When you want to buy Bitcoin on foreign exchanges, do you see BTC/USDT trading pairs? USD is the US dollar, so why does it turn into 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 Dollar (TWD) to USDT, so you will know how to deposit with the fastest speed and the least fees!
What is USDT stablecoin?
USDT Tether stablecoin is composed of US dollars (USD) + the issuing company Tether (T). Tether launched USDT in 2014 with the aim of providing a digital asset linked to the US dollar at a 1:1 ratio in the cryptocurrency market, allowing investors to exchange back to USD when needed without having to bear the price risk of highly volatile cryptocurrencies like Bitcoin or Ethereum.
Although it is expected to be a stablecoin linked to the US dollar, the cost for investors is likely higher than directly purchasing US dollars. Because whether it is exchange, wire transfer, or credit card fees, slippage, or the premium caused by large amounts of TWD flooding in to purchase USDT during major events will increase the purchase cost, so learning how to reduce the purchase cost is a very worthwhile lesson.
For detailed information on USDT, you can check: What is Tether USDT? Is it legal? Risk & fraud methods analysis
How to buy USDT with TWD?
Common ways to purchase USDT with TWD include the following three methods, detailed tutorials will be provided at the end of this article.
1. Use TWD exchange to buy 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, and at this point, you can directly use TWD to buy listed cryptocurrencies on Taiwanese exchanges or purchase USDT to withdraw to the desired foreign exchange.
2. Buy USDT with a credit card (for emergency use)
Directly use internationally recognized exchanges or payment services such as VISA or MasterCard to purchase USDT instantly with a credit card. This method is suitable for users who urgently need coins or have high credit card limits, but for long-term large purchases, it is still recommended to choose lower-cost TWD exchanges for transfers.
At Bitfinex, there are channels for foreign currency deposits, allowing deposits in Euros, Renminbi, Pounds, Yen, and US dollars. After depositing, you can use it directly in Bitfinex or purchase USDT to withdraw to foreign exchanges.
3. Use USD wire transfer to buy USDT (recommended for large amounts)
At Bitfinex, there are channels for foreign currency deposits, allowing deposits in Euros, Renminbi, Pounds, Yen, and US dollars. After depositing, you can use it directly in Bitfinex or purchase USDT to withdraw to foreign exchanges.
Step-by-step tutorial for buying USDT on TWD exchanges
This article uses MAX Exchange for graphical tutorials on TWD exchanges. Users who do not understand how to verify their identity (KYC) or are unfamiliar with the platform can directly click the hyperlink to view!
Account needs KYC to Lv.2 (Bind personal bank account)
Find TWD in your wallet and press deposit; the amount of TWD transferred will be the amount deposited, and note whether the exchange has daily or monthly deposit limits.
Use your personal bound bank account to transfer TWD to the designated account of the exchange.
Wait for the funds to be credited to your account, which will show in the assets - TWD section of MAX Exchange.
Then go to 'Trade' and select USDT/TWD (i.e., TWD and USDT trading pair), then enter the amount you wish to purchase to buy USDT directly.
Other TWD exchanges such as HOYA BIT and BITOPRO have similar deposit methods. New users must first go through identity verification to confirm their investor identity before transferring to the exchange's designated receiving account with a personal bound bank account. Then, they can directly purchase USDT on the exchange!
Tutorial on withdrawing USDT to Binance Exchange
The following is also a tutorial on withdrawing from MAX Exchange to Binance Exchange.
Step 1: Obtain the USDT receiving address on Binance
Log in to your Binance account.
Click on the 'Assets' option, then select 'Recharge'.
On the recharge page, select 'Top Up' and choose USDT.
Select the correct blockchain network (taking 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, then find USDT.
Select 'Send'.
On the withdrawal page, click 'Manage Addresses', paste the USDT receiving address copied from Binance, and then add this address.
Enter the amount you wish to withdraw, and confirm that the selected blockchain network matches Binance (BEP20).
After completing the two-factor authentication, submit the withdrawal request.
Step 3: Confirm withdrawal status
After submitting the withdrawal request, funds will typically transfer to your Binance account within 5 to 10 minutes.
Step-by-step tutorial on buying USDT with a credit card
Using a credit card provides the convenience of purchasing and delayed payments, but the cost of USDT purchased is relatively high. Before making a purchase, you should first consider whether using this channel is cost-effective. Users of Binance can easily purchase cryptocurrency with a credit card. Currently, according to our DA Labs team, several credit cards can be used to buy USDT on Binance, including Taishin, Yongfeng, and E.SUN.
The following is a detailed graphical step-by-step explanation:
Confirm that your credit card supports transactions on cryptocurrency platforms.
On the Binance homepage, click to add funds, and choose the method to acquire cryptocurrency assets.
Select to buy 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 figure.
Choose the third-party payment channel to use; for first-time use, you need to add card and cardholder information as shown in the figure, and wait for identity verification to be approved before you can use that card to purchase cryptocurrency.
Check the purchase information on the checkout page to complete the purchase of cryptocurrency on Binance.
Wire transfer to buy USDT tutorial
Currently, the mainstream and established exchange that supports wire transfer purchases of USDT is Bitfinex, so this article will use Bitfinex as a tutorial for cryptocurrency novices on wire transfer.
You need to prepare an account verified to 'Advanced' at the Bitfinex exchange. Due to the strict verification mechanism of Bitfinex, this article will not elaborate further but focus on wire transfer deposits.
Go to the 'Wallet' interface and select Deposit
Select bank transfer; TWD is not supported, only wire transfers in Euro, Renminbi, Yen, Pound, and USD are supported.
Enter deposit information, including deposit amount and the country of the bank, and press confirm after entering.
Bitfinex will send payment information to your registered email, follow the instructions to complete the payment.
The exchange will review your wire transfer information within 48 hours. Once the review is complete, you will receive an email with detailed information about the receiving bank.
What are the fees for converting TWD to 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 the order fee to be established are: the buy order price is below the minimum sell order price; the sell order price is above the maximum buy order price.
All cryptocurrency fees are unconditionally rounded to eight decimal places.
Binance credit card to buy USDT
Binance charges a 2% credit card transaction fee, and the credit card company may charge additional overseas fees depending on your card, so it is recommended to confirm the amount of fees that will be deducted before making a transaction to avoid losses.
Wire transfer to buy USDT
Bank transfer: 0.1% of the transfer amount (minimum fee is 60 USD/EUR)
Note: When using 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 the fees of various exchanges mentioned above, novice users can also pay attention to whether the banks paired with TWD exchanges have any promotions.
Max Exchange has partnered with Far Eastern Bank to launch the Bankee account promotion, which not only has no interbank transfer fees but also offers other benefits such as one-click deposits, quick binding upgrades, and more for investors, saving a significant amount of TWD over time.
Frequently Asked Questions
Recommended for large amounts, how much is needed for deposits?
The minimum deposit amount is
10,000 USD/EUR/GBP
1,000,000 JPY
75,000 Offshore RMB
Is USDT safe? Will it appreciate or depreciate significantly?
USDT is almost pegged to the US dollar, so it depends on the exchange rate between TWD and USD. When USD is stronger than TWD, USDT will appreciate relative to TWD, and vice versa.
How long will it take for TWD to reach my account after transferring to buy USDT?
Without triggering any risk control, both TWD exchanges and credit card purchase methods will be credited within a few minutes. Bitfinex, due to international wire transfers, takes the longest time, about five working days.
How to avoid being scammed when purchasing USDT?
Prioritize exchanges with government licenses; if choosing to trade directly with others, be sure to verify that the seller is trustworthy before transferring TWD. Be especially wary of promotions online that frequently advertise cheap USDT for sale or claim to exit the cryptocurrency world.
Conclusion
Whether you are a beginner in the cryptocurrency world or an experienced trader, how to exchange the least amount of TWD for the most USDT is very worth paying attention to. Different channels have their own advantages and disadvantages, depending on whether you want to quickly acquire USDT to trade in the market or save on TWD transaction fees for investment.