When you want to buy Bitcoin on foreign exchanges, do you often see BTC/USDT trading pairs? USD is the US dollar, but why does it become USDT in the cryptocurrency world? How to buy USDT? What are the characteristics of USDT? This article will introduce cryptocurrency beginners to Tether (USDT) and provide a step-by-step guide on how to convert New Taiwan Dollars (TWD) into USDT, so you will know how to deposit as quickly as possible and with the least fees!
What is USDT stablecoin?
USDT Tether stablecoin is composed of the US dollar (USD) + issuing company Tether (T). Tether launched USDT in 2014 with the aim of providing a digital asset pegged to the US dollar 1:1 in the cryptocurrency market, allowing investors to exchange back to USD when needed without having to bear the price risks like those of highly volatile cryptocurrencies like Bitcoin or Ethereum.
Although it is expected to be pegged to the US dollar, the cost to investors is likely higher than directly purchasing USD. This is because the fees from exchanges, wire transfers, or credit cards, slippage, or premiums caused by large amounts of TWD rushing to buy USDT during significant events will all increase the purchase cost. Therefore, learning how to reduce purchase costs is a valuable lesson.
For a detailed introduction to USDT, you can check: What is USDT Tether? Is it legal? Risks & scam methods analysis https://dalabs.org/guide/what-is-usdt/
How to buy USDT with TWD?
Common methods for purchasing USDT with TWD include the following three, detailed tutorials will be supplemented at the end of this article.
1. Use TWD exchanges to purchase USDT (recommended for daily use)
Transfer TWD to the designated account of the exchange. Once the exchange confirms receipt of the funds, it will show in the exchange. At this point, you can directly use TWD to buy cryptocurrencies listed on Taiwanese exchanges or purchase USDT for withdrawal to the desired foreign exchange.
2. Purchase USDT with a credit card (use in emergencies)
By going directly through exchanges or payment services that accept international credit cards such as VISA or MasterCard, you can instantly use your credit card to purchase USDT. This method is suitable for users who urgently need cryptocurrency or have a high credit limit, but if you plan to purchase in large amounts for a long time, it is still recommended to choose lower-cost TWD exchanges for transfers.
At Bitfinex, there are foreign currency deposit channels available for deposits in Euros, RMB, Pounds, Yen, and USD. After depositing, you can use them directly in Bitfinex or purchase USDT for withdrawal to foreign exchanges.
3. Use Bitfinex wire transfer to purchase USDT (recommended for large amounts)
At Bitfinex, there are foreign currency deposit channels available for deposits in Euros, RMB, Pounds, Yen, and USD. After depositing, you can use them directly in Bitfinex or purchase USDT for withdrawal to foreign exchanges.
Teaching on buying USDT with TWD exchanges
This article uses MAX Exchange for TWD transactions as a visual guide. If you are new to the cryptocurrency world and do not understand how to verify your identity (KYC) or the platform, you can click on the hyperlink to watch!
Account must be KYC'ed to Level 2 (bind personal bank account)
Find TWD in your wallet and click deposit; the amount of TWD you transfer will be credited accordingly. Please note whether the exchange has daily or monthly deposit limits.
Use your personally bound bank account to transfer TWD to the designated account of the exchange.
Wait for the exchange to credit the funds, which will be displayed in the assets - TWD section of MAX Exchange.
Next, go to 'Trade' select USDT/TWD (i.e., TWD and USDT trading pair) and enter the quantity you wish to purchase to buy USDT directly.
The deposit methods for other TWD exchanges like HOYA BIT and BITOPRO are mostly similar. New users must first pass identity verification to confirm investor identity before transferring from a personally bound bank account to the designated receiving account of the exchange. Then you can directly purchase USDT on the exchange!
Teaching on depositing USDT into Binance exchange
The following is also a tutorial on withdrawing from MAX Exchange to Binance exchange.
Step 1: Obtain the USDT receiving address from Binance
Log in to your Binance account.
Click on the 'Assets' option, then select 'Deposit'.
On the deposit page, select 'Recharge' and choose USDT.
Select the correct blockchain network (using BEP20 as an example), then copy the displayed USDT receiving address.
Step 2: Withdraw USDT from MAX Exchange
Log in to your MAX Exchange account.
Click on the 'Wallet' option and then find USDT.
Select 'Send'.
On the withdrawal page, click 'Manage Addresses' and paste the USDT receiving address copied from Binance, then add this address.
Enter the amount you wish to withdraw and confirm that the selected blockchain network matches Binance (BEP20).
After completing two-factor authentication, submit the withdrawal request.
Step 3: Confirm withdrawal status
After submitting the withdrawal request, the funds will usually be transferred to your Binance account within 5 to 10 minutes. You can check in your wallet.
Steps to buy USDT with a credit card
Using a credit card has the advantages of convenient purchase and delayed payment, but the cost of purchasing USDT is relatively high. Before buying, you should consider whether it is cost-effective to use this channel. Users of Binance can easily purchase cryptocurrency using a credit card. According to our DA Labs team’s tests with several credit cards, Taisun, Yongfeng, and Yushan can purchase USDT on Binance.
The following is a detailed step-by-step explanation:
Confirm that your credit card supports transactions on cryptocurrency platforms.
On the Binance homepage, click to add funds and select the method to acquire cryptocurrency.
Select to purchase cryptocurrency with $TWD and you can use a credit card for payment.
Select the cryptocurrency and quantity you wish to purchase as shown in the image below.
Choose the third-party payment channel to use; for first-time users, you need to add card and cardholder information as shown in the image below, and wait for identity verification approval before using that card to purchase cryptocurrency.
Verify your purchase information on the checkout page, and you will complete the purchase of cryptocurrency on Binance.
Teaching on purchasing USDT via USD wire transfer
Currently, only the well-established exchange Bitfinex supports wire transfers to purchase USDT, so this article will focus on using Bitfinex for cryptocurrency beginners' wire transfer guidance.
You need to prepare an account on Bitfinex that has been verified to 'Advanced'. As the verification mechanism of Bitfinex is stricter, this article will not elaborate on it and will only focus on wire transfer deposits.
Go to the 'Wallet' interface and select Deposit
Select bank transfer, which does not support TWD, only supports Euro, RMB, Yen, Pound, and USD wire transfers.
Enter deposit information, including deposit amount and the country of the bank; after entering, click confirm.
Bitfinex will send the payment information to your registered email; follow the instructions to complete the payment.
The exchange will review your wire transfer information within 48 hours, and once the review is complete, you will receive an email with detailed information about the receiving bank.
What is the transaction fee for exchanging TWD for USDT?
MAX TWD exchange to buy USDT
Maker fee: 0.05% of the transaction amount
Taker fee: 0.015% of the transaction amount
The conditions for order fee rates to be established are: the buy order price is below the lowest selling price; the selling price is above the highest buy order price.
All cryptocurrency transaction fees are unconditionally rounded to eight decimal places.
Buying USDT with a credit card on Binance
Binance charges a 2% fee for credit card transactions, and your credit card company may charge additional overseas transaction fees, depending on your card. Therefore, it is recommended to confirm how much fee will be deducted before swiping your card to avoid losses.
Bitfinex USD wire transfer to buy USDT
Bank wire transfer: 0.1% of the transfer amount (minimum fee of $60 USD/Euro)
Note: When you use the third-party service provider OpenPayd for Euro/Pound transfers, there are no minimum or maximum deposit amounts. However, the minimum withdrawal amount is 25 Euros/Pounds (with a transfer fee of 5 Euros/Pounds per transaction).
How to buy USDT most cost-effectively?
In addition to comparing fees from various exchanges, new users can also pay attention to whether the banks partnered with TWD exchanges have any promotions.
Max Exchange has collaborated with Far Eastern Bank to launch the Bankee account program, which not only offers no interbank transfer fees for deposits but also provides various other benefits such as one-click deposits and quick binding upgrades for investors, potentially saving a lot of TWD over time.
Frequently Asked Questions
Bitfinex recommends large amounts, how large is needed to deposit?
The minimum deposit amount is
$10,000 USD/Euro/Pound
¥1,000,000 Yen
¥75,000 Offshore RMB
Is USDT safe? Will it appreciate or depreciate significantly?
USDT is almost pegged to the US dollar, so this depends on the exchange rate between TWD and USD. When USD is stronger than TWD, USDT will rise compared to TWD, and conversely, when the opposite is true, USDT will fall.
How long does it take for TWD transfers to arrive for me to purchase USDT?
Under normal circumstances without triggering any risk control, both TWD exchanges and credit card purchase methods will credit funds within a few minutes. Bitfinex, due to international wire transfers, takes the longest, approximately five working days.
How to avoid being scammed when purchasing USDT?
Prioritize exchanges with government licenses; if you choose to trade directly with others, be sure to ensure that the seller can be trusted before transferring TWD. Be particularly cautious of advertisements online claiming to sell cheap USDT or pretending to exit the cryptocurrency world; there is no such thing as a free lunch.
Conclusion
Whether you are a cryptocurrency beginner just joining the cryptocurrency world or an experienced trader, how to exchange the least amount of TWD for the most USDT is very important. Different channels have their own advantages and disadvantages, depending on whether you want to quickly obtain USDT to trade in the market or save on TWD transaction fees for further investment.
