Summary
However, following the FTX collapse, regulations have become stricter. If you’re looking to buy Tether (USDT) in Australia, top exchanges like MEXC, Phemex, and OKX are great options. They comply with all regulations and allow AUD deposits for buying Tether.
Can I Buy Tether (USDT) in Australia?
Yes, you can buy Tether (USDT) in Australia. Cryptocurrencies are treated as investments and regulated by the Australian Securities and Investments Commission (ASIC). To operate legally, exchanges must register with AUSTRAC, verify users, maintain records, and comply with AML/CTF obligations, or face strict penalties.
That’s why it’s crucial to choose exchanges that adhere to these regulations to avoid potential issues. In this guide, we’ll explore the safest exchanges where you can buy, trade, hold, or even earn passively from your Tether holdings.
How to Buy Tether (USDT) in Australia Using Crypto Exchanges
There are over 252 crypto exchanges operating globally, but only a few are truly suitable for your needs. To save you time, we’ve identified the best exchanges to buy Tether (USDT) in Australia, focusing on safety, regulatory licenses, AUD fiat support, and the overall reputation of each platform.
MEXC
MEXC, launched in 2018 and based in Singapore, has a global user base exceeding 6 million. It supports over 2,400 cryptocurrencies, including Tether (USDT), with zero-fee spot trading and high-leverage futures up to 200x. MEXC offers a range of trading options, including bots and staking, giving Australian users more ways to earn with their Tether.
The platform allows AUD deposits and does not require mandatory KYC for most features. Its process for buying Tether is simple and easy to follow, with multiple payment options available to deposit AUD and purchase Tether in exchange.
Buy Tether in Australia
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1First, create an account on MEXC if you don't have one already and complete your KYC process.
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2Next, hover over the Buy Crypto tab on the MEXC website's toolbar and select the Quick Buy/Sell option.
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3Now, you are on MEXC's Express Deposit method. In the first field, select AUD from the drop-down menu and enter the amount you want to spend.
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4In the next field, select USDT. The amount you will receive will be displayed according to the payment platform.
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5You can change the payment platform from the list of providers, then click the Buy USDT button to complete your transaction. After confirmation, Tether will be automatically deposited into your MEXC account.
Best Alternatives to MEXC for Buying Tether
Exploring alternatives is always a good option, and based on our ranking factors, we believe the next best exchanges to MEXC for Australian users looking to buy Tether are Phemex and OKX.
Phemex
Phemex is another non-KYC exchange where you can easily buy Tether using AUD deposits in just a few steps. Founded by Jack Tao in 2019, Phemex has grown to serve over 5 million users and has become a strong player in the crypto space. The exchange supports over 355 cryptocurrencies for spot trading and 260+ futures contracts.
Phemex also offers additional trading features such as copy trading, bot trading, and is one of the few platforms providing SocialFi. With a focus on security and excellent customer support, Phemex is a great choice for Australians to buy Tether and other crypto assets.
OKX
OKX, launched in 2017, is another top choice for Australians looking to buy Tether (USDT). The platform offers over 317 cryptocurrencies, with high leverage up to 125x and a variety of trading options, including perpetual swaps and options. OKX is known for its deep liquidity, competitive fees, and strong security measures, making it a reliable choice for experienced traders. It also supports AUD deposits, though KYC is required, and it operates under strict regulatory frameworks.
AUD to USDT Fees
The fees for converting AUD to USDT depend on the payment method you use. If you’re purchasing USDT through a debit or credit card, you may pay a processing fee of around 0.8%. However, for bank deposits, the fees can go as high as 2%. These fees are set by the payment platform, as most crypto exchanges do not charge deposit fees.
Additionally, exchanges that support AUD can help you save on conversion fees, which are typically charged by platforms when converting to a different currency before purchasing crypto.
Is Tether (USDT) Legal in Australia?
Tether and other cryptocurrencies like Bitcoin (BTC) are legal in Australia and are treated as property, allowing for trading, spending, and storing. While there are no regulatory challenges on crypto assets themselves, exchanges are required to comply with AML/CTF measures to prevent illegal activities. Additionally, cryptocurrencies are considered assets, and any capital gains are taxable events, meaning they must be reported in tax filings to ensure compliance with legal requirements.
Bottomline
Cryptocurrencies have been widely accepted in Australia, with regulatory bodies ensuring that exchanges follow a secure framework to protect citizens’ assets and prevent illicit activities. With platforms like MEXC, Phemex, and OKX, Australians can easily buy Tether (USDT) while adhering to these regulatory requirements, ensuring a safe and compliant crypto experience.
FAQs
1. Is it safe to buy Tether (USDT) in Australia?
Yes, buying Tether in Australia is safe if you use exchanges registered with AUSTRAC and compliant with AML/CTF regulations. Platforms like MEXC, Phemex, and OKX prioritize security and regulatory adherence.
2. What payment methods can I use to buy Tether in Australia?
You can buy Tether (USDT) using AUD through debit/credit cards, bank transfers, and third-party payment methods like PayPal or Apple Pay, depending on the platform.
3. Can I buy Tether directly with AUD, or do I need to convert to another cryptocurrency first?
Most platforms like MEXC and OKX allow direct purchases of Tether (USDT) with AUD, eliminating the need for prior conversion.
4. Can Australians earn interest on their Tether holdings?
Yes, platforms like OKX and Phemex offer interest-earning opportunities through staking or lending Tether. Rates vary, so compare options carefully.
