Cheapest Ways to Send USDT
Are you a crypto investor fed up with paying a huge transaction fee to transfer your USDT? Don’t worry you are in the right place to learn more about the cheapest ways to send USDT.
Bitcoin and cryptocurrency have been significant assets to be owned by many people as they witnessed the sudden rise of bitcoin making fortunes out of nowhere.
The success of Bitcoin meant people were ready to become millionaires by investing in crypto and thus there has been the introduction of many cryptocurrencies to fulfill the high demand.
However, despite the huge success of crypto all across the globe, there have been issues we do not care to ponder about.
One of the biggest problems with cryptocurrency is the issue of transferring them from one wallet to another without paying a hefty transaction fee.
In this article, we will be throwing some light on one of the leading cryptocurrencies USDT, and the cheapest ways to send USDT.
Just grab a cup of coffee or a plate of snacks and chilled beer and enjoy the next 30 min knowing more about USDT and the cheapest ways to send USDT.
Let’s Know About USDT: Key Facts and Details
USDT also known as Tether is a cryptocurrency that is also a stablecoin as it is pegged to the US dollar which also means if redeemed the value of one USDT is equivalent to 1 US dollar.
The owner of USDT is iFinex which is a Hong Kong-based company that also owns another cryptocurrency known as BitFinex.
It was launched in 2014 and was known as Real Coin before being rebranded to Tether or USDT in 2015.
USDT was originally based on the Bitcoin blockchain but currently supports Bitcoin’s Omni and liquid protocols, Ethereum, TRON, EOS, Solana, etc.
It’s known to be the 3rd largest cryptocurrency and the largest stablecoin with a market cap of approximately $83 billion.
Tether is known as USDT since its significant portion which is approximately two third of its net market cap is pegged to the US dollar, it also issues tokens which are pegged to euro, yuan, and gold.
The fact that tether or USDT is pegged to some form of traditional currency ensures it is not subject to the market volatility faced by other cryptocurrencies as their values rise and fall whimsically.
This stability and existence of some underlying value ensure that Tether is gaining more support as a cryptocurrency that can be used as a medium of exchange.
One can buy Tether through platforms or apps like Binance, CoinSpot, Bitfinex, and Kraken, and is one of the effective mechanisms to reduce risk in investment made in cryptocurrency.
Benefits of Owning USDT or Tether
- Pegging the value to the US dollar provides stability to USDT and protection against the wild swing in prices
- Low risk and low volatility
- Provides a hedge against other cryptocurrencies
- Could be used as a payment method
So these are some of the key benefits of investing in USDT and these are the reasons despite the high transaction fee involved many prefer to buy USDT.
Get to Know: The Cheapest Ways to Send USDT
Transferring USDT is a real problem many crypto investors are facing with transaction fees being as high as 35% to 20%.
This effectively means to send 100 USDT you will be shelling out an extra 35 to 20 USDT and believe me it is not fair and is bound to make you look for ways to send USDT Cheaply.
If you are wondering is there really any way to send USDT cheaply we would like to help you find those ways in this article.
But before we move to the list of cheapest ways to send USDT we would like to explain to you that the extremely high fee involved in transferring USDT is not a daylight robbery and there are reasons you require to spend extra to send them.
Why Does it Cost so High Transferring USDT?
So the problem is that USDT is an ERC20 token and hence it requires to be transferred through an ERC20 network which is a highly congested network and hence miners need to be paid extra or more money compared to other cryptocurrencies to process the transaction required for transferring USDT.
But you do not need to worry much as we have already researched and figured out ways for you to pay fewer fees the next time you require to transfer USDT, so stay tuned and get ready to know how to reduce transaction costs in a USDT transfer process.
3 cheapest ways to send USDT
You might be disappointed reading the reason for the high transaction fee being charged for sending USDT and might have thought that there is no way to send USDT cheaply but there are some ways to find the cheapest ways to send USDT
Based on our research you could use the below ways to send USDT with a low transaction fee
- The cheapest way to send USDT is to use the FTX app which currently charges zero withdrawal fee for USDT withdrawal.
- The second way is to look for a transfer mechanism that doesn’t use the ERC20 network, some of the leading apps to use are Binance Smart Chain (BEP20), Solana, and Tron.
The withdrawal fee is way cheaper through this platform which is less than $1 but one must verify that while transferring USDT the account to which you are transferring supports, not ERC20 network transfer.
For reference, Nexo and Kraken only support USDT transfers made through the ERC20 network.
- Another intelligent way to send USDT to only ERC20-supported platforms would be to send the USDT to FTX app and then withdraw it free of charge
So these are some of the ways to ensure that you are transferring USDT in a cheap way, hopefully, you will be able to use them effectively.
USDT Exchange Fees by platforms
| No. | Platforms | Trading Fee | Withdrawal Fees |
|---|---|---|---|
| 1 | Binance | 0.1% | 1USDT |
| 2 | Bittrex | 0.75% | 61USDT |
| 3 | Crypto.com | 0.4% | 25USDT |
| 4 | FTX | 0.02 – 0.07% | 0USDT |
| 5 | Bitfinex | 0.1-0.2% | 5USDT |
| 6 | Gate.io | 0.2% | 40USDT |
| 7 | Huobi | 0.2% | 25USDT |
| 8 | Kraken | 0.16-0.26% | 7.5USDT |
| 9 | Kucoin | 0.1% | 30USDT |
| 10 | OKEx | 0.08-O.1% | 20USDT |
| 11 | Poloniex | 0.145% | 0USDT |
These are the list of leading platforms and applications which allow transactions in USDT, and you find the trading and withdrawal fees platform wise however we recommend always comparing and finding the best application to carry out your transaction in USDT.
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can someone buy USDT using a credit card
Many ponder about the correct medium to buy USDT and whether one can buy USDT using a credit card. It’s actually a simple process to buy USDT using a credit card, one simply needs to register to a platform dealing with crypto and add their credit card details to buy USDT using a credit card
How much do I have to pay to transfer USDT?
Usually, It’s quite expensive to transfer USDT as it is done through the ERC20 network which is a highly congested network and hence requires extra payment to miners to process transactions in USDT. However, the actual cost varies from platform to platform within a range of 35% to 20%.
Final Word…
We hope this article finds you in the best of health.
So did you enjoy the coffee and snacks more or the article? Hopefully, you had a nice time reading this article while you also enjoyed your snacks.
As we look to wrap up our exclusive content we would first like to express our sincerest gratitude to our readers who find time out of their busy schedules to read our articles.
We aimed this article to help our readers who are looking to find the cheapest ways to send USDT as it’s a real problem to find a platform with a low transaction fee for transferring USDT through the highly congested ERC20 network.
So we did our research on various crypto-based apps and platforms to find the best ways to cheaply transfer and withdraw USDT so that our readers can easily transact without having to pay a high amount of transaction fee.
We also covered the basic facts about the Tether or USDT cryptocurrency and why many investors look to invest in it due to the stability and low volatility.
So that’s all for now until we return with new and insightful articles of your interest. Do comment your thoughts and queries by going to the contact us section we would help you with new articles to help you in any way possible.
Signing off till the next Article!!! Adios…
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