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Buy Tether (USDT) in UK With GBP | CoinJar

Tether

USDT

£0.000GBP

Figures shown refer to the past. Past performance is not a reliable indicator of future results. Pricing data is provided by CoinJar.

USDT price calculator

GBP

USDT

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Overview

#03

Popularity

Stablecoin

Asset type

2014

Active since

Official site

What is Tether?

Tether (USDT) is the original stablecoin. The Tether whitepaper was first released back in 2012, although the token itself didn’t find widespread use until it was adopted by the exchange Bitfinex in 2015.

At a time when it was difficult for cryptocurrency exchanges to find reliable banking and fiat currency partners, Tether offered a way around the roadblock for the growing crypto industry. Offering a token that Tether claimed was backed 1:1 with actual US dollars, users could trade USDT without the fiat currency itself having to go anywhere.

How does the Tether token maintain its value?

USDT is designed to maintain a stable value by being backed by a reserve of US dollars. For every Tether USDT token that is issued, there is a corresponding US dollar held in reserve.

This ensures that the value of USDT remains stable over time. However, these reserves have not been independently audited, so do your research. While it is "pegged to the US Dollar" this doesn't guarantee that. It has become "unpegged" in the past.

How can I invest in Tether?

Many crypto enthusiasts find themselves trading a digital asset like USDT for fun, while others see it as an investment.

Investing in USDT can come down to opinion. USDT involves some risks, such as the lack of independent audits of reserves. USDT is not a good investment if you are looking for capital appreciation, as it is designed to maintain a stable value of US$1.

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How to buy Tether with CoinJar

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Frequently asked questions

How do I buy Tether (USDT) on CoinJar?

Sign up for a CoinJar account and verify your identity. Then, choose from various deposit methods like bank transfer or debit card to add Pounds to your account.

Once your funds are available, go to the "Trade Tether USD" section, enter the amount you want to buy, and you'll have USDT in minutes. You don't need a separate crypto wallet, you can hold your coins in the app.

The price of Tether is pegged to the US dollar, so you can easily buy Tether USD (USDT) knowing its approximate value. If you have any questions, our customer support team is here to help!

How can I buy Tether (USDT) in the UK?

To buy Tether (USDT) on CoinJar, first create an account on the CoinJar platform, which is available to users in the UK. After verifying your account, deposit funds using GBP via bank transfer or other supported methods.

Navigate to the "Trade" section, select Tether (USDT), enter the amount you wish to purchase, and confirm the transaction. When you buy Tether, it will be credited to your CoinJar wallet. Waiting periods and appropriateness tests apply.

What is Tether (USDT), and why should I buy it?

Tether (USDT) is a stablecoin cryptocurrency pegged to the value of the USD, designed to maintain a consistent price. It’s widely used on crypto exchanges for trading and transactions due to low volatility compared to other cryptocurrencies. Buying Tether on CoinJar allows you to hold a stablecoin for trading or transferring value.

Is it safe to buy Tether on CoinJar?

Yes, CoinJar is a trusted cryptocurrency exchange in the UK. When you buy Tether, your USDT is stored in your CoinJar wallet, and the platform uses advanced protection measures to safeguard your funds and personal information.

What are the risks involved with buying Tether?

While Stablecoins like USDT aim to retain parity with the US Dollar, there is a risk that USDT could “lose its peg” that is, no longer be worth $1USD.

USDT aims to prevent this by holding physical US Dollar currency to back each USDT; however notable stablecoins (including USDT) have lost their peg in the past due to many different factors, including misuse, poor governance, and collapse of third parties holding reserves.

What is the process to purchase Tether with GBP?

To purchase Tether on CoinJar, log in to your account, go to the "Trade" section, and select Tether (USDT). Choose GBP as your payment currency, input the amount, and review the Tether price. Confirm the purchase, and the USDT will be added to your CoinJar wallet for trading or holding.

Can I sell Tether (USDT) on CoinJar?

Yes, you can sell Tether on CoinJar. Navigate to the "Sell" section, select Tether (USDT), and choose to convert it to GBP or another cryptocurrency. The proceeds from selling USDT can be withdrawn to your bank account or used for other crypto transactions on the platform.

Are there fees when I buy Tether on CoinJar?

CoinJar charges competitive fees for buying Tether, which may vary based on the transaction amount and payment method. Check the fee schedule on the CoinJar platform before you buy or sell USDT to understand the costs involved.

Does Tether’s price stability work?

Tether (USDT) is pegged to the USD, meaning its designed for its value to remain close to 1 USD per USDT.

This stability makes it a popular choice for traders on crypto exchanges to hedge against cryptocurrency market volatility or to facilitate quick transactions without converting to fiat currency. To find out more about how this works, click here.

Can I use Tether for trading other cryptocurrencies on CoinJar?

Yes, Tether (USDT) is widely used for trading on CoinJar. You can swap USDT for other cryptocurrencies like Bitcoin or Ethereum directly in the CoinJar wallet, making it a versatile asset for crypto trading in the UK.

How do I deposit funds to buy Tether on CoinJar?

To deposit funds, log in to your CoinJar account and select the "Deposit" option. You can transfer GBP via bank transfer or other supported methods in the UK. Once the funds are available, you can use them to buy Tether or other cryptocurrencies.

What are the benefits of buying Tether on CoinJar compared to other exchanges?

CoinJar offers a user-friendly platform, competitive Tether prices, and fast transactions for UK users. With local support and GBP deposits, it’s a convenient choice for buying Tether. Additionally, CoinJar’s OTC services allow for larger transactions with personalised support.

Standard Risk Warning: The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar's digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

Specific risks associated with meme coins: 'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: • Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. • Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading. • Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash. • Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately. • Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.

Specific risks associated with stablecoins: There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: · Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment. • Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it. • Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues. • Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset. • Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. • Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.

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Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service.

We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.

CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).

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