Wat is die goedkoopste manier om USDT te belê op Celsius Network vir Australiërs?

Celsius Network is a cryptocurrency staking app that allows you to stake a variety of supported cryptocurrencies in return for pre-defined returns. These returns are paid out weekly. Typical annualised returns range from a around 2-3% up to 16.49% with occasional promotions to boost returns if you receive your payouts in the Celsius Network token, CEL.

From time to time, Celsius also offers promotions where you can earn bonus rewards for investing certain cryptocurrencies for certain periods of time. One example could be investing USDT (Tether) for 30 days in order to get a bonus of USD $20 paid out in USDT using the Celsius promo code: USDT20. (Promo code is current as at the time of writing).

As with any investment, I want to get the best bang for my dollar and keep fees to a minimum, and that can be a challenge when investing from Australia. AUD is not widely traded on cryptocurrency exchanges, and many exchanges do not yet have fee-free bank transfer options available (eg Coinbase). Celsius does not have a fee-free way to invest AUD either and the fees to invest directly in the Celsius app using a credit or debit card can be quite substantial.

At the time of writing, USDT/Tether is also not available for purchase directly on the Celsius app, so in this article I’m going to find out what the cheapest way is to purchase USDT and invest it on the Celsius Network.

If you don’t already have an account with the Celsius Network, sign up using my referral code to get a bonus of USD $20 paid into your account in Bitcoin once you transfer USD $200 or more in crypto and hold it in your Celsius wallet for 30 days. Sign up here with my referral link and make sure to enter my referral code.

Celsius Network referral code: 1255999311

Please note, this article will be evolving as I continue to explore other ways of buying USDT with AUD and sending it to Celsius.

Methodology

In order to calculate the best value, I’ve chosen a total investment of AUD $100.00. I chose AUD $100 so it would be easier to calculate percentages.

I’ve then reviewed each payment option based on a total investment including all fees of AUD $100.00 to identify which option comes out on top.

I have chosen the value of AUD to USDT at the time of article writing to calculate conversion rates and subsequent costs. This value will vary.

So, for our calculations, $1 AUD buys 0.76316 USDT.

Investing larger amounts may save you money in some methods as they charge flat fees. I’ve noted this in the relevant options

Option 1: Binance

Binance is a popular cryptocurrency exchange. If you are new to Binance, you can get a 10% fee kickback on trades using my referral link to sign up here. You can also enter my referral code during the sign up process.

Binance referral code: D7J2UAE7

Deposit Fees

Binance offers free AUD deposits using instant PayID transfers and direct conversions from AUD to USDT. In other words, you don’t need to exchange to an intermediary cryptocurrency first and pay two sets of exchange fees.

So I’ve gone ahead and deposited AUD $100.00 into my Binance spot wallet. No fees so far.

Trading/Exchange Fee

You do, however, have your exchange fees. You can find the full Binance fee schedule for trades here. I’m going to make the assumption that most people reading this article will be trading at VIP Level 0. This means you pay a 0.1% maker or taker fee. If you hold enough BNB in your account to pay the trade fees then you pay a discounted 0.075%. If you have also signed up using my referral link, then you will get a further 10% fee kickback making your trading fee 0.0675%.

You can also get greater discounts by holding more BNB in your Binance exchange wallet.

Binance Trading Fees

So, based on an 0.0675% trading fee, at the time of writing, I would expect to expend AUD $0.0675 to purchase USDT, giving me an equivalent AUD amount of $99.9325. So far, so good.

Based on our 0.76316 USDT value, that gives us 76.26449 USDT.

Withdrawal Fee

Binance charges a flat fee for USDT withdrawals along with applying a minimum withdrawal amount. Celsius uses an ERC20 wallet so the minimum withdrawal is currently 6 USDT and the fee is 3 USDT.

Binance Withdrawal Fees

A 3 USDT withdrawal fee equates to a 3.935% fee (after rounding to 3 decimal places). Not too bad, but being a flat fee, the more we transfer at once, the lower this fee percentage becomes.

For example, if we doubled our initial buy, its 1.967% (after rounding). Or, if our initial buy was AUD $1000, all of a sudden this fee is 0.3935% instead.

Amount Received in Celsius

Based on our initial AUD $100 deposit, this results in 73.26449 USDT being deposited to our Celsius Network wallet.

Our total fees are approximately 4.0025%, reducing based on increased deposit.

Based on a AUD $1000 deposit, our total fees would be approximately 0.461% which is pretty good.

Option 2: Crypto.com App

The Crypto.com App is the custodial wallet that forms part of the Crypto.com ecosystem. If you are new to the Crypto.com App, you can get a USD $25 bonus paid in CRO when you stake 2500 CRO in the Crypto.com App to order a metal Crypto.com debit card by using my referral link to sign up here or by entering my Crypto.com referral code when you signup.

Crypto.com referral code: h9tfssdd364

Deposit Fees

The Crypto.com App offers free AUD deposits using instant PayID transfers and direct conversions from AUD to USDT. In other words, you don’t need to exchange to an intermediary cryptocurrency first and pay two sets of exchange fees. It’s also nice that you don’t need to send funds to the exchange.

Crypto.com App Bank Transfer Fee

So I’ve gone ahead and deposited AUD $100.00 into my Crypto.com App wallet. No fees so far.

Trading/Exchange Fee

The fiat to crypto purchase fees are unclear and are not actually listed in the fee schedule. They only list crypto to crypto exchange or debit/credit card purchase. However, testing this out, I noted 0 fees on exchanging AUD deposited via PayID to USDT. You can check the current fee schedule in the settings section of the Crypto.com App.

Crypto.com App Exchange Fee

Based on our 0.76316 USDT value and no conversion fee, that gives us 76.316 USDT.

Yay, no fees!

Withdrawal Fee

From the Crypto.com App, there is a flat fee for USDT withdrawals along with a minimum withdrawal amount.

The withdrawal fee is currently 3 USDT.

Crypto.com App USDT Withdrawal Fee

The minimum withdrawal amount is currently 10 USDT.

Crypto.com USDT Minimum Withdrawal Amount

With a 3 USDT withdrawal fee, this works out the same way as Binance withdrawals and equates to a 3.935% fee (after rounding to 3 decimal places). Since this is a flat fee, the more we transfer at once, the lower this fee percentage becomes.

For example, if we doubled our initial buy, its 1.967% (after rounding). Or, if our initial buy was AUD $1000, all of a sudden this fee is 0.3935% instead.

Amount Received in Celsius

Based on our initial AUD $100 deposit, this results in 73.316 USDT being deposited to our Celsius Network wallet.

Our total fees are approximately 3.935%, reducing based on increased deposit amounts being transferred.

Based on a AUD $1000 deposit being sent from our Crypto.com App wallet, our total fees would be approximately 0.3935% which is pretty good.

A note on the Crypto.com Exchange

You can also send USDT from the Crypto.com Exchange to your Celsius wallet. However, you cannot trade AUD directly on the Crypto.com Exchange. If you exchange another coin for USDT, or if you are holding USDT on the Crypto.com Exchange then you can send that USDT directly from your exchange spot wallet to your Celsius wallet with the same fees as if you were sending it from the Crypto.com App.

If you do need to exchange another coin for USDT, Crypto.com currently has a 100% fee rebate if you pay your trading fees in CRO for VIP1 tier traders (those who have staked at least 5000 CRO on the exchange and have a 30 day trading volume of less than USD $250,000) and you are trading as a taker (someone who places an exchange order at market price that gets filled immediately). A 100% fee rebate represents excellent value and is one of the reasons I use and recommend the Crypto.com exchange.

If you are not already using the Crypto.com Exchange, signup using my referral link to earn a bonus USD $50 paid in CRO when you stake 5000 CRO on the Crypto.com Exchange (which is currently earning 10% APR).

Other options (unsupported)

I’ve also explored these options, however they either do not support USDT or they do not support AUD and so I’ve therefore ruled them out as choices.

Celsius Network App

The Celsius Network App does not currently support buying USDT directly from within the app. Based on standard fees for other in-app crypto purchases, these would likely be too high to warrant using to buy USDT with AUD.

If you don’t have a Celsius Network account, sign up using my referral code to get a bonus of USD $20 paid into your account in Bitcoin once you transfer USD $200 or more in crypto and hold it in your Celsius wallet for 30 days. Sign up here with my referral link and make sure to enter my referral code.

Celsius Network referral code: 1255999311

Coinbase

I actually really like Coinbase, and you can get USD $10 paid in Bitcoin when you buy or sell USD $100 in crypto on their platform after signing up with my referral link. However, Coinbase does not support USDT at the time of writing and so I’ve had to rule them out.

If you are interested in getting the Coinbase signup bonus, you can signup using my referral link here and ensuring my referral code is entered during the signup process.

Coinbase referral code: brown_dtz

Other options (still to research)

There are other options out there that I have not yet researched.

These options include:

  • AAX
  • Luno
  • HitBTC
  • FreeWallet
  • Uphold
  • More…

I’ll be updating this article with my comparisons on these options as I have time to research them, plus others. If there is a specific platform you would like me to research, please let me know in the comments and I’ll add it to the list and get it done ASAP.

And the winner is!

Crypto.com App!

With a flat withdrawal fee of 3 USDT, Crypto.com gets cheaper the more you withdraw to your Celsius wallet.

The Crypto.com App beats out Binance because there are no exchange or trade fees, only a withdrawal fee. There really isn’t a lot between these two platforms as their withdrawal fees are the same. However, the Binance exchange fee costs it equal place! If you do opt for Binance though, make sure to use my referral link to save yourself 10% on trading fees.

Get the Crypto.com App here.

Don’t forget to use my referral code: h9tfssdd364

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