How To Buy STEEM In the UK

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

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy STEEM – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many STEEM tokens you want to buy.

The Steemit blockchain powers a digital asset known as Smart Media Tokens (SMT). Its platform is designed for digital content creators, with the STEEM token used to reward these publishers.

Steemit runs on the STEEM blockchain and it aims to develop a social media content platform such as Reddit. However, the interesting feature of this model and what makes it unique is the fact that it runs on blockchain.

The STEEM token is becoming increasingly popular, and many investors are trooping to enter the market now that its price is low. The idea is, STEEM has the potential of doing exceptionally well as the network grows.

If you’re interested in the token and want to buy STEEM in the UK, you are in the right place. The following is a step-by-step guide to buy, sell, and store STEEM cryptocurrency in the UK.

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY STEEM IN THE UK
  2. A step-by-step guide to buying STEEM in the UK
  3. Which wallets can I use to hold STEEM?
  4. How to sell STEEM
  5. How STEEM works
  6. Things to consider when buying STEEM in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY STEEM IN THE UK

  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.

A step-by-step guide to buying STEEM in the UK

Step 1: Open an Online Account

A cryptocurrency exchange is an ideal place to go when looking to buy Steem in the UK. This is because a crypto exchange is safer and more convenient. However, Steem is not as popular as some cryptocurrencies, so the numbers of exchanges that offer trading pairs on the token are not many.

As a result, you need to search for a crypto exchange that will allow you to trade Seem on its platform. Also, you need to consider a platform that enables fiat deposits if you don’t have any other cryptocurrency to deposit on the exchange.

Once you find the right exchange, proceed to the registration section and provide the necessary details, including your email address, proof of ID, and residential address. Not all exchanges will require all the above details. Some will only ask for your email address and your registration will be handled swiftly.

Also, remember to enable two-factor authentication to give your account more security against threat actors and hackers.

Once your registration is approved, a confirmation email will be sent to you and your registration will be completed afterwards.

Step 2: Fund your account

The next step is to deposit funds into your account. Since you’ve selected a crypto exchange that accepts fiat currency, it will be easier to fund your account. Go to the account section and choose the deposit option that is convenient to you. You may see the option to pay with your debit card, credit card, PayPal, or direct bank transfer. Paying with a credit card is usually more expensive, so you need to select the option that will be convenient for you.

Enter the number of funds you want to deposit and review your details before completing the transaction. Once it is approved and executed, the amount you deposited with be credited to your online account. The next step is to buy Steem crypto assets with the funds in your account.

Step 3: Buy STEEM

Once you have the fund in your account, navigate to the “Market” section where you will see a lot of trading pairs. Narrow your search to the STEEM cryptocurrency. If there is no GBP pair with STEEM, you have to buy another cryptocurrency like Bitcoin (BTC) or Ethereum (ETH).

Once you have the crypto assets in your account, it will be easy to buy STEEM with the fund.

Enter the amount of Steem you want to buy after clicking the BTC/STEEM or ETH/STEEM pairs. Make sure you review the order before submitting it.

A notification will be sent to your email while your online account will be credited with the right amount of STEEM you ordered. You can proceed to transfer the token to a crypto wallet or use it to buy another currency.

Which wallets can I use to hold STEEM?

Crypto exchanges can offer custody services for those that want to keep their STEEM tokens on the platform. But for improved security, you should get a crypto wallet where you can store your STEEM tokens and away from threat actors. There are mainly two types you can choose from hardware wallet and software wallet. While the software wallet is better if you are using the funds regularly, a hardware wallet is much safer.

How to sell STEEM

Selling STEEM also takes a similar process just like buying it. Navigate to the market section of the exchange and click on the currency pair you want to exchange. Enter the details and review before clicking the “execute” button. After the crypto exchange has approved and executed the order, you will receive an email notification.

 If you can find a direct pair of the currency you want to exchange with STEEM, you can exchange your STEEM with either Bitcoin or Ethereum on the platform and later buy the currency with the crypto asset.

How STEEM works

As stated earlier, STEEM is the native token of the Steemit blockchain platform that aims to reward content developers and publishers on the platform. The token is also traded on many crypto exchanges, which has given it more popularity. It is backed by a team of experienced developers who have engaged in several projects to make the platform scalable.

Things to consider when buying STEEM in the UK

If you’re looking to buy STEEM in the UK, the following are some important things you need to consider.

The level of competition

Competition can have a massive impact on the growth of any project. The Steemit network has a lot of competitors in the market, which makes it a bit difficult to speed up its adoption. It competes with projects like YOYOW and Synereo, so the market share will be limited.

Developing team

The Steemit network is backed by an experienced group of developers and a strong community that pushes its adoption. That is why it is increasingly gaining popularity despite the level of competition facing it. This makes it a good investment option for those looking at long-term objectives.

Volatility

All cryptocurrencies experience certain levels of volatility. There will be times of bear movement and times of bull movement. As a result, you should be wary of your investment and watch the market carefully to know when to get in and when to get out.

Conclusion

The STEEM crypto asset has a lot of potentials when it comes to expansion and growth. Moreover, it is now being traded in more exchanges than before, which can push its demand higher. If you intend to get into the market and buy some STEEM tokens, we believe the above guide will come in handy for you.

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