USDT 101: how to buy, swap, and transfer USDT

USDT (USD Tether) has established itself as one of the most popular U.S. dollar-pegged stablecoins available today. The asset’s low volatility and USD peg makes it appealing to traders and underpins USDT’s utility as a popular half of various trading pairs offered by most crypto exchanges, including OKX.

USDT is issued by Tether, and the company makes sure that all USDT is backed by an equivalent amount of USD and other assets. USDT can be issued and used on various blockchains, including Ethereum, Tron, Solana, Algorand, and BSC. 

The stability and multi-chain build of USDT makes it a convenient store of value. Traders often buy and hold USDT while waiting to enter the market, as this approach is considered to be faster than depositing funds each time they wish to open a position. USDT is also often used as a fast and low-cost transfer of value, making it an ideal reserve currency on the blockchain. 

With USDT playing a role in many facets of crypto trading, it’s wise to understand how you can buy, swap, and transfer the stablecoin. This essential guide, we’ll explore how. For a deeper understanding of USDT and the company behind it, Tether, click here to read our explainer article.

How to buy USDT

As a base token that other tokens are traded against, USDT is available on most crypto exchanges, including OKX. You can buy USDT on both the OKX app and website. 

Buying USDT on the OKX website

Step 1: Create an account on OKX and complete the verification process. 

Step 2: Once you’re verified, you can buy USDT. Click on “Buy crypto” in the main navigation and select “Express buy.” 

Step 3: Select the currency you want to buy with and the USDT total will automatically be calculated. Alternatively, type in the amount of USDT you want to buy and the amount to be paid in the buying currency will automatically be calculated. 

Step 4: Select “Buy USDT.”

Step 5: Choose your payment method. The options include P2P, Apple Pay, Google Pay, Visa, and Mastercard. Note: The available payment methods may depend on the country you’re in. 

Step 6: Follow the steps shown for the payment method of your choice. Once the payment is confirmed, the USDT tokens will arrive in your OKX account. 

Buying USDT on the OKX mobile app

The OKX mobile app is another fast and convenient place to buy USDT. 

Step 1: Download the OKX mobile app for iOS or Android, depending on your device. 

Step 2: Sign in to your OKX account. If you don't already have an account, select ‘Sign up’ and follow the required steps. 

Step 3: After signing up and verifying your identity, click the OKX menu in the top-left corner and then select 'Buy' or ‘P2P trading’ in the 'Manage assets' section. Note that your options to buy USDT will depend on the country you’re in. In some countries you won’t be able to buy USDT using your bank card, but can do so through P2P trading. Click here for a full guide to P2P trading on OKX. 

Step 4: If you can buy USDT directly, search for “USDT” and enter the amount of USDT you want to buy. 

Step 5: Select your payment method and follow the instructions for the method you choose. 

Step 6: Once the payment is confirmed, your USDT should be available to trade in your OKX account.

How to swap USDT

You can swap USDT for other stablecoins and cryptocurrencies. Let’s look now at how to exchange USDT on OKX and also on a DeFi platform directly from your wallet. 

How to swap USDT on the OKX web platform

To swap USDT on OKX, make sure you’re logged in, verified, and already have USDT in your account. 

Step 1: Head to “Trade” on the main navigation bar and select “Convert.” You can also use “Spot” if you want to set limit orders. However, convert is the easiest and fastest way to swap USDT. 

Step 2: Select USDT in the field marked “From”, then select the token you want to swap your USDT for in the “To” field. 

Step 3: Either type in the desired amount of USDT or the receiving token, and the other field is calculated automatically.

Step 4: Select “Convert” and the swapped cryptocurrency will be available in your wallet instantly.  

How to swap USDT on OKX mobile wallet

If you already have USDT in your OKX mobile wallet, you can conveniently swap it without leaving the app. 

Step 1: Open the OKX mobile app and navigate to the “Wallet”. 

Step 2: Open the Wallet, select “Trade” from the bottom navigation, and then “Swap.”

Step 3: Set the swap parameters. First, select the chain where you have your USDT. Then, set the “From” token to “USDT” and “To” can be the token of your choice. 

Step 4: Enter the amount of USDT you want to swap, and the other field is filled automatically with the current market prices. 

Step 5: “Approve USDT” if it's your first time swapping USDT from your wallet. If not, you can select “Swap.” You’ll receive the token of your choice once the transaction is confirmed. You may change the slippage and swap route if you want, but you can leave them as they are. 

How to swap USDT on DeFi

If you already have USDT in your wallet, you can send it to a cryptocurrency exchange like OKX to swap it for another currency.

Another option is to use a decentralized exchange (DEX) to complete the swap. However, it’s important to note that the network fee for DEX swaps on some chains can be expensive. You might also encounter slippage, which happens when the price you request is different from the price at execution due to a sudden change in the asset’s value. What’s more, when swapping tokens via DeFi, you can only swap your assets for tokens that are available on the chain. For example, if you hold USDT in your Ethereum wallet, you can swap it for ETH or other ERC-20 tokens. But, you can't swap it for Bitcoin or other coins not available on Ethereum chain. 

OKX DEX aggregator is a reliable platform for exchanging USDT as it combines more than 70 DeFi exchanges to give you optimal pricing and liquidity. Here’s how you can swap USDT through the OKX DEX aggregator:

Step 1: Head to OKX Web3 DEX swap and connect your wallet. 

Step 2: Hover over “Trade” in the main navigation bar, then select “Swap”.

Step 3: Select the desired network under “From” and set the token as USDT. 

Step 4: Next, select the correct “To” network and also the token. 

Step 5: Either type in the amount of USDT you want to swap or the desired value of the token you’ll receive token. The other value is calculated automatically. 

Step 5: If it's your first time completing a swap, you’ll need to grant approval for the exchange to swap your USDT. 

Step 6: Once it's approved, hit “Swap” and the cryptocurrency of your choice will be available in your wallet a few minutes after the transaction is confirmed.  

How to transfer USDT

Transferring USDT can be done from both your exchange account and wallet. You need to be mindful of the blockchain network though. Here’s how you can transfer USDT: 

Transferring USDT from your OKX account

Now that you already have USDT in your OKX account, you can transfer it out to other accounts and wallets. Prepare the wallet address you’re transferring to and the network before you start the process. 

Step 1: Head to “Assets” in the top navigation menu bar and select “Withdraw.”

Step 2: Select USDT as the coin and on-chain withdrawal as the method. 

Step 3: In this step, you can enter the address, network, and amount of USDT you want to transfer. Double-check every field here to avoid any losses. 

Step 4: Hit “Continue,” and you’ll be asked to authenticate the transaction using the security settings of your account. 

Once the withdrawal has been authenticated, the USDT will arrive in the wallet of your choice. It'll take a few minutes depending on the withdrawal network.  

Transferring USDT from OKX Wallet browser plug-in

If you already have USDT in your Wallet, you can send it to other addresses on the same chain. Let’s look at how you can transfer USDT using the OKX Wallet on Polygon, from your web browser. The steps should be similar for other wallets and blockchains. 

Step 1: Open your Wallet via the browser extension.

Step 2: You’ll be shown USDT and the other cryptocurrencies available in your wallet. Select USDT and hit “Send.”

Step 3: Enter the wallet address you want to send the USDT to. Make sure it's on the same network you’re sending from. 

Step 4: Type the amount of USDT you want to send, and select “Confirm.”

Step 5: This is the final step where you can confirm the transaction details. Be sure to double check both the “to” address and the network are correct. You can also change the network fee here if you want to, or leave it as it is and hit “Confirm.” Once the transaction is confirmed, the USDT should be delivered to the address you've specified. 

How to transfer USDT from OKX mobile wallet

If you prefer transferring USDT from your mobile phone, you can do so using the OKX Wallet in our app.

Step 1: Open the OKX app and navigate to the Wallet. 

Step 2: You’ll immediately see the cryptocurrencies available in your wallet in the home section. Select “USDT” from the list.  

Step 3: Next, select the chain you want to send USDT from. You’ll only be able to choose from the chains you already have USDT in your wallet. 

Step 4: Once you’ve chosen the desired blockchain, select “Send.”

Step 5: Enter the wallet address you want to send USDT to. 

Step 6: Type the amount of USDT you want to send. 

Step 7: As the last step, double-check and confirm the transfer details. You can customize the network fees if you want to make the transaction settle faster, or pay a smaller fee. 

The final word

Understanding how to buy, swap, and convert USDT can help beginner crypto traders to navigate exchange and participate in Web3 with greater ease and simplicity. Although the methods for acquiring and sharing USDT may seem a little complicated at first glance, you’ll often find that the process is similar across platforms. 

With the above guide, you can quickly understand how to buy and move USDT quickly and securely using OKX. Check out our guide to USDT for a deeper understanding of this popular asset. And if you feel ready to level up your trading and potentially gain more from your USDT, read our beginner’s guide to OKX Shark Fin, our principal-protected savings product.