Please beware of TETHER.TO (warning) [ USD/BTC ]

[apple_talk]

In order to use USDT to convert between BTC & USD.
You need to submit paperwork for verification.
Their approval process takes time.... email them few times. Today found out. Their are only about 2000 applications sitting in front for approval. That seems good news. But... for some reason they only process about 3-4 a DAY.

Which comes out to be over YEAR waiting for account approval before you can buy or Sell USDT.

Their were initially speculation that due to popularity, over 100k users created account, but that does not seems true. I had myself been waiting for 4-5 weeks now. But if they only process at this rate, dont expect anything before 2018 or 2019 ?


Bitcoin community please beware,

"Application status: Queued for Review
You are number 2038 in the queue
"

We want to hear from TETHER management, what they have to say?

[apple_talk]

I mean was USDT/BTC which is supported by most exchanges.

[notyours]

Thanks for the info, now i can avoid the site, Handling money is always risk, without money we can't but anything in this days , we always need money on pocket. There are trader in marketplace which more convenient to use but need to have escrow to avoid get scam and not lose money.

[rxracer]

Yeah, I found this out the hard way today.  The firs day I went backwards, from 2530 to 2583!  Today I've moved ahead a massive 3 places.  I even got a second photo ID ($70) especially for their completely overkill verification process.  I normally would've passed them by but USDT/BTC often trades at a lower price, which opens up the odd exchange arbitrage possibility.  That only works if you can deposit fiat.

What's also concerning is what happens if they reject one the FIVE separate verification sections?  Do you go to the back of the queue because the selfie with your license, the word 'Tether', the date, and your signature (Yup, they really make you do that) isn't quite right?  After 4 days I had my xBTCe verification rejected because of my phone number.  I was asked to email it......  7 days ago.  All my documents are verified, but a phone # takes a week+?!.

To my knowledge Tether aren't totally dodgy.  xBTCe are essentially BTC-E, who despite being infamously private have been operating successfully for many years.  I get that Tethers process is longer, but as apple_talk said, at this rate I wont be verified until at least 2018!  That's way beyond laughable. 

Some of these places really need a shake up.

[apple_talk]

 So far they only processed 2-3 applications in last 2 weeks. with 1500 in queue.

So based on this either they are fraud or don't care.
Calculating above takes one week to process per application, It would require over 28 yrs... maybe you unborn kids will be able to use TETHER.

[slo82]

early June 2017 I applied for a Tether.to account,  verification paperwork all submitted,   find a waiting list if I remember 2800ish checked it ever month or so and it was slowly going down,   ridiculous,   I'm now 580 in the queue, However over the last almost 7 months waiting a lot has been released on there security and a lot of crypto was stolen etc.... ill assume if my paper work is correct and I actually get verified Ill probably not even use this service. As it stands atm they have only just enabled withdraws after months of lock down and you still cant deposit....    in the time withdraws were locked Id of been less than impressed if I had considerable (any really) of my money tied up with them...

do your own research before you use this service as we will eventually get through the queue...   trade safe lads

[1Referee]

do your own research before you use this service as we will eventually get through the queue...   trade safe lads

In other words, avoid this service. I don't even understand why people are willing to go through all this in order to obtain a shitty altcoin token that represents itself as a USD equivalent alternative. It's making you miss out big time on buying opportunities due to the queue, and it heavily contributes to even more centralization. The less this pest gets distrubited throughout this market, the lower the eventual damage will be once this service and their fellow Bitfinex exchange implode. It's just a matter of time.