How to Buy USDT at a Lower Price – Easy Strategy for Investment! #usdt #crypto #cryptoindia

Summary

In this video, the speaker shares two methods to purchase USDT at a discounted rate in India. The first method involves purchasing USDT abroad, such as in Dubai, where you can save significantly due to favorable exchange rates. The second method suggests using a prepaid or forex card for cost-effective purchases. The speaker emphasizes avoiding P2P trading due to high charges and regulatory limits on foreign currency. The video is aimed at long-term crypto investors looking for smarter ways to purchase USDT, with advice on managing taxes and avoiding costly errors in the process.

Takeaways

• 😀 This video discusses methods to buy USDT at a better rate, despite the 7% difference between the USDT rate and INR rate on exchanges in India.
• 😀 The content is not financial advice, and viewers are encouraged to use their own intelligence and discretion when dealing with crypto.
• 😀 The presenter is a long-term investor (hodler), emphasizing long-term crypto investment over short-term, intraday trading.
• 😀 The transaction method discussed in the video is not traceable, and it is possible to avoid taxes by legally changing residency (discussed in previous videos).
• 😀 Buying USDT with a card in India doesn’t typically result in a discounted rate due to hidden charges, Forex charges, GST, and payment fees.
• 😀 The method for buying USDT at a better rate involves traveling abroad (e.g., to Dubai or Thailand) and taking advantage of local rates for USD/INR conversion.
• 😀 When traveling, you can carry up to $1000 in foreign currency or its equivalent legally, which helps in getting better crypto rates abroad.
• 😀 The presenter will later show a video from Dubai, showcasing how crypto can be bought and sold in local OTC (Over-The-Counter) shops.
• 😀 A practical example of how buying USDT abroad can save INR by comparing rates in exchanges like Binance's P2P panel is demonstrated.
• 😀 When buying crypto, it’s important to avoid significant differences between rates on P2P exchanges as it can lead to unfavorable trades or losses.
• 😀 A second method to get discounted USDT is by using a prepaid card or Forex card, with significantly lower withdrawal fees compared to online card payments.
• 😀 P2P trading should be avoided due to the government’s limit on foreign currency transactions above ₹7 lakhs, as this incurs a 20% TDS and potential complications.

Q & A

Why is there a difference between the US dollar and USDT rates in India?

The difference arises due to factors like forex charges, exchange rates, and additional fees involved in crypto transactions. Typically, there's a 7% difference between the US dollar and USDT rates in India.

Is this video offering financial advice?

No, the video explicitly states that it is not financial advice. Viewers are encouraged to use their discretion and intelligence when dealing with crypto investments.

Can the crypto transactions mentioned in the video be traced?

No, the video states that the method of purchasing USDT at a discounted rate through certain channels is not traceable.

Do I have to pay taxes on the transactions discussed in the video?

Yes, the video mentions that while the transactions might not be traceable, you still have a tax obligation on your total income, including global income. The tax obligations are discussed in detail in previous videos.

What is the main objective of the video?

The main objective is to show viewers how to purchase USDT at a discounted rate, emphasizing long-term investment over short-term trading.

Why is P2P trading not recommended for this method of purchasing crypto?

P2P trading is not recommended because it involves significant risks, including the possibility of being trapped in unfavorable transactions due to large rate differences between sellers.

How can traveling abroad help in buying USDT at a better rate?

By traveling to countries like Dubai, you can buy USDT from local OTC shops at a significantly better rate due to the difference in exchange rates and lower transaction costs.

Can prepaid cards or debit cards be used to buy crypto at a discounted rate?

Yes, prepaid or debit cards can be used to buy crypto, and they typically incur lower charges compared to online payment methods. However, the charges for withdrawing money or using them abroad might vary.

What happens if the transaction amount exceeds the government limit for foreign currency?

If the transaction exceeds the limit of 7 lakh INR for foreign currency, a TDS (Tax Deducted at Source) of 20% will be deducted, and the amount will be held for one year.

What should I be cautious about when engaging in P2P trading?

When engaging in P2P trading, always check for significant differences in the rates offered by various sellers. Avoid dealing with sellers offering a substantial difference, as it could lead to unfavorable transactions.