HERE IS A LIST OF FOREX BROKERS THAT ACCEPT TETHER FOR DEPOSITS AND WITHDRAWALS
Best Forex Brokers Accepting Tether (USDT)
In recent years, cryptocurrencies have transformed how people perform transactions. They have introduced a borderless and decentralised payment system accessible to almost everyone. Tether, a stable cryptocurrency, stands out as one of the most popular cryptocurrencies used for payments in the world. Due to its stable nature, this cryptocurrency is easy to hold and transact with. As such, there are many brokers in the market today that accept Tether as one of the payment systems traders can use to fund their accounts.
In this article, we are going to look at some of the best forex brokers accepting Tether (USDT).
What is Tether?
Before looking at the specific brokers, it is good to have an understanding of what Tether is. For those who do not know, Tether is a stable cryptocurrency whose value is pegged to the US Dollar. That means that one USDT token has the same value as one US Dollar. To achieve this, the group behind Tether holds a US Dollar in reserve for every USDT token they mint.
Note that Tether tokens can exist on different blockchains. This determines what kind of USDT token is involved in a transaction. Tether can run on different blockchains including Algorand, BNB Chain, Ethereum, Solana, Tron, and others. This is why you might see Tether tokens with different denotations. For example, the USDT token on Ethereum is an ERC20 coin while that on the BNB Chain is a BEP20 token.
With that, let’s jump straight in and take a look at some of the best forex brokers accepting Tether.
Brokers Accepting Tether
Exness
Trading Forex and CFDs entail risk.
Your capital is at risk.
Exness is a fine choice for traders who want to fund their accounts using Tether (USDT). This broker accepts Tether deposits in the form of ERC20 tokens. Notably, a user must be fully verified before they can use this payment system. The minimum deposit accepted by this broker when using this payment method is $10 and the maximum is $10,000,000. Exness offers traders instant transactions with no manual processing on their side.
Once the Tether deposit is processed, traders can then go ahead and trade a variety of market products. They have access to CFDs on forex, indices, stocks, energies, metals, and cryptocurrencies. In total, there are over 200 different trading instruments available for trading on the Exness trading site. Further, there are four different trading platforms available to use including MetaTrader 4, MetaTrader 5, Exness Terminal, and Exness Trade App.
In terms of the spreads and fees that apply, Exness offers South African traders some of the lowest spreads in the market. There are five different accounts available for traders to use which include two different standard accounts and three different professional accounts. The two standard accounts have spreads from as low as 0.2 pips with no commission required.
The raw spread account has spreads that start from as low as 0.0 pips plus a commission of $3.5 per side per lot. The zero account features 0.0 pip spreads on the top 30 instruments plus a commission that starts from as low as $0.2 per side per lot. Finally, the pro account simply features low spreads from 0.1 pips with no commission charged.
Of course, traders always want to know that they are investing with a broker that has proper regulations. Luckily, Exness is duly regulated in South Africa by the FSCA, in Kenya by the CMA, and in the UK by the FCA, among other jurisdictions.
FP Markets
Trading Forex and CFDs entail risk.
Your capital is at risk.
FP Markets is yet another FSCA-regulated broker that accepts Tether deposits from South African traders. Additionally, this broker is regulated by other organizations including the ASIC in Australia and the CySEC in Cyprus, among others.
FP Markets supports a wide range of account funding methods including Tether (USDT). On this broker site, USDT is accepted as an ERC20 token, a TRC20 token, and a BEP20 token. The deposit may take up to 1 business day to reflect on a trader’s account depending on the underlying blockchain. There is no specified minimum transaction requirement but the minimum deposit on FP Markets is 100 AUD or equivalent.
On FP Markets, traders have access to over 10,000 different market products. Specifically, traders can invest in forex currency pairs alongside CFDs on indices, commodities, stocks, ETFs, and bonds. This means that traders can invest in more than one market on the same account. The trading platforms available for traders to use while investing include MetaTrader 4, MetaTrader 5, cTrader, Iress, and the newly added TradingView.
The spreads on FP Markets are some of the lowest available for South African traders. There are two main trading accounts available to use. The standard account on FP Markets has spreads that start from 1.0 pips with no commission required. In comparison, the raw account has spreads from 0.0 pips plus a commission of $3 per side per lot.
FBS
FBS gives South African traders access to forex currency pairs, cryptocurrencies, stocks, energies, indices, and metals. These markets are available on various trading platforms including MetaTrader 4, MetaTrader 5, and a mobile trading app.
Notably, this broker supports a plethora of payment options for traders to fund their accounts. One of the popular payment options supported by FBS is Tether. FBS accepts Tether deposits both as a TRC20 token and as an ERC20 token. These are the USDT tokens on the Tron and the Ethereum blockchains. There are no fees charged on any deposit methods on the FBS platform. Additionally, the fees for trading are fairly low starting from 0.7 pips for major currency pairs with no commission.
Finally, traders always want to know that they are investing with a broker that has regulations in the jurisdictions they operate in. Positively, FBS is regulated by the FSCA in South Africa, the FSC in Belize, the ASIC in Australia, and others. This regulatory status makes FBS one of the best forex brokers accepting Tether.
HFM
Trading Forex and CFDs entail risk.
Your capital is at risk.
HFM also accepts Tether deposits but does not specify what kind of USDT tokens it accepts. Note that this broker does not have a minimum deposit requirement on most payment options. However, the minimum Tether deposit that traders can make to their HFM account is $30 and the maximum is $10,000. There are no charges that apply and the processing time when using USDT is instant.
HFM offers traders access to various market products with reasonably low fees. There are four different trading accounts available which include the cent, zero, pro, and premium accounts. The cent account has a spread from 1.0 pips while the premium account has a spread from 1.2 pips with no commission on the two accounts. The pro account comes with spreads from 0.5 pips also without commissions. Lastly, the zero account has spreads from 0.0 pips with a commission of $3 per side per round per $100,000 traded.
Further, traders have available to them various trading platforms that meet the needs of different types of traders. They can either use MetaTrader 4, MetaTrader 5, or the HFM Platform. These platforms give investors access to markets such as forex, commodities, bonds, stocks, shares, metals, indices, ETFs, and cryptocurrencies.
Concerning regulations, HFM is under the regulation and supervision of the FSCA in South Africa, the CMA in Kenya, and the FCA in the UK, among others.
OctaFX
Trading Forex and CFDs entail risk.
Your capital is at risk.
OctaFX is another forex broker in South Africa that accepts USDT deposits. While the minimum deposit accepted by the broker is $25, when using Tether it sits at $50. Notably, this broker accepts USDT both as an ERC20 coin and a TRC20 coin. According to the company’s website, the deposits made using this payment option take between 3 to 30 minutes to process. Additionally, there are no charges when funding accounts using this payment option.
The market products on OctaFX are enough to allow traders to diversify their portfolios without leaving the broker site. Traders have access to 35 of the most volatile currency pairs, stock CFDs, indices, commodities, and cryptocurrencies. The trading platforms available to use in these various markets include MetaTrader 4, MetaTrader 5, and OctaTrader. That’s not all. The broker has spreads that are manageable for most traders in South Africa. There are three different accounts each with spreads starting from 0.6 pips with no commission required.
On regulations, this broker is duly regulated and supervised by the FSCA in South Africa. Additionally, the broker is under the regulation of the CySEC in Cyprus.
Benefits of Using Tether (USDT) to Fund Accounts
The integration of Tether (USDT) as a payment method by forex brokers introduces improved accessibility and fast transactions. Additionally, USDT payments usually incur lower costs than traditional payment systems.
The brokers featured in this review not only accept Tether but also offer great services to their traders. Moreover, they have regulations from reputable organisations. Nonetheless, this is not an exhaustive list. While these brokers fit our criteria, we understand that each broker has their own personal needs. As such, we encourage every trader to do their research to find a broker that best suits their needs.