This guide’s going to show you exactly how to buy steem cryptocurrency, whether you’re from the UK, USA or anywhere else Internationally. We will show you our top two ways of getting your hands on some and even show you how to store it.
- 1 Are You Too Late To Buy STEEM?
- 2 How High Could STEEM Go?
- 3 How To Buy STEEM – Our Top 2 Ways Explained
- 4 Creating a Coinbase Account
- 5 My Coinbase Account Is Good To Go. What Next?
- 6 Setting Up A STEEM Wallet
- 7 Create a Binance Account
- 8 How To Transfer From Coinbase To Binance?
- 9 How To Trade Bitcoin Or Ethereum For STEEM On Binance?
- 10 How To Withdraw STEEM From The Binance Exchange?
- 11 Conclusion
Are You Too Late To Buy STEEM?
Steem did not have an ICO and it was first made available to the public on 18th April 2017, when the coin first hit cryptocurrency exchanges priced at $0.75. On 3rd January 2018, the Steem coin posted an all time high of $8.5 a coin and achieved a market cap of $2.1 billion. At the time of writing you can pick up Steem coin at just half the price of their all time high, a rather attractive discount.
Even though Steem’s social network ‘Steemit’ is beginning to gain traction and boasts a sizeable 950,000 users, we have to remember that social platforms like Facebook have 2.2 billion active monthly users. There is a long way to go if Steemit is to succeed as a social network and it’s still very early days. Yes, the cryptocurrency community have got behind Steemit but if the social network is to truly challenge the likes of Reddit and Facebook, it needs to achieve mass adoption. The exciting thing about Steemit is that it has the potential for mass appeal and to introduce 100’s of millions of people to cryptocurrency for the first time.
The Steem project is still in its infancy and it’s not too late to buy Steem coin. The most important consideration when buying any cryptocurrency is the price you get in at. If you think that looking at all time high discounts is a good measure of the value of a cryptocurrency, we can recommend checking out ATHCoinIndex.
How High Could STEEM Go?
The truth is that no one knows how high a cryptocurrency can go and no one has come up with a tried and tested method to value them properly. What is clear is that if Steem is a success, it will be battling for market dominance with the likes of Facebook and Reddit.
Reddit is somewhat of a social media outlier in terms of valuation. The company is still private, but it raised $200 million in it’s last funding round in July 2017 which valued the company at $1.8 billion. Facebook on the other hand has a valuation of $462 billion at the time of writing.
If you think Steemit could be the number one social media platform in the future, then it has the potential to achieve a similar level of valuation to Facebook. It all depends on how dominant Seemit can be in the social network space. If you believe that social network users will agree that they should be paid for their contributions, then backing Steem might not be a bad idea.
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TotalCrypto has no idea how high Steem could go. What we do know, is that a system where contributors are rewarded for the value they create, is much fairer than the existing system imposed on us by traditional social media platforms. Maybe the masses will see it this way, maybe they won’t.
How To Buy STEEM – Our Top 2 Ways Explained
We will show you two ways to buy Steem. It’s totally up to you to decide the correct one for you.
- How to buy Steem with regular currency (for example; USD, GBP and EUR). To do this you will need to create accounts at Coinbase and a cryptocurrency exchange. Setting up multiple accounts is a hassle, but sadly it is the only way.
- Our second method is for those that already hold some Ethereum or Bitcoin and wish to trade this for Steem. We will show you the best exchange to use and get your hands on some coins.
Buying STEEM With USD, EUR or GBP
If you’re buying cryptocurrency for the first time, this option is for you. You will need to create an account on Coinbase and at a cryptocurrency exchange in order to get your Steem. Then you should consider how you wish to store your coins. Sounds like a lot? Don’t worry, we will walk you through everything.
Buying With Crypto?
Already hold Bitcoin or Ethereum and just want to know the best cryptocurrency exchange to buy Steem? Then this one is for you. Simply skip ahead of all the Coinbase stuff in this guide.
Creating a Coinbase Account
Coinbase Key Facts
- Established Track Record: Coinbase was founded in 2012 and is the world’s most popular cryptocurrency exchange.
- Serious Backers: Venture capital firm IVP, who were involved in the latest funding round, have been early investors in businesses like Netflix and Twitter. Other investors include companies like the New York Stock Exchange.
- Easy To Use: Coinbase is renowned for it’s easy to use interface. This makes it the perfect exchange for cryptocurrency newcomers.
- Small Minimum Deposit: You can invest as little as €6 into cryptocurrencies on Coinbase.
- Regulated: Coinbase is one of the few cryptocurrency exchanges to be regulated.
- Insurance: Customer funds are insured and segregated. US customers are even insured up to a balance of $250,000.
- Deposit Methods: Credit / debit card, bank transfer and PayPal for US customers.
- Tradable Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- Customer Support Methods: Email and FAQ’s.
Looking to invest more than $100 in STEEM by using Coinbase? Good news! You will also get $10 FREE by signing up through Total Crypto!
My Coinbase Account Is Good To Go. What Next?
Good work on getting phase one out of the way. Sadly, you cannot buy Steem directly through Coinbase and you will need to use a cryptocurrency exchange to get your hands on it. To do this, you first need to convert your money on Coinbase into either Bitcoin or Ethereum. The plan is to trade this for Steem on a cryptocurrency exchange later.
The Fast Way To Buy Bitcoin or Ethereum On Coinbase
- Head over to the ‘Buy/Sell’ page on your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: You can deposit a ‘Bank Account’ transfer – this method has lower deposit fees, but the transfer takes between 2 and 5 days to be credited to your Coinbase account. Or you can deposit instantly through a Credit/Debit card. With either method, enter your payment details and process the transaction to fund your account. Once submitted, simply sit back and wait for the credit to be applied to your account. You will get an email telling you when your deposit has been successful.
- Once your account is funded, select Bitcoin or Ethereum in the ‘Buy/Sell’ section of Coinbase.
- Enter the amount of crypto you want to buy.
- Select the currency wallet you deposited funds into as your payment method (we have used EUR in this example).
- Complete your order by clicking buy.
Check out our Coinbase guide if you are interested in buying Ethereum and Bitcoin on Coinbase with the lowest fees possible. It does take a bit more time though and involves transferring your funds to Coinbase’s sister exchange GDAX and buying your crypto there instead. We recommend using GDAX and saving yourself some fees.
Once you have successfully bought Ethereum or Bitcoin on Coinbase, you are ready to move onto the next step.
Setting Up A STEEM Wallet
We recommend using the official Steemit wallet to store your Steem. We have created a separate article showing you how to set this up and how to get started.
Create a Binance Account
By now, you should have some Bitcoin or Ethereum in your Coinbase account and have your Steem wallet ready to go. The next step is to create a cryptocurrency exchange account. Here, you will trade your Bitcoin or Ethereum for Steem.
One of the largest cryptocurrencies exchanges to trade Steem on is Binance. Binance is actually the most popular exchanges in the world and we cannot find a decent reason to buy your coins elsewhere.
Binance Key Facts:
- Largest In The World: Binance is the biggest crypto to crypto exchange in the world!
- Huge Selection Of Cryptocurrencies: Binance offers you the opportunity to get your hands on over 100 different cryptocurrencies. STEEM is one of them.
- User Friendly: The crypto to crypto exchange is the simplest we have ever used. We think this has been one of the main factors leading to Binance’s explosive growth.
- Customer Support: Binance offers email multi language support for 🇺🇸 🇨🇳 🇯🇵 🇰🇷
Get Steem on the world’s largest crypto to crypto exchange.
Need help setting up a Binance account? Just checkout our Binance guide.
How To Transfer From Coinbase To Binance?
Your Binance account should be good to go. Whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you will have to send your funds to Binance to trade this for Steem coins. To do this, just follow the steps below:
- Login to your Binance account.
- Select “Funds” and click “Deposit”.
- Make sure that you select Ethereum if you have Ethereum on Coinbase or Bitcoin if you hold BTC. If you send to the wrong wallet you may lose your funds!
- You will then see your deposit address for Binance. Just copy this address. We have used Bitcoin as an example.
- Login to Coinbase and go to the ‘Accounts’ tab.
- Click the send button for whatever cryptocurrency you hold.
- Paste your Binance deposit address into the ‘Recipient’ wallet address box and enter the amount you want to withdraw.
- Hit continue and finalise the transaction. Your Bitcoin and Ethereum should show up in your Binance account shortly.
Got Crypto In Another Wallet?
- Simply send your crypto to your Binance deposit address.
How To Trade Bitcoin Or Ethereum For STEEM On Binance?
Now it’s finally time to buy our Steem.
- Navigate to the Binance homepage and select ‘BTC Markets’ if you have Bitcoin on Binance or ‘ETH Markets’ if you have Ethereum. Then just search STEEM in the search bar and click the STEEM/ETH or STEEM/BTC market.
- You will then see a trading screen. At first glance it may look tricky but don’t be put off, we will show you what to do. Just select the ‘Market’ tab (this enables you to buy at the market price). Then enter the number of Steem coins you want to buy. You can also use the percentage buttons to use a certain percentage of your balance on Binance to buy coins.
- Once you have clicked ‘Buy’ your trade will be processed and your Steem coins will appear in your Binance account.
How To Withdraw STEEM From The Binance Exchange?
You should have your Steem coins on Binance and have your Steemit account ready to go. TotalCrypto does recommend you withdraw your coins off the exchange and store them in your Steemit wallet. The reason is that Binance holds a lot of cryptocurrency and is a natural target for hackers. Also, having control of your own crypto is probably better than trusting an exchange to keep your crypto safe for you.
To do this, just follow the steps below:
- Login to Binance.
- Navigate to ‘Funds’ and hit the ‘Withdrawals’ button.
- Select STEEM from the dropdown and you will see that you need a Steem withdrawal address and MEMO.
Finding your Steem withdrawal and MEMO address:
- Login to your Steemit account.
- Click the profile icon and select ‘wallet’.
- Hit ‘Permissions’ – once done you should see your MEMO address. It will start with the letters STM.
- Your Steem withdrawal address is your Steemit.com username.
- Once you have your withdrawal and MEMO address, just input them into the Binance withdrawal form and hit ‘submit’.
💡 Top Tip: Binance will charge you a withdrawal fee to get your coins off the exchange. Before you withdraw you can check the withdrawal fee here!
There you have it, the easiest ways to buy and store Steem. The TotalCrypto Team is exceptionally excited about the potential of Steem. Unlike most other cryptocurrency projects, Steemit is actually a working product and already has nearly a million users. We actually use Steemit ourselves and would thoroughly recommend checking it out for yourself.
It is true that for Steemit to be considered a success, it must attract 10’s of millions of cryptocurrency newcomers. The awesome thing about the social platform is that a casual user will not know it’s a blockchain based platform at all. But they will almost certainly be interested in earning money and will be introduced to the Steem cryptocurrency this way. For TotalCrypto, the true power of Steemit is it potentially introducing cryptocurrency to the masses and causing widespread adoption.