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Home Business Crypto

How to Trade USDT?

Admin by Admin
February 8, 2022
in Crypto
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How to Trade USDT?
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The high volatility of cryptocurrencies gives excellent chances for making money on rate fluctuations. The same property of digital assets can bankrupt an inexperienced trader in a matter of hours.

In addition, it makes it very difficult to use digital coins for everyday spending. If Laszlo Heinitz easily and naturally paid 10,000 BTC for pizza, then today people are trying to save every satoshi, expecting further price increases.

The need for stable digital coins arose and in 2014 the first stablecoin was released – USDT or Tether.

What are stablecoins

Table of Contents

  • What are stablecoins
  • General information about USDT
  • Where is USDT used
  • How to trade USDT

Stablecoins are cryptocurrencies pegged to fiat money or precious metals. They are designed to take profits in order to minimize losses due to high volatility.

Stablecoins serve as a link between sovereign fiat currencies and cryptocurrencies. In addition, they are used for settlements between networks that do not require trust through the cryptocurrency infrastructure. Thus, payments in the requested currency or precious metal become possible.

Stablecoins are used primarily as a way to transfer and store value, and not as a means of speculative investment.

General information about USDT

USDT was the first stablecoin and to this day is the leader among the assets of this class. It is also so far the only stablecoin that is included in the TOP 10 largest cryptocurrencies.

Each token is tied to a real US dollar, which is stored in a special account of Tether Limited.

Where is USDT used

The main advantage of USDT over the dollar is almost instant transaction processing with very low fees. The high level of liquidity of the coin is very convenient for traders and provides the ability to quickly enter and exit trades. Also, profit taking in USDT eliminates the need to exchange cryptocurrency assets into fiat money and vice versa.

To this end, large exchanges began to launch their own stablecoins. According to the logic of the creators of stable cryptocurrencies, price parity should be maintained between each of them and the dollar. 

In practice, this cannot be achieved and exchange rates periodically deviate slightly from the 1: 1 ratio. However, when choosing USDС vs USDT, it is worth considering not only the prices, but also the technical features of each coin. USDT is supported by the largest number of blockchains. The oldest dollar stablecoin is traded on almost all cryptocurrency exchanges and forms trading pairs with most cryptocurrencies.

How to trade USDT

Due to its prevalence, USDT provides maximum opportunities for earning. First of all, it is important to choose a crypto exchange with the most suitable conditions for you.

Make sure the site you choose is safe enough and accessible in your country. Pay attention to the technical possibilities of depositing and withdrawing funds, as well as the amount of exchange fees.

As cryptocurrency markets develop, cryptocurrency exchanges functionally move closer to online brokers. Spot and margin trading and the ability to create pending orders are already available on many platforms.

When you decide on the choice of the site, you will need to create an account and verify your identity. When all the formalities are met, you can top up your balance with fiat or digital currency in the most convenient way for you and purchase USDT.

If you are taking your first steps in trading, before you start trading with real funds, practice on a demo account. This is a great opportunity to study the exchange interface, develop and create your own trading strategy.

In addition to trading, large exchanges offer other ways to make money on cryptocurrencies, which are determined by the technical features of the coin. For example, USDT cannot be mined or received cryptocurrency dividends. However, staking and lending options are available for this stablecoin.

Tags: cryptocurrency infrastructureexchange feesstablecointrade USDTUSDС vs USDT
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