How to Buy Tether (USDT) in Singapore – Step-by-Step Guide

In this article, I will discuss the How to Buy Tether (USDT) in Singapore, a highly used stablecoin, in Singapore. USDT will be one of the crypto assets you will be using for payments.

By the end of this article, you will be able to identify the best places to buy Tether (USDT) in Singapore, different payment methods, and the complete process in a step-by-step manner to purchase USDT. I hope this article will be useful whether you are just starting with crypto trading or you are a professional.

What is Tether (USDT)?

Tether (USDT) is a well-known stablecoin which is pegged to the US Dollar and thus is valued at around $1 at all times. Tether aims to combine the stability of fiat currency – US Dollars – with the other benefits of blockchain technology.

Because Tether is a stablecoin, USDT is often used by crypto traders to move their crypto funds across exchanges safely and quickly in a cost effective manner, without the volatility associated with Bitcoin and Ethereum.

Tether is accepted across all crypto exchanges and most crypto assets are traded in Tether (USDT). Tether is issued by Tether Limited and operates across different blockchains, some of which are Ethereum (ERC-20) and Tron (TRC-20).

How to Buy Tether (USDT) in Singapore

Step-by-Step Guide to Buying Tether (USDT) on Coinhako

Step 1: Create and Verify Your Account

• Open the Coinhako site or app, register by entering your email, and create a password.

• Complete the KYC process by sending your NRIC (or other ID), and a proof of address. KYC may take hours, or a day.

Step 2: Deposit Funds to Your Account

• Enter a terminal (app) and click “Deposit” to transfer your newly added funds.
• Select a deposit method: PayNow, bank transfer, or credit/debit card.
• PayNow or bank transfer, input details and transfer funds.

Step 3: Buy USDT

• Access the Buy/Sell terminal and select the USDT currency from your crypto list in the account.
• Select your home currency (SGD), and input the USDT amount you wish to Purchase, lastly, confirm.

Step 4: Secure Your USDT

• Go to Coinhako wallet and USDT transaction, or transfer in to view your new balance.
• To improve your security, think about transferring your USDT to a private wallet, such as a Ledger or Trust Wallet.

Best Place Where to Buy Tether (USDT) in Singapore

Coinbase

Coinbase is a trusted exchange for all digital currencies, which is why USD Tether (USDT) is so easy to buy in Singapore. Coinbase allows users to buy USD Tether (USDT) using Singapore dollars (SGD). Coinbase is easy to use, and offers a seamless experience for any one looking to buy USD Tether for the first time, and for seasoned traders alike.

Unlike other exchanges, Coinbase offers a simple and clear fee schedule. Debit/credit card bank transfers and bank transfers in general are some of the quick deposit methods, which users can appreciate. Singaporeans can buy USDT and keep it for safe storage, or they can keep it for trading.

Gemini

As a regulated and compliant platform, Gemini takes user security and transaction security very seriously. It is a compliant and reliable place to buy Tether (USDT) in Singapore. With advanced financial regulations in place, Gemini guarantees the safety of users’ funds.

Gemini’s user-friendly interface simplifies the purchase process for Singaporean traders, and Gemini allows for the purchase of USDT in Singapore Dollars (SGD) through bank transfers and other local payment options.

Gemini provides the additional peace of mind of cold digital asset storage, two-factor authentication, and ongoing fraud monitoring. For users in Singapore wanting high USDT regulatory standards and security, Gemini is a solid option.

Crypto.com

Crypto.com makes buying Tether (USDT) in Singapore quick and easy. This crypto finance industry titan offers a mobile and bank transfer interface. You can buy Tether from Singapore and transfer Singapore dollars (SGD) from your bank account, credit account, or debit account.

You can buy Tether anywhere. Best of all, buying Tether from Singapore using your Crypto.com account offers some of the lowest transfer fees and the most customer benefits in the industry. Crypto.com also offers crime insurance on your Tether, and crypto to cover your cold wallets, two factor security, and other security features.

If you live in Singapore and need Tether (USDT) balances, you can buy it from Crypto.com and sell most bank transfer services, offers fast service, affordable transfer fees and reliable cold storage.

Why Buy Tether (USDT) in Singapore?

Consistent Regulations

In Singapore, regulations are clearly defined and are friendly towards cryptocurrencies. This makes purchasing, selling, and holding cryptocurrencies and stablecoins like USDT secure.

Reliable and Safe Exchanges

Local exchanges like Coinhako and Tokenize are reputable and provide solid security like two-factor authentication (2FA) and frequent audits.

Quick Transactions

Local payment methods like PayNow and bank transfers are accessible, allowing quick deposits and purchases of USDT.

Minimal Costs

Buying USDT in Singapore is cheaper compared to other regions. Local platforms, especially with bank transfers or PayNow, have low transaction fees.

Variety of Platforms

There is a plethora of local and international exchanges in Singapore (like Binance, Kraken, and KuCoin) that offer USDT trading pairs, allowing users multiple methods to buy and trade USDT.

Helpful for Crypto Traders

USDT is often used in the crypto market for trading, hedging, or storing value, and as a stablecoin, it minimizes risk and crypto volatility.

Open and Trustworthy

Users on Singapore-based exchanges enjoy clear fee structures, simple and easy-to-navigate interfaces, and effective customer service, which contributes to a pleasant user buying experience.

Fees Involved in Buying USDT in Singapore

Trading Fees

• Spot Trading: Every exchange charges a trading fee when purchasing USDT. This fee is generally 0.1% to 0.2% for every transaction.
• Different Fees: Each platform has its own primary fee structure. Fees can also differ whether you use a market order or a limit order. Some platforms will also give you a fee discount for high trading volumes or for trading with their native coins.

Deposit Fees

• Bank Transfers and PayNow: Most platforms will not charge you for adding SGD by PayNow or a bank transfer. Some platforms will also charge you a small fee for adding credit cards.
• Credit or Debit Card Fees: If you use a credit or debit card there will usually be a platform fee as well as one that the card issuer will charge you. With most platforms this amounts to 1.5% to 3%.

Withdrawals

• Bank Withdrawals: Most exchanges will not charge you for withdrawing funds to your bank account. If they do it will be a nominal fee that will likely be between 1and1and5 SGD.
• Withdrawals of Crypto: If you withdraw USDT to your own wallet you will have to pay blockchain network fees that can vary by the network you choose to use (for instance the Ethereum network can have high fees when it is congested).

Spread Fees

• Certain platforms entail a spread, which is the disparity between the buying and selling price of USDT. This is often regarded as an implicit charge, and it usually falls between 0.2% and 1%.

Account Maintenance Fees

• Some exchanges, albeit infrequently, charge inactive accounts an account maintenance fee, which can be monthly or yearly.

Common Issues When Buying USDT and How to Avoid Them

Account Verification Delays

• Issue: Once an account is created on an exchange, some will perform KYC (Know Your Customer) checks which include verifying an Identity. This process will take time and possibly result in delays.
• How to avoid: Make sure to submit documents that are accurate and well organized. Some platforms will have fast-track verification systems which help reduce KYC verification time.

Payment Method Issues

• Issue: Payments are sometimes rejected due to discrepancies in payment details, not enough funds, and/or issues on the part of the payment processor.
• How to avoid: Payment details should be verified beforehand to make sure that there are no issues, especially if a credit card is being used. Make sure that there are enough funds and that the credit card is supported by the exchange.

High Transaction Fees

• Issue: Some platforms have extremely high fees, especially on credit card payments and cross-border bank transactions.
• How to avoid: Opt for bank transfers or PayNow, which will be cheaper options. These are also cheaper than credit card payments. Always check the fees on different platforms to make sure that you are buying on the most cost effective platform.

Poor Liquidity or Price Slippage

• Issue: Some exchanges have low liquidity and this can result in slippage, which is the difference between the expected price of a trade and the price at which the trade is executed.
• How to Avoid: When trading, opt for larger platforms with reputable trading volumes, like Binance or Coinhako, to get better liquidity and less slippage.

Security Risks on Exchanges

• Issue: Large amounts of USDT on exchanges invite hacking or downtime risks.
• How to Avoid: For trading, keep small amounts of USDT on exchanges. For longer-term periods, it is better to keep your funds in a hardware wallet or in a personal software wallet.

Withdrawal Problems

• Issue: Restrictions on your ability to withdraw USDT, slow processing time, or limits on how much you can withdraw during a certain time can all cause problems.
• How to Avoid: Before buying USDT, check your preferred exchange or wallet for limits and ensure all of your verifications are completed for your account. Use exchanges with fast withdrawal processing to avoid delays.

Phishing and Fraud Scams

• Issue: Scammers can set up fake websites, phishing emails, and more to get your account and USDT.
• How to Avoid: Make sure to check a site’s URL and don’t click on links from people you don’t know. Enabling two-factor authentication (2FA) is a fantastic idea.

Selecting the Wrong Network

• Problem: Different blockchains (Ethereum (ERC-20), Tron (TRC-20)) can host USDT. Picking the wrong network USDT can delay the transaction or cause a complete fund loss.
• Solution: Before sending USDT, confirm which network you are using. Make sure the sending and receiving addresses are using the same blockchain network.

Conclusion

In Singapore, buying Tether (USDT) is easy. Singapore has a strong regulatory structure, and there are a number of trusted sites. Pick a suitable exchange, like Coinhako or Binance, to deposit SGD, make your USDT purchase, and keep your USDT in a wallet of your choice.

You should follow the best practices like account verification and method of the payment to make the process more efficient.

Also, make sure to keep your funds secured using a hardware wallet. This allows you to buy, store and use USDT for trading and hedging in the crypto market, all while having the advantages of Singapore’s crypto-friendly ecosystem.

FAQs