the chance to place your bets with USDT and experience a fun, fast, and fair betting session at Sportsbet.io!

FAQs

Learn more about USDT with these frequently asked questions:

Where can I buy USDT?

You can buy USDT on renowned crypto exchanges such as Binance, Coinbase, and Kraken.

Is Tether (USDT) worth investing in?

Investing in USDT comes with many benefits, but deciding whether it’s worth investing in the stablecoin depends on your needs and your risk tolerance.

Is Tether (USDT) dangerous?

No, investing in USDT is not dangerous. However, just like most crypto, investing in USDT comes with risks.

How do you make money with Tether?

One of the ways you can make money with USDT is by buying USDT when its value is low and selling it when its value increases.

Experience premiere USDT and crypto betting at Sportsbet.io

DISCLAIMER

The information provided by the blog above on Sportsbet.io is for general information purposes only. All information on the Site is provided in good faith, however we make no representation, warranty, or guarantee of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, or completeness of any information or betting tips on the Site.

Rica Miranda10 Aug 2023

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