💵 How to buy Tether (USDT) in the UK?

Tether (USDT) is a great middleman to trade multiple crypto coins on different exchanges. The stablecoin does not know what volatility is. Hence, you won’t lose your money overnight because the rate has unexpectedly changed (like with BTC). How to buy Tether (USDT) in the UK?

1. Create your account on OKX.
2. Verify your identity (required for fiat transactions).
3. Use your credit card or bank transfer to fund your account.
4. Go to the Buy Crypto page and select Express Buy
5. Select GBP as the payment currency and USDT as the coin to get.
6. Place your order.

Where to buy Tether (USDT)?

In this section, you'll learn about some exchanges where you can trade GBP for USDT. Alternatively, you may convert other cryptocurrencies to USDT.

OKX

Buy USDT with a credit card

1. Create your account on OKX.
2. Verify your identity to gain access to fiat transactions.
3. Go to Buy Crypto -> Third-party payment
4. Select GBP and USDT.
5. Input the amount, and card details to proceed with payment.
6. Review trade details
7. Complete payment.

Buy USDT with a bank transfer

1. Create an account on OKX
2. Verify your account.
3. Go to Buy Crypto > P2P Trading
4. Select USDT as the coin to buy and then GBP as the payment currency.
5. Choose from the list of merchants, an order that falls within your desired deposit amount.
6. Click Buy and follow the prompts to complete your order through Bank Transfer, Wise.
7. Use the available button to confirm that you have made a transfer to the designated merchant's bank account.
8. Wait for confirmation and release of the assets to your OKX account.

Trade USDT with cryptocurrency

1. Register your account.
2. Fund your account with BTC or ETH that you already have in your private wallet. To make your deposit, go to the navigation bar at the top of the website and click Assets > Deposit.
3. After a successful deposit, go to Trade > Convert
4. Select the coin to convert to USDT
5. Review the order details and confirm

Bitget

This is where you can directly buy USDT with GBP.

Buy USDT with a credit card or a bank transfer

1. Register for a Bitget account here
2. Verify your account.
3. Go to Buy Crypto and choose to pay with GBP.
4. Choose Credit or Debit Card
5. Choose to buy USDT for GBP.
6. Enter the amount you wish to purchase, and click on the Buy button.
7. Alternatively, you can navigate to the wallet icon on the main menu and select deposit. Choose fiat currency and fund your Bitget account via GBP (Faster Payments)
8. Once deposited, go to Trade > Convert and swap GBP for USDT.

Kraken

1. Sign up for a Kraken account
2. Verify your account. You will need to provide your name, date of birth, country of residence, and phone number.
3. Click the "Buy Crypto" button.
4. Choose GBP as the preferred currency and click on "Get Started."
5. Select USDT as the coin to buy.
6. Add and verify your card details.
7. Input the amount to purchase and complete the transaction

What is Tether (USDT)?

Tether (USDT) is a mix of cryptocurrency, blockchain technology, and fiat currencies. Sounds a bit confusing, doesn’t it?

Let's paraphrase it. Tether is a stablecoin whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the US dollar, the Euro, or the Japanese yen, which are held in a designated bank account.

Stablecoins aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum.

It was specifically designed to build a bridge between fiat currencies and cryptocurrencies and offer users stability, transparency, and minimal transaction charges. Tethers maintain a near-perfect 1:1 parity with their underlying assets, which is a US dollar.

So if you submit some USD to be converted to Tether, you get the same amount of USDT, which is USD Tether, that can now be tradable, exchangeable, and redeemable as a cryptocurrency. Also, it's a popular payment method in the gambling industry, especially for Bitcoin slots – it's like a "stable" dollar, but still crypto with its advantages.

Tether was initially launched in 2014 and managed by Tether Operations Limited. The stablecoin is currently the most widely adopted in the cryptocurrency industry, leading other competitors such as Circle USD (USDC) and FDUSD (FDUSD).

How does Tether work?

Tether was originally released and issued on the Bitcoin blockchain via the Omni Layer protocol, a platform used to create and trade digital assets on top of Bitcoin.

This technology enables the minting and burning of Tether tokens based on the amount under custody. The circulation of Tethers can also be tracked and reported via the protocol. As of 2020, Tethers are also available as assets on Liquid, a Bitcoin sidechain.

Tether is now also available on other blockchains, including Ethereum (ETH), Tron (TRX), Solana (SOL), and Avalanche (AVAX), which allow for the creation of new assets natively on their blockchains. Although anyone can buy and sell Tether on exchanges, the underlying minting and redemption process is usually handled by large institutions such as exchanges and fund managers.

Where should USDT be stored?

As noted mentioned earlier, USDT is a stablecoin. It is used for easy and quick trading as there are many pairs with multiple coins (which are not available with regular USD, GBP, or EUR). So you don’t really need to move it away from the exchange since this is not the best choice for long storage, but rather a quick middleman.

This means you can hold USDT in any hot wallet or exchange that supports it, including Binance, OKX, Bittrex, Kraken, and Bitget

Some of these platforms, especially Binance, offer a flexible and locked savings product suite for users to earn interest on USDT deposits. This option is handy for investors who want to buy and hold USD assets.

Meanwhile, the leading crypto wallets for semi-hot storage include Holy Transaction, Omni Wallet, and Trust Wallet. For long-term USDT storage, you should use a cold wallet like Ledger Nano S to protect your funds against hackers. 

Summary

As you can see, it is pretty easy to buy tether in the UK. You can do it using cryptocurrencies or fiat coins like USD, EUR, and GBP. You just need to select your exchange and start trading.