As the first step into the crypto world, many users are faced with a question: how do I convert my real-life Hong Kong dollars into crypto assets that can be used freely on the chain? USDT, as the most mainstream stablecoin, plays an extremely important role in cryptocurrency trading. According to statistics, USDT accounts for nearly 80% of the stable currency trading volume, and is currently the most widely used digital dollar. Whether you're buying other currencies, participating in an NFT Mint, or grabbing a project token IDO (Initial Decentralized Offering), novice traders can do without the use and transfer of USDT.
Therefore, learning how to deposit in fiat currency and mastering the USDT transfer process is a must for every beginner in the cryptocurrency world.
This tutorial will take you step-by-step through the process and show you how:
① Transfer of bank deposits to a licensed exchange (On-ramp)
② Purchase and acquire USDT
③ Transfer USDT withdrawals to personal crypto wallet (on-chain transfer)
We'll also be answering frequently asked questions and providing practical tips to help you avoid the mistakes that newcomers make. Rest assured that the information in this guide has been updated through 2025 and the steps have been verified to give you peace of mind as you take your first steps into the world of coins!
What Is USDT? The Stablecoin Hong Kongers Must Understand Before Getting Started
USDT (Tether) is a stablecoin pegged to the U.S. dollar, with a target value of approximately 1 USDT equaling 1 U.S. dollar. It is the stablecoin with the largest circulation in the entire cryptocurrency market, accounting for nearly 80 percent of stablecoin trading volume. Whether you want to buy or sell other cryptocurrencies, participate in new projects, earn yields on DeFi platforms, or simply transfer funds to a friend, USDT is the most commonly used form of “US dollar cash” in the crypto space.
For users in Hong Kong, knowing just two things is enough to handle the vast majority of situations:
- How to Obtain USDT—Convert Hong Kong dollars to USDT on-chain;
- How to Make a Secure Money Transfer—Send the USDT to another address without any errors.
We'll break this down point by point below.
USDT Wallet Application: Make sure to have your receiving address ready before making a transfer.
Before buying cryptocurrency or making a transfer, you’ll need your own crypto wallet to receive and manage USDT. Popular choices for beginners include self-custody wallets such as MetaMask and the OKX Web3 Wallet; the sign-up process is generally the same:
- Download the wallet app from the official website or app store (be sure to verify the official source to avoid downloading a fake wallet);
- When you create a new wallet, the system will generate a set of mnemonic phrases—Write it down on paper and save it offline; do not take screenshots or store it in the cloud.；
- Once you're done, you'll see your wallet address. Ethereum addresses begin with "0x," while TRON (TRX) addresses begin with "T."
The same set of mnemonic words can be used on multiple chains, butThe address format differs for each blockchain., When receiving payments, you must provide an address that matches the recipient’s payment network. This point will be emphasized repeatedly in the section on transfers later in this guide.
How Can Hong Kong Residents Get USDT? A Step-by-Step Guide to the Most Common Methods
Licensed platforms in Hong Kong currently mainly offer retail investors the ability to buy and sell mainstream assets such as BTC and ETH, but do not allow direct purchases of USDT with Hong Kong dollars. Therefore, the safest way for Hong Kong residents to obtain USDT is to “first buy mainstream cryptocurrencies, then exchange them”:
Step 1: Open an account with Futu and deposit funds. Futuhui Securities is a licensed brokerage firm well-known to Hong Kong investors. It supports cryptocurrency trading, and you can get started by depositing Hong Kong dollars via bank transfer or FPS (Faster Payment System). For information on the account opening process, please refer to Guide to Opening an Account with Futu Securities, Remember to use the invitation code MBHKFT Claim your new customer reward.
Step 2: Buy BTC or ETH. After depositing funds, go to the cryptocurrency trading section on Futu and buy BTC or ETH at market price. If you plan to exchange your holdings for USDT on an Ethereum-based decentralized exchange (DEX) later, we recommend buying ETH directly, as this is the most straightforward process.
Step 3: Withdraw the coins to your own wallet. Withdraw the BTC or ETH you purchased to the wallet address you registered in the previous chapter. For details on Futu’s withdrawal process, supported networks, and important notes, please see Fidelity Cryptocurrency Teaching。
Step 4: Exchange it for USDT on the DEX. Open a major DEX such as Uniswap, connect your wallet, and exchange ETH for USDT. USDT has ample liquidity, so slippage is generally very low. When confirming the transaction, be sure to keep a small amount of ETH in your wallet to cover network fees (Gas); otherwise, the transaction will fail due to insufficient funds.
Buying USDT Over-the-Counter (OTC): Fast, but Be Aware of the Risks
Another option is to exchange HKD for USDT directly through an over-the-counter (OTC) currency exchange. The advantage is that it’s a one-step process and funds are typically credited the same day, but the risks are also significantly higher: Quotes are usually about 1–31 TP3T higher than the market price, and you must be careful to verify the reliability of the provider to avoid receiving funds from unknown sources or falling victim to fraud. When conducting the transaction, be sure to request the on-chain transaction hash (TxID) as proof.
We've written a dedicated article covering the complete OTC process, quote comparisons, and key tips for avoiding pitfalls:Guide to Deposits and Withdrawals on Hong Kong OTC. If you're a beginner, we recommend using the Futu route first. The entire process is completed on a regulated platform and within your own wallet, and every step is documented for your records.
Sending USDT to Someone Else: A Five-Step Guide
Once you have USDT in your wallet, the process for transferring it to someone else (or to another address you own) is as follows:
1. First, choose the right blockchain. USDT exists on multiple blockchains; the most commonly used ones are:
- TRC20 (TRON): Extremely low fees and fast transfers, ideal for simple money transfers;
- ERC20 (Ethereum Mainnet): Offers the widest compatibility, but has higher gas fees;
- Arbitrum: An Ethereum Layer 2 solution with low transaction fees, commonly used in DeFi and trading applications (such as the Hyperliquid ecosystem).
The chains used by the sender and the recipient must be exactly the same.—This is the most important rule in the entire transfer process.
2. Obtain and verify the shipping address. When requesting a payment address from the other party, confirm the chain they specify at the same time. After pasting the address, verify at least the first and last 6 characters, checking them one by one; some malware can tamper with the clipboard contents, so don’t just check the beginning.
3. Small-scale testing. When transferring funds to a new address for the first time, start with a small amount (e.g., 5–10 USDT). Once you’ve confirmed the recipient has received it, transfer the remaining balance. Paying an extra transaction fee ensures the safety of your entire transfer.
4. Make sure you have enough of the fee currency. Transferring USDT on Ethereum or Arbitrum requires ETH to cover gas fees, while on TRON it requires a small amount of TRX (or energy). If your wallet only contains USDT and no currency to cover the transaction fees, you won’t be able to send the transaction.
5. Track the transaction using a blockchain explorer after sending it. Make a note of the transaction hash (TxID) and check the status on Etherscan, Tronscan, or Arbiscan. If it shows “Success,” it means the transaction has been completed on-chain, and the recipient will definitely receive it (as long as the address and blockchain are correct).
Common Mistakes: Sending to the Wrong Chain and Fake USDT
Wrong ChainThis is the most common mistake made by beginners. For example, if the recipient gives you a TRC20 address but you send funds via the ERC20 network—the funds won’t disappear, but they’ll end up in the corresponding address on a different blockchain, making it very difficult for the average user to retrieve them; if the recipient’s address is an exchange deposit address, the funds may be permanently lost. Before sending, double-check that both the “address” and the “chain” match the recipient’s specifications.
Fake USDT This is another trap. Anyone can issue a token called “USDT” on the blockchain, and scammers may use fake tokens to pay you or lure you to a fake website to exchange them. How to protect yourself:
- After receiving a payment, don't just look at the token name; use a blockchain explorer to verify the token'sContract AddressIs this an official USDT contract?;
- Treat any private messages from strangers offering to “buy or sell USDT at an extremely favorable exchange rate” as scams;
- When trading on a DEX, copy the official contract address from CoinMarketCap or CoinGecko; do not search directly by the token name.
What Should You Keep in Mind When Receiving USDT? A Checklist for Recipients
If you're the one receiving payment, there are a few things you need to do as well:
- Specify the chain and address clearly: When sending your address to the other party, specify whether it’s TRC20, ERC20, or Arbitrum. It’s best to copy it directly from your wallet rather than typing it out by hand;
- Switch to the correct network to check your balance: Wallets such as MetaMask must be switched to the corresponding chain to view incoming deposits; if USDT does not appear in your wallet, you may need to manually add the USDT token (using the official contract address);
- Verify that it has been added to the blockchain—don’t just trust a screenshot: If the other party claims to have made the transfer, ask for the TxID and verify it yourself using a blockchain explorer; the transaction is only valid if it shows as successful and the recipient’s address is correct;
- Be Aware of Source Risks: Before accepting large amounts of USDT from strangers, make sure you understand the source of the funds to avoid getting caught up in suspicious money flows.
Next Step: Now that you have USDT, ready to start trading?
After completing the steps in this guide, you now have a self-custody wallet containing USDT. If you’d like to use these funds to trade crypto futures or spot markets next, you can do so directly on-chain using Hyperliquid—there’s no need to deposit your funds back into a centralized exchange. Simply deposit via Arbitrum to get started, and sign up using our referral link to enjoy a 4% fee discount.
Extended Reading:Guide to Deposits and Withdrawals on Hong Kong OTC、Fidelity Cryptocurrency Teaching
Frequently Asked Questions
Q1: Can I buy USDT directly with Hong Kong dollars in Hong Kong? A: Licensed platforms in Hong Kong currently mainly offer mainstream assets such as BTC and ETH to retail investors; it is not possible to purchase USDT directly with Hong Kong dollars. A common approach is to purchase BTC or ETH through a licensed platform such as Futu, withdraw the coins to your own wallet, and then exchange them for USDT on a DEX; alternatively, you can exchange Hong Kong dollars directly for USDT through an OTC exchange, but you must assume the higher counterparty risk yourself.
Q2: How much is the fee for a USDT transfer? A: It depends on the chain used: TRC20 fees are extremely low (usually less than $1); Arbitrum generally charges only a few cents to a few dimes; ERC20 (Ethereum mainnet) is the most expensive, reaching several dollars during peak network traffic. Additionally, when withdrawing funds from an exchange, the platform will charge a fixed withdrawal fee, the amount of which is subject to the platform’s current published rates.
Q3: If I send funds to the wrong blockchain or enter the wrong address, can the funds be recovered? A: If you sent funds to the wrong blockchain but the address belongs to a wallet you control, the funds will be in the same address on the other blockchain, and you can retrieve them by importing the wallet on that blockchain; however, if you sent funds to someone else’s address or an exchange’s deposit address, they are generally unrecoverable. Once a blockchain transaction is confirmed, it cannot be reversed, so be sure to make it a habit to “verify the address, verify the chain, and test with a small amount.”
Q4: A friend says they haven't received the USDT I sent. How can I troubleshoot this? A: Check the following three items in order: ① Use the TxID to verify in a blockchain explorer whether the transaction appears to have been successful; ② Verify that the chain you used to send the transaction matches the one the recipient is viewing; if necessary, ask the recipient to switch networks in their wallet; ③ Double-check that the recipient’s address is exactly the same as the one provided. If all three are correct, the funds are definitely in the recipient’s address—it’s possible the wallet simply hasn’t manually added the USDT tokens yet.
Q5: Should I keep USDT on a trading platform or in my own wallet? A: For short-term trading, you can leave your assets on the platform for convenience in buying and selling; for long-term holding, we recommend transferring them to a self-custody wallet so you can keep your private keys yourself. Regardless of where you store them, you should enable two-factor authentication, securely store your mnemonic phrase offline, and whitelist your frequently used withdrawal addresses.
Q6: What should you check before receiving USDT? A: Three things: Make sure the chain the other party is using matches the address format you provided; verify that the transaction appears as successful on the blockchain explorer; and ensure that the token contract address you receive is the official USDT contract, not a fake one. For large payments, we recommend starting with a small test transaction first.
Disclaimer
The content of this article is for reference only, investors should exercise independent judgment, invest prudently and at their own risk, this article does not provide or attempt to persuade the audience to do trading or investment basis, the content is for sharing purposes only, and should not be regarded as investment advice.It does not represent the views and position of Monsterblockhk.All information and opinions are current as of the date of the judgment. In addition, if a judgment is rendered on aIn this siteAny content related to virtual asset trading platforms that have not yet obtained a license to operate virtual asset trading platforms in Hong Kong, including but not limited to text introductions, pictures, offers, events, etc., are only available to users outside the Hong Kong Special Administrative Region.
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