The fastest way to buy USDT on Binance
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Tether (USDT) is a cryptocurrency issued and circulated in a 1:1 ratio with the US dollar. Binance is an exchange that provides many means to easily buy USDT with the lowest transaction fees and the safest. The following article guides you on how to buy USDT on Binance so that users can easily choose a method that suits them best.
What is USDT?
If you want to charge your phone, you need a charging cord to connect your phone to a power source. Or, to connect audio from your phone to an external speaker, you need Bluetooth technology. Likewise, USDT was born to connect the crypto market with the fiat currency market.
USDT (aka Tether) was the first stablecoin to appear. A stablecoin is a cryptocurrency created to have an equivalent value to some fiat currency. USDT is issued by Tether Limited, which is a 1:1 stablecoin to the US dollar. USDT’s price holding mechanism makes it easy for traders to convert cryptocurrencies to USDT and back 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 different ways to buy USDT. Traders can easily choose the most suitable method to buy USDT on Binance.
- Binance is the exchange with the most significant daily trading volume globally, so it has high liquidity and instant order matching ability. Therefore, Binance users can buy/sell USDT quickly. It only takes 1-3 minutes to complete.
- Traders love Binance because of its easy use and convenient features. Therefore, it only takes a bit of 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 meager 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 on 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 it to increase value over time. Usually, after buying USDT on Binance and intending to have it for a long time, users choose to keep USDT on Binance wallet or deposit it into Trust Wallet.
- Trade USDT against another cryptocurrency: Most crypto traders choose to trade cryptocurrencies based on a pair trading a particular cryptocurrency with 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 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 long-term have chosen to stake for profit instead of keeping it in their crypto wallet.
- Send USDT to pay for transactions: USDT has a value equivalent to USD, so many people choose to pay for goods and services everywhere 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 by bank transfer
Users can easily buy USDT by selecting payment currency and USDT as the currency to be received. Then select the payment channel and follow the payment steps required by Binance. This method usually has to go through a 3rd payment channel integrated on Binance to complete the USDT buying process.
Method 2: Buy USDT via P2P
Trading through P2P is the most popular and convenient way to buy USDT on Binance. Users can easily choose a transaction currency, choose a trader with the right conditions (volume, payment method, reputation level …), and proceed to make 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 buy USDT using P2P, users need to log in to their Binance account. If you don’t have a Binance account, register using the link below:
* See more: The complete guide Binance from a to z
After logging in, select Buy Crypto and click on P2P Trading on the homepage.
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 out accounts that match your payment amount and conditions. You choose a suitable USDT provider and click Buy USDT.
Carefully read the payment terms of the USDT provider in the left trading window, enter the amount you want to buy USDT, and click Buy USDT.
Get the transfer information and pay the USDT provider. After payment is complete, click Transferred, notify seller. If you want to chat with a USDT provider, click on the chat window in the right corner of the screen.
In waiting for payment, Binance acts as an intermediary and is responsible for locking the amount of cryptocurrency being 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 through express?
It is the fastest way to buy USDT, but traders cannot choose traders and exchange rates themselves. When trading 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 choosing a reputable 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 buy USDT, and click Buy with 0 fee.
Select the appropriate payment gateway and click Confirm Purchase.
Follow the payment steps according to the instructions displayed on the screen 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 with 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.
Next, click Add new Card.
Fill in card information: Card number, expiry date, secret code, and select Next.
Continue to fill in the address information, Postal Code, and click Add Card.
Then click Confirm to pay, enter the OTP code, and click Submit.
Immediately after completing, access the Fiat and Spot wallet to check the purchased USDT.
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 function or Binance Trade (Classic or Advanced).
With the Convert function:
- On the toolbar, click Trade 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 Trade Classic or Advanced function:
- On the toolbar, click Trade and select Classic or Advanced. These are just two different interfaces on Binance, both of which are 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, fill in 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 different ways to own USDT on Binance, but they are all straightforward. After buying 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 saving features on Binance.
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