How to Buy Tether (USDT) in Australia
As previously stated, we recommend buying USDT through the Kraken platform. It offers fast and free Australian Dollar deposits, low trading fees, and a secure platform to stake and earn interest on your USDT. Aussie investors can deposit funds to Kraken via PayID, Osko, POLi, Bank Transfer, Credit Card, or Debit Card.
You can start trading or staking Tether by following this simple guide:
- Open a free account on Kraken by registering your email address and creating a password.
- Click ‘Deposit Funds’ and choose AUD as the preferred deposit currency.
- Choose your method of payment (e.g., PayID, bank transfer, or Credit Card) and complete your deposit.
- Select Tether as your desired cryptocurrency and execute your trade.
Fees to Buy Crypto
When using a digital currency trading platform, there are typically two types of fees you will encounter. The first is the deposit fee, which is charged when you transfer AUD to an exchange, and the second is the trading fee, a commission taken when you buy or sell an asset. Kraken’s fees schedule is highly competitive as deposits are completely free, and there is a small 0.16% cost applied when you trade crypto on spot markets.
Is USDT Legal in Australia?
In Australia, the use of digital currencies, including Tether, is not prohibited. However, the Australian Securities and Investments Commission (ASIC) has issued guidance on the use of digital currencies, stating that they are not legal tender and are not regulated like traditional currencies. As with any financial product or service, it is important to be aware of the risks associated with using Tether or any other digital currency.
These risks include the potential for fraud, market volatility, and the potential for losses due to cyber-attacks or other security breaches. It is also important to note that the use of Tether or any other digital currency may be subject to tax in Australia. The only aspect to consider is the platform you use to buy the stablecoin, it’s important you use one registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
About Tether (USDT)
Tether (USDT) is a type of cryptocurrency known as a stablecoin, designed to maintain a 1:1 peg with the U.S. dollar (USD), making it less volatile than other cryptocurrencies. Launched in 2014, it's primarily used to provide stability in the highly volatile cryptocurrency market and to enable transactions with a currency equivalent that retains the operational benefits of digital assets.
Operated by Tether Ltd., USDT is issued on several blockchain platforms, including Bitcoin, Ethereum, Tron, and others. Tether Ltd. asserts that every USDT in circulation is backed by an equivalent amount of USD. However, its claim has been a subject of controversy and legal scrutiny, with critics questioning the integrity of these reserves. Despite the controversies, it remains one of the most widely used stablecoins in the cryptocurrency market.
Conclusion
To recap, Tether is the world’s largest stablecoin by market capitalisation. It is used to hedge the volatility of cryptocurrencies and to stake on platforms for earning safe yields. To buy USDT in Australia, Kraken offers a fast, cheap, and secure platform with low trading fees. It is considered one of the most trusted and reliable AUSTRAC-registered exchanges in the country.
