Buying USDT (Tether, referred to as U) is the first step in participating in cryptocurrency trading, but due to the security of funds involved, the process of buying U requires special attention to the following aspects:
1. Choose a reliable platform
Recommended regular exchanges
Use well-known exchanges such as Binance, Coinbase, OKX, etc. These platforms have strict risk control systems and high security.
Avoid purchasing through unknown or unverified small platforms as there may be a risk of funds being stolen or being unable to withdraw money.
Choose a reliable channel for over-the-counter (OTC) transactions
Choose the OTC platform that comes with the exchange: such as Binance and Huobi’s OTC trading functions, which provide guarantee services.
Check seller reputation: Review the seller's ratings, completed orders, and historical reviews; try to choose reputable merchants.
2. The source of funds is legal and compliant
Ensure the source of funds is clear
Use a bank card or payment account bound with your real name for transactions, avoiding the use of third-party accounts.
Do not purchase U through suspicious channels, as it may involve illegal funds (such as money laundering).
Comply with local laws and regulations
Ensure that the country or region you are in allows the purchase and use of cryptocurrencies.
In some regions, purchasing USDT may be restricted, so ensure operations comply with relevant regulations.
3. Pay attention to price and exchange rates
Avoid high premiums
Compare prices on different platforms and choose a reasonably priced platform for purchases. Some over-the-counter transactions may have significant premiums.
During significant market fluctuations, the price of U may vary greatly, so special attention should be paid to confirm the trading price.
Pay attention to fees
Exchanges usually charge a certain percentage of fees (such as 0.1%-0.5%); confirm the final amount received before paying.
If it's an over-the-counter transaction, it may involve third-party payment fees.
4. Protect personal privacy and account security
Enable two-factor authentication
Enable 2FA (two-factor authentication) in your exchange account, such as Google Authenticator, to enhance account security.
Beware of scam links
Access the exchange's official website directly, and do not click links sent by strangers to prevent phishing websites from stealing account information.
Avoid disclosing personal information
During over-the-counter transactions, try to avoid leaking sensitive information, such as payment account details, ID photos, etc., to prevent exploitation by criminals.
5. Confirm transaction details
Be cautious during over-the-counter transactions
Platform guaranteed transactions: Ensure funds are frozen in the platform's guarantee system, and release the funds only after confirming receipt of U.
Avoid private transactions: Do not transfer directly to the seller outside the platform, as it may lead to financial losses.
Confirm receipt after recharging the exchange
After transferring U to the exchange wallet, ensure the amount and address are correct, and check if it has been credited.
Check if the address is correct when transferring to avoid permanent loss of assets due to incorrect input.
6. Avoid being deceived
Common scams
False high-price buyback of U: Scammers buy USDT at a price higher than the market price but will not actually make payment.
Phishing scam: Disguised as an exchange or merchant, deceiving payment information through phishing emails or websites.
Frozen funds scam: Paying funds through illegal accounts leads to the recipient's account being frozen.
How to prevent
Only use legitimate trading channels; do not be swayed by tempting offers of 'guaranteed profits' or 'high-price buybacks.'
Ensure that after the transaction is completed, the funds have actually been credited (for example, an increase in Alipay or bank card balance) before releasing USDT.
7. Follow market dynamics
Understand market fluctuations
When the market is highly volatile, purchasing USDT may face higher premiums or fees, so plan the trading time in advance.
If it's not an urgent need, wait for the premium to drop before purchasing.
Plan budget in advance
Plan the purchase amount based on market conditions to avoid psychological pressure from rapid price changes.
8. Storage and management
Use a secure wallet
Short-term storage: Keep in the exchange wallet but enable multiple security measures.
Long-term storage: Consider moving USDT to a hardware wallet or cold wallet for increased security.
Avoid storing excessive U
Unless for trading or investment needs, it is not recommended to store excessive USDT in exchanges; diversifying storage can reduce the risk of theft.
Summary
Purchasing USDT is the first step into the cryptocurrency world, and safety and legality are the primary considerations. Being cautious in choosing platforms, confirming the source of funds, protecting account privacy, and preventing scams can significantly reduce trading risks. Especially in over-the-counter transactions, rely on the guarantee services provided by exchanges to ensure that every transaction is completed safely.
