Tether (USDT) is one of the most widely used stablecoins, pegged 1:1 to the US dollar. As a "stable" digital currency, USDT plays a vital role in cryptocurrency markets, allowing traders and investors to hedge against volatility and facilitate conversions between crypto and fiat currencies. OKX (formerly OKEx) is a leading cryptocurrency exchange that supports USDT trading. This guide provides a step-by-step process for purchasing USDT on the OKX platform.
What Is Tether (USDT)?
Tether (USDT) is a stablecoin designed to maintain price stability through a 1:1 peg with fiat currencies like the US dollar. Issued by Tether Limited, it serves as a "safe haven" asset in crypto markets by reducing exposure to volatility.
Key features:
- Blockchain-based: Operates on Ethereum, Tron, and other public chains
- High liquidity: Widely accepted across exchanges
- Transparent: All transactions are recorded on-chain
Why Buy USDT?
1. Price Stability
USDT's dollar peg minimizes fluctuations compared to assets like Bitcoin or Ethereum.
2. Trading Flexibility
Serves as a bridge between fiat and cryptocurrencies, supported by most exchanges.
3. Risk Management
Enables quick conversion during market downturns to preserve capital.
4. Fast Transactions
Blockchain settlements typically complete within minutes.
Step-by-Step Guide to Buying USDT on OKX
1. Register an OKX Account
- Visit OKX official website
- Click "Sign Up" and enter your email/mobile number
- Set a strong password and complete email verification
- Enable two-factor authentication (2FA) for security
2. Deposit Fiat Currency
- Navigate to "Assets" > "Deposit"
- Select your local currency (SGD/USD/etc.)
- Choose a payment method (bank transfer/PayNow/etc.)
- Enter deposit amount and confirm transaction
3. Purchase USDT
- Go to "Trade" > "Spot Trading"
- Select "USDT/SGD" or equivalent fiat pair
- Enter purchase amount or use the market/limit order options
- Review and confirm transaction
4. Verify Your Holdings
Check "Assets" dashboard to confirm USDT balance.
Alternative Method: Swap Crypto for USDT
If you hold other cryptocurrencies:
- Select "Spot Trading" and choose a pair like BTC/USDT
- Enter the amount of crypto to exchange
- Execute trade (market/limit orders available)
Withdrawing USDT
- Go to "Assets" > "Withdraw"
- Select USDT and enter withdrawal amount
- Paste your external wallet address
- Choose blockchain network (ERC-20/TRC-20)
- Complete security verification
- Submit request
FAQs
Q1: Is USDT really 1:1 with USD?
A: Tether Limited claims full reserves, though independent audits are recommended.
Q2: What's the minimum USDT purchase on OKX?
A: Varies by payment method, typically ~10 USD equivalent.
Q3: Are there fees for buying USDT?
A: Yes, OKX charges 0.1% spot trading fee (lower for market makers).
Q4: Which blockchain should I use for USDT withdrawals?
A: TRC-20 (Tron) offers lower fees; ERC-20 (Ethereum) has wider compatibility.
Q5: How long do deposits take?
A: Fiat deposits usually process within 1 business day.
Q6: Is OKX available in Singapore?
A: Yes, OKX operates legally under Singaporean regulations.
Conclusion
USDT provides crypto traders with stability amid market turbulence. OKX offers a compliant, user-friendly platform for Singaporean investors to acquire USDT via multiple payment channels. By following this guide, you can securely:
- Purchase USDT with fiat
- Trade other cryptocurrencies for USDT
- Manage withdrawals to external wallets
👉 Start trading USDT on OKX today
This guide is for educational purposes only. Cryptocurrency investments carry risks—always conduct independent research.