Where’s the best place to buy Tether (USDT) in the UK?
If you’re looking to buy USDT with GBP, then there are fewer places that you can get it than you might expect. (Especially considering that Tether was the first stablecoin to exist).
In this short guide, I’ll go through the best places that you buy USDT in the UK.
Short Version: Buy USDT in the UK
Here are the cheapest places that you can buy Tether (USDT) in the UK with GBP.
|Provider||Payment Method||Fees (Approx)|
|Coinbase Pro||UK Bank Transfer||< 1%|
|Kraken||UK Bank Transfer||< 1%|
|CoinJar||UK Bank Transfer||1%+|
|CoinJar||Credit & Debit Card||2%+|
|Crypto.com||UK Bank Transfer||Variable|
|Crypto.com||Credit & Debit Card||2.99%+|
|BC Bitcoin||UK Bank Transfer||3% (Exclusive Discount)|
|Cryptomate||UK Bank Transfer||Variable|
Coinbase Pro and Kraken are the stand-out options here. They’re both well-established cryptocurrency exchanges that support GBP deposits via UK bank transfers (FREE to transfer) and have low trading fees. In addition to Tether (USDT), both of these crypto exchanges allow you to buy, sell, and store dozens of other cryptocurrencies too.
But neither of those options are beginner-friendly. If that’s what you’re after, then CoinJar is worth checking out. This allows you to buy Tether (USDT) and a growing number of other cryptocurrencies with a UK bank transfer, credit card, or debit card.
Read on for more detail about these two best ways to buy Tether (USDT) in the UK.
Long Version: Best Places to Buy Tether in the UK
1. Coinbase Pro
In 2022, Coinbase Pro is one of the best places in the UK where you can buy Tether (USDT) with GBP. I’ve also recently ranked it as one of the best cryptocurrency exchanges in the UK.
The only downside?
Like on other cryptocurrency exchanges, your first GBP deposit will take longer to be processed – but thereafter, my deposits have arrived within minutes.Coinbase Website
Kraken has been on the crypto-scene since 2011, making it nearly a decade old. In the UK, it’s a good choice if you’re looking to buy USDT or a number of other cryptocurrencies.
Once you’ve registered and got all the ID verification out of the way, you can just deposit GBP using a simple bank transfer and then buy Tether (USDT) at the real exchange rate with barely any fees (max 0.26%). You’ll get charged lowers fees depending on how much you’re trading (find out more here).
As already mentioned, Kraken is a great choice – and not just for buying Tether (USDT).
Head over to their website to learn more and/or signup.Learn More
CoinJar is another cryptocurrency platform that’s been around a while (since 2013).
In the UK, you can use CoinJar to buy, sell, and store Tether (USDT) and a growing number of other cryptocurrencies – including Bitcoin (BTC), Ethereum (ETH), Compound (COMP), and more.
You can deposit GBP into your CoinJar account using a UK bank transfer. This is the lowest cost option, as you’ll only be charged a 1% fee when buying Tether (USDT) and other cryptocurrencies with your account balance.
Alternatively, you can use a credit or debit card to instantly buy Tether (USDT) and other cryptocurrencies. While this is more convenient, you’ll pay a slightly higher fee of 2%.
The exchange rate you’re quoted when buying or selling anything on CoinJar is the best price available on exchange (CoinJar Exchange). This can sometimes be above the best price available in other places, so always double-check it before committing to the purchase.CoinJar WebsiteCoinJar Review
Crypto.com is an awesome app that allows you to buy Tether (USDT) and 100+ coins.
The cheapest way for UK residents to get GBP into the Crypto.com app is with a UK bank transfer. This is completely free and means that you can buy Tether (USDT) without paying any explicit fees.
Alternatively, you can use a credit or debit card to instantly buy Tether (USDT). This added convenience comes at a cost though, as you’ll normally be charged 2.99% in fees to buy any cryptocurrency using a card using the Crypto.com app.
But FYI: I’ve recently noticed that the prices you’re quoted do NOT mirror the real exchange rate (i.e., the mid-market price). When I’ve checked, I’ve found that I was (consistently) being quoted prices that were 1% (or more) higher than they should be.
You can download the app, register, and sort out identity verification in less than 10 minutes.Download Crypto.com AppCrypto.com Review
What is Tether (USDT)?
Tether (USDT) is a stablecoin whose value is pegged to the US dollar (USD). Theoretically, the price of 1 USDT should always equal that of 1 USD.
Formally known as Realcoin, Tether (USDT) was created in 2014 by Brock Pierce, Craig Sellars, and Reeve Collins – three entrepreneurs who founded the Hong Kong-based company Tether. Tether (USDT) was arguably the world’s first stablecoin, and it remains one of the most popular stablecoins around.
Although the idea of a cryptocurrency whose value doesn’t fluctuate is no longer a groundbreaking concept, the creation of Tether (USDT) was a major development in the cryptosphere in 2014.
When compared to price-volatile cryptocurrencies like Bitcoin (BTC), Tether (USD) provides a theoretically stable form of digital currency. Proponents of the coin argue that it’s a more practical way to send money from person to person or to purchase goods and services because its value doesn’t change from one moment to the next.
Tether (USDT) is a type of fiat-backed stablecoin. This means that each Tether (USDT) that’s minted into existence is supposed to be backed by an equivalent amount of fiat currency (in this case, USD) that is held in a reserve as collateral.
However, this requires a lot of trust in the central authority that’s tasked with maintaining these fiat reserves. Whether or not Tether truly has enough US dollars in reserve to back all the USDT in existence remains a point of controversy.
The company claims that independent auditors have determined that Tether maintains enough USD in reserve to back all USDT. But Tether’s fiat reserves have drawn scrutiny from media outlets and even from the Commodity Futures Trading Commission in the US.
These sorts of issues are possible with any fiat-pegged stablecoin as the value of all these coins requires trust in a central authority.
Here’s a quick video that explains what Tether (USDT) is and how it works:
The biggest benefit of holding Tether (USDT) is that it has a stable price. This makes it useful when you want to send or receive digital funds.
Unlike other major cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) whose value can drop 10% in a matter of seconds, the price of USDT should always be US$1. So, when you send US$100 of USDT to a friend, your friend will receive 100 USDT that should always equal US$100 in value.
Tether (USDT) is also one of the most widely used stablecoins in the world of decentralised finance (DeFi). Many major DeFi applications that operate on the Ethereum network let you use USDT as collateral for loans. Some platforms also let you deposit USDT in exchange for high interest rates on your assets.
Furthermore, Tether (USDT) is popularly used for trading on decentralised and centralised exchanges. It is particularly common on decentralised exchanges that don’t accept fiat-to-crypto trading pairs because USDT can be used as a convenient substitute for USD.
Best Tether (USDT) Wallets
There are many wallets available for storing the keys to your Tether (USDT) because it’s primarily available as an ERC-20 token.
However, Tether (USDT) is now available on multiple networks – including Binance Smart Chain, Tron, Algorand, Bitcoin, EOS, and OMG.
Although the ERC-20 version of Tether (USDT) is the most common token available, you need to verify which USDT tokens you have before you send them to an external wallet. Otherwise, if you send your tokens to the wrong wallet, you could lose them forever.
That said, most exchanges support the ERC-20 version of Tether (USDT), so that’s what I’ll focus on here. The best software Tether (USDT) wallets include:
- MetaMask: Web wallet that primarily operates on the Ethereum network. It supports all ERC-20 tokens and it can be configured to support BEP-20 tokens, so you can manage the private keys to multiple types of USDT. MetaMask is available as a mobile app and as a browser extension for quick access to a variety of decentralised apps (DApps).
- Atomic Wallet: One of my personal favourite multi-currency wallets, Atomic Wallet supports all ERC-20 tokens, including USDT. It’s available as a mobile and desktop app, and it even offers a way to buy USDT in your wallet using a credit or debit card.
- Coinbase Wallet: Coinbase Wallet is a non-custodial software wallet designed by the team at Coinbase. It’s available primarily as a mobile app, but you can also use it as a browser extension for quicker access to DApps. With Coinbase Wallet, you can manage the keys to all ERC-20 assets, including USDT, as well as NFTs and dozens of other cryptoassets.
There are also plenty of great hardware wallets available for Tether (USDT). Some of the most popular USDT-compatible hardware wallets include:
Both Ledger Live and Trezor Suite, the wallet interfaces for Trezor and Ledger devices, support the ERC-20 version of USDT.
Thanks For Reading
Thanks for checking out this quick guide on how to buy Tether (USDT) in the UK.
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