How to Buy USDT and Place a Bet – Beginner’s Guide
In this article, Bookmaker Ratings tells you how to buy USDT and how you can do it. You will also learn how to bet on USDT, what you need to safely store the cryptocurrency, what tools exist for buying and storing USDT, and other features of working with the asset.
How to Buy USDT?
USDT is a stablecoin pegged in value to the US dollar. The volatility of this asset is low – the price may fluctuate insignificantly, exceeding or decreasing against the dollar by a tenth or a hundredth of a cent. USDT is the most popular stablecoin currently in existence. Therefore, you can buy it on almost any exchange.
Today, crypto investors can buy USDT in the following ways:
- through crypto exchanges,
- on major exchanges,
- through P2P trading and OTC markets.
The last method is slightly less reliable than the others. On the OTC markets, the USDT rate is slightly lower than the official one, but you can buy it in almost a couple of clicks. The risk of fraud in such situations is high. It is a little safer to conduct transactions through P2P, but the rates are also somewhat underestimated, and the services charge a commission for their services.
Buying USDT through crypto exchanges is a more reliable way. But here, too, you will face commission fees and depreciation. The most profitable way to buy USDT is through a large exchange: like Binance or Bybit, Huobi, etc. There are also commission fees on these sites, but no one plays with the rate, and the transaction will be absolutely safe.
How to Buy on the Open Market?
To purchase USDT from the exchange, use this instruction (the example is taken from interaction with the Bybit exchange):
Step 1: Open the service website and register on it.
Step 2: Go through the account verification process. You will need to enter personal information. Most options on Bybit are not available without identification. You can use your passport or driver’s license to complete the procedure.
Step 3: Log in to your profile, then click the “Buy cryptocurrency” button.
Step 4: Choose the most convenient way to buy (for example, P2P).
Step 5: Click “Buy USDT”, then enter the desired amount in rupees.
After confirming the operation, the funds will be credited to the account!
Where to Store USDT?
The issue of storing crypto assets is always acute for any holder. Currently, you can use these methods:
- browser wallets,
- cold wallet or hardware,
- stock wallet.
The most reliable way is hardware and cold wallets. In the first case, we are talking about a special adapter that is not connected to the Internet and stores all private keys. It can be equipped with an additional security system – for example, activate fingerprint unlock. Also, cold wallets in the form of a PC that has never had access to the Internet have good protection.
It is a little less safe to store crypto on browser wallets, but it is quite possible to leave a small number of assets on them. An example of the most secure and popular crypto wallet is Metamask; you can also use Trust Wallet. It is enough to download the program extension for your browser, create a wallet, write down a seed phrase on paper, set a password, and use the program.
You can also store USDT on the exchange wallet, but it is important to remember that the funds stored on the exchange belong to the exchange itself. There were cases when assets disappeared without a trace with a customer account, and hacks were stated as causes of the incidents. The user must have their own critical thinking to decide which wallet is more convenient and safer to use.
Download and Install Metamask
Metamask is the most popular multi-currency crypto wallet among all existing at the moment. You can download it by going to the official Metamask.io website.
Next, you will need to select a browser to download the extension for it and click on the appropriate button.
After the file is downloaded, it will be automatically unpacked, and the extension icon will be added to the browser’s top bar (for example, Chrome). By clicking on the icon, you will be able to open the wallet, enter the previously assigned password and carry out the necessary operations with your assets.
Transferring Funds to a Wallet
If you need funds in your wallet but have them in your exchange account, you will need to transfer assets. To do this, do the following:
Step 1: Go to the exchange’s official website and log in, then open the list of available currencies.
Step 2: In the “Spot” section, find USDT and click the “Withdraw” button.
Step 3: Go to Metamask and copy your wallet address. Remember – transfers in USDT can be made in different networks (BEP-20, ERC-20, Polygon, etc.). If you copy the wallet address in the ERC-20 network, then you need to make the transfer in the same network.
Step 4: Now, let’s go back to the exchange page, insert the wallet address, and select the appropriate network (Matic, in our case).
Step 5: All that’s left to do is to enter the transfer amount, confirm the operation and wait for the transfer. Remember that the exchange takes a small commission for making transfers.
How to Place a Bet?
Nowadays, there are many sportsbooks that accept Tether. How to find these sportsbooks? We have already done that. We have compiled all TOP online bookmakers that accept USDT. Go to our “5 Best Tether Sportsbooks & Crypto Betting Sites 2022” to learn more.
The stablecoin USDT did not enter the sphere of betting right away. Still, it has gradually become one of the key crypto assets from the lists of available currencies for interaction with bookmakers. The list of bookmakers that accept USDT is also gradually expanding. You can buy USDT through exchangers, exchanges, or in P2P trading. Cold and hardware wallets, browser programs, or exchange accounts will help you ensure the safety of cryptocurrency. You can bet on USDT only in those bookmakers that work with this type of asset.
Before placing a bet, you will need to replenish your account.
Is it possible to buy USDT in small amounts?
The minimum USDT purchase denomination may vary depending on the purchase method. On exchanges, it can be 10-18 USDT, and on exchangers and in P2P – from 1 USDT.
Where is the best place to store USDT?
The most convenient storage method is a browser-based crypto wallet (for example, Metamask). The most reliable way is hardware and cold wallets.
Where to buy USDT?
Buying USDT is possible in exchangers, exchanges, OTC markets, and P2P trading.
Will the USDT exchange rate be stable forever?
In the crypto industry, nothing lasts forever. But USDT has a huge amount of capitalization, and the asset has excellent liquidity, which allows it to currently be the most stable stablecoin pegged to the US dollar. Therefore, USDT exchange rate movements are usually minimal, and the cost of one token is always approximately equal to $1.
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