How to Buy Tether (USDT) Coin in India

By April 21, 2022May 11th, 20235 minute read

Tether (USDT) is a stablecoin whose tokens are backed by an equal quantity of US dollars in circulation, pegging its price to $1.00. Tether tokens, which were created by the crypto exchange BitFinex and traded under the USDT symbol, are the native tokens of the Tether network.

Essentially, stablecoins are a type of cryptocurrency that aims to provide price stability through collateralization or algorithmic systems that buy and sell the reference asset or its derivatives. They can be linked to a currency, such as the US dollar, or to the price of a commodity, such as gold. Stablecoins often mirror traditional fiat currencies maintained in a designated bank account, such as the dollar, euro, or Japanese yen. They can be utilized as a means of exchange and a form of storage of wealth instead of being used solely for speculative investments.

Due to the high amount of risk associated with crypto, many institutions avoid doing business with digital currency exchanges. This is where stablecoins enter the picture. By allowing cryptocurrency to function as a store of value rather than a high-risk investment, stablecoins strive to eliminate the intense volatility issues of the crypto sector.  In a turbulent cryptocurrency market, where it would be difficult to convert back and forth between cash and a cryptocurrency like Bitcoin, stablecoins provide liquidity.

Tether is by far the most popular of the various stablecoins pegged to the US dollar. Cryptocurrency traders frequently use Tether as a substitute for the US dollar when purchasing cryptocurrencies. This effectively gives them an opportunity to seek refuge in a more stable asset during periods of high crypto market volatility. Tether’s price is normally equal to $1 since it was created to be pegged to the dollar. Unlike other cryptocurrencies, which vary in value, Tether’s price is usually constant.

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It’s worth noting, however, that despite their 1:1 ratio, the price of stablecoins may suffer minor fluctuations. Even still, the majority of the time, the variation in stablecoin prices is around 1 to 3 cents only. This is mostly due to fluctuations in liquidity and supply and demand, which are influenced by transaction volume, market volatility, and trading volume.

As of mid-April 2022, USDT is the third-largest cryptocurrency by market capitalization, worth more than $82.7 billion. 

Is Tether a worthy investment?

Despite being surrounded by several controversies in the past, Tether remains a relatively stable cryptocurrency. Though it has faced many competitors over the years, Tether remains the most widely used stablecoin. It offers a number of advantages, the most prominent of which is that it helps investors to avoid the extreme volatility of other cryptocurrencies, as we’ve already seen. By converting the value to USDT, traders can limit their risk of being exposed to a sudden drop in the price of cryptocurrencies.

Stablecoins like Tether have also made it simple and quick to exchange any cryptocurrency for Tether, whereas turning a cryptocurrency into cash would take days and incur transaction costs. This not only provides liquidity to exchange platforms and no-cost exit strategies for investors but also increases the flexibility and stability of their portfolios. Tether is ideal for making crypto purchases easier since most people wish to avoid relying on Bitcoin or Ethereum owing to their volatility.

Tether has been able to maintain its value despite falling below $1 and rising over $1 in the past because it is tied to a matching fiat currency fund and is completely backed by Tether’s reserves. All of these factors definitely make Tether a worthy investment. 

How to buy USDT with INR in India?

If you’re searching for how to buy USDT with INR in India, look no further than WazirX, India’s most trusted and leading cryptocurrency exchange. With USDT to INR conversion rates, WazirX allows you to buy USDT in India in a few simple steps. 

To buy USDT in India through WazirX, users need to register themselves on WazirX first. Once the KYC processes have been completed, users can start depositing funds and buy USDT with INR

Here’s a detailed guide on how to buy USDT in India on WazirX.

Step 1: Create your account

  • Sign Up on WazirX through the website or by downloading the app
  • Enter your email address and set a password.
  • Go through the Terms of Service, click on the checkbox, and finally click on the Sign-Up button. 
Create your account

Step 2: Verify your email 

You will then be sent a verification email to your registered email address. On verification, you will receive a message as shown below. 

Verify your email

Step 3: Set up security measures

Next, you will be taken to the security settings page. For security purposes, it is recommended to enable 2-factor authentication (2FA) by downloading the Google Authenticator app and connecting it to your account.

Set up security measures

Step 4: KYC Verification

First, choose your country from the list provided to complete KYC verification. You can then verify your KYC and complete the process. 

KYC Verification

Step 5: Deposit your funds

  • Depositing INR

INR funds can be deposited from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS. Simply enter your details, including bank name, account number, IFSC code, etc., and you are good to go.

  • Depositing Cryptocurrency

Cryptocurrencies can be transferred from your wallet or other wallets to your WazirX account. Get your deposit address from your WazirX wallet first. Then, share this address in the ‘Send Address’ part of your other wallet for transferring your cryptocurrency.

Step 6: Buy USDT with INR

Log on to the WazirX app or website to view the latest USDT/INR prices, and then click on the USDT/INR price ticker. 

Buy USDT with INR

Scroll down, and you will see the BUY/SELL button. Next, enter the INR amount with which you want to buy USDT. Your INR balance deposited in your WazirX account must be greater than or equal to this amount. 

Click on BUY USDT. Once your order is executed, the USDT you bought will be added to your WazirX wallet. 

So that’s how you can buy USDT with INR in India in a few simple steps. 
To learn more about WazirX, click here.

How To Sell USDT In India?

The most popular ways of converting USDT to cash are through leading crypto exchanges or peer-to-peer platforms, which provide different payment options like bank account transfers, card payments, and UPI. USDT can be easily exchanged for other Crypto or fiat on licensed crypto exchanges such as WazirX. Many top exchanges support this digital asset because of its prominence and market share.

What Is USDT P2P Wazirx?

P2P (peer-to-peer) on WazirX is a feature that enables users to buy or sell USDT directly from/to other users on the WazirX platform without the involvement of a third-party intermediary.

Where To Buy USTD?

You can buy Tether (USDT) in India at a crypto exchange like WazirX. It is trusted by almost 1.3 Crores Indians and is considered one of the best exchanges in India that works continuously to improve its features and user experience.

What Is USDT?

USDT is a fiat-collateralized stablecoin which is pegged 1:1 to the U.S. Dollar. Each USDT is backed by one US dollar worth of assets and can be used like any other token on the chain it's issued on. Tether provides transparency, stability, and low fees for users, bridging the gap between fiat currencies and blockchain assets.

How To Create USDT Wallet?

To create a USDT wallet, you can use a crypto exchange or a dedicated wallet provider. Simply sign up for an account, follow the verification process, and fund your wallet with USDT. Some popular wallet options include MyEtherWallet, MetaMask, and Trust Wallet.

How To Buy USTD In India?

To purchase Tether (USDT) in India, the best way is to register on a licensed and regulated Crypto exchange that lists and offers USDT trading. Any such exchange that has listed Tether on its platform will allow for the exchange of INR for the stablecoin or other digital assets. Deposits of INR can be made via various secure methods such as Bank Transfer, Debit/Credit Card, and UPI deposit for quick purchase of USDT. Here's a step by step guide on the same:

How Does Tether USDT Work?

When a user puts fiat money into Tether's reserve, using that money to buy USDT instead of fiat, Tether then issues tokens representing that same digital amount. The USDT can then be shared, stored, or traded.According to a 1-to-1 dollar parity, if a customer deposits $100 in the Tether reserve, they will receive 100 Tether tokens. However, when users redeem Tether tokens for fiat money, the coins are destroyed and taken out of circulation.

How To Convert USDT To BTC?

To convert USDT to BTC, you can use the WazirX web/mobile app. First, go to the "exchange" option and select BTC from the list of tokens available in the USDT market. Then, fill out the buy order form and click on "Buy BTC".

How To Withdraw USDT To Bank Account?

To withdraw USDT to a bank account, you can transfer your USDT to an exchange that supports the withdrawal of USDT to a bank account. Then, you can initiate a withdrawal request and provide the necessary information such as the bank account number, name etc. The withdrawal process may take a few days to complete.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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