How do I Withdraw USDT?

Tether (USDT) and a list of other cryptocurrencies have recently grown in demand. This digital asset running on an ERC20 blockchain technology offers an avenue for traders to exchange it for real U.S. dollars seamlessly, i.e., without any delay. The current exchange rate of this stablecoin is 1 USD per USDT, making it possible to deposit and withdraw within a crypto trading network.

Recently, Ethereum’s network transitioned from proof-of-work to proof-of-stake for digital transactions. This transition is called “The Merge.” Interestingly, there isn’t a significant change in the mode of operation, but there is likely a slight delay in deposit and withdrawal times. So, traders should expect that deposit and withdrawal processing times can range from instant to 3 business days, depending on the payment method.

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How to Withdraw USDT Directly from Tether.io?

Some traders have their USDT directly stored on the Tether.io platform. It is more convenient to withdraw USD on this platform – a 0.1% charge. However, there are several limitations. For instance, there are only selected payment methods (huge restrictions to local banks) to process a withdrawal. Also, the platform performs rigorous identity verification with a minimum withdrawal limit of $50,000. 

To make a withdrawal, follow these steps:

Visit the Tether.io website where the fund is stored.
Enter an amount of Tether to withdraw and see the equivalent in USD.
Click on the “Withdraw” button and choose a supported payment method.
Wait for a few minutes or hours to receive funds in a bank account.

How to Withdraw Money from USDT via Private Wallets: A Step-By-Step Guide

To withdraw money from USDT via private wallets, following what has been described above about the asset’s simplicity and possible varying processing times, here is a step-by-step guide.

hardware crypto wallet Step 1: Launch Your Private Wallet and Find Tether

The first step to withdraw cash from USDT is to launch your private wallet. You must have opened a wallet earlier where you store digital assets short-term or long-term, depending on your financial obligations. Find your Tether USDT ERC20 asset in the private wallet and get it ready to be moved to a new wallet address for cash.

how degen yield farms make money Step 2: Withdraw USDT ERC20 to Exchange

The next step is to enter how much USDT to withdraw while paying close attention to the USD equivalent. Since you want to sell USDT for cash, you must contact the new trading platform beforehand. You may be asked to provide proof of identification and address.

Once you have figured out how much to withdraw to the new wallet address, click on the “Withdraw” button. You will also be requested to confirm your withdrawal by undergoing some security protocols – for instance, a verification code on your mobile number or email address. After completing this process, click on the “Confirm Withdrawal” button.

Bitcoin Exchange Step 3: Sell USDT for USD on the Exchange

As soon as the new wallet is funded with USDT, you will have to swap USDT for USD on the exchange. Once you’ve done that, you can request a withdrawal. Most trading platforms accept bank transfers, Paypal, and credit/debit cards for withdrawals. The processing time may take up to 3 working days.

What are the Minimum and Maximum Withdrawal Limits of USDT ERC20?

According to the new mechanism change on Ethereum Network, USDT ERC20 will have minimum and maximum withdrawals of $100 and $10,000,000, respectively. Some wallet addresses may even cover the blockchain fees on withdrawal.

Why Do You Need to Withdraw USDT?

There are two main reasons why you may want to withdraw USDT.

  • USDT is a stablecoin, giving an opportunity to swap for any currency, i.e., USD, EUR, etc., into a bank account. 
  • Another reason to withdraw USDT is to exit trades to capture losses and gains. For instance, if you withdraw USDT, you can keep it temporarily in the bank to use it to trade when there are better conditions to enter the market again. Alternatively, you can use USDT as a form of payment for items and services.

Dos and Don’ts to Withdraw USDT

Before withdrawing money from USDT, you must realize that there are do’s and don’ts. It is important to note these things so you don’t risk losing your funds.

Confirm the private wallet address you are sending or selling USDT to properly. Avoid entering an incorrect address because it automatically means funds will be lost and irrecoverable.
The USDT is pegged to the USD as a fiat currency at a ratio of 1:1. Sometimes the value of Tether can be under the influence of overall crypto market so choose a favorable time to exchange this asset for cash.
Verify the minimum and maximum limits and the processing time to have a smooth/stress-free withdrawal.
Use only trusted and certified crypto exchanges for your USDT withdrawals.
Maryam
Written by Maryam Jinadu verified symbol Fintech and Crypto Writer
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Maryam Jinadu is a freelance igaming & crypto writer.

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