Tether (USDT) is a cryptocurrency issued and circulated in a 1:1 ratio to the US dollar. Binance is an exchange that provides many means to easily buy USDT with the lowest and most secure transaction fees. The following article guides you on how to buy USDT on Binance so that users can easily choose the method that best suits them.
Table of Contents:
What Is USDT?
If you want to charge your phone, you need a charging cable to connect your phone to a power source.
Alternatively, Bluetooth technology is required to connect audio from your phone to an external speaker. Similarly, USDT was born to connect the cryptocurrency market with the fiat currency market.
USDT (aka Tether) was the first stablecoin to appear. A stablecoin is a cryptocurrency created to have a value equivalent to some fiat currency. USDT is issued by Tether Limited, which is a 1:1 stablecoin for the US dollar. USDT’s price holding mechanism makes it easy for traders to convert cryptocurrencies to USDT and return to USD.
Why should you buy USDT on Binance?
There are many reasons for traders to buy USDT on the Binance exchange, some of which have unique advantages as follows:
- Binance is a multifunctional cryptocurrency exchange. Therefore, there are several ways to buy USDT. Traders can easily choose the most suitable method to buy USDT on Binance.
- Binance is the most significant daily trading volume trade globally, so it has high liquidity and instant order matching capabilities. Thus, Binance users can buy/sell USDT quickly. It only takes 1-3 minutes to complete.
- Traders love Binance for its ease of use and convenient features. Therefore, it only takes a little research and the trading process can be done right away.
- One of the reasons Binance is so popular is its low transaction fees. Therefore, users who buy USDT also have to pay poor transaction fees compared to other exchanges.
- Currently, Binance users must verify their identity and complete KYC. Therefore, the transaction process is safer and more secure.
Buy USDT at Binance for what?
USDT is the most popular stablecoin and is chosen by many traders. Traders have several purposes after buying USDT on Binance as follows:
- Store/Hold USDT: Many traders hold USDT long-term to expect the value to increase over time. Usually, after purchasing USDT on Binance and intending to have it for a long time, users choose to keep USDT on the Binance wallet or deposit it in Trust Wallet.
- Trade USDT against another cryptocurrency: Most cryptocurrency traders choose to trade cryptocurrencies based on a pair that trades a particular cryptocurrency for USDT. It makes it easy for the trader to understand the volatility of that cryptocurrency against the USD. And users also quickly know how valuable the cryptocurrency they are trading is when they are converted to USD. Binance offers a wide variety of trading pairs with USDT to meet the trading needs of its users.
- Earn USDT Rewards by Staking: Staking is an easy way to maximize profits when users want to hold a cryptocurrency for a long time. Many traders who want to hold USDT for the long term have chosen to bet for profit instead of keeping it in their crypto portfolio.
- Send USDT to pay for transactions: USDT has a value equivalent to USD, so many people choose to pay for goods and services anywhere with USDT for faster and more convenient payment.
Ways to Buy USDT on Binance
Users can easily buy USDT on Binance in four different ways:
Method 1: Buy USDT via Wire Transfer
Users can easily purchase USDT by selecting the payment currency and USDT as the currency to receive. Then select the payment channel and follow the payment steps required by Binance. This method usually needs to go through a 3rd payment channel built into Binance to complete the USDT purchase process.
Method 2: Buy USDT via P2P
Trading via P2P is the most popular and convenient way to buy USDT at Binance. Users can easily choose a transaction currency, choose a trader with the right conditions (volume, payment method, reputation level …), and proceed to payment to complete the transaction.
Method 3: Buy USDT by trading with another cryptocurrency
Binance supports hundreds of different cryptocurrencies. If the user already has a cryptocurrency on the crypto wallet, he can transfer it to the Binance wallet and select a trading pair with USDT to buy USDT on Binance.
Method 4: Buy USDT with a credit card
Binance supports the easiest way to buy USDT with a credit card. However, some countries have blocked the Visa payment method when trading cryptocurrencies. In addition, this method has a high transaction fee for the card, so users should consider it when using it.
How to buy USDT on Binance with P2P?
To purchase USDT using P2P, users must log in to their Binance account. If you do not have a Binance account, register using the link below:
Select the P2P tab, then click Buy and select USDT. Next, select the fiat currency used for payment, the payment channel you use, enter the amount used to buy USDT and click Search.
The Binance system filters accounts that match the amount and conditions of the payment. Choose a suitable USDT provider and click Buy USDT.
Carefully read the payment terms of the USDT provider in the trading window on the left, enter the amount you want to buy USDT and click Buy USDT.
Get the transfer information and pay the USDT provider. When the payment is complete, click Transferred, notify the seller. If you want to chat with a USDT provider, click on the chat window in the right corner of the screen.
Pending payment, Binance acts as an intermediary and is responsible for blocking the amount of cryptocurrency traded. After the USDT provider receives the funds, the payer clicks to confirm the payment, Binance transfers the USDT to the buyer, and the transaction is completed.
How to buy USDT on Binance via express?
It’s the fastest way to buy USDT, but traders can’t choose the traders and the exchange rates themselves. When you trade through this feature, Binance automatically offers the best rate and matches orders for users right after completing the payment. It is a popular way of trading with new inexperienced traders who choose a reliable USDT provider on P2P. Proceed as follows:
Once logged in, select Buy Crypto, click P2P Trading, then select the Express tab on the toolbar. Then, choose a payment currency, enter the amount you want to use to purchase USDT, and click Buy with 0 fee.
Select the appropriate payment gateway and click Confirm Purchase.
Follow the payment steps according to the on-screen instructions to complete the transaction.
How to buy USDT with Visa or Master credit card?
Binance accepts credit card payments for USDT purchases. However, it is not allowed to use credit cards for cryptocurrency transactions in many countries. So this payment method is not popular among everyone.
If you want to use a credit card to buy USDT, on the toolbar select Buy crypto, then click Credit/Debit Card.
Select the payment unit, the amount you want to buy USDT and click Continue.
Then, click Add New Card.
Enter your card details: card number, expiration date, secret code and select Next.
Continue entering your address information, zip code, and click Add Card.
Then click Confirm to pay, enter the OTP code and click Submit.
Immediately after completion, log in to the Fiat and Spot wallet to check the USDT purchased.
How to buy USDT when crypto is available on Binance?
If there is already another amount of cryptocurrencies on Binance and you want to convert to USDT, the user can choose the Convert or Binance Trade feature (Classic or Advanced).
With the Convert function:
- On the toolbar, click Swap and select Convert.
- The From box selects the available cryptocurrency. The blank [To] is USDT.
- Then click Preview Conversion and click Convert to complete.
With the Trade Classic or Advanced function:
- On the toolbar, click Trade and select Classic or Advanced. These are just two different interfaces on Binance, both spot trading features.
- Select the currency pair you have and USDT (Example: BTC/USDT).
- If you have BTC and want to sell BTC to buy USDT, choose SELL order.
- Select the market order type, enter the transaction information and click SELL BTC to complete the purchase of USDT with BTC.
Above are some guidelines for buying cryptocurrency on Binance. There are several ways to own USDT on Binance, but they are all simple. After purchasing USDT, users can keep it on a Binance wallet or transfer it to a Trust Wallet or any other type of cryptocurrency wallet. Users can also use USDT to trade against any other cryptocurrency or earn passive income through staking or savings features on Binance.