Tether Gold (XAUT) is the 150th largest cryptocurrency by market cap, valued at US$576,353,515.
Tether Gold is a highly volatile asset capable of major price swings in a single day. Today XAUT is trading for $2338.51 USD, which is lower than yesterday's trading price of $2,343.90 USD. Over the past year, Tether Gold's price has seen an increase of 17%.
So before you buy Tether Gold, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Tether Gold.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Tether Gold in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Tether Gold is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Tether Gold
You can now exchange your funds for Tether Gold. On beginner-friendly exchanges, this is as simple as entering the AUD or XAUT amount you want to purchase and clicking "buy".
Secure your Tether Gold
Consider transferring your XAUT to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Tether Gold in
Australia
Find an exchange to buy, sell and trade XAUT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Tether Gold guide up-to-date
XAUT price data is regularly updated through data feeds so you always have the latest information.
What is Tether Gold?
Tether Gold, or XAUt, is a physical gold-backed stablecoin that was created by the same company behind the US dollar stablecoin, Tether (USDT). Each XAUt digital token represents ownership of one troy fine ounce of gold on a London Good Delivery gold bar. Like USDT, which is backed by physical US dollars, each XAUt token is backed by physical gold, which is stored in vaults situated within Switzerland. The subsidiary of Tether, TG Commodities, developed the token to combine the safe-haven and stable properties of physical gold with the enhanced speed and efficiency of cryptocurrency.
According to Tether Gold's whitepaper, each token is assigned to a specific physical gold bar which is identifiable with a unique serial number, weight, and purity level. This information can be checked online using a wallet address. The token was developed using the ERC-20 token standard and runs on the Ethereum blockchain. Due to the enhanced capabilities of the blockchain, each XAUt token can be fractionalised by up to six decimal places. Investment in the token means that token holders can enjoy exposure to gold prices while maintaining enhanced portability and low storage costs, which would otherwise be particularly high for owning the precious metal. XAUt can be used at any time to redeem physical gold, however, a token holder must hold the equivalent of one gold bar worth of XAUt tokens for redemption to be accepted.
How do I find the best places to buy Tether Gold?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Tether Gold?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Tether Gold.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing XAUT with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Tether Gold?
Once you've created an account, you will need to deposit funds to buy XAUT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy XAUT:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase XAUT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for XAUT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Tether Gold?
The easiest way to buy XAUT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying XAUT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Tether Gold has been performing recently.
Best Tether Gold wallets to store your XAUT
You can keep your XAUT on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your XAUT below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Tether Gold a good investment?
Cryptocurrencies are both complicated and speculative. Buying any crypto coin or token comes with a high level of risk. It's essential that you're fully aware of all the risks involved before you decide to buy. If you're thinking of purchasing XAUt, make sure you consider the following factors first:
Zero custody fees: TG Commodities states that the XAUt token is the only product in the market that offers zero custody fees for the storage of gold bars. For investors interested in gaining exposure to physical gold, owning XAUt could remove the need to pay high storage and security fees. The removal of fees could help the token gain traction within traditional investing circles.
Withdrawal limitations:
XAUt token holders will need to own one gold bar worth of tokens and hold a verified account with TG Commodities Limited before XAUt can be used to redeem physical gold counterparts. Physical gold can then be sent to any address located within Switzerland or the physical gold can be sold for cash on behalf of an investor.
Centralised: All gold bars that back the token are secured and controlled by TG Commodities Limited - a private company. While the token offers the benefits of digitised gold, the issuer still has a single point of failure. If governments or other agencies decide to seize TG Commodities Limited assets, users may be left unable to access gold reserves. All owners of XAUt are also entrusting TG Commodities to have enough reserves to back each token.
Wider company controversy: Tether Limited, the mother entity behind the gold-backed digital asset, has been shrouded in controversy and questioned by members of both the cryptocurrency and traditional financial industries. There have been several reports that suggest the US dollar stablecoin, USDT, is not 100% backed by US dollar reserves. This may cause concern to potential future investors of XAUt.
High transaction fees: XAUt runs on the Ethereum network, which is often plagued by high levels of congestion. High congestion on the blockchain can lead to high fees, which might mean that transferring XAUt results in high transaction costs. Although Ethereum is in the process of implementing scaling solutions, it may still take some time before Tether Gold users can enjoy scaling benefits.
Competitors: XAUt is not the only gold stablecoin that exists within the cryptocurrency markets. Other gold-backed token competitors include Digix Gold (DGX) and PAX Gold (PAXG). Both are thriving in the space. Although Tether Gold has led the market for several years, due to its affiliation with USDT, past achievement does not always guarantee future success.
Today's Tether Gold price versus ATH
Compare today's price of Tether Gold ($2338.51 USD) against its all-time-high price of $2443.45 USD on 14 April 2024. The closer the bar is to 100%, the closer XAUT is to reaching its ATH again.
Tether Gold's price: $2338.51 USD ATH date: April 14, 2024
95.71%
Tether Gold ATH: $2443.45 USD
How to trade, convert or sell Tether Gold
You can convert or sell your XAUT with the same exchange you bought it through:
Sign in to the exchange you have XAUT on.
If you store your Tether Gold in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of XAUT you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Tether Gold.
Complete your transaction and move your XAUT to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Tether Gold, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XAUT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Tether Gold or any other cryptocurrency discussed.
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