Purchasing the popular stablecoin USDT (Tether) is straightforward for UK residents when using a licensed cryptocurrency exchange. Read on as we will explain the process to be able to buy USDT (Tether) in the UK safely and efficiently.
USDT appeals to crypto investors thanks to its 1:1 peg to the US dollar, reducing volatility. To buy USDT (Tether) in the UK just takes finding the right platform that follows local financial regulations.
Kraken stands out as an excellent option, fully licensed by the UK’s Financial Conduct Authority (FCA). Beyond USDT, Kraken also provides access to over 200 cryptos with tight spreads and high liquidity.
Kraken’s Key Metrics and Rankings
- Kraken is the #66 website in Finance > Finance – Other category in the US
- It ranks #4,785 in the US and #6,277 globally
- Kraken’s website traffic grew 28% month-over-month
- The site averages 7.4 million visits per month
- Kraken’s bounce rate is 34%, better than industry benchmarks
Can I Buy USDT (Tether) in the UK?
Yes, purchasing and owning USDT is legal in the United Kingdom. However, it’s important to use a platform properly licensed by the FCA, like Kraken, to ensure full compliance.
Kraken gives UK users the ability to buy USDT with GBP conveniently. Its regulatory approval provides protection when investing in this stablecoin or any other of Kraken’s 200+ available crypto assets.
Step-by-Step Guide to Buy USDT (Tether) in the UK with Kraken
Follow these simple steps to buy USDT in the UK through Kraken:
- Create a Kraken Account: Sign up and verify your identity as required.
- Deposit GBP: From your account dashboard, select GBP and deposit funds via bank transfer or another method.
- Go to USDT/GBP Trading Pair: On Kraken’s exchange interface, search for and select the USDT/GBP pair.
- Place a Buy Order: Input your intended USDT purchase amount and carefully review the order details before confirming.
- Withdraw USDT to Wallet: Once your order is filled, withdraw your newly bought USDT to a secure crypto wallet.
GBP to USDT Fees on Kraken
Kraken offers competitive trading fees starting at just 0.16% for makers and 0.26% for takers on USDT transactions. Deposits and withdrawals also have low fees.
For fast GBP deposit methods like Faster Payments, Kraken charges minimal fees. Converting between GBP and USDT is very cost-effective overall.
Is USDT Legal in the UK?
Yes, the UK has not banned the usage of Tether (USDT). While the FCA cautions about crypto investment risks, USDT itself remains fully legal. As a stablecoin, Tether provides insulation from volatility.
Operating on a licensed platform like Kraken ensures buying, selling, and holding USDT complies with British financial regulations. Kraken is fully approved to offer USDT trading in the UK.
UK Government’s Cryptocurrency Stance
The UK generally takes an open but balanced policy towards cryptocurrencies and crypto assets like USDT. Regulators aim to enable innovation in the sector while also protecting consumers.
As a registered and compliant crypto company, Kraken aligns well with the UK’s moderate, forward-thinking approach. The platform strictly follows anti-money laundering and know-your-customer regulations.
Buy USDT (Tether) in the UK: Fees
When purchasing USDT on Kraken, users can expect competitive trading fees around 0.2% as a taker or 0.1% as a maker. Deposit and withdrawal fees are also low, especially for fast payment methods.
Withdrawing USDT itself costs just £1 on Kraken. Overall, converting between GBP and USDT during a trade incurs minimal fees, making Kraken very cost-effective.
Using Kraken to buy USDT (Tether) in the UK checks all the boxes. Its FCA license provides legal compliance and asset security. The process is straightforward with low fees.
Carefully selecting a regulated exchange is crucial for safely accessing cryptocurrencies like USDT. With the right platform, UK crypto investors can take advantage of the opportunities in decentralized finance.