Summary
Pakistan and cryptocurrencies have always existed in a gray area, with no clear regulations or direct support for buying or selling cryptocurrencies. If you’re looking to buy Tether (USDT) in Pakistan, you’ll need to rely on exchanges that offer P2P trading, as using your bank account for direct purchases is not an option. Platforms like Binance, OKX, and KuCoin are excellent choices, as they not only provide reliable P2P services but also support local payment methods, making transactions more accessible.
Can I Buy Tether (USDT) in Pakistan?
Buying cryptocurrencies in Pakistan is possible through P2P platforms provided by centralized exchanges. Currently, platforms offering P2P services support over 11 cryptocurrencies that can be purchased using local payment methods such as Sadapay, Easypaisa, or local banks. Once purchased, you can trade these cryptocurrencies on the platform or swap them for the cryptocurrency of your choice within the same platform.
How to Buy Tether (USDT) in Pakistan Using Binance
Binance is one of the most popular cryptocurrency exchanges in Pakistan, and its P2P platform is the most active, offering the best rates for peer-to-peer transactions. The platform provides a chat feature for direct communication with merchants and an escrow service to protect both parties involved in the trade.
Additionally, Binance offers 24/7 chat support, allowing users to resolve any disputes that may arise. As a comprehensive exchange, Binance supports both futures and spot trading with over 414 cryptocurrencies available for spot trading. With more than 200 million users worldwide, Binance is a reliable platform for Pakistani users to purchase crypto and begin their trading journey.
Buy Tether (USDT) in Pakistan Using Binance
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1Open Binance on your browser or mobile app, and complete the registration and KYC process.
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2Next, head over to the Deposit button on the toolbar, and click on the P2P Trading option that appears on the right pane.
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3You can now filter merchants based on transaction amount, payment method, and cryptocurrency. Once you have selected the merchant, click on the Buy USDT button next to the merchant.
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4Enter the amount in PKR that you wish to use to purchase USDT, and then click on the Buy USDT button to proceed to chat.
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5You will be required to pay the amount to their bank account or another payment method and share a screenshot of the transaction. Once approved, the payment will be released by Binance.
Best Alternatives to Binance for Buying Tether
There may be instances where exchanges experience downtime, or you might prefer having an additional platform for added security. Here are some alternatives to buy Tether (USDT) in Pakistan.
OKX
Next to Binance, OKX is another major player operational in Pakistan, offering a P2P platform to buy Tether (USDT) in Pakistan for users. With over 50 million users, OKX provides more than 350 cryptocurrencies and supports up to 100x leverage on its futures platform. The exchange offers a free demo trading option, allowing users to practice and hone their skills. While the platform is not beginner-friendly, its advanced features, multiple payment options, and 24/7 customer support make it a great option for experienced traders in Pakistan.
KuCoin
With a strong P2P platform, KuCoin is another exchange providing Pakistani users a safe and secure platform to buy Tether (USDT) in Pakistan. Beyond its P2P offerings, KuCoin supports over 800 cryptocurrencies, making it one of the most versatile exchanges for traders seeking a wide variety of assets. The platform also features automated crypto grid trading bots, allowing users to automate their trading strategies. With competitive fees and a user-friendly interface, KuCoin stands out for offering a comprehensive trading experience, suitable for both beginner and advanced traders.
PKR to USDT Fees
In Pakistan, there is no direct relationship between crypto and fees, as users cannot buy crypto through direct deposits. Instead, users rely on P2P platforms, where price variability exists, and you might end up paying 2-3 PKR extra compared to standard rates. However, price fluctuations on less established P2P platforms can be significant, and there is also high variability when purchasing different cryptocurrencies, such as DAI or ETH, which may have lower liquidity on these platforms.
Is Tether (USDT) Legal in Pakistan?
In Pakistan, Tether (USDT), like other virtual currencies, is not recognized as legal tender. The State Bank of Pakistan (SBP) has issued a public notice warning the public about the risks associated with virtual currencies. While USDT is not explicitly banned, the SBP has prohibited financial institutions from facilitating transactions involving cryptocurrencies, including Tether. Additionally, no entities are authorized to offer services like trading or remittances using virtual currencies in Pakistan. The government has cautioned citizens about the potential financial losses and legal consequences tied to such activities.
Bottom Line
Although Tether (USDT) is not officially recognized as legal tender in Pakistan, you can still buy Tether (USDT) in Pakistan through P2P platforms like Binance, OKX, and KuCoin. These platforms offer flexible payment methods and allow users to trade USDT using local payment options. However, it’s important to note that crypto transactions are not fully regulated, so users should proceed with caution and be mindful of any risks.
FAQs
1. Can I use Easypaisa or JazzCash to buy Tether (USDT) in Pakistan?
Yes, platforms like Binance, OKX, and KuCoin allow Pakistani users to buy USDT using local payment methods such as Easypaisa and JazzCash. These are often supported via P2P transactions where buyers and sellers agree on a price.
2. Are there risks in using P2P platforms to buy USDT?
P2P platforms carry risks such as fraudulent sellers, price fluctuations, or disputes during the transaction process. However, exchanges like Binance and OKX use escrow services to secure funds until both parties confirm the transaction.
3. Are there any transaction fees when buying USDT in Pakistan?
While most platforms like Binance and OKX do not charge fees for P2P trades, some merchants may include a premium on their selling price. Always review the final price before confirming your transaction.
4. Can I withdraw USDT to a Pakistani bank account?
No, USDT or other cryptocurrencies cannot be withdrawn directly to a Pakistani bank account. You need to sell your USDT on a P2P platform, convert it to PKR, and transfer the funds to your bank account or mobile wallet.
5. Is it possible to stake USDT after purchasing it?
Yes, many exchanges, including Binance and KuCoin, offer staking or lending options for USDT, allowing users to earn interest on their holdings. Be sure to review the APY rates and lock-up periods before staking.
