Do you find it hard to keep up with the rates of your cryptocurrency? Do you want to know the current rate of 1 USDT in Binance? This article will teach you everything you need to know about Binance and USDT and direct you on how to calculate your cryptocurrency’s current rate.
Different exchange platforms have been created since the inception and widespread of cryptocurrency. The ever-increasing number of exchange platforms has made it somewhat difficult for crypto traders to tell the fake platforms apart from the legit ones. Even more, some platforms that traders thought were legit have been branded as counterfeit because of the incredibility of their operations. One platform that has stood the test of time over the years is Binance.
What is Binance?
Binance is an online exchange where users can trade cryptocurrencies. It supports hundreds of the most commonly traded cryptocurrencies. On Binance, you can sell all types of cryptocurrencies, including USDT, a stablecoin. Binance is among the oldest, most reliable, and trustworthy exchange platforms.
Binance was founded in 2017 by Chang Peng Zhao when the crypto market just started to boom, and more people were gaining interest in cryptocurrency trading. While the platform has been banned in several countries, it remains one of the most popular and most used exchange platforms.
Since its creation, Binance’s main focus has been on selling and purchasing altcoins. Binance offers several services, including crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), USDT, and its blockchain-based coin, BNB.
What is USDT?
USDT is an acronym that stands for United States Dollar Tether. On some exchange platforms, USDT is listed as Tether, but it is listed as USDT (Tether) on Binance. It is a stablecoin tied to the dollar’s value, meaning that 1 USDT is almost always equal to 1 dollar. Because USDT is a stablecoin, its value is hardly ever affected by the exchange market’s volatility. If you are an old crypto trader or someone conversant with the exchange market, you would have noticed the difference in USDT value from others during bear markets. During bear markets, the value of USDT is always unaffected by volatility. While Bitcoin and Ethereum, the value of USDT will remain pegged to the US dollar and unaffected.
USDT is like a safety net for crypto traders unwilling to risk so much in the investment vehicle. As an investor, you will hardly run at a loss because the value of the crypto is dependent on the dollar, and the dollar is a strong fiat currency.
Read also: How much is 1 USDT on Binance?
How much is 1 USDT in Binance?
On Binance, you can buy and sell USDT for naira and get paid immediately. Most crypto traders purchase and trade their USDT on Binance. Before selling your USDT, ensure always to check the exchange rates. Some Platforms offer slightly higher exchange rates than just 1 dollar. Currently, on Binance, according to their live prices charts, one USDT equals $1.0004With the current crash of the naira, the value of 1 USDT in naira is 1280.
Where can I store my USDT after purchase?
Every trader has different needs with consideration for accessibility, security and privacy. You can store your USDT in a cold or hot crypto wallet. However, it is important to note that Binance has its wallet incorporated into the wallet. So, after buying USDT on Binance, you can store your USDT on the platform.
What can I do with USDT?
Due to the stability and compatibility of Tether with several blockchain networks, it has become increasingly popular among traders, investors, and companies. USDT allows traders to hedge against volatile market conditions, offering a relatively safe harbour to escape market turbulence.
Moreover, USDT bridges traditional finance and the crypto space by enabling users to transfer value across borders quickly and efficiently. Hence, you can use USDT as a safe investment vehicle, medium of exchange, and purchase of other cryptocurrencies.
How to sell USDT for naira
If you are in Nigeria and looking for a place to convert USDT to naira, Astro Africa is the platform for you. On Astro Africa, you can sell USDT for naira at the best rates and get paid immediately by creating an account. The platform is easier to use than Binance especially for new crypto traders. The platform has a crypto rates calculator that allows you to calculate the current rates of USDT without stress. To convert USDT to naira, download the Astro Africa platform, create an account, and sell USDT for naira at the best rates.
