According to statistics, in 2023, every fifth resident of the Russian Federation will invest in cryptocurrencies. Chainalysis analysts put Russia in second place in terms of the share of citizens aged 20-55 who buy digital coins. Many people purchase stablecoins on crypto exchanges. These assets are used to invest in Bitcoin, altcoins, and also for futures trading. You can buy USDT on Binance from Advcash wallet and other EPS.
About the price of Tether
In 2015, Omni Foundation was the first company to issue a token pegged to the dollar. The idea was positively received in the crypto community. Users lacked a tool that would allow them to exit coins without converting to fiat.
Large holders of USDT can at any time exchange the asset to USD at a rate of 1 to 1 on the website of Tether Limited (from $100 thousand). On exchanges, quotes are subject to the law of supply and demand, so they fluctuate in the range of $0.98-1.02. In moments of strong volatility, large deviations are possible.
For example, in 2019, the rate went up to $1.2.
However, there have been no more such instances since then. With the increase in market capitalization and trading volume, the price stabilized. When the rate deviates slightly, trading inefficiencies occur – 1-2% of risk-free return. At such moments it is possible to buy the asset on the exchange for $0.98 and sell it on the site of Tether Limited for $1. This is used by arbitrageurs, as a result the rate quickly returns to parity with the dollar.
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Benefits of trading on Binance
The exchange was founded in 2017 by Chinese businessman Changpeng Zhao. In just six months, Binance became one of the most popular trading platforms. By 2023, it reached a daily turnover of $3.18 billion. More than $11.9 million unique users visit the exchange every week.
Developers are actively developing the project: clients are offered to trade hundreds of coins on spot, futures and options. Binance has its own P2P service and NFT-marketplace. The exchange charges a small commission on the spot market – 0.1-0.2%. Users with large turnovers get a discount. There are no fees on P2P.
Safety and reliability
For 6 years of work, Binance has become an industry leader. The main office of Binance Holdings Limited is registered in an offshore zone, but the exchange has subdivisions with EU and US licenses (in 34 states).
During the period of work, Binance has not been noticed in high-profile scandals. Most of the reviews from users are positive.
Developers are serious about the protection of customer funds. In particular, such security measures are applied:
- Two-factor authentication. To withdraw funds, you need to enter codes (at least two of the three proposed ways).
- Whitelisting for withdrawals. Using several passwords for private operations is not always convenient. Therefore, traders can customize a list of trusted addresses to send funds in one click.
- Anti-Phishing Code. When the function is active, a specified phrase will be added to each message from Binance. This way, clients can make sure that the email is not from malicious users.
- Activity control. Clients can view IP addresses of authorized devices in their personal cabinet and terminate suspicious sessions.
Simplicity and speed
Binance has an intuitive interface that can be switched to more than 30 languages, including Russian. Users have the choice of trading online or downloading clients for mobile and PC. Beginners are recommended to enable the Binance Lite option with a simplified interface without additional features.
Users note a delay in the rendering of charts (30-500 ms) during periods of high market volatility. This is important for scalpers, so they should use the PC application. There is no problem in it. Other traders do not need such speed, so you can make transactions in any version of the platform.
Liquidity of a large exchange
Experts recommend trading on platforms with maximum turnover. This allows you to buy and sell almost any volume of cryptocurrency with small slippages. On platforms with low liquidity, there are often price squeezes – “spikes” of 10-15%, not corresponding to quotes on other platforms. They are caused by transactions of large participants.
In 2023, Binance is leading in terms of trading volume. According to users, it is one of the most convenient platforms for trading, investing and exchanging cryptocurrency for fiat. The interface, number of instruments and liquidity ratio are taken into account.
Preparing to buy USDT on Binance
Binance is a large international company with licenses from different jurisdictions. At the request of international regulators, the exchange allows clients to trade on certain conditions:
- Creating a personal account. You need to specify your current e-mail and phone number.
- Confirmation of identity. Three KYC levels are provided. To access all functions and withdraw up to $50 thousand per day, it is enough to show a state-issued document and take selfies using the application interface.
Account registration and verification
You can create a personal account using e-mail, cell phone or Google account. The instructions are as follows:
- Go to the official website. If you use a referral link, you can get a discount on the commission.
- Choose the method: e-mail, mobile, Google account.
- Enter your e-mail or mobile number.
- Think up a password and repeat it.
- To activate the account you need to add a second method of identification (mobile or mail depending on the registration method).
Binance requires a KYC pass for all customers. Before this, the platform’s functions will be blocked. Verification will require an identity document: passport, driver’s license, residence permit or ID card. Instructions:
- Log in to the personal cabinet.
- Open the profile and select the “Verification” section. Click on the “Pass” button.
- Select the place of residence. The field is filled automatically by the user’s IP. In case of an error, it must be changed.
- Click on “Continue”.
- Fill in the form: specify citizenship, full name, series and number of passport (ID).
- Upload a photo of the document and take selfies with the device camera.
- Confirm the operation.
According to the regulations, it takes up to 48 hours to verify documents, but in practice operators process requests in 10-30 minutes. After the status change, users can access all sections of the exchange and withdraw up to $50 thousand per day.
To remove restrictions, it is necessary to confirm the address of residence, answer additional questions and provide a declaration of income.
Adding details
To use the direct deposit function and purchase cryptocurrency without depositing fiat, you need to attach a card. Algorithm of actions:
- Go to the withdrawal page and click on the Settle Pay button.
- In the new window, enter the card details: owner’s name, number, expiration date and CVV.
In 2023 only EU residents are entitled to use the service. If you try to bind a card in rubles, dollars or tenge, an error will appear.
Instructions on how to buy USDT on Binance
For most customers, the convenience and speed of receiving cryptocurrency is more important than tools for trading and investment. Binance offers several ways to buy stable coins:
- Peer-to-peer service.
- Direct purchase from a card.
- Payment from a fiat balance.
- Purchase on the spot.
- Coin exchange.
- With the help of a service for farming (Liquid Swap).
It takes 2-5 minutes to create an order. USDT arrive on the balance instantly. They can be used immediately for trading, investments or withdrawn to a personal wallet.
Via P2P
On the Binance peer-to-peer platform, users make transactions directly without intermediaries. Therefore, you can buy USSDT on Binance via P2P with a minimum commission of 0.5-1%. Due to the high liquidity on the market, favorable offers are always available. The minimum transaction amount is 500 rubles, the maximum is 3 million rubles.
The honesty of the parties is guaranteed by the exchange – for the duration of the transaction, the seller’s cryptocurrency is blocked. In case of problems, you can appeal to arbitration. It will be necessary to provide evidence (screenshots and video of the transfer). In this case, the administration will return the money.
Choosing an offer
To go to the peer-to-peer platform, you need to open the P2P item in the “Transactions” section. To replenish USDT on Binance, you will need to filter the offers. You need to specify such criteria:
- Crypto coin – USDT.
- Fiat – RUB.
- The amount of the transaction. Some sellers do not want to exchange small amounts. The offers closest to the specified one will remain in the table.
- Method of calculation. You can pay for the transaction with a card (Rosbank, Tinkoff, Home Bank and others) or EPS in rubles.
- Payment deadline. If the seller does not receive the money in the specified time, the transaction will be canceled.
- “Merchants Only. A transaction with professional market participants. To obtain the status, traders make a security deposit. The damage is covered from it if necessary.
After setting the filter settings, you need to click on the “Confirm” button. By default, ads will be sorted by rate increase (at the top are the most favorable). You need to choose a seller with a good rating, a large number of positive reviews and a share of successful transactions of at least 98%.
From fiat balance
For rubles you can buy USDT on Binance via P2P or direct transfer. Algorithm for replenishing the balance:
- Click on “Deposit RUB” on the main screen of the mobile software. In the online version, you need to select the “Wallets” section, then “Fiat and spot”, “Deposit”/RUB.
- Select a method. In July 2023 Advcash and PAYEER EPS are available. Enter the e-mail address linked to the e-wallet.
- Enter the amount and confirm the operation.
- Log in to the EPS account and complete the transaction.
Accounts in RUB, USD, EUR, TRY, KZT, GBP can be used for transfer. If you pay with a currency other than RUB, the service will perform conversion at the internal exchange rate. To exchange RUB from fiat balance to USDT you need to:
- Click on the “Buy Cryptocurrency” button at the top of the screen.
- Select the “Fiat Balance” item.
- Specify the national currency – RUB, cryptocurrency – USDT.
- Enter the amount – a minimum of 1400 rubles.
- Confirm the operation.
Through the spot market
In 2023, the USDT/RUB pair is available on the Binance exchange. To buy stablecoin for rubles on the spot you need to:
- Refill the balance in RUB in a convenient way (direct transfer, P2P).
- Open the “Markets” section.
- Enter USDT in the search and select a pair with RUB.
- Click on the “Buy” button.
- Specify the transaction volume.
- Confirm the transaction.
Quick exchange
At Binance, you can convert any available assets between each other. In the spot terminal, operations are carried out only with cryptocurrencies from the listing. For example, to exchange TRX for ADA, you need to make a chain TRX-USDT-ADA. Commission fees for the operation are included in the exchange rate. The instructions are as follows:
- Open the “Transactions” section.
- Select the item “Exchange”.
- Specify assets: RUB and USDT.
- Click on “Confirm”.
- Click on “Convert”. If the trader does not manage to perform the operation in 9 seconds, the exchange rate will be updated.
Via card
In 2022, the exchange introduced restrictions on direct replenishment of the balance in rubles. In March 2023, users could buy USDT on Binance for rubles. However, in July 2023, operations were suspended due to Central Bank inspections. Perhaps, the option will be returned later.
Liquid Swap section
In Binance liquidity pools, you can place assets at higher interest rates. To do this, you need to lock two coins in equal shares. If the user has only one asset, it is possible to convert funds through the service’s internal Liquid Swap exchanger. This is more favorable than buying in other sections of the exchange. A standard commission is charged for the transaction, but 35% of it will be returned to the balance in BNB. However, you cannot get Tether on the Liquid Swap page – there is no RUB support in the farming section.
The peculiarity of buying on Binance for rubles
In 2023, Binance is the most popular platform for investing, trading and exchanging cryptocurrencies for fiat in the Russian Federation. Buying USDT for dollars on Binance via P2P or directly has these features:
- Verification is required to access the option.
- Direct deposit in RUB is available only via Advcash, PAYEER. It is also possible to deposit RUB via P2P platform.
- A small commission of up to 0.2% will be charged for the transaction.
- You can convert rubles into stablecoin in an internal service or purchase USSDT on the spot.
- To pay for Tether from a card, P2P is used. Non-sanctioned banks (Rosbank, Tinkoff) and EPS in rubles are supported.
Tips for storing and using dollars on Binance
After purchase, Tether will be credited to the “Spot Wallet” or to the total balance (“Replenishment”) depending on the payment method. The cryptocurrency can be used for investing and trading or sent to an external wallet. The exchange takes security seriously and ensures the safety of funds on accounts.
According to experts, the complete blocking of accounts of Russians due to sanctions is unlikely. However, there is a risk of hacker attacks. Therefore, it is recommended to keep a small portion of funds on the balance sheet for current operations. For long-term storage, it is safer to use external wallets.
Withdrawing USDT from the exchange
To send USDT to an external address, you need to recognize it. Information can be viewed in the “Wallets” section, then – “Get”. To create a transaction on Binance you need to:
- Log in to the account.
- Go to the “Fiat and spot” section, click on “Withdrawal”.
- Select the cryptocurrency: USDT.
- Specify an address.
- Select the network.
- Enter the transfer amount.
- Confirm the request.
Information about the commission will appear on the screen. The amount is fixed and depends on the selected blockchain. You can see the details in the table.
| Network | Commission Binance (USDT) |
|---|---|
Frequent questions
🔔 What external wallets can I store USDT in?
Tether is issued using Ethereum’s ERC-20 standard (or counterparts on other networks). Therefore, customers can send stablecoin to any wallet that supports the right chain. In 2023, the popular multivault wallets are Trust Wallet, Exodus, MetaMask.
📣 What is the easiest way to buy USDT on Binance?
The most convenient way is to use a P2P service. The user can send money to the seller’s card and receive Tether to the account without additional commissions. The operation will take no more than 10 minutes.
📌 What are the advantages of buying Tether on the spot?
The USDT/RUB pair often sees “spikes” of 2-4 rubles. The user can place limit orders in advance and make a transaction 2-5% more favorable than the market price.
⚡ Which network should I choose to withdraw Tether from the Binance exchange?
The Ethereum blockchain is considered the safest. Therefore, USDT ERC-20 is often chosen for long-term storage. For transfers, it is more profitable to use a network with minimal fees: BEP-20, TRC-20.
🛒 How to buy USDT on Binance profitably?
You can put notifications on the P2P platform: specify the desired price and payment method. When the level is reached, a push notification will appear in the mobile app.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
