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Tether (USDT) is the 3rd largest cryptocurrency by market cap, valued at US$112,493,451,506.
Tether is a highly volatile asset capable of major price swings in a single day. Today USDT is trading for $0.998123 USD, which is higher than yesterday's trading price of $0.9975892897 USD. Over the past year, Tether's price has seen a decrease of 0%.
So before you buy Tether, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Tether.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade USDT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
Tether, otherwise known as USDT, is a cryptocurrency built on the Ethereum blockchain and founded by a Hong Kong-based company, Tether Limited. Tether is anchored to the US dollar, where every tethered cryptocurrency issued in circulation is backed at a 1:1 ratio by US dollars.
USDT was designed so that the US dollar could be digitised and used on the blockchain by financial businesses, such as cryptocurrency exchanges, wallets, payment processors and financial services. USDT has several pairings, meaning that it can be used to purchase several other cryptocurrencies.
USDT intends to give companies an alternative to the traditional processes involved in exchanging and depositing fiat currency. Its team aims to help businesses manage customers' assets through cryptocurrency while enabling them to settle fiat balances between exchanges. This means that companies can exchange cryptocurrency funds faster, bypassing the process of converting in to and out of fiat currencies through the banking system.
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Tether.
Once you've created an account, you will need to deposit funds to buy USDT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy USDT:
The easiest way to buy USDT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying USDT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Tether has been performing recently.
You can keep your USDT on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
If you are thinking about buying Tether or any other cryptocurrency, it's recommended that you understand the risks involved. Here are some facts to consider if you are thinking about buying USDT:
Compare today's price of Tether ($0.998123 USD) against its all-time-high price of $1.32 USD on 24 July 2018. The closer the bar is to 100%, the closer USDT is to reaching its ATH again.
Disclaimer: Cryptocurrencies, including Tether, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Tether or any other cryptocurrency discussed.
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