Trading on Indodax does not only use IDR. You can also use USD in the USDT market. How to? What’s the difference?
In this article, we will discuss how to trade using the USDT market. This market uses the US Dollar exchange rate. It’s different from the regular market on Indodax or IDR which uses the Rupiah exchange rate.
The difference between USDT and IDR Market
The USDT market is a market that sells various crypto assets at an exchange rate or valued in dollars. Where USD Tether is a crypto asset that is a 1:1 stable coin priced at USD.
Unlike in IDR, you can directly buy crypto assets such as Bitcoin, Ethereum, and others, after depositing. Here, you have to buy the USDT crypto-asset first.
So, you can only use USDT crypto assets to trade cryptos that are listed in that market.
What is USDT Crypto?
Before we discuss any further, it’s a good idea to first discuss what USDT or USD Tether is.
USDT or USD Tether is a stablecoin type crypto asset which is 1: 1 priced in USD dollars. Just like the US Dollar, the circulation of the USD Tether is also claimed to be the same.
USD Tether is the most popular crypto asset, number 3 after Bitcoin and Ethereum. This is natural because of the widespread use of USDT as an exchange rate on platforms around the world. Including Indodax.
USD Tether is not a crypto that has store value properties or crypto for investments like Bitcoin. USD Tether is more functioned as a means of payment at online merchants, such as on blockchain and non-blockchain platforms.
In fact, Tether is also often used for offline payments, for example for hotel payments and others.
Crypto on the USDT Market
Because it is widely used by people and has a large market cap, Indodax also makes USDT a market and can be exchanged for other cryptos. Although, not as much as the IDR market, of course.
There are only 7 cryptos to date. There are also many cryptos already in IDR such as Bitcoin and Ethereum. What crypto assets are there?
- Bitcoin (BTC)
- Bittorent (BTT)
- Ethereum (ETH)
- Gard (only in USDT market)
- Pundi X (NPXS only on USDT)
- Playgame (PXG, only in USDT market)
- Smartshare (SSP, only in USDT market)
How to Buy Crypto on the USDT Market
The way to buy crypto in this market is actually almost the same as how to buy other crypto assets. However, you can find the table next to IDR Markets on the Market – Indodax page.
After that, the way to buy and sell it is the same as in other markets. Look for the buy to buy column. Then fill in the amount. You can also use the limit or instant method.
Selling crypto is the same. You just have to look for the sell column, then enter the nominal. You can also sell using the limit and instant methods.
Well, that’s how to trade in USDT markets. Maybe some crypto assets that are only in this market can add to your crypto alternatives.
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