How To Buy Tether (USDT) In Canada (Nov 2021)

November 14, 2021
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There are two main methods to buy Tether (USDT) in Canada, and both involve using cryptocurrency exchanges. To buy Tether in a crypto exchange, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency, or you can buy other cryptocurrencies like Bitcoin (BTC) and then trade them for Tether (USDT) on a different trading platform.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, I can’t recommend CoinSmart highly enough.

How To Buy Tether (USDT) In Canada

Thankfully, there are a ton of crypto exchanges and crypto brokers that offer Tether (USDT) in Canada.

To buy Tether in a crypto exchange, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency, or you can buy other cryptocurrencies like Bitcoin (BTC) and then trade them for Tether (USDT) on a different trading platform.

You could also mine Tether on your own if you have a computer that’s powerful enough to do so, but this doesn’t count as buying it.

Top 4 Crypto Exchanges To Buy Tether (USDT) In Canada

Here are our top crypto exchanges in Canada that support the buying and selling of Tether (USDT):

1. CoinSmart

CoinSmart

CoinSmart is one of the most popular crypto exchanges in Canada, based in Toronto. It was founded by former bankers to simplify cryptocurrency investing for the masses, and it currently supports 14 cryptocurrencies, including Tether (USDT).

Trading with CoinSmart costs just 0.20%, which are the lowest trading fees of any exchange in Canada. They offer excellent customer support as well, whether it’s via phone, live chat or email, and you can verify your account instantly.

Most crypto exchanges require you to trade altcoins with stablecoins first, but CoinSmart allows users to trade altcoins directly, which minimizes fees and boosts your profits.

Features

  • Supports 14 cryptocurrencies
  • Lowest trading fees in the industry (just 0.20% per trade)
  • Instant account verification
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure
  • 24/7 customer support available via phone, live chat or email

Cost

  • Trading Fees: 0.20%

Signup Bonus

$50 when you deposit at least $100 using this link

Best For

Investors looking to trade stablecoins and altcoins with the industry’s lowest fees.

2. Crypto.com

Crypto.com is a cryptocurrency exchange and financial services platform that was created in 2016. It supports 100+ cryptocurrencies, making it a great crypto exchange choice for investors interested in undiscovered altcoins.

Crypto.com has invested a lot of money into making its platform secure, so you can mostly forget about security issues when using Crypto.com. The exchange is also extremely fast when updating its daily prices, meaning that you can get ahead of the competition using this platform if you’re a crypto day trader.

Features

  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$25 of CRO when you stake $1,000 of CRO using this link

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

3. NDAX

NDAX

The National Digital Asset Exchange (NDAXsupports 20+ cryptocurrencies, including altcoins like Cardano, Shiba Inu, Fantom, The Graph, and Compound. It has competitive trading fees and a simple registration process, making it a decent choice for new crypto traders.

NDAX’s advanced charting tools also allow more seasoned traders to place advanced order types.

Features

  • Supports 20+ cryptocurrencies
  • Easy registration process
  • Wide range of resources to help beginner traders
  • Offers easy-to-use tools to aid you during trading
  • Offers advanced charting tools for more experienced traders

Cost

  • Trading Fees: 0.20%.

Signup Bonus

$10 when you deposit at least $100 using this link

Best For

Experienced traders seeking strong charting capabilities.

4. Netcoins

Netcoins is a beginner-friendly exchange that supports 9 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC, and Stellar) and charges trading fees of 0.5%.

Depositing and withdrawing fiat currencies is free with Netcoins, and the platform also allows users to set limit orders to buy and sell crypto when they hit a certain price level.

Features

  • Supports 9 cryptocurrencies
  • One-click trading for beginners
  • Free deposits and fiat withdrawals
  • Owned by a publicly-traded company (BIGG Digital Assets), which lends legitimacy and fiscal oversight

Cost

  • Trading Fees: 0.50%
  • Deposit and withdrawal fees: Free

Best For

Beginners looking for a user-friendly crypto exchange.

Tether (USDT) FAQs

1. What is Tether (USDT)?

Tether (USDT) is a stablecoin that was created in 2014 by Brock Pierce, Craig Sellars, and Reeve Collins. It’s backed by the US dollar by a ratio of 1:1, so you can easily redeem your USDT holdings for the same value in USD at any point in time.

Considering Tether’s value is tied to the dollar, it does not fluctuate in price like other cryptocurrencies, which is why it receives the name of stablecoin. It also serves the purpose of being a stable store of value.

2. Can You Buy Tether (USDT) In Canada?

Even if Tether (USDT) support is not widespread in crypto exchanges, there are still several of them that support this stablecoin. All you need to do is use one that allows you to exchange fiat currencies or other coins for Tether.

For this purpose, I recommend using either CoinSmart or Crypto.com. Both of these belong to our top-rated exchanges in Canada, and each of them allows you to buy Tether with relatively low fees.

3. Where Do I Store My Tether (USDT) Tokens?

There are plenty of different ways that you can store your Tether (USDT) tokens once you have them.

The simplest way would be to keep them inside your account’s balance on the exchange where you purchased them. This could be safer than storing it in a software (or hot) wallet, considering crypto platforms tend to keep 95% of the coins they hold in cold storage. However, there’s still a small chance that your Tether could be hacked or stolen if you do this, so be aware of this.

Another way to store your Tether would be to use a personal crypto wallet to secure your private keys and digital assets. It’s not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your altcoins in.

Here are our top 3 cold storage wallet picks:

  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, EthereumLitecoinDogecoin, Bitcoin CashZcash (ZEC), and many others.

4. Is Tether A Good Investment?

Considering that Tether is backed by the U.S. dollar in a 1:1 ratio, this makes it considerably safer than other digital assets as its value is not able to fluctuate as much.

However, it’s worth mentioning that this doesn’t make Tether an investment per se, but you could earn interest on what you have in USDT tokens by staking on platforms like Crypto.com.

In Summary

There are plenty of cryptocurrency exchanges today that support the buying and selling of Tether, and that number only seems to be increasing as time goes by.

If you want to buy Tether (USDT) in Canada, I recommend you use CoinSmart, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, CoinSmart is the best that Canada has to offer.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more