Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has USD Tether, and is trustworthy!
You can find our top 3 exchanges for buying USD Tether here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy USD Tether
And of course, the final step is to find USD Tether on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy USD Tether (USDT)
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How to Sell USD Tether
- Sign into the exchange
- Find where you stored your USD Tether, either on a hardware wallet or on the exchange.
- Transfer your USD Tether to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell USD Tether.
Considerations when looking to buy USD Tether.
Tether guarantees USDT's value to be equal to the U.S. Dollar. This is USDT's distinctive feature. Tether claims that every time it issues USDT tokens, the same amount of USD is allocated to its reserves. This ensures that USDT can be fully backed by cash or cash equivalents.
Due to the notoriously volatile nature of crypto markets, cryptocurrencies can fluctuate by as much as 10-20% in a single day. This makes them unstable as a store-of-value. USDT is, however, protected from such fluctuations.
USDT is a safe haven to crypto investors. During periods of high volatility, they are able to store their portfolios in Tether and not have to cash out completely into USD. USDT also makes it easy to transact U.S. dollars between countries, regions, and continents using blockchain. This is without the need for a slow or expensive intermediary like a bank, financial services provider, or any other financial institution.
There have been many controversies over the years about the validity of Tether’s claims regarding their USD reserves. This has sometimes disrupted USDT's prices, which dropped as low as $0.88 once in its history. Many are concerned about the fact that Tether has never had its reserves fully audited and verified by an independent third party.
What is the FUD about Tether? Tether has been the subject of much FUD because of its poor balance sheet and inability to conduct a public audit. Tether has been repeatedly fined for misleading statements about the financial state of its books. Tether's first breakdown of balances was released. Tether was also scrutinized by regulators for its claim that all stablecoins are fully backed up by dollars reserves.
Tether is still unsure of the validity of the report, which purportedly cleared it from all wrongdoing allegations. Tether has been involved in numerous disputes over its business practices. However, most crypto experts agree that Tether is too big to fail.