Highlights:
Explore the advantages behind USDT and stablecoins
Learn about the advantages of buying USDT using your Colombian pesos
We tell you the step-by-step guide to get the most out of the USDT/COP pair on Binance
What is a trading pair in cryptocurrencies?
When we talk about a trading pair in cryptos or virtual currencies, we are referring to two types of assets that you can instantly exchange one for another on a virtual exchange site, like Binance! Typically, these pairs are reflected with the acronyms next to each other and divided by a diagonal line, such as USDT/COP.
If we look at this example, the USDT/COP pair is telling you that you can buy USDT cryptocurrencies directly with your Colombian pesos (COP) on the Spot market and instantly. You can find more information about the pairs on our official blog.
What's so cool about trading pairs in cryptocurrencies?
Cryptocurrency trading pairs make it easier to purchase your digital assets. For example, for the USDT/COP pair, Colombians can transfer their Colombian pesos to get USDT quickly, in two steps, in one. There is no easier way to enter the world of cryptocurrencies!
How can I transfer my Colombian pesos to buy USDT? Step by step guide
1. Click the [Deposit] button and then click the [Deposit COP] option.
2. Select the [Online Banking (PSE)] option and click [Continue].
3. Enter the amount to deposit and add your bank details. Don't worry: you will only have to complete the process of registering your bank account the first time you use this channel.
Please make sure the bank account you provide is in your name, otherwise the order processing will fail.
4. Make the transfer and that's it! (Movii will appear on the transfer receipt, don't worry, it is our partner.
How can I buy USDT on Spot?
1. Go to [Trade] - [Spot] and trade the USDT/COP pair to get your USDT with your Colombian pesos.
2. Make sure the Buy option is selected.
3. Choose the order type [Market]. With this option you will be able to buy USDT at the price at which it is being quoted in the market at that moment.
4. Enter the amount in pesos you want to buy.
5. Click [Buy].
Ready! you already have your USDT. You can view them in your Spot wallet.
Still with doubts? There is more information here!
How to deposit pesos on Binance?
How to trade Spot from the Binance app?
How to trade Spot from the Binance website?
What is a USDT?
In general, acquiring USDT is putting digital dollars in your pocket (well, in your Binance account). This stablecoin, known as Tether (USDT), is one of the most popular cryptocurrencies of its type. The cool thing is that it is designed to always maintain a value equivalent to the US dollar (1:1). USDT is on a lot of different blockchains and in recent years it has risen considerably in trading volumes and its liquidity has increasingly improved.
Like any other stablecoin, USDT serves quite well for cryptocurrency trading, because it allows traders to bypass the market variability that often eats away at BTC and other cryptos. Using stablecoins also avoids the additional costs and delays involved in converting between crypto and real currencies.
You can learn more about USDT at Binance Academy.
And what makes USDT so cool?
There are several reasons behind the success of USDT:
USDT entered the crypto arena almost a decade ago, on October 6, 2014. Since then, it has become the favorite stablecoin of all crypto partners.
USDT is the third 'hardest' crypto in the industry, with a fresh value of $105.32 billion (as of April 3, 2024), second only to Bitcoin and Ethereum.
USDT offers a ton of uses including trading, investments, remittances and even decentralized financial protocols, or DeFi, a hoot!
USDT is one of the most 'easy' ways in Colombia and in the world to save in digital dollars. Easier, impossible.
Additionally, USDT operates on multiple blockchain platforms, improving its accessibility and giving it unparalleled versatility.
Stable cryptocurrency? What's that?
Stable cryptocurrencies, or 'stablecoins', are 'virtual silver' that imitate the behavior of real currencies or other assets. For example: you can buy 'virtual silver' tied to the price of the dollar. A stablecoin allows profits to be retained and value transferred at a firm price on user-to-user blockchain networks.
Historically, Bitcoin (BTC), Ether (ETH) and other altcoins have been volatile and that has its advantages, but it also makes it difficult when it comes to using cryptos for everyday payments. For example, a shopkeeper may charge $5 in BTC for a coffee, only to realize the next day that his BTC has lost half of its value. That complicates planning and managing a business that receives payments in crypto.
Previously, crypto investors and traders had no way to make a profit or escape instability without turning to real currencies. The creation of stablecoins put an end to these problems.
You can learn more about stablecoins at Binance Academy.
What's so cool about buying stablecoins?
Stablecoins, anchored to stable assets such as fiat currencies, offer calm in the market, making them a safer option for investments and an efficient one for transactions. They are pure syrup for newbies and regions with unstable currencies.
Discover more in our Stablecoins content: What they are, what they are for and how to buy them.
What is the plus behind the USDT/COP pair on Binance?
There are many advantages to using the USDT/COP pair on Binance!
By purchasing USDT instantly with Colombian pesos, you will have access to the largest liquidity in the world offered by the Binance platform.
Depositing your Colombian pesos on Binance is free!
Additionally, you can buy USDT at market price with 0.1% commission. Other exchanges charge 0.5% or more commission. Binance is definitely the best option!
The USDT/COP pair is the easiest way to get USDT in Colombia.
Once you have USDT, you can buy other cryptos like Bitcoin, Pepe. Solana, Ripple and others with just one click.
How can I get more juice out of the USDT/COP pair on Binance?
With the USDT/COP pair you can get more USDT for your local currency.
If you are a holder, you could consider Binance Earn to make your new USDT work.
And if what you want is liquidity, you can easily convert your USDT into Colombian pesos and withdraw them instantly, at any time.
You might also be interested…
By USDT/COP in Binance
What are cryptocurrency pairs and how to choose the best one for you?
What is Tether (USDT)?
What is a stablecoin?Stablecoins: What they are, what they are for and how to buy them
What is Binance Earn and how to use it
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