Name: Binance USDT
Brand: Binance
SKU: 69

Question 1

Do I need a verified Binance account to redeem it?

Accepted Answer

Yes, and this is the most common reason a code will not redeem. Binance requires identity verification, known as KYC, and until that is complete the redeem option stays locked on your account. So before you buy, or at least before you try to redeem, make sure your Binance account is fully verified. If you are new to Binance, set up the account and finish verification first, then redeem the code. A verified account is not optional here; it is a requirement Binance sets.

Question 2

What is USDT, and why does its value stay steady?

Accepted Answer

USDT, or Tether, is a stablecoin, a type of cryptocurrency designed to hold a steady value by tracking the US dollar, so one USDT aims to stay worth about one dollar. This is different from coins like Bitcoin, whose price moves constantly. People use USDT as a stable place to hold funds on an exchange, or as a starting point before converting into other coins. It is worth knowing that "designed to" is not a guarantee, since even stablecoins depend on the company behind them holding sufficient reserves.

Question 3

Can I convert the USDT into Bitcoin or another coin?

Accepted Answer

Yes. Once the USDT is in your wallet, you can convert it to Bitcoin, Ethereum or any other cryptocurrency Binance supports, trade it, or transfer it to another wallet. The gift card simply gets the funds onto your account as USDT. What you do next is entirely up to you. Keep in mind that anything you convert USDT into may rise or fall in value, unlike the USDT itself, so a conversion carries the normal risks of crypto trading.

Question 4

Which wallet should I choose, Spot or Funding?

Accepted Answer

When you redeem, Binance asks whether to credit your Spot or Funding wallet, and either is fine, since you can move funds between them afterward. As a rough guide, the Spot wallet is where you trade coins directly on the exchange, while the Funding wallet is used for things like peer-to-peer transfers and some payment features. If you plan to trade straight away, Spot is the simpler choice. If you are unsure, pick either and move the funds later, as it does not affect the amount you receive.

Question 5

Does the code expire, and can it be used more than once?

Accepted Answer

The code expires, and it is single-use. Binance gift cards expire around six months after they are created, so redeem yours rather than leaving it sitting unused for months. Each code can also be redeemed only once, and the full amount is credited in a single redemption, so you cannot redeem part of it now and the rest later. Once a code is redeemed to a verified account, that account owns the funds, which is why you should redeem promptly and keep the code private until you do.