Crypto trading has become a prominent aspect of the financial landscape, offering individuals the opportunity to engage in the dynamic world of cryptocurrencies. Trading involves the buying and selling of crypto on various platforms known as exchanges. These exchanges serve as marketplaces where individuals can trade different crypto assets, such as Bitcoin (BTC), Ethereum (ETH), or Tether (USDT), among many others. Traders aim to profit from the price fluctuations of cryptocurrencies by buying at a lower price and selling at a higher rate or vice versa.
Crypto-fiat pairs, on the other hand, involve the trading of crypto against traditional fiat currencies. This allows individuals to directly convert their digital assets into (USDT to GEL) or from (GEL to USDT) fiat currencies. This provides liquidity and facilitates seamless transactions between the crypto and traditional financial systems.
The USDT GEL pair we mentioned involves the conversion of USDT (Tether) to Georgian Lari (GEL). USDT is a stablecoin linked to the value of the US dollar, offering stability and reduced volatility. It serves as a popular intermediary currency in the crypto market. USDT provides a convenient way to preserve value and navigate price fluctuations.
Fiat-crypto pairs are available on centralized crypto exchanges, that comply with regulations and laws in the financial field. To connect a bank card to a centralized platform, users need to pass the KYC procedure. For that purpose, they provide their documents to verify their identity. Now let’s discuss the ways to buy digital assets in Georgia, using its local currency – GEL.
Where to Convert USDT GEL
These crypto exchanges are the most popular in Georgia:
Recently, the large European crypto platform – WhiteBIT – opened a department in Georgia. It’s a relatively young crypto exchange founded in 2018 in Estonia. The platform allows for GEL to USDT conversion. In this guide, we describe this process:
- To get started, visit the website exchange and provide the necessary details, like your email address and preferred password, to create an account.
- Platform will ask you to complete a KYC verification process to meet regulatory requirements. Without passing KYC, your work on the platform will be limited.
- After verifying your account, go to the “Deposit” section. Choose the option to deposit Georgian Lari (GEL) and follow the instructions given to generate a unique wallet address. You can then use this address to move GEL there.
- It may take some time for the transaction to be confirmed on the blockchain network.
- After your GEL deposit is confirmed and becomes available in your WhiteBIT account, go to the “Trade” section. Find the GEL/USDT pair and indicate how much GEL you want to give or how much USDT you want to get. Then you will see the current price for this deal. If it suits you, proceed with the trade.
Once you’ve traded your GEL for USDT and it’s been processed successfully, you can find your USDT credited to your account. You may then trade cryptocurrency, hold it, use it for DeFi projects, or withdraw it to your personal wallet or cold storage.
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