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How to buy USDT on Yellow Card in South Africa

Since their creation and use, cryptocurrencies are known for their volatility.

But, amongst the crypto coins that are gaining popularity and tackling the problem of cryptocurrency volatility, Tether was introduced in 2014 and became USDT later on.

USDT is pegged to the U.S. dollar which does not change much in value.

What is USDT?

USDT is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the Dollar, the Euro, or the Japanese Yen, which are held in a designated bank account.

It was specifically designed to bridge the gap between fiat currencies and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users.

It is pegged against the U.S. dollar and maintains a 1:1 ratio with the U.S. dollar in terms of value.

Why is USDT useful?

Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies.

Transaction cost: Having USDT (as opposed to the U.S. dollar, Euro or Yen) removes transaction costs and delays that impair trade execution within the crypto market.

With the COVID-19 repercussions, banks in South Africa are trying to attract more customers and stay in business though their fees and rates are relatively exorbitant.

However, using USDT, South Africans get the opportunity to shy away from the 0.5-6.5% commission as well as the 1.2-5% exchange rate margin that is charged by banks depending on the foreign currency.

Safe Haven Asset: USDT has a value that is designed to be stable over any period.

This feature makes it an ideal safe haven asset because, unlike cryptocurrencies like Bitcoin that can fluctuate dramatically in price every day, an individual using stablecoins to store value see no risk of loss, especially because they have full custody of their asset.

Remittance: Cross-border payments and remittances are very real problems that South African emigrants face when trying to send money home.

A World Bank report argues that Africans have to pay as high as $12 for any $100 sent home and in South Africa, which has the highest remittance costs on the continent, nearly 21% of money to be remitted is spent on transaction costs.

If remittances are a major source of income for most African homes, it will be beneficial to have the cost of the transactions reduced to the advantage of the recipient populations.

Fortunately, South Africans and other residents now have a safe platform to trade USDT with ZAR at the best rates.

Moreover, USDT on Yellow Card is available on the Tron network (TRC-20) which offers cheaper network fees to transfer your USDT between wallets.

How Do I Buy USDT in South Africa on Yellow Card?

To buy USDT on Yellow Card, follow these steps:

  1. Sign up for a Yellow Card account
  2. Fund your wallet with ZAR. You can add money to your wallet using bank transfer or instant eft:
  • Tap on Deposit
  • Tap on Bank Transfer or Instant EFT
  • Enter the desired amount you want to deposit
  • Confirm your deposit amount and proceed as follows:
    • Bank Transfer: Using your unique reference code, deposit funds into the provided Yellow Card bank account.
    • Instant EFT: You’ll be redirected to the Peach Payment platform to complete your deposit from your selected bank account.
  • On completion, your deposited funds should reflect in your wallet (South African Rand) and transactions.
  1. Buy USDT on the TRON network. Just follow the steps below:
  • Sign up for a Yellow Card account
  • Tap on USDT
  • Tap on Trade
  • Tap on Buy
  • Enter your desired amount
  • Tap continue then confirm.

How Do I sell USDT in South Africa on Yellow Card?

You can also sell USDT on Yellow Card. Log in to your account and follow these steps:

  1. Tap on USDT
  2. Tap on Trade
  3. Tap on sell
  4. Enter your desired amount
  5. Tap continue
  6. Tap confirm

Once you have sold your USDT, you can easily withdraw instantly via Peach.

Conclusion

Cryptocurrency enthusiasts in South Africa can trade USDT using Yellow Card services.

Escaping the volatility of other cryptocurrencies and protecting your finances against inflation is an opportunity no one should miss.

Click here to start trading USDT with Yellow Card

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How to buy USDT on Yellow Card in South Africa