How to buy USDT with Naira bank transfer

Due to its stability, USDT (Tether) has become one of the most sought-after cryptocurrencies. Unlike other volatile tokens out there, the USDT provides its users with a relatively stable value. For this reason, this token has become in high demand, especially with the recent crypto bear market situation. If you are a Nigerian seeking to invest or trade stablecoins, Bitmama allows you to buy the crypto and pay in Naira. In this article, we’ll walk you through the steps on how to buy USDT with Naira bank transfer. 

What is USDT?

Tether (USDT) is called a “Stablecoin”. Basically, it is a cryptocurrency that was designed to offer its users a stable price threshold at all times. This stablecoin is tied to the US dollar. This implies that 1 USDT is always equal to $1. Currently, Tether is the most used stablecoin by both traders and investors in the crypto market.

Tether Limited developed the USDT crypto token to serve as the internet’s official Digital Dollar, with each coin worth just $1.00 USD. The coin is also supported by $1.00 USD in physical reserves.

What can I use USDT for?

USDT can protect its users from fluctuations in currency prices whether it’s weak local currencies or volatile cryptocurrencies. If you are a crypto enthusiast hoping to save your money in USD but don’t have access to physical dollars, USDT is your most reasonable option. Also, if you want to invest in crypto without the fear of losing too much, investing in this coin may just be your best bet. 

Moreover, some people use USDT to transfer money to people abroad and even pay for items online. If your recipient accepts payments in crypto, this should be seamless.

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How to buy USDT with Naira bank transfer (NGN)

There are two ways to purchase USDT with Naira bank transfer. You can either opt to purchase it via instant order from Bitmama or via our P2P trading platform.

Here’s a step-by-step tutorial on how to buy USDT with Naira bank transfer through both means:

Purchasing USDT directly from Bitmama (Instant order)

Follow the steps below to purchase USDT directly from Bitmama: 

1. Download the Bitmama app register and log in. 

2. Navigate to the verification page in your ”Account” section. Click on the verification button to submit the necessary documents and verify your account up to level 3.

3. Fund your Bitmama wallet via Naira bank transfer with the sum you wish to purchase your preferred stable coin by selecting “Fund” on the homepage and following the process. 

4. Return to the homepage and, select “Buy”.

5. Select USDT from the drop-down menu offering the types of crypto you can purchase. 

6. Select your Naira wallet.

7. Crosscheck all the relevant details and select “Buy” if it checks out. 

8. Lastly, your Bitmama crypto wallet will be credited instantly with the purchased USDT. 

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Purchasing USDT from the Bitmama P2P exchange

Follow the steps below to purchase USDT from Bitmama P2P exchange: 

1. Download the Bitmama app register and log in. 

2. Navigate to the verification page in your ”Account” section. Click on the verification button to submit the necessary documents and verify your account up to level 3.

3. Select “P2P” in the bottom menu on your screen

4. Lastly, proceed to browse the available listing and choose the USDT deal that works for you. 5. Select “Buy” to initiate the transaction.

6. Make a bank transfer and provide the receipt. Once confirmed, your wallet will be credited by the USDT amount. 

How long can you hold USDT?

You can hold your USDT cryptocurrency for as long as you like. This token can work as both a short-term payment digital currency and a long-term crypto investment.

Although crypto investments are generally risky, investing in a stable coin like the USDT will give you a soft landing since the price is tied to the US Dollar. The guide above has provided you with explicit details on how to buy USDT with Naira bank transfer. 

As the best crypto exchange app in Africa, Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto exchange, crypto staking, and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app.