How to Buy Steem Coin Online

The Steemit platform is a blockchain-based social media platform that rewards users with the STEEM cryptocurrency, and it’s becoming increasingly popular. This guide will show you how to buy STEEM coins and trade them.

Compare Where to Buy Steem Coins and How to Sign Up for a Steem Account.
Read on to learn more about STEEM and how it works, or skip to our step-by-step buyers guide if you’re already up to date and ready to buy STEEM coins.

Steem Coin

What is STEEM?

In some ways, the Steemit platform is similar to a variety of other social media platforms. The most significant distinction is STEEM, the cryptocurrency used to compensate contributors. Upvotes are cast by Steemit users, and the more visible a piece of content becomes, the higher the reward.

The Steemit platform and cryptocurrency, STEEM, were created with the goal of encouraging users to create and share content on the site, resulting in a strong, committed community. Steemit has distinguished itself from other social media platforms such as Facebook and Twitter by rewarding great content with digital currency.

How does STEEM work?

There are better ways to make money with STEEM than creating and publishing content, especially if you are just getting started with cryptocurrencies. New Steemit users rarely see their posts go viral right away, and established users with more clout cast more weighted votes (known as Steem Power).

The Steem cryptocurrency comes in three flavors: STEEM, Steem Power, and Steem Doller. STEEM, on the other hand, is the only coin that can be exchanged for Bitcoin or a similar currency.

How to buy STEEM online – step-by-step guide

Step 1. Get a suitable wallet

You will have no trouble finding a suitable STEEM wallet due to the large number of wallets available. We’ve compiled a list of some of the most popular STEEM-compatible wallets that you can use once you’ve purchased STEEM coins to help you narrow down your options:

1- Steemit Wallet: Using the Steemit wallet makes sense if you are a regular on the Steemit platform, but there are better wallets available.

2- Vessel: This desktop client is available for macOS, Windows, and Linux and includes everything you’ll need to save STEEM on your computer or laptop.

3- ESteem: If you’re looking for a mobile app, ESteem is the place to go. It’s available for both iOS and Android and is one of the more user-friendly STEEM wallet apps we’ve seen.

Step 2. Find a STEEM exchange

If you don’t have the time or energy to create content for the Steem platform, there is a simple way to acquire STEEM: go to an exchange and purchase STEEM. Because there are so many STEEM exchanges out there, we’ve compiled a list of the most popular ones:

1- Binance: Binance allows you to trade over a hundred different cryptocurrencies, making it a good place to start if you want to buy STEEM.
2- HitBTC: This European exchange has been around since 2013, so you can buy STEEM with confidence.

Step 3. Taking off your STEEM

It is a good idea to withdraw your STEEM and keep it in your wallet once you have chosen a purse and purchased your STEEM.

Step-by-step instructions on how to trade STEEM.
If you only want to trade, you won’t need a wallet because you won’t be buying or withdrawing STEEM.

How to trade with STEEM – step-by-step guide

Finding a STEEM-accepting broker is the first step toward trading. There are a number of brokers that specialize in cryptocurrency trading, but eToro and Plus500 are two of the most popular right now.

Step-by-step instructions on how to trade STEEM.
If you only want to trade, you won’t need a wallet because you won’t be buying or withdrawing STEEM.

Step 1. Find a broker to trade STEEM

Finding a STEEM-accepting trading broker is the first step toward trading. There are a number of brokers that specialize in cryptocurrency trading, but eToro and Plus500 are two of the most popular right now.

Step 2. Deposit money

The next step is to make a cash deposit so that you can get started right away. You can expect a minimum deposit requirement from any cryptocurrency broker you choose. Fortunately, it’s never a huge amount.

Step 3. Decide how you want to act

Spread betting and CFDs are the two main ways to trade cryptocurrencies (Contracts for Difference). Both involve predicting whether the price of your chosen cryptocurrency will rise or fall over a specific time period. If you’re not sure what the difference is between spreads and CFDs, it’s worth learning more about them.

Step 4. Start trading

When you open an account with a broker, you’ll notice that you can start with a demo account. It’s worth trying out the demo version if you’re new to the game. This will allow you to get a feel for the platform and gain experience with cryptocurrency trading without putting your money at risk.

You can open a live account and start real trading when you’re sure you know what you’re doing, but keep in mind that the value of cryptocurrency can fluctuate dramatically.

The concept behind trading is straightforward: you simply take a bet on whether the value of your currency will rise or fall. If you believe it will rise, go long (buy), and if you believe it will fall, go short (sell) (sell).

You have the option of incorporating leverage into your trading strategy. You can deposit a fraction of the trading value as a deposit or “margin” when using leveraged trading. However, because this is a risky strategy, make sure you set up a stop loss to limit your losses.

Are you still undecided?
Pros

  • Fast transactions
  • A dedicated community of developers and stakeholders looking for the next viral piece of content
  • Could get huge if other social networks take over STEEM
  • Widely used and traded

Cons

  • More coins are generated every year, making STEEM a highly inflationary currency
  • Unknown future of Steemit
  • It’s not impossible, but STEEM is unlikely to ever be a high quality coin