Can I Buy Tether (USDT) in China?
Buying or trading digital assets like Tether (USDT) in China is difficult due to the Chinese government's strict regulations on cryptocurrency trading and exchanges. However, users could use VPNs to access foreign crypto trading platforms that can be used in Mandarin and Cantonese. These platforms accept Chinese residents and allow you to deposit funds via various payment methods like bank transfer, Alipay, debit card, credit card, and more.
How to Buy USDT in China
If you're living in China and interested in purchasing and trading USDT, the most dependable and user-friendly way is to utilize a secure and reputable cryptocurrency exchange like Bybit. This platform lets you seamlessly deposit CNY (Chinese Yuan) using various payment options, such as local bank transfers, credit cards, and digital wallets like Alipay and WeChat Pay.
Here's a comprehensive guide for those considering buying USDT in China:
- Start by registering for a Bybit account. You must provide your email address and generate a password.
- Head over to the 'Buy Crypto' section on the platform and choose the 'One-Click Buy' option, ensuring that you set 'CNY' as your preferred currency.
- Pick your preferred payment method from the list of available options and indicate 'USDT' as the cryptocurrency you'd like to acquire.
- Enter the amount you're prepared to invest and click the 'Buy' button to complete your transaction.
Is Tether (USDT) Legal in China?
Purchasing cryptocurrencies and stablecoins like Tether in China is heavily restricted. The People's Bank of China (PBOC) is the regulatory authority overseeing all financial activities, including digital assets like USDT. This is largely due to the Chinese government's efforts to control capital flight. However, many investors in the nation still use global trading platforms like Bybit or no-KYC alternatives like KuCoin to buy USDT.
Buy Tether Fees
The fees to buy and sell USDT are minimal on large platforms like Bybit, Gate.io, and others. Most tier-1 exchanges charge a 0.1% spot trading fee, which becomes discounted over time depending on the volume you trade. Outside of this, Chinese Yuan (CNY) deposit fees are typically free, or about 1% if you want a credit card. We recommend visiting Bybit’s fees to see what the associated fees are.
The Bottom Line
To summarize, despite stringent regulations, purchasing Tether (USDT) in China is possible using international exchanges like Bybit and Gate.io via VPNs. These platforms, accepting Chinese Yuan (CNY), enable affordable access to a broad range of cryptocurrencies. However, consider potential legal risks and stay updated on regulatory developments when investing from China.