Forex Brokers That Accept USDT

Find Forex Brokers That Accept Tether
Article Summary And Broker Table
TL;DR Summary:

USDT is a type of cryptocurrency known as a stablecoin. USDT is known more commonly as Tether as it aims to be 'tethered' to the price of USD. Some Forex brokers allow USDT deposits, so traders may use the blockchain to send deposits.

All cryptocurrencies, including stablecoins can be subject to volatility. USDT exists with different protocols, such as the Bitcoin network derived Tether Omni or the Ethereum based Tether ERC-20. The trader should be aware of which protocols are available at a particular broker offering USDT deposits, to help ensure the safety of deposits.

Some brokers offer Tether denominated trading accounts, while others may convert Tether to a fiat such as USD. A selection of brokers offering different types of Tether and ways to deposit in Tether is provided below, as well as a longer article about Forex brokers that accept USDT.

Online BrokerMinimum DepositForex Trading PlatformsAbout
$25
Minimum Deposit
MT4, MT5, easyMarkets Platform, TradingView
Forex Trading Platforms
easyMarkets allows deposits by Tether TRC-20 and Tether ERC-20
About
None
Minimum Deposit
MT5, Deriv X, Deriv EZ
Forex Trading Platforms
Deriv offers deposits in Tether Omni, Tether ERC-20 and Tether TRC-20, with no minimum deposit requirement
About
$1000
Minimum Deposit
MT4, JForex
Forex Trading Platforms
Dukascopy Bank allows Tether ERC-20 deposits to a USD fiat account, where they are converted
About
$5
Minimum Deposit
Olymp Trade Platform
Forex Trading Platform
Olymp Trade allows deposits in Tether Omni, Tether ERC-20, Tether TRC-20 and Tether BEP-20
About

USDT (Tether) Deposits At Forex Brokers

USDT is a type of cryptoasset known as a stablecoin. Stablecoins use varing mechanisms to peg their value to a currency, in this case the US dollar. Thus it becomes possible to use the reach and efficiency of the blockchain to send, use and store a crypto which aims to mirror the value of the dollar. Some Forex brokers allow the trader to deposit with Tether, either into a USDT denomiated account or to a fiat account, which converts it to fiat.

Tether is a type of cryptocurrency which is build as a layer on top of different protocols. For example, Tether Omni is built on the Bitcoin network (this is described as the first stablecoin), while Tether ERC-20 is a token built on the Ethereum network. So when looking for a Forex broker offering Tether deposits it is important to note which protocol it supports to help ensure safety of deposits (sending one on the wrong network can results in loss of the cryptocurrency).

The stability of Tether is contingent on its peg to USD. This does mean that it is exposed to USD volatility. Tether pegs the value of each token to the US dollar, and says it matches each token with a reserve holding the USD or equivalent. So if someone wanted to redeem a USDT token, then in theory this could be done, which is the mechanism used to peg the value of USDT to the dollar. In practice this mechanism depends on a level of trust as well as a level of stability in the crypto market, as in times of intense market volatility Tether has lost its peg (i.e. the value of a USDT could be less than the value of USD). Cryptoassets are extremely volatile and this volatility can spread to stablecoins like USDT, even though they are designed to be stable.

In general Forex brokers (brokers offering Forex and other leveraged markets to trade) provide accounts denominated in a fiat currency, such as USD. To make a deposit into this account, the trader needs to use a payment provider, for example a Credit or Debit Card, Bank Transfer or an e-Wallet. The Forex broker will normally set a minimum deposit (though in some cases there may be no minimum deposit for at least one or more account types). The provider itself will generally have a minimum deposit, which may be higher than the broker's minimum deposit. That is, in practice, the minimum deposit may be higher than the Forex broker's minimum deposit, in some cases. The brokers may also offer different minimum deposits for accounts denominated in cryptocurrencies.

There are a number of steps involved in sending a USDT deposit to a Forex broker

Cryptocurrencies have their own network, known as the blockchain. Different protocols have their own network, for example the Bitcoin network or the Etheruem network or the TRON network. These blockchains are in general separate networks and only take their own tokens (though there are efforts at cross blockchain networks). Sending a token on the wrong network will normally result in a loss of those funds. This is true for the different types of Tether, as each type of Tether (e.g. Tether Omni, Tether ERC-20 on Tether TRC-20) is a different network.

So to make a USDT deposit, the trder can send USDT along the network matching the token, for example from a wallet to the Forex broker. The time taken for a token to be processed across a network is generally relatively quick, though it can be slower in times of network congestion. However the time taken will be contingent on the approval process by the Forex broker, to fully process the transaction at their end. This is true of fiat deposits by other methods which may themselves very quick. To send USDT along a network requires a network fee, which will normally be calculated or suggested by the exchange or wallet used to send USDT. This fee can vary, depending on such factors as network congestion. Other fees may apply, such as deposit fees.

The Forex broker may convert the Tether deposit into a fiat currency such as USD, to allow the trader to trade in their fiat denominated account. However some brokers may offer USDT denominated accounts, thus allowing the trader to trade markets priced in USDT.

Thus the trader may be interested in finding a Forex broker which accepts USDT, as it can potentially leverage the convenience and power of the blockchain to send deposits. However there are various factors to consider when using cryptocurrencies including volatility (even for stablecoins) and safety of funds. USDT deposits may only be available in some regions.