What is the difference between USDT and USDT20

When making a USDT transfer, many users are presented with a choice of three different chain types that are available, at which point users may face the situation that they don't know which chain type to choose when depositing and withdrawing.

At Beqaunt we currently support we currently support USDT OMNI and USDT ERC20. The differences between the different chain types are described in detail. Please refer to the table below.

USDT-Omni is the USDT issued by Tether based on the BTC network. The currency deposit address is the BTC address, with deposits and withdrawals taking place on the BTC network. The protocol used by USDT-Omni is the Omni layer protocol built on the BTC blockchain network.

USDT20-ERC20 is the USDT issued by Tether based on the ETH network. Its deposit address is the ETH address, with deposits and withdrawals taking place on the ETH network. The protocol of USDT-ERC20 is the ERC20 protocol.

If you deposited USDT20 to your Bequant account, you will need to convert these funds to USDT first to start trading. These two stable coins have the same value, but markets are open for USDT only. You won't see any market for USDT20 open in our Instruments.

After you're done trading, you can convert your USDT back to USDT20 if you would like to withdraw your funds to your ERC-20 wallet.

Note: Since the USDT in the three networks are not interoperable, users should carefully check if the address is correct when depositing and withdrawing. In order to avoid unnecessary losses due to wrong address, special attention should be paid to the different address styles of the three types of chains. Each type of chain has its own advantages and disadvantages, users can choose according to their own assets. If you choose a wrong address, please contact Bequant Customer service immediately.

How to convert USDT(OMNI) and USDT20(ERC20)?

You can perform a direct conversion between USDT and USDT20 and you don't need to take an extra step of placing an order. Here's how it's done. 

1. Go to your Account page.

2. Select USDT or USDT20 coin, below you will see ''Transfer to USDT20/USDT20' line to see button. Make sure that you have funds on the Main account or else conversion won't be possible. 

3. If you already have the coins that you'd like to convert (USDT or USDT20), just go ahead and click "Transfer to USDT20/USDT20'."

4. A new panel will open where you should enter the amount that you would like to convert and click "Transfer." The funds will be instantly transferred to your USDT account (if you're converting USDT20) or to your USDT20 account (if you're converting USDT).

Done! Now you can use the transferred funds for all of your trading needs or withdraw them.

Note: Alternatively, you can use an API method to convert USDT to USDT20 and vice versa. The conversion method is described in our API documentation.