In this post, we are going to show you how to deposit and withdraw with your Olymp Trade account using the USDT Stablecoin. A stablecoin is a type of cryptocurrency where the value of the digital asset is supposed to be pegged to a reference asset, which is either fiat money, exchange-traded commodities (such as precious metals or industrial metals), or another cryptocurrency.
In general, you can transfer the cryptocurrency in one of the four available blockchains Tron, Ethereal, Binance, or the Omni Layer of the Bitcoin blockchain. The easiest and most convenient way to deposit will be using centralized exchanges. Especially you don’t have any cryptocurrency.
Step 1: Create a Binance account
Let’s analyze how you can do it with the example of the Binance exchange. First of all, register on the Exchange. The registration link is available below.
You must enter Email for verification:
Once you complete it, the Platform will ask you to verify your identity. Do this to open access to the features you need and to increase your withdrawal limits.
Step 2: Buy USDT with Fiat
Now you have several options to buy cryptocurrency for fiat money USD, Euro, etc. Click on Buy Crypto and choose one of the options for different fiat currencies.
There are different methods of depositing. The main ones are bank transfer, depositing from a bank card or P two P service. The easiest way to buy USDT is by a bank card or bank transfer. However, they will be subject to additional commissions for depositing and there will be restrictions on the amount of transfer.
Congratulations. You bought some USDT.
Step 3: Deposit USDT to Olymp Trade
Now you need to transfer them to your trading account on the OlympTrade Platform. To do this, go to the Wallet section, Fiat and Spot.
Select USDT from the top menu. Then select a network. BSC – BNB Smart Chain (BEP20); Ethereum – ETH (ERC20); Tron – TRX (TRC20) are available on the OlympTrade Platform.
Choose any of these three networks. BSC is good because there is a smaller transfer fee.
Now select your USDT account on the OlympTrade platform and click the deposit button.
In the Payment Method column, choose the same network as in Finance. Note that if you select the wrong network and copy the wrong address, funds will be lost. Enter the required amount in USDT. Use promo code if you have one and press Next.
Copy the wallet address. Insert it into the withdrawal address in Binance. Specify the amount so that the amount of withdrawal corresponds to that specified on the Olymp Trade Platform. Taking into account the network transfer fee, press Withdraw.
The blockchain will process the transaction for a short time. Once the withdrawal is made, we confirm the transaction on the platform and wait for the cryptocurrency to be credited to the account. USDT is deposited to your account and you can trade on OlympTrade.
Back to Olymptrade, you will see:
Step 4: Withdraw USDT from Olymp Trade
Now let’s see how to withdraw USDT from the platform.We will use our Binance account as an example.
Click on Withdraw, choose USDT and the network where the transfer will be made. Remember that you have to withdraw in the same network in which you funded your account at a Olymp Trade.
So in our example, we choose BSC (BE20), copy the Wallet address now click Withdraw on the USDT account on the platform. In the window that appears, enter the desired network and paste the copied wallet number from Binance.
Note that different networks will charge different withdrawal fees. Click on the withdrawal button, wait for the transaction to go through in the blockchain and check the balance on Binance.
Everything went well. Now you know how to deposit and withdraw USDT from the Olymp Trade platform. We wish you success in your trading.