Paxful does its best to give users the option to save on fees for USDT transactions, that's why TRON (TRC-20) Network was added.
Transaction fees on the blockchain can get expensive and are sometimes unpredictable. These fees are called Network fees and do not go to Paxful. They go to the blockchain networks to make sure your funds are safe.
Luckily, the fees in the TRC-20 Network are lower than the fees in older blockchains (such as Bitcoin and Ethereum).
For USDT (Tether USD) we allow two send-out options from your Paxful Wallet: Ethereum (ERC-20 USDT) and TRON (TRC-20 USDT).
What are the fees associated with TRON USDT send-outs?
You will be charged a network fee when sending USDT via the TRON (TRC20) network and that's on top of the Paxful Wallet fee. Check out this article for more information on our fees.
Which network does my wallet/exchange accept?
Typically you can see that in the ‘Receive’ or ‘Deposit’ screen within your wallet. Look for either Ethereum (ERC20) USDT or TRON (TRC20) USDT. If you are given a deposit address, you can easily spot the Ethereum address by the ‘0x’ in the beginning, while TRON addresses start with a capital ‘T’.
Note: Make sure your wallet/exchange supports USDT transfers. Please never withdraw money directly to ICO addresses or services not designed to accept USDT.
What if I want to send USDT to another Paxful user?
You can still send funds to another Paxful Wallet by using a Paxful username or wallet address. There is no network fee for internal transfers (you have 1000 USD worth of free internal transfers each month).
I want to withdraw the funds to my own wallet, what software should I use?
Your funds are safe in your Paxful Wallet, but if you want to keep USDT in your own wallet, you can find the software for your desktop or mobile device here:
Make sure you copied the address correctly. Keep in mind that addresses are case-sensitive. Also, make sure your address is either Ethereum USDT (starts with ‘0x’) or TRON USDT (starts with ‘T’).
If you’re still running into issues, feel free to reach out to our support team.
To receive USDT, click on the “Receive” button in your Paxful Wallet. You will see two options for receiving Tether: the TRON Network (TRC 20) and the Ethereum Network (ERC 20). It's important to choose the right network when receiving or sending USDT to avoid losing your funds.
Firstly sign in to your Tether.to account, then click on Redeem. Fill in the total amount you wish to redeem, select the Tether tokens, the bank and click the Confirm button. 2. Ensure all information displayed is correct, fill in the Two-Factor Authenticator code and click Redeem Funds.
To withdraw USDT to a bank account, you can transfer your USDT to an exchange that supports the withdrawal of USDT to a bank account. Then, you can initiate a withdrawal request and provide the necessary information, such as the bank account number, name, etc. The withdrawal process may take a few days to complete.
When using a crypto exchange, you deposit your USDT into the exchange wallet, execute a trade against USD, and then withdraw the USD to your bank account. Exchanges often provide tools for users to track the market and make educated decisions on when to convert based on the current exchange rate.
It's important to check the specific terms and conditions of the exchange regarding USD withdrawals and any applicable fees. Yes, it is possible to convert USDT (Tether) back into USD on Binance. Binance offers various trading pairs and options to convert cryptocurrencies into fiat currencies, including USD.
1. Arbitrage: USDT can be used for arbitrage trading, which involves taking advantage of price differences between exchanges to make a profit. 2. Margin trading: USDT can be used for margin trading, which allows you to leverage your funds to increase your potential profits.
Tether is the most popular stable coin and even acts as a dollar replacement on many popular exchanges. USDT is fairly simple to use. Once on exchanges, it can be used to purchase Bitcoin and other cryptocurrencies. Tether has no transaction fees, although external wallets and exchanges may charge one.
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