Guide: How to buy Tether USDT in Australia?
Tether (USDT) is a stablecoin linked 1:1 with the US dollar and is enjoying rising popularity amongst cryptocurrency enthusiasts in Australia.
This guide is designed to help Australians join the crypto space securely and efficiently by explaining how to buy and trade USDT.
Also read: How to buy Tether USDT in Saudi Arabia
Understanding Tether (USDT)
Tether (USDT) is a digital asset or cryptocurrency which maintains a stable value by being tethered to the price of the US dollar.
It was initially launched in October 2014 on the Bitcoin blockchain network as an ERC20 token and later shifted to the Omni Layer Protocol in April 2017.
The total supply of USDT is capped at $65 billion. A Hong Kong-based financial services and technology firm, iFinex Inc, now owns the company that launched Tether, Tether Limited Inc.
Legal Status of USDT in Australia
In Australia, the use of digital currencies, including Tether, is not illegal.
The Australian Securities and Investments Commission (ASIC) has released guidelines on the use of digital currencies, indicating that they are not legal tender and are not regulated like traditional currencies.
However, just like any other financial product or service, it is crucial to understand the risks associated with using Tether or any other digital currency.
These risks include potential fraud, market volatility, and the possibility of losses due to cyber-attacks or other security breaches.
It is also crucial to note that using Tether or any other digital currency may be taxable in Australia.
Also read: US Inflation Rate Falls to 3%, Below Expected Levels
How to Buy Tether (USDT) in Australia
One of the most secure and efficient ways to purchase USDT in Australia is via cryptocurrency exchanges. These platforms facilitate the buying and selling of digital currencies.
Here’s a step-by-step guide on how to buy USDT using AUD through a recommended platform, CoinSpot.
Step 1: Creating a CoinSpot Account
To get started, you need to create a free account on CoinSpot. The registration process is straightforward and involves completing an identity verification process for security purposes.
Step 2: Depositing AUD
Once you’ve set up your account, the next step is to deposit AUD. Go to ‘Deposit Funds’ and choose a suitable AUD transfer method from the available options.
CoinSpot accepts various payment methods, including PayID, Osko, POLi, BPAY, cash, bank transfer, and credit, or debit card.
Step 3: Purchasing Tether
Next, navigate to the ‘Buy/Sell’ tab and look for Tether (USDT). Enter the amount of AUD you wish to invest and execute your trade.
Understanding Cryptocurrency Fees
CoinSpot offers one of the lowest trading and deposit fees in Australia. All crypto and AUD deposits via PayID, POLi, Osko, and bank transfers are free.
However, BPAY incurs a 0.9% fee, card deposits are 2.58%, and cash deposits are 2.5%.
All AUD withdrawals are also free, but crypto withdrawals carry a small fee to cover the cost of gas. Trading fees are 0.1% when you buy crypto via the ‘Market’ tab and 1% when you use the ‘Buy/Sell’ tab.
Securing Your Tether (USDT)
Once you have purchased your Tether (USDT), it is crucial to secure your digital assets. One of the safest ways to store your cryptocurrency is by using a personal crypto wallet.
Transferring your USDT to a personal crypto wallet is generally advisable to protect against risks associated with keeping it on an exchange, such as hacks, scams, or platform bankruptcy.
Here are some of the best wallets where you can store your USDT:
- Ledger Nano X Wallet
- Trezor Model T Wallet
- SafePal S1 Wallet
Supported assets: Ledger Nano X Wallet supports over 5,500+ digital assets, Trezor Model T Wallet supports 1,456+ digital assets, and SafePal S1 Wallet supports 30,000+ digital assets.
Conclusion
In conclusion, Tether (USDT) is not only the largest stablecoin by market capitalization, but it is also a great tool to hedge the volatility of cryptocurrencies and to stake on platforms for earning secure yields.
Buying USDT in Australia is relatively straightforward, especially when using an exchange like CoinSpot.
Remember to secure your digital assets in a reliable crypto wallet and stay informed about the latest regulations and market trends.