How To Sell USDT For Cash - 3 Ways To Convert USDT To USD
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Tether (USDT) is the world's third-largest cryptocurrency by market cap and a popular stablecoin whose value is pegged to the US dollar on a 1:1 basis. With more than $65 Billion in Tether tokens in circulation, it is a digital asset that is often used by investors and traders alike to hedge against volatility in the markets and is a familiar unit of currency when selling cryptos. This guide explains how to sell Tether to cash such as the US Dollar, the most common methods to cash out of USD, and which exchanges offer the best value for money.
How to Sell USDT - Quick Tutorial
Here's a quick summary of how to sell USDT:
- Sign-up with an exchange. Create an account with a low-fee crypto exchange such as Binance using an email address and mobile number. Verify both and insert a unique password.
- Verify ID. Upload a copy of a driver’s license and complete the face verification process to unlock all of Binance's features.
- Deposit Tether. Copy the wallet address for USDT and transfer it to the Binance wallet.
- Choose a payment method. Decide on how to receive US Dollars or another fiat currency such as via a bank transfer, SWIFT, or a bank card.
- Sell Tether. Navigate to the Buy Crypto menu and click on 'Sell'. Select USDT as the crypto to sell and USD as the currency to receive. Enter the amount of Tether to convert into USD and hit the sell button.
Can You Sell Tether?
The stablecoin Tether (USDT) is readily sold on cryptocurrency exchanges into other digital assets or fiat currency. The most common place to convert USDT into cash is using a leading crypto exchange or peer-to-peer (P2P) platform. These providers allow USDT holders to sell their tokens via different payment channels such as bank account transfers, card payments, and even connections to e-wallet solutions like PayPal and Apple Pay. One of the best places to sell USDT that has low fees, multiple payment methods, and a P2P platform is Binance.
Where To Sell USDT Into USD
Tether commands the largest share in the fast-growing stablecoin market. As a result, several top exchanges offer direct support for the fiat-backed crypto asset. Below, we review reputable platforms where investors can sell Tether into USD.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|350||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|250+||0.4% (maker), 0.6% (taker)|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|None available at this time||Visit Crypto.com||Crypto.com Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
1. Binance - Exchange With Low Fees To Sell USDT
Binance is the best platform to sell Tether. Launched in 2017, Binance is the largest cryptocurrency trading hub with deep liquidity. The platform allows users to sell Tether anytime and anywhere without any holdups.
Investors can sell Tether for fiat or crypto using the "Binance Convert" feature. With the fiat function, users can easily swap their USDT stablecoin with the BUSD variant using the ‘Convert’ button. Then, a fiat withdrawal can be executed to a designated bank account. Binance charges $15 for bank transfers for SWIFT and Signet for USD withdrawals.
The second option is the crypto withdrawal option. Users can also trade USDT in exchange for another digital asset or transfer their Tether USDT to a third-party wallet. When exploring this option, crypto traders must take note of the network their stablecoin is pegged to, as Binance supports multiple blockchain networks. For instance, an ERC-20 USDT should not be transferred to a BEP-20 network as the funds would be lost forever. The fees for third-party platform transfers also depend on the selected network and the network's transaction volume.
However, if a user’s payment method is not supported on the platform, they can sell USDT via the peer-to-peer (P2P) channel. The Binance P2P marketplace allows buyers and sellers to interact to execute trades seamlessly. The P2P channel offers access to several digital payment methods, including bank accounts, Skrill, PayPal, and WebMoney. Meanwhile, users can easily select a merchant that offers their desired payment method. P2P trades are completed almost instantly.
The best thing about the Binance P2P option is that users retain full control of their funds until receipt is confirmed. There are no trading fees for using the Binance P2P platform to sell Tether. This way, crypto users keep the full value of their digital assets. Binance is a secure platform offering two-factor authentication, address whitelisting and many other advanced security protocols.
Read our full Binance review and use a Binance referral code for a USDT deposit bonus.
2. Coinbase - Suitable For Beginners To Sell USDT
Launched in 2012, Coinbase is a top crypto trading exchange in the US. The crypto exchange is the only publicly-traded digital asset service provider on the Nasdaq trading floor. Coinbase’s success largely lies in its beginner-focused approach to trading digital assets. The broker enables users to buy and sell Tether USDT in addition to over 9,900 other cryptocurrencies. Coinbase only offers direct sales of USDT for USD. Unlike Binance, there's no P2P platform on the Coinbase app.
Selling USDT is quite simple. Users need to add their payment methods first. Then head to the Portfolio operator, and select 'Tether USDT' – which would bring up the USDT page and a plethora of options. The next step is to tap on 'Sell USDT', fill out the quantity to be sold and initiate the transaction. Once sold, the balance would be added to the investor's Cash balance on Coinbase.
The platform offers withdrawal methods depending on the user's region. For instance, US traders can withdraw their funds to debit/credit cards, bank and PayPal accounts. One downside to Coinbase is the fees. They are incredibly high and confusing.
For instance, the platform charges a crypto conversion fee from 0.5% to 2%. Investors who use the instant bank cash-out method are charged 1.5% of the transaction total for withdrawals up to $10,000. Card transactions are billed up to 1.5% of the transaction total and a minimum fee of $0.55. To learn more about the Coinbase platform and fees for selling USDT, read our detailed Coinbase review.
3. KuCoin - Multiple Fiat Currency Payout Methods
KuCoin is another top exchange that makes it easy to purchase, trade, and sell digital assets. The altcoin exchange is notable for listing low-capped cryptocurrencies. These are digital assets with a smaller market cap but massive potential upsides. The exchange is also reputed for its large inventory of cryptocurrencies.
In terms of usability, users can employ the platform with little guidance. KuCoin enables the sale of USDT through its 'Fast Trade' option (shown in the screenshot below). This allows traders to sell USDT rapidly. The exchange's 'Fast Trade' function supports multiple payment methods, including WebMoney, SEPA, ApplePay, and others. This is KuCoin's biggest selling point with USDT holders spoilt for choice on fiat payment methods. However, KuCoin is not licensed to operate in the US.
An alternative to the Fast Trade feature is to use KuCoin's P2P marketplace. KuCoin's P2P service operates similarly to Binance. It offers comprehensive data on the available merchants, sales volume and reputation. To sell USDT, investors must manually search and select a merchant by clicking on the 'Sell USDT' button.
Fill in the quantity of USDT to be sold and tap on the accompanying 'Sell' icon to place the order. Getting the funds transferred to the chosen payment method largely depends on the buyer. But, this rarely takes time as vendors are rated on their trustworthiness and timeliness.
Overall, KuCoin is a solid choice for selling USDT into traditional currency through its Fast Trade of P2P platform which is both accessible on desktop or mobile app. For more information on the exchange features, read our extended KuCoin review.
4. Crypto.com - Convert USDT To Other Stablecoins With Zero Fees
Crypto.com is a reputable cryptocurrency exchange offering a flourishing digital asset trading ecosystem. Since its launch in 2016, the crypto trading platform has continued to add support for several top-ranking digital assets, including USDT. The exchange also has deep liquidity, with over 250 assets supported. In addition to the main exchange, Crypto.com is notable for its highly-rated mobile app for crypto and converting USDT to other stablecoins with zero fees.
The platform offers two withdrawal methods. Users can withdraw their USDT to a private wallet or withdraw it to the Crypto.com Wallet App. This is because Crypto.com does not support fiat withdrawals on the exchange. From the app, traders can simply sell their USDT for fiat. Once the transaction is confirmed, the investor can initiate a withdrawal request from the app. Bank transfer requests take about 2 to 5 business days to process, and it's free.
To place a transfer request, crypto users must set up a fiat wallet. For US residents, this is only possible using the bank wire option. A total of five bank accounts can be added at once. UK residents can withdraw only to the bank account they used to fund their Crypto.com account. Withdrawals are processed through the Faster Payment Service. Withdrawing to an external wallet address is completed within minutes, but this comes with applicable fees stated at the point of the transaction.
The withdrawal fee for USDT is largely network-based. For ERC-20 USDT, the fee is pegged at $25, while BEP20 and Polygon are placed at $0.8. Solana-based USDT transactions incur a $1 fee. Find out more in our Crypto.com review.
5. Kraken - Good Exchange In USA For Selling USDT
The final platform that is suitable to sell Tether is Kraken. Based in San Francisco, Kraken is one of the best crypto trading platforms in the industry. It was launched in 2011 as a bridge for investors to access the emerging crypto market. The easy interface of the platform enables users to buy and trade over 200 blockchain-based assets, including Tether.
Users can easily place a sell order for their USDT assets. Amongst its peers, Kraken offers one of the most elaborate withdrawal methods. The platform allows withdrawals based on the selected fiat currency the user wants to withdraw.
Withdrawals are supported for USD. Other fiat currencies like EUR, GBP, CAD, CHF, AUD, JPY, and AED can also be withdrawn on the Kraken platform. Each currency supports multiple payment services. The minimum amount for withdrawing USD is $1 for Automated Clearing House (ACH).
The waiting period for receiving the withdrawn funds varies, but the maximum period is 5 business days when the SWIFT global option is utilized. Using the Kraken mobile app for fiat withdrawal is straightforward as users can transfer their funds to their bank accounts effortlessly. However, we have to point out the limitations of the withdrawal methods on Kraken. There is no support for debit/credit card withdrawals or third-party solutions like PayPal and Revolut. Regardless, it is still a worthy option for cashing out of USDT. Find out more pros and cons in our detailed Kraken review.
Ways to Sell USDT
The value of USDT, also known as Tether, is pegged to the dollar 1:1. While other cryptocurrencies can fluctuate over time, the value of Tether is expected to be stable and equivalent to $1. For investors who hold Tether, there are numerous ways to sell the asset. We discuss a few of these options below.
1. P2P Platforms
Peer-to-peer or P2P platforms are one of the easiest ways to sell USDT. These platforms enable direct trading between traders without the need for a go-between. P2P marketplaces match a buyer to a seller to facilitate a crypto trade. In most cases, the platform would provide an escrow service, where the crypto can be stored pending when fiat payments are made. In exchange for facilitating this trade, the platform can charge a small fee.
One primary benefit of these platforms is that they are much more relaxed in their KYC protocols than centralized exchanges. Traders can get started in minutes and trade with a counterpart in minutes. Another reason they appeal to investors is the variety of withdrawal methods available. Most centralized exchanges are limited in the withdrawal methods they offer. This is due to several reasons, from finding appropriate banking partners to local laws.
With P2P platforms, traders are spoilt for choice. USDT traders can select the best rate and payment method that suits their needs. Some of the best peer-to-peer crypto platforms include Binance P2P and the KuCoin P2P marketplace.
2. Crypto exchange
Looking for how to sell Tether instantly? Look no further than cryptocurrency exchanges. Crypto exchanges are third-party platforms facilitating cryptocurrency trades between a buyer and seller. Investors can use a crypto exchange like Coinbase to trade one crypto for another, for instance, Sell Tether for Bitcoin. Alternatively, the cryptocurrency trading platform can also be used to convert USDT back to fiat currencies like the US Dollar.
In exchange for this service, the platform charges fees. One primary reason why investors should use crypto exchanges to sell USDT is the ease of use. These platforms are often beginner friendly and quite simple to set up. The best crypto exchange offers Tether investors a seamless process of buying and selling USDT stress-free.
3. Cryptocurrency ATM
A crypto automated teller machine (ATM) differs from traditional ATMs linked to banks. A crypto ATM is an internet-enabled kiosk where crypto users can buy and sell cryptocurrencies with deposited cash. These ATMs are miniature crypto exchanges that facilitate instant buy and sell orders.
The average ATM comes with a cash dispenser, a scanner and a computer that handles digital transactions. Some crypto ATMs work both ways — investors can buy USDT or receive cash in exchange for Tether.
In exchange for these services, the ATM charges a fee of about 15% for facilitating the transaction. While the fee might be incredibly high, there are a few reasons why you should use crypto ATMs to sell USDT. The first is that they provide instant sales. Crypto ATMs typically process USDT transactions within three minutes or less. There are no downtimes or shutdowns that are frequent on exchanges in congested periods.
Furthermore, selling USDT for cash via a crypto ATM adds more privacy to transactions. In addition, when using a crypto ATM, the transactions are always secure. Bitcoin ATMs are entirely non-custodial — meaning the investor always has complete ownership of their coins. These machines also don't require much KYC to initiate a transaction besides a name and phone number. This protects the investor in the unlikely event the ATM is ever hacked or compromised.
Related: What does KYC mean in crypto?
Is It Profitable to Sell Tether (USDT)?
The short answer is no. USDT is designed to be equal to the US dollar and not an investment asset. This means the price of USDT remains stable with the $1 price peg. The idea behind this is to maintain a stable value so that traditional investors can hedge their bets against the volatile nature of cryptocurrencies.
However, there are some situations or events that allow holders of the stablecoin to make a profit, but this is broadly based on a user's region or situation per time. For instance, the growing inflation figures due to the global pandemic have caused several fiat currencies to lose their purchasing power. In some countries, citizens turn to Tether to hedge against their nation's fiat currency.
When Is the Best Time to Sell USDT?
Deciding to sell Tether should largely be informed by the prevailing circumstance around the user. For instance, in a bear market where the value of crypto assets drops, a crypto trader can decide to sell their USDT to buy altcoins at a discount. Also, rising dollar value in a user's local currency can make it a profitable time to cash in on USDT. Essentially, selecting the best time to sell USDT is subjective as there are no clear-cut references for them.
Are There Fees to Sell USDT?
There are usually fees attached to selling USDT tokens. However, this largely depends on the platform selected for making the trade. For instance, using the Coinbase platform comes with a fee that ranges from 0.4% to 0.6%, plus a flat fee of $2.99 per trade. Binance is cheaper and charges about 0.1% and could go lower for traders using the Binance Coin (BNB) as a settlement for their trades.
When utilizing P2P platforms, they come with various payment methods and costs. The Binance P2P platform, by far the most popular, has a zero-fee policy on all P2P trades. There are lots of upsides for investors who use the platform. Other good peer-to-peer platforms like Paxful offer a larger inventory of assets that can be traded on their platform. However, their charges for selling USDT range between 0.1% to 5%. There's also a 1% service fee for processing withdrawals from the exchange.
Users also need to pay a processing fee when using a crypto ATM. This is in addition to the network fee required for network validation. This fee is not credited to the operators of the ATM. Instead, it's given to the network's validators tasked with verifying and securing the blockchain.
Given that USDT is used in several blockchain networks, investors should take note of the USDT network in use before initiating the transaction on a crypto ATM. For instance, a USDT transaction sent on the Ethereum network could be more expensive than sending over Solana, Tron, or Avalanche. This is due to the high gas fee system operating on the Ethereum network. So users should monitor the current gas fee before initiating a sell order on an Ethereum-backed asset.
How to Sell USDT on Binance P2P - Full Tutorial
Here is an in-depth review for investors wondering how to sell Tether. Our top pick for this review is the Binance exchange. The platform has one of the deepest liquidity of stablecoins in the ecosystem, and all USDT sell transactions on the Binance P2P have zero trading fees. Follow these detailed steps to get started:
1. Create an account with a crypto exchange
Visit the official Binance website. US investors situated can only access the Binance.US domain. Other traders are free to visit the global Binance platform. From the homepage, tap on the 'Register Now' button, and select the 'Create an Individual Account' to register for a personal account.
Then, insert a valid email address, mobile number, and a unique password. Investors must verify their emails and phone numbers for two-factor authentication (2FA) purposes. Follow the onscreen prompts to access the newly created account.
2. Complete ID verification
Binance is a regulated entity, which means new users must complete the necessary know-your-customer (KYC) process to fully access the exchange. To do this, click on the profile icon and select 'Verify'. Then, upload a copy of a recent driver's license and complete a face verification. Once this is done, the account will receive the green ticker symbol beside the user's profile icon. This shows that the account is verified. If it takes longer than 3 days, read this article on how long it takes for Binance verification.
3. Deposit Tether (USDT) into the wallet
Binance offers many ways for traders to fund their accounts. Investors can convert other assets like selling Bitcoin to cash (USDT) or transfer from their mobile wallet to the exchange.
To transfer USDT to the Binance hot wallet, click on the 'Deposit' in 'Wallet' and type in 'USDT'. Then, select the blockchain network the transfer will be made and copy the accompanying wallet address. Paste it into the wallet and confirm the transaction. The equivalent will be deposited into the spot wallet in a couple of minutes. The transfer time to send USDT can depend on the network selected.
4. Set the USD payment method
Next, set a preferred payment method. Tap the profile icon and select 'Payment Method' from the settings menu. Tap the 'P2P Payment Methods' button and add the destination bank account details. for instance bank transfer or SWIFT.
5. Confirm transaction and sell USDT
The final step is to transfer the USDT from ‘Spot’ to the ‘Funding’ section. Tap on ‘P2P’ and select ‘Sell’. Binance allows users to manually browse through all the lists of verified merchants and an 'Express' option, which gives users access to the best prices. Once a favorable trade is available, tap on it and set the amount of USDT to be sold.
Tap on 'Sell USDT' and wait for the buyer to release the equivalent funds. Tether investors also have access to a chat function where they can communicate with the counterparty. Select the ‘Payment Received’ button if the funds are in the designated account to prevent losing funds.
Frequently Asked Questions
Users can easily swap their USDT to regular USD using a P2P service, like the Binance P2P. Create an account on Binance, upload the required documents, deposit Tether from a crypto wallet, and sell on the P2P service.
Tether can be easily exchanged for regular fiat currencies using platforms like Binance, Coinbase, and Kraken. These exchanges support USDT to cash conversions with payment to a bank account.
This largely depends on the platform the user selects. However, Binance currently charges zero fees for selling USDT tokens.
The first step is to create an individual account and upload a recent driver’s license or official passport. A face verification process will be required to complete the KYC process. Once the account is verified, users can deposit the amount of USDT they want to sell. Binance currently has a $20 minimum for withdrawals. Select a merchant and place a sell order. The funds will be placed in the designated account within 15 minutes.
In this selling USDT guide, we have explored the best platforms for selling the crypto-asset and how to get started. Our top pick for converting USDT to USD is Binance. The platform comes with zero fees, and a host of verified users to ensure the best liquidity to reduce slippage for large USDT sell transactions.