How to buy and sell STEEM coins

To buy STEEM cryptocurrency, select a trustworthy exchange like Binance, Huobi Global, or Kraken, create an account, deposit funds, place a buy order, and monitor its execution for automated purchase when the price matches your specified conditions.

Nov 23, 2024 at 02:54 pm

Step 1: Selecting a Trustworthy Cryptocurrency Exchange

• Binance: The leading exchange for STEEM trading volume, offering low trading fees and a wide range of other cryptocurrencies.
• Huobi Global: Another popular exchange with competitive fees and support for multiple fiat currencies.
• Kraken: Known for its high security and regulatory compliance, but it charges slightly higher fees compared to other exchanges.

Step 2: Creating an Account on the Exchange

• Visit the exchange website or download its mobile app.
• Register for an account using your email address and create a strong password.
• Complete the KYC (Know Your Customer) process to verify your identity and ensure compliance with regulations.

Step 3: Funding Your Exchange Account

• Bank Transfer (Fiat Deposit): Deposit fiat currencies (e.g., USD, EUR, GBP) through wire transfer or SEPA for a fee.
• Cryptocurrency Deposit: Transfer STEEM or other cryptocurrencies from an existing crypto wallet or exchange.
• Credit/Debit Card Purchase: Purchase STEEM directly using a credit or debit card, typically with higher fees.

Step 4: Placing a Buy Order

• Go to the STEEM trading page and select "Buy."
• Choose the order type (limit or market) and specify the quantity and price.
• A limit order allows you to specify the maximum price you're willing to pay, while a market order executes immediately at the current market price.

Step 5: Monitoring and Executing Your Order

• The exchange will match your order with other traders' sell orders.
• Monitor the order book to track its status and make adjustments as needed.
• When your order is executed, the purchased STEEM will be deposited into your exchange wallet.

Step 6: Withdrawing STEEM

• To withdraw STEEM, go to the "Withdraw" page and select STEEM.
• Specify the withdrawal address (e.g., to a hardware wallet) and the amount.
• Withdrawals typically take a few hours to process and may incur a small network fee.

Step 7: Selling STEEM Coins

• Follow the same steps as buying, but select "Sell" on the trading page.
• You can place a sell order using a limit or market order.
• Once your sell order is executed, the STEEM will be removed from your wallet and you will receive the corresponding amount in fiat or cryptocurrency.

Additional Tips:

• Research: Conduct thorough research on STEEM and the exchange you choose before making any trades.
• Set Stop-Loss Orders: Place stop-loss orders to automatically sell your STEEM if it falls below a certain price, limiting your potential losses.
• Store Safely: Consider storing your STEEM in a hardware wallet, which provides enhanced security against hacks and theft.
• Understand Trading Fees: Familiarize yourself with the exchange's trading fees before placing any orders to avoid unexpected expenses.