If you are in Brazil and want to buy or sell USDT quickly and easily, you can do it on El Dorado by following these simple steps.
- Download the app or visit our website to create your account at El Dorado.
- Complete the KYC verification (this will only take 5 minutes).
- Access our P2P market in the “Exchange” tab and select one of the available offers with PIX as the payment method.
- Indicate the amount you want to exchange, complete the steps indicated by the system, and you're done.
Understanding PIX
Instant Payment System, better known as PIX, was introduced to the public in Brazil in November 2020. PIX emerged as a solution to Brazil's complicated payment system, Boleto.
Boleto was the most used payment method in Brazil since its introduction in 1993. Over the years, the Boleto system fell short for Brazil's massive market, making transactions with this method quite complicated.
Since the Central Bank of Brazil introduced PIX and all banks in the country added the service to their systems, PIX has become the most used payment method in the country, processing over 30 billion transactions in its first 2 years, with a total of 141 million users.
It took PIX just over a year to become the most common payment method in the country, far surpassing payments by transfer, debit card, or credit card.
What is Tether (USDT)?
USD Tether or USDT is a stable cryptocurrency pegged 1:1 to the price of the US dollar, which means that unlike other cryptocurrencies, its value does not fluctuate and maintains its parity with the dollar.
USDT is the perfect option if you are looking to preserve the value of your money in a strong and secure currency, as it is the third most used cryptocurrency in the world, only surpassed by Ethereum and Bitcoin, with a market capitalization of approximately $112.73 billion (June 2024).
How to Use a PIX Account?
One of the added values of PIX is its simplicity when making a payment. Normally, with other payment methods, you had to enter a lot of data and there was a high risk of making a mistake.
With PIX, users have 3 options to make payments:
- Enter the other user's PIX key.
- Scan the QR code.
- Use the proximity sensor or NFC on your phone.
It's that easy, and the counterparty will receive the money in their bank account instantly.
What Fees Does PIX Charge for Transfers?
The current fees for making payments with PIX are as follows:
- Transfers between users are free.
- Transfers between users and merchants, and between merchants, incur a fee set by the issuing bank.
How to Have a PIX Account?
The only requirements to have a PIX account are:
- Have a national identification number.
- An active phone number.
- Have a bank account in the country.
PIX users can make payments from anywhere in the world and can even make instant transfers to international banks.
As we can see, for now, the service is only available to Brazilian citizens, but the Central Bank of Brazil has confirmed that they are working with national banks that have branches in different countries in the region to bring PIX to more people in Latin America.
Create your account at El Dorado right now! It won't take more than 5 minutes to do it and start saving in dollars safely and easily.
