Can you buy Tether (USDT) in the UK?
Yes, you can buy Tether (USDT) in the UK. It is legal to purchase stablecoins, including Tether, in the United Kingdom, as the country has a regulated and supportive environment for cryptocurrency investments. This framework consists of clear legal FCA guidelines for exchanges and other financial regulations that foster a safe and transparent ecosystem for cryptocurrency investments, including the purchase of stablecoins like Tether (USDT).
How to Buy USDT in the United Kingdom
As highlighted earlier, the easiest way to buy USDT is through a Financial Conduct Authority (FCA) licensed cryptocurrency exchange in the UK. With this method, investors can deposit GBP via bank transfer, Faster Payments, debit cards and other methods to securely buy Tether and other digital assets or stablecoins.
To help you get started, here is a simple 4-step guide with our recommended broker, Uphold:
- Create an account on Uphold and complete the verification requirements.
- Select 'My Banks' to connect your GBP unique bank account or alternative payment method.
- Input the amount of GBP you want to deposit and confirm the transfer.
- The funds will land in your account instantly and you can then choose 'USDT' as the token you want to buy and execute your trade.
What is the GBP to USDT Fees?
GBP to USDT fees depend on the specific cryptocurrency exchange you use. Typically, these fees include deposit fees, trading fees, and withdrawal fees. Deposit fees vary based on the payment method, with some exchanges offering free deposits for bank transfers.
Trading fees, which apply when converting GBP to USDT, often range between 0.1% to 0.5%. Finally, withdrawal fees apply when taking out USDT from the exchange, and these fees differ across platforms. It is essential to review the fee structure of your chosen exchange to ensure you are aware of all the associated costs. We recommend Uphold as they had the cheapest overall fees with 0 GBP deposit fees, 0% commissions on trades and the tightest spreads.
Is USDT Safe to Own in the UK?
Yes, USDT is generally safe to own in the UK, as the country has a regulated and supportive environment for cryptocurrencies. The main risk is associated with the operations of the company behind USDT, Tether Limited. They are an off-shore entity who have previously had issues with compliance, which means users should exercise caution.
Outside of this, it is important to select an exchange that is regulated, reliable, and has a strong security infrastructure in place. Additionally, consider using a reputable hardware or software wallet to store your USDT for added security.
In conclusion, buying Tether (USDT) in the UK is a viable option for investors interested in stablecoins, as the country has a regulated and supportive environment for cryptocurrency investments. Selecting a trustworthy, FCA-regulated platform like Uphold ensures secure transactions, competitive fees, and a variety of payment methods, including credit cards and bank transfers.
Although USDT is generally safe to own in the UK, investors must be cautious and diligent in choosing secure exchanges and wallets. By following best practices and guidelines, UK investors can effectively explore the world of digital assets, with USDT serving as a stable entry point.