What is USDT?
USDT, or Tether, is a type of stablecoin that aims to maintain a parity with the US dollar, meaning it seeks to maintain a 1:1 ratio with the dollar. This is achieved by backing each USDT with a US dollar or other escrowed asset. This stability makes USDT a popular choice for crypto traders and investors, making it easier for them to trade between more volatile cryptocurrencies without having to convert back to traditional currencies.
How USDT Works
Pegging Mechanism: Tether Ltd. issues tokens based on its reserves. Users can redeem USDT for US dollars, ensuring that the token remains pegged.
Blockchain Integration: USDT runs on multiple blockchains, including Ethereum (as an ERC-20 token), Tron (as a TRC-20 token), and others. This flexibility allows for fast transactions across multiple platforms.
Market Utility: Users use USDT to mitigate risk during market volatility, facilitate transactions, or engage in arbitrage opportunities between exchanges.
What is the cheapest way to buy USDT in Saudi Arabia?
To buy USDT at a low cost in Saudi Arabia, the following methods can be considered:
Peer-to-peer (P2P) trading: You can use platforms like Binance to find sellers who offer competitive prices, and this method is often free of fees.
Bank Cards: Some platforms allow you to purchase USDT using a credit or debit card. Check the fees involved, you may find better options.
Promotions: Look for promotions on trading platforms, as some platforms offer discounts or special offers when buying USDT.
Local crypto wallets: Some local crypto wallets may offer low-cost ways to buy USDT.
You can compare different prices and options to ensure you get the best deal.
How to buy
1. Create an account on the Binance website or app for free.
Binance is a centralized exchange that allows you to buy a variety of cryptocurrencies including Tether (USDT). Before you can use Binance, you will need to open an account and verify your identity.
2. Create an account via the Binance app
- Create an account through the website using your email and mobile phone number.
3. Choose the method you want to use to buy Tether (USDT)
- Click on the “Buy Crypto” link at the top navigation panel on the Binance website to learn more about the options available to buy Tether (USDT) in your country.
- For better compatibility with currencies, you can buy a stablecoin first, and then use it to buy Tether (USDT).
Ways to buy Tether (USDT)
A. Buy Tether (USDT) with Credit/Debit Card
- If you are a new user, this is the easiest option to buy Tether (USDT).
- Go to the Buy Tether (USDT) with USDpage on Binance.
- Select Tether (USDT) and USD from the dropdown list.
- Select “Card” as the payment method, and click “Confirm”.
- The “Add New Card” option will appear if you have not purchased crypto on Binance with a credit or debit card before. Click “Add New Card”, enter your card details and click “Confirm”.
- Check the details and confirm the order on the payment confirmation page within the specified time frame. Use "Refresh" to get a new quote.
- Click "Confirm" to submit your order.
- You will be redirected to the bank page to enter the One Time Password (OTP). Follow the instructions to verify the payment.
- Once verified, the coin will appear in your instant wallet.
b. Buy Tether (USDT) using Google Pay or Apple Pay
- Go to the page to buy Tether (USDT) with USD on Binance.
- Select Tether (USDT) and USD from the dropdown list.
- Choose either “Google Pay” or “Apple Pay” as your payment method and press “Confirm.”
- Click the "Buy" button.
- Check the details and confirm the order on the payment confirmation page within the specified time frame. Use "Refresh" to get a new quote.
- Click "Confirm" to submit your order.
- The currency will appear in your instant wallet.
for person to person trading
Buy Tether (USDT) directly from other users via Binance P2P service.
How to Buy Cryptocurrency on Binance App from Person to Person
1. Go to the Binance P2P page to buy Tether (USDT).
2. Choose your preferred local currency, click on the “USDT” trading pair, and choose from a wide range of supported payment methods.
3. Start trading according to the instructions on the page. For more details, read our How to Buy on Binance P2P guide.
How to Buy Cryptocurrency on Binance from Person to Person
1. Go to the Binance P2P page to buy Tether (USDT)
2. Choose your preferred local currency, click on the “USDT” trading pair, and choose from a wide range of supported payment methods.
3. Start trading according to the instructions on the page. For more details, read our How to Buy on Binance P2P guide.
Payment via intermediary
- There are many external payment channel options. Please visit the Binance FAQ to check the options available in your region.
Additional steps
1. Check payment details and fees:
- You have one minute to confirm your order at the current price. After one minute, your order will be recalculated based on the current market price. You can click "Refresh" to see the new order amount.
2. Store or use Tether (USDT) on Binance:
- Now that you have purchased your cryptocurrencies, you can store them in your personal cryptocurrency wallet or simply hold them in your Binance account.
- You can also trade them for other cryptocurrencies or store them on the Binance Earn platform to earn passive income.
- If you want to trade Tether (USDT) on a decentralized exchange, you may want to try Trust Wallet which supports millions of assets and blockchains.
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