Is USDT Legal in Australia?
In Australia, the legal status of Tether and other cryptocurrencies is determined by the Australian Transaction Reports and Analysis Centre (AUSTRAC), which is the financial intelligence agency responsible for regulating digital currency exchanges in the country.
According to AUSTRAC, digital currency exchanges operating in Australia must be registered with the agency and comply with the country's anti-money laundering and counter-terrorism financing laws. As long as Tether is being used in a manner that complies with these regulations, it is legal to buy and use in Australia.
How to Buy USDT in Australia
As outline above, the safest and easiest way to buy USDT is through an AUSTRAC licensed exchange like CoinSpot. With their platform, you can deposit AUD via bank transfer, POLi, cash, debit/credit card, BPAY, PayID and other methods to buy and sell Tether (USDT) with low fees and tight spreads.
You can get started in 4 simple steps with this guide:
- Sign up to CoinSpot Australia and verify your identity.
- Select the 'Deposit Funds' button once your account is verified. You can now deposit AUD with a variety of different methods.
- Once the AUD hits your account, select the 'BUY/SELL' button in the navigation to find Tether (USDT).
- Input the AUD amount of USDT you want to buy and execute your order.
What are the Fees to Buy USDT?
The fees for buying USDT at CoinSpot are among the lowest in Australia. The exchange does not charge any AUD deposit fees, and the trading fees start at 0.1% per trade depending on your monthly volume. On other exchanges like Coinbase or Kraken, users will pay up to 1.49% for an AUD deposit and to buy a token like Tether USDT.
Best Place to Stake USDT
The best way to stake Tether (USDT) to earn interest is through a decentralised finance application. This is the safest method after the collapse of centralised lending platforms like BlockFi and Voyager. For users looking to get started quickly, we recommend a platform like AAVE which is the largest and most trusted money-market in DeFi on Ethereum, Avalanche and other blockchains.
Is Tether (USDT) safe?
Tether Limited has faced a number of controversies and legal challenges, and there have been questions raised about the company's ability to maintain the 1-to-1 peg between Tether and the US dollar. In addition, Tether Limited has faced accusations of market manipulation, and there have been concerns about the lack of transparency surrounding the company's operations and reserves.
Given these issues, it is important to be cautious when considering whether to use Tether or any other cryptocurrency. As with any investment, it is important to do your own research and due diligence before deciding whether to invest in Tether or any other asset.
Tether (USDT) is a popular stablecoin that has been growing in popularity due to its low volatility and ability to be used as a store of value. Although there have been some controversies surrounding the token, it can still be purchased from exchanges like CoinSpot for AUD with low fees. Staking USDT can also yield rewards in the form of interest, although it is important to ensure that any platform you use is reliable and secure.