How to buy Tether (USDT) in Australia

Tether (USDT) is the 3rd largest cryptocurrency by market cap, valued at US$110,364,210,922.

Tether is a highly volatile asset capable of major price swings in a single day. Today USDT is trading for $0.999647 USD, which is higher than yesterday's trading price of $0.9995179622 USD. Over the past year, Tether's price has seen an increase of 1%.

So before you buy Tether, 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.

Where to buy Tether in Australia

Find an exchange to buy, sell and trade USDT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

What is Tether?

Tether, otherwise known as USDT, is a cryptocurrency built on the Ethereum blockchain and founded by a Hong Kong-based company, Tether Limited. Tether is anchored to the US dollar, where every tethered cryptocurrency issued in circulation is backed at a 1:1 ratio by US dollars.

USDT was designed so that the US dollar could be digitised and used on the blockchain by financial businesses, such as cryptocurrency exchanges, wallets, payment processors and financial services. USDT has several pairings, meaning that it can be used to purchase several other cryptocurrencies.

USDT intends to give companies an alternative to the traditional processes involved in exchanging and depositing fiat currency. Its team aims to help businesses manage customers' assets through cryptocurrency while enabling them to settle fiat balances between exchanges. This means that companies can exchange cryptocurrency funds faster, bypassing the process of converting in to and out of fiat currencies through the banking system.

Best Tether wallets to store your USDT

You can keep your USDT 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 USDT 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 a good investment?

If you are thinking about buying Tether or any other cryptocurrency, it's recommended that you understand the risks involved. Here are some facts to consider if you are thinking about buying USDT:

• Stablecoin: USDT is a stablecoin. This means that it is not intended to fluctuate in value, and instead follows the price of an underlying asset. With that in mind, investing in USDT for a profit is theoretically the same as investing in cash (USD). If you want to buy a cryptocurrency in the hope it will rise in value, you should consider non-stablecoin alternatives to USDT.
• Controversy: Tether Limited, the company that created USDT, is allegedly closely affiliated with the Bitfinex exchange. While Tether Limited claims that USDT in circulation is backed up by fiat currency reserves, it discontinued relationships with auditors who were supposed to verify this claim. This incident has led to speculation and uncertainty about whether USDT is securely backed up by US dollar reserves. Reports conducted by Moore Cayman in 2021 seem to support Tether's claims that USDT is fully backed by reserves, but it is worthwhile to assess alternative opinions too. For example, a study by the University of Texas suggests the true purpose of Tether is to keep the price of Bitcoin high.
• Competition: USDT is just one of many stablecoins pegged to the US dollar. USDC and Binance USD are two alternatives to Tether that you may want to consider.
• Use-case: Considering USDT is a stablecoin, the reason for investing in the token is not necessarily for profits. Generally, investing in a stablecoin is a good way to avoid market volatility and downswings while still keeping your assets in cryptocurrency. They can also be used to engage in DeFi practices like staking or yield farming without needing to worry too much about the market.

Today's Tether price versus ATH

Compare today's price of Tether ($0.999647 USD) against its all-time-high price of $1.32 USD on 24 July 2018. The closer the bar is to 100%, the closer USDT is to reaching its ATH again.

How to trade, convert or sell Tether

You can convert or sell your USDT with the same exchange you bought it through:

1. Sign in to the exchange you have USDT on.
2. If you store your Tether in a digital wallet, compare crypto exchanges to convert or sell it on.
3. Choose Sell or Convert and place a sell order.
4. Choose the amount of USDT you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Tether.
6. Complete your transaction and move your USDT to a crypto wallet for storage.

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