Here’s our step-by-step process guide to buy Tether (USDT) in Australia for individuals interested in acquiring the stablecoin. We will also outline Australia’s official stance on cryptocurrencies and navigate the legality of Tether within the country, shedding light on regulations and recent developments.
Tether’s Market Cap and Trading Volume
- As of January 2024, Tether has a market capitalization of over $94 billion, making it the 3rd largest cryptocurrency.
- Tether sees over $63 billion in 24-hour trading volume, highlighting its liquidity.
- Tether ranks as the most actively traded stablecoin and acts as a popular base currency for crypto trades.
Can I Buy Tether (USDT) in Australia?
Yes, Australians can easily purchase Tether (USDT) through cryptocurrency exchanges that operate within the country. Exchanges like Binance offer Tether trading pairs against the Australian Dollar (AUD), allowing easy access.
Step-by-Step Guide on How to Buy Tether (USDT) in Australia
Follow this straightforward process to buy USDT in Australia:
Step 1) Sign up on a licensed Australian crypto exchange like Binance that supports Tether. Complete identity verification as per KYC norms.
Step 2) Deposit AUD funds from your Australian bank account into your exchange account. Options like bank transfers and PayID may involve small deposit fees.
Step 3) Navigate to the Tether/AUD trading pair and enter your desired purchase amount in AUD. Check fees and processing times.
Step 4) Complete your Tether purchase order through the exchange. You can then withdraw to an external wallet or keep it on the exchange account.
Binance Key Metrics
- $15-25 billion – Average daily trading volume on Binance exchange, highlighting immense liquidity.
- 120 million+ – Registered users globally, evidencing massive adoption.
- 1.4 million – Peak transactions per second capability, demonstrating top-notch technical infrastructure.
- 0.1% – Ultra competitive standard trading fee, enabling users to keep more profits.
- 1500+ – Number of available trading pairs, offering comprehensive trading opportunities.
- 80 million+ – Users of Binance Smart Chain, underlining high adoption of BSC ecosystem.
- 15+ – Supported languages on the platform, catering to global audiences.
- 125x – Maximum leverage offered on futures trading for advanced traders.
Australia’s Stance on Cryptocurrencies Like Tether
Australia has taken a progressive stance towards cryptocurrencies, legalizing them as property and clarifying related taxation policies. However, crypto regulations are still evolving. Tether and other major cryptocurrencies face no outright bans within the country.
Recently, Australia also implemented new licensing rules for crypto exchanges to promote consumer protection and anti-money laundering measures. Leading exchanges like Binance properly adhere to these updated regulations.
Fees for Buying Tether in Australia
Exchanges like Binance charge a 0.1% transaction fee for Tether purchases via bank transfer. Additional deposit and withdrawal fees dependent on method are in the 0-1% range. Compare between payment options.
Conclusion
The process of buying Tether through regulated Australian crypto exchanges is straightforward for both first-time investors and seasoned traders. Keep up-to-date with latest policy changes and opt for exchanges with robust security infrastructure. As with any investment, educate yourself on the risks and approach Tether purchases prudently.
FAQs
What are some good exchanges to buy Tether in Australia?
Some leading exchanges that allow Australians to purchase Tether include Binance, CoinSpot, Digital Surge, and Swyftx. These exchanges adhere to local KYC and licensing norms.
Is Tether legal in Australia?
Yes, Tether is completely legal to buy and sell in Australia. The Australian government has not banned any major cryptocurrencies. However, check the latest regulations before investing.
What fees should I expect when buying Tether in Australia?
You can expect exchange fees around 0.1% of the total Tether purchase amount. Deposit and withdrawal fees vary based on payment method – bank transfers and PayID may charge 1-2% fees.
Can I buy Tether with cash in Australia?
No, you cannot directly buy Tether with cash. You need to first deposit AUD funds into a supporting crypto exchange via a bank transfer or online payment. Once your exchange account is funded, you can trade these AUD for Tether.
