Entering the cryptocurrency market often involves converting fiat currency like Chinese Yuan (CNY) into stablecoins such as USDT (Tether), which is pegged 1:1 to the US Dollar. This approach is widely preferred over directly purchasing volatile assets like Bitcoin (BTC) with RMB, as it provides stability and easier trading flexibility.
Many beginners notice price differences for assets like Bitcoin across exchanges. For instance, one platform might list BTC at 754,174 RMB while another shows 754,861 RMB. This isn’t necessarily a disadvantage—it reflects varying liquidity and trading pairs. Using USDT as an intermediary allows you to trade more efficiently and avoid potential pricing inefficiencies in direct fiat-to-crypto purchases.
Why Choose USDT for Trading?
USDT, or Tether, is a stablecoin designed to maintain a consistent value equivalent to one US dollar. It is widely used across global crypto exchanges because of its stability and high liquidity. By first converting RMB into USDT, you effectively dollarize your funds, enabling you to trade Bitcoin and other cryptocurrencies with clearer pricing and deeper market depth.
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Daily trading volumes involving USDT are exceptionally active, with order books updating continuously. In contrast, direct RMB-to-Bitcoin trading often suffers from limited liquidity and wider spreads, making USDT a smarter starting point for most traders.
Step-by-Step: Buying USDT with RMB
Once you have registered and completed identity verification on a supported exchange, you can begin the process of acquiring USDT.
Identity Verification Process
After registration, you will need to complete a Know Your Customer (KYC) verification. This usually involves uploading photos of your ID card (front and back) and completing a quick facial recognition scan. This step is mandatory for compliance and enables higher transaction limits and improved account security.
Initiating a Purchase
From the exchange’s homepage, navigate to the “C2C Buy Crypto” section. Here, you will typically see three options: C2C Trading, Quick Trade, and Bulk Trade. For individual retail transactions, C2C (Customer-to-Customer) is the most suitable.
Select “Buy,” then choose USDT as the currency. Enter the amount in RMB you wish to spend—for example, 500 RMB. The platform will automatically estimate the amount of USDT you will receive based on the current market rate.
Selecting a Payment Method
Most platforms support bank transfers, Alipay, and WeChat Pay. Choose the method you are most comfortable with. After selection, the system will display a list of sellers who meet your criteria.
Choosing a Reliable Seller
Focus on sellers with high transaction volumes and high ratings—for example, those with over 100,000 completed orders and a 99% or higher approval rate. These metrics indicate reliability and trustworthiness.
Once you select a seller, review the transaction details carefully. The seller may include specific instructions, such as:
- Use only a real-name verified payment account.
- Do include notes or comments during transfer.
- Avoid setting delayed transfer arrangements.
After transferring the RMB amount, click “I Have Paid” and wait for the seller to confirm receipt. Once confirmed, the USDT will be credited to your funding account.
How to Use USDT to Buy Bitcoin
Before trading, you must transfer USDT from your funding account to your trading account. This is done through the “Transfer” function. Select “Funding Account to Trading Account,” choose USDT, enter the amount, and confirm.
Navigate to the “Trade” section, search for the BTC/USDT trading pair, and select it. You will see options such as limit order and market order.
- Limit Order: You set a specific price at which you want to buy BTC. The order will execute only if the market reaches that price.
- Market Order: Your purchase is executed immediately at the best available market price.
After a successful order, the Bitcoin will appear in your trading account.
Selling Bitcoin and Converting Back to RMB
To convert Bitcoin back into RMB, first sell BTC for USDT. In the trading interface, choose “Sell,” enter the amount, and use a market order for quick execution. Once you have USDT, transfer it from your trading account back to your funding account.
Return to the C2C section, but this time choose “Sell.” Select USDT as the currency and enter the amount you wish to sell. Choose your preferred payment receipt method (e.g., Alipay or bank transfer). The platform will match you with a buyer.
Tips for a Safe Sale
- Choose buyers with high completion rates and registration history of至少 one year.
- Prefer buyers with an average payment time of under three minutes.
- Only accept payments from accounts that match the buyer’s verified identity. Reject payments from third-party accounts (e.g., family members or friends of the buyer).
- Verify actual receipt of funds in your account before releasing USDT.
Frequently Asked Questions
Why should I use USDT instead of buying Bitcoin directly with RMB?
USDT offers better stability and acts as a digital dollar. This allows you to trade with more precision and avoid the illiquid and often inefficient direct RMB-BTC markets.
What is the difference between a limit order and a market order?
A limit order lets you set a specific price for buying or selling, while a market order executes immediately at the current best available price.
How do I avoid scams in C2C trading?
Only trade with highly-rated sellers/buyers, verify payment identity matches the trader’s account, and never release assets before confirming funds have arrived.
Are there transaction fees?
Most C2C trades are fee-free, but the exchange may charge minimal fees for certain transactions like crypto-to-crypto trades.
What makes a seller reliable?
Look for high transaction volume, a high approval rating (e.g., 99%+), and a long-standing account history.
Can I use other stablecoins?
Yes, but USDT is the most widely accepted and liquid stablecoin across major exchanges, making it ideal for beginners.
Using USDT as an intermediate step provides a smoother, more secure method for entering and exiting cryptocurrency positions. By understanding these steps and precautions, you can trade more confidently and effectively.