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Author Topic: Can you exchange USDT for real Dollars?  (Read 133 times)
Qcrypto (OP)
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February 04, 2020, 08:31:58 PM
 #1

If you go to Coinbase, you can see the options to exchange Bitcoin, Ethereum, Litecoin, Bitcoin cash for $ to you Bank account.

But there is no option to withdraw Tether.

Is there any exchange where Tether can be withdrawn to your bank account for $?

gentlemand
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February 04, 2020, 08:37:30 PM
 #2

Yes. Kraken has a USD/USDT market.

https://www.kraken.com/prices

On the top left hit the grey button and scroll down to the USDT markets and you'll find USD in there. I don't know how good Kraken's USD banking is. It might be crap.

Of course you should be able to do it through Tether themselves but we're not supposed to talk about that.
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February 04, 2020, 08:50:22 PM
 #3

why not buy btc first in exchange of your tether and then convert them to $ so you can send it to your bank account? so you will not be looking much further. for sure USDT to BTC is possible in coinbase. or are you considering the trading fees involved when you exchange it from one currency to another? but i think, it is not a significant amount. if you are comfortable using coinbase, why not try a lil amount and check how much losses it would incur you doing those transactions? but to give you other options, below are some exchanges with direct USDT/USD trading pair -

https://www.binance.us/en/trade/USDT_USD
https://www.bitfinex.com/t/USTUSD
https://global.bittrex.com/Market/Index?MarketName=USD-USDT
https://www.btse.com/en/trading/USDT-USD
gentlemand
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February 04, 2020, 08:59:19 PM
 #4

I don't doubt kraken is legitimate but I legitimately hate them, they are the biggest pains in the ass to get verified with. It would honestly be easier to send them a vial of blood but somehow I'm sure they would say that it wasn't enough and they need you to try again.

Honestly I scanned front/ back of the drivers license, wrote a letter with a signature held it all to my face and took a bunch of photos and still denied. Like for fuck sake boys, I'll just use another exchange.

I verified a long, long time ago and back then it was nothing other than ID scan and proof of address scan. I haven't heard anything from them since and have put a fair bit of money through there. Maybe they've tightened up or had a crap phase that has since passed.
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February 04, 2020, 09:07:52 PM
 #5

Yeah, Kraken is very strict on the KYC process base on what I heard from other users.

Anyway, someone already posted another option where you can exchange USDT to USD and then withdraw.
The best option, for now, Is the Binance US already mention above

Which is this https://www.binance.us/en/trade/USDT_USD

Also, check the Binance US limits on withdrawal from here "Binance.US Increases ACH Limits for USD Deposits and Withdrawals"
So the withdrawal is not instant it will be held for a few days.


Be careful don't recommend this one because there are many issues that I heard about this exchange.

Look:

- BITFINEX IS A SCAM and ITS KYC IS A DELAY TACTIC TO MAKE YOU FORFEIT YOUR FUNDS!
- WTF just happened?? Bitfinex scam ??
- Is Bitfinex a SCAM?

And many more scam accusations against them here on the forum.

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The Sceptical Chymist
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February 04, 2020, 09:34:16 PM
 #6

Honestly I scanned front/ back of the drivers license, wrote a letter with a signature held it all to my face and took a bunch of photos and still denied. Like for fuck sake boys, I'll just use another exchange.
I had to LOL at your post, because I basically went through the exact same ordeal as you did--and I don't like Kraken to begin with, but I don't have any way to purchase bitcoin with fiat so I tried the KYC procedure.  All the pictures I took weren't good enough, and eventually I just gave up.  Not worth it to me.

As to OP's question, it's a bit strange to me.  If you need fiat and have USDT, you might not be able to exchange it directly depending on which exchange you're using, but if you're able to trade with fiat you can always do the USDT->BTC->USD route.  It might be somewhat of a hassle, but it solves the problem.  I've never dealt with USDT myself, so I don't know how the exchanges treat it as far as letting you trade it for fiat--but from reading some of the responses here, it sounds like it's not that big a deal.

If Kraken is one of your only options, then go for it.  Just make sure you have a ultra-mega-super high resolution camera that can pick up every hair follicle on your face.

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