How to Buy STEEM in Australia

A Beginner’s Guide to Buying and Selling STEEM Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and wish to buy STEEM – the process is very simple. All you need to do is find a regulated online exchange that offers competitive fees, deposit some funds and decide how much you wish to buy.

STEEM is the native token of the Steemit social media platform that combines cryptocurrency, social media, and blockchain technology to maintain user-generated content.

Unlike other platforms that rely on equity ownership and capital investments, Steemit works entirely on blockchain technology. This makes it an enticing venture for content creators and publishers.

The STEEM token has also gained popularity in recent months, as it is now offered by more crypto exchanges. If you are in Australia and want to invest in the STEEM cryptocurrency, the following guide provides all the details you will need.

What's in this guide?

The purpose of this guide is to provide step-by-step information to buy STEEM in a cryptocurrency exchange in Australia. It also explains where you can buy the asset, how to store it, and how to sell it. The guide also provides some details about STEEM as well as considerations to make when buying the crypto asset.

  1. QUICK GUIDE: HOW TO BUY STEEM IN AUSTRALIA
  2. Where to buy STEEM in Australia
  3. A step-by-step guide to buying STEEM in Australia
  4. How to sell STEEM
  5. Which wallets can I use to hold STEEM?
  6. How STEEM works
  7. Key things to consider when buying STEEM in Australia
  8. FAQs

QUICK GUIDE: HOW TO BUY STEEM IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select STEEM.
  5. Enter how many STEEM coins you want to buy.
  6. Check the details and confirm your purchase.

Where to buy STEEM in Australia

If you are looking to buy STEEM, the obvious place to go is at a cryptocurrency exchange. There are other options, but a crypto exchange is the safest and more efficient place to buy STEEM. There, you will register with the exchange and carry out your transactions freely and safely.

A step-by-step guide to buying STEEM in Australia

If you’re looking to buy STEEM in a crypto exchange in Australia, you can either buy with fiat currency or another cryptocurrency.

Buying STEEM with other cryptocurrencies

Here, you can easily register with a crypto exchange and deposit cryptocurrency on your online account using another crypto asset in your wallet. This is the right option if you have another cryptocurrency such as Bitcoin or Ethereum in a wallet. Moreover, you will have a lot of options to choose an exchange because virtually all of them accept crypto deposits.

Buying STEEM with fiat currency

If you don’t have another cryptocurrency in a wallet, your only option will be to buy STEEM with fiat currency (AUD). Also, your options will be limited because some exchanges do not accept fiat currency deposits. But most of the top crypto exchanges will provide this option, so you have nothing to fear. If you want to buy STEEM with fiat currency, the steps below will come in handy for you.

Step 1. Register for an account with an exchange

The first step is to find an exchange that accepts fiat currency deposits. Also, you should confirm whether the exchange offers the STEEM token for trades on its platform. Once you've seen the right brokerage platform, proceed to the registration section and complete the instructions. This may include providing details such as your email address, proof of ID, and residential address.

Once these are provided, an email will be sent to you confirming your registration. Remember to enable 2-factor authentication during the registration process to offer more protection to your account.

Step 2: Deposit funds into your account

After registering with the exchange, proceed to the account section to deposit funds for trading. Since the platform accepts fiat currency deposits, it should have different deposit options such as credit cards, debit cards, or direct bank transfers. Select the most convenient option for you, bearing in mind that each one comes with a certain transaction fee.

Enter the amount of AUD you want to deposit and provide the remaining details to complete the deposit. Once the amount is cleared, an email notification will be sent to you while the amount is credited to your online account.

Step 3. Buy STEEM

The final step is to purchase the STEEM cryptocurrency. Go to the market section of the exchange and search for the STEEM cryptocurrency pair. If you can’t find any pair with AUD, you have to buy BTC or ETH first before buying STEEM. Select the amount of STEEM you want to buy and complete the order details.

How to sell STEEM

Selling STEEM is also easy on the cryptocurrency exchange. Navigate to the market section and select the “sell STEEM” option. This may not be listed the same way in every exchange, but you are going to see the option to sell your token. Just follow the process in step 3 above and your STEEM token will be credited to your account in a little time.

Which wallets can I use to hold STEEM?

If you’re looking for the best storage option for your STEEM crypto asset, you can choose either a hardware crypto wallet or a software crypto wallet. The former is ideal when you are looking to hold STEEM for a long time. But the latter is better if you want to access your tokens regularly because they will always be available online.

How STEEM works

The STEEM cryptocurrency is the native token of the STEEMit blockchain-powered social media platform. It is designed for digital content businesses and uses the STEEM token as a reward to content creators and publishers. The token is also available for trading purposes on several exchanges.

Key things to consider when buying STEEM in Australia

The following are important things you need to consider when buying STEEM in Australia

Level of acceptance

The acceptance level of a crypto asset can go a long way to determine its price. STEEM is increasingly becoming popular and has been added to many crypto exchanges. However, you still need to pay attention to developments around the crypto asset as major news can trigger its price to unexpected levels.

Progress of the project

The STEEM developers have been making concerted efforts to increase the platform’s adoption. They have entered several partnerships and undertaken more projects to improve the platform. These are efforts that can help to increase the price of STEEM and its overall value.

Understand that crypto assets are volatile

One of the reasons why some investors have stayed away from cryptocurrencies is their high risk of volatility. It means that an investor can gain massively in the market or lose heavily within a very short space of time. As a result, you need to be wary and invest cautiously in the market.

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FAQs

Where can I buy the STEEM token in Australia?

The ideal place to buy STEEM in Australia is in a cryptocurrency exchange.

Can I buy STEEM with AUD?

Yes. Some cryptocurrency exchanges allow users to register and fund their accounts using fiat currency (AUD).

What can I use to hold STEEM?

The best storing option is a hardware wallet if you’re not going to access STEEM regularly. If otherwise, a software wallet will be great.

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