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- Tether (USDT) is the biggest fiat-backed stablecoin in the world by market cap and is available to buy, exchange or sell on almost every crypto exchange on the Internet.
- Since 2015 the USDT stablecoin has been pegged at or near the fiat US Dollars with very little slippage.
- The USDT serves as a good crypto staking coin for reliable returns.
This step-by-step guide will take you through the process of buying USDT from Australia and get you up and running in no time.
On website
Highlights
- Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
- Access the world's biggest platform for buying, selling, and trading crypto.
- Trade and stake thousands of cryptocurrencies and trading pairs.
- Deposit funds without worrying about any extra charges.
Pros
Cons
On website
Highlights
- Access over 440 assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi tokens like UniCoin.
- Choose from multiple payment options, including PayID, OSKO, POLi, and bank transfers for deposits and withdrawals.
- Learn the basics of crypto trading with Swyftx’s demo mode, allowing risk-free mock trading.
Pros
Cons
On website
Highlights
- Trade a wide variety of over 530 cryptocurrencies, including top options like Bitcoin, Ethereum, and Litecoin, suitable for both beginners and seasoned traders.
- Simple and intuitive interface for easy navigation and management of your cryptocurrency investments.
- Focuses on strong security with two-factor authentication (2FA) and cold storage for your digital assets.
- Based in Australia and fully registered with AUSTRAC for compliance and trust.
Pros
Cons
On website
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
Highlights
- Access thousands of assets across multiple categories.
- Copy trades of popular investors that trade Crypto.
- Access powerful analysis tools and innovative social features.
Pros
Cons
Step 1: Select an exchange that sells USDT
USDT has been the most dominant stablecoin in crypto for a long time and is listed on just about every crypto exchange. Finding one that sells USDT is not difficult — we've listed some good options above — but there are some points of differentiation to consider:
- account funding options
- what they charge for trades,
- and also if they charge a fee on deposits and withdrawals.
Step 2: Register and verify your identity
After you've chosen an exchange, you'll have to register an account and prove your identity. What information is required will vary by the exchange. Typically you'll need to provide your name, date of birth, and address. Additionally, a copy of a government-issued form of ID may be required before your account can be verified and secured. In all, this process can be completed within a few minutes.
Step 3: Set your budget
Crypto is a volatile asset class that experiences bull runs and sudden drops, so it's important to decide how much USDT you want to buy and stick to it. Only ever invest what you can afford to lose.
Step 4: Fund your account
You can send fiat currency or cryptocurrency to your exchange account.
Most exchanges accept fiat currency (AUD) transfers from a bank account, credit card, or debit card. Payments via PayID, Osko, PayPal, POLi, etc. may also be supported, but this varies widely between exchanges. Fiat deposits can take a few hours or even days to clear into your account at the exchange.
An alternative way to fund your account is to transfer cryptocurrency from a wallet you control, but this may incur processing charges.
A minimum amount may be required for your first deposit.
Step 5: Buy USDT
Various order types are available for buying, much like there are with a stock broker. More complex order configuration tends to be limited to exchanges that are more geared towards the intermediate to experienced trader.
If you are new to trading, a market order is the easiest option, i.e. buy USDT at the next available price. Some exchanges offer the ability to configure recurring buys, which means you can take advantage of dollar cost averaging over time.
Where to store your USDT
You can store USDT in the exchange wallet and third-party wallets.
If you want easy access to your coins, store your USDT in a hot wallet (e.g. at the exchange). Hot wallets are very accessible, meaning you can trade more frequently. However, they have a greater risk of theft since they are connected to the internet.
A safer alternative is to store your USDT in a cold wallet. These offline storage devices can be manually connected to the internet when you want to access your crypto.
Disclaimer: The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a position in the cryptocurrencies mentioned. Finty is committed to providing general, factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.
