There’s hardly any crypto holder who doesn’t own or aspire to own USDT. In fact, most crypto beginners quickly swap their currencies with USDT when the market shifts beyond their understanding. This reason aside, there are other reasons why you might want to hold USDT. In any case, you will need to know how to transfer Tether USDT to your bank account.
Tether USDT is a stablecoin, one of the few cryptocurrencies that aren’t as volatile as the rest. So it’s naturally popular amongst crypto enthusiasts and investors.
In this article, we’ll show you how to transfer Tether to your bank account in detailed steps.
What is Tether USDT?
Tether (USDT) is a coin tied to the US dollar at a ratio of 1:1. It stands for United States Dollar Tether. It’s the stablecoin with the biggest market cap pegged at $83.47 billion. Think of it as the digital format of the USD, so if you say it’s not a cryptocurrency, you’re correct.
Tether is not as volatile as other cryptocurrencies because its value is tethered to the value of the US dollar. Most crypto traders or investors like to keep their coins in USDT, knowing its value will not suddenly diminish. Because it is a digital currency, it’s also an easy way to get aboard the blockchain wagon. It’s much easier to buy cryptocurrencies with Tether than with fiat. Hence, many use it as a transition point from fiat to crypto and vice versa.
Where Can You Get Tether?
You can buy Tether on exchanges and on-ramp platforms like Binance. Other popular platforms include Kraken, Coinbase, Paxful, and others.
On-ramp platforms like Prestmit allow users to buy USDT with their local currency. You can buy in little amounts and transfer it to your USDT wallet on an exchange or your non-custodial wallet.
How to Transfer Tether USDT to Your Bank Account
To transfer Tether to your bank account, you might have to connect your wallet to an exchange or transfer the amount you want to withdraw to your wallet on any exchange you use. Ensure that the platform you choose allows its users to withdraw USDT. Here’s a step-by-step guide on how to transfer Tether to your bank account using Prestmit as an example.
- Register for a Prestmit account and download the app. If you have previously, sign in.
- On your dashboard, go to Buy/sell Cryptocurrency. Select Sell cryptocurrency. From the menu, select USDT wallet and generate a wallet address or copy if you have generated one before.
- Set your default wallet to Naira or Cedis. This is necessary because crypto transactions on Prestmit are automatic and you will receive payment in any of the fiat currencies.
- Transfer the amount you want to withdraw from your USDT wallet to your newly generated Prestmit USDT wallet.
- Automatically, it will be converted to naira or cedis, after which you can withdraw to your bank account.
If you would rather withdraw your USDT in USD, pick a platform that supports USD.
FAQs on How to Withdraw Tether to Your Nigerian Bank Account
How can I withdraw USDT to my Nigerian bank account?
A: You need to use a platform that supports USDT withdrawal. Transfer the amount you want to withdraw from your wallet to the platform if you use a different wallet. Then, follow the steps in this article to withdraw or transfer your Tether to your bank account seamlessly.
Can I transfer Tether from one exchange to another?
A: Yes, you can transfer Tether from one exchange to another. All you need to do is get the receiver exchange’s wallet address. On the sender exchange, go to the withdrawal section and enter your account’s wallet address on the receiver exchange.
Can I Convert My USDT to Cash?
A: The major appeal of Tether USDt is that it allows anyone to switch between digital currencies and fiat money. So, yes, you can convert your USDT to cash.
Which exchange supports the withdrawal of USDT to a bank account?
A: Since a myriad of platforms trades in USDT, many of the same enable users to withdraw Usdt to a bank account. Examples are Binance, Coinbase, Kraken, Prestmit, Paxful, etc.
Conclusion
Tether USDT is the biggest stablecoin among all stablecoins. It’s a digital currency whose value is tethered to the US dollar value at a ratio of 1:1. It is an excellent store of value because it’s not as volatile as other cryptocurrencies like Bitcoin. Tether makes on-ramping and off-ramping a breeze. It also helps crypto traders swap cryptocurrencies at reasonable and stable prices. So, it’s good that this article has provided a guide on how to transfer Tether to your bank account. Carefully pick one of the best USDT trading platforms and initiate your withdrawal.
Remember to trade cautiously and to keep your accounts well protected.
