Tether (USDT) is a stablecoin pegged to the US dollar, with each token theoretically equivalent to $1 USD. However, exchange rates fluctuate—for example, as of July 2nd, 1 USDT traded at $1.37 CAD. Launched in 2014 by the Hong Kong company behind Bitfinex, Tether dominates as the world’s most-used stablecoin, often bridging gaps where fiat deposits aren’t possible. Despite its high trading volume (surpassing even Bitcoin), USDT faces regulatory challenges in Canada.
The Ontario Securities Commission (OSC) has banned Tether from regulated Canadian exchanges due to concerns over market manipulation and lack of audited reserves. Critics also highlight opaque ties between Tether and Bitfinex, alleging unbacked token issuance. While alternatives like USDC are available, some global platforms still list USDT for Canadian traders.
Where to Buy Tether (USDT) in Canada
Below are trusted global exchanges where Canadians can purchase USDT, evaluated for security, fees, and usability:
1. Bitget
👉 Bitget stands out for its low fees (0.1% trading fee) and Binance-like interface. Key features:
- P2P marketplace for commission-free USDT deposits via Interac e-Transfer.
- 50 USDT bonus for new users depositing $500+ via referral link.
- Supports futures, copy trading, and bot strategies.
2. KuCoin
A global giant offering hundreds of cryptocurrencies, including USDT. Note:
- CAD deposits require third-party services (e.g., Banxa), increasing costs.
- Cheaper to deposit another crypto and swap for USDT.
- Sign-up link for streamlined access.
3. Bitbuy
A FINTRAC/OSC-regulated Canadian exchange with top-tier security (90% cold storage, $1M insurance). Downsides:
- Higher fees (0.5% standard, 0.1% maker fee in Pro Trade).
- 50+ cryptocurrencies available.
4. NDAX
Regulated by FINTRAC/AMF with 95% cold storage and 0.2% flat trading fees.
- $10 bonus via referral link.
Storing Tether Securely
Best Practices:
- Hardware Wallets: Use Ledger or Trezor for offline seed storage.
- Avoid Exchange Storage: Mitigate hack risks by transferring USDT to private wallets.
Selling USDT in Canada
- Return USDT to your exchange.
- Sell for CAD or swap to another crypto.
- Withdraw fiat to your bank account (watch for fees).
FAQs
Can Canadians buy USDT?
Yes, but only on global exchanges like Bitget or KuCoin due to OSC restrictions.
Is USDT a good investment?
As a stablecoin, USDT aims for price stability ($1 peg). Use it to swiftly trade other cryptos, but consider alternatives like USDC for fewer controversies.
How to trade USDT?
On exchanges, select "Trade" and swap USDT for supported cryptocurrencies (most pairs available).
Why is Tether controversial?
Allegations include unbacked tokens and market manipulation. Read more here.
Disclaimer: This article contains affiliate links. We prioritize unbiased advice—ratings aren’t influenced by partnerships.
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