A Beginner’s Guide to Buying and Selling STEEM Cryptocurrency in the USA
If you’re based in the USA and wish to buy STEEM. All you need to do is find a regulated USA exchange, deposit funds, and decide how many STEEM tokens you want to buy.
Steem is a blockchain-based social media platform that enables creators and publishers easily monetize their content. Its base token is the STEEM cryptocurrency, which is used to reward publishers when they receive upvotes in their content. It is also paid to participants on the platform who upvote content on the portal.
STEEM may not have the popularity of some cryptocurrency exchanges and may not have the largest market cap, but its interest is growing steadily.
Moreover, many crypto traders and investors believe investing in crypto assets when their prices are very low is the key to gain profits. If you’re looking to buy STEEM in the USA and you don’t know how to begin, the guide below will direct you all the way.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY STEEM IN THE USA
- Where To Buy Steem (STEEM) In The USA
- A step-by-step guide to buying STEEM in the USA
- How to sell STEEM
- Which wallets can I use to hold STEEM?
- What to consider before buying STEEM in the USA
QUICK GUIDE: HOW TO BUY STEEM IN THE USA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select STEEM
- Enter how many STEEM coins you want to buy
- Check the details and confirm your purchase
Where To Buy Steem (STEEM) In The USA
Are you searching for how to buy STEEM in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Steem (STEEM) in the USA:
Looking where to buy STEEM in the USA right now? Below you will find 4 of the best brokers that allow you to buy STEEM in the USA.
- Binance - Best exchange to buy STEEM USA for asset diversity
- Coinbase - Best exchange to buy Steem (STEEM) for beginners
- OKEx - Best broker to buy STEEM USA for low-cost
A Step-by-step Guide To Buying Steem (STEEM) In The USA
Step 1. Open an online account
A crypto exchange is the most ideal place to go if you’re looking to buy STEEM. That’s because it’s safer and more convenient to buy crypto assets on an exchange platform. So, the first thing you need to do is to select the right exchange that offers STEEM tokens. Compare different exchanges and select the ideal one. For instance, not all exchanges will allow funding accounts with fiat currency. If you don’t have another cryptocurrency in a wallet, your only option is to find an exchange that accepts fiat currency.
Also, make sure the broker allows users to trade STEEM on its platform. Once you find the right exchange, register with them by providing the necessary details. Depending on the platform, some may require only your email address while others may require additional details such as your full name, proof of ID, and residential address.
Also, make sure you enable 2-factor authentication during registration. This will help to protect your account and add more security.
After completing the registration requirements, a notification will be sent to your email asking you to verify your account. Once that is done, you can now proceed to the next step, which is funding the account.
Step 2. Deposit funds into your account
As we stated earlier, many crypto exchanges will only allow you to fund your account using cryptocurrency. If you have an asset such as Bitcoin (BTC) or Ethereum (ETH), it will be easier to fund your account. But since you’ve selected an exchange that accepts fiat currency (USD) in step 1 above, you can proceed with your deposits.
Usually, you should have different fiat currency deposit options such as debit card, credit card, PayPal, or even direct transfer.
Each of the options comes with transaction fees, with credit cards the more expensive option.
Select the one that’s more convenient to you and enter the amount of money you want to fund. Complete the transaction details and don’t forget to review them before completing the deposits. Once it is approved, the amount you deposited will reflect on your online account.
Step 3. Buy STEEM
Here comes the fun part where you can purchase STEEM with the fund available on your online account. The process of buying STEEM on the exchange is straightforward, as long as the platform has the USD/ STEEM trading pair. Even if it doesn’t have such a pair, you can always buy BTC with USD and buy STEEM using the BTC available in your account. The only thing is the fact that you may be paying more in the form of the transaction cost.
To buy STEEM with USD, navigate to the “Markets” or “Exchange” section of the trading platform, depending on the broker. Enter STEEM and search for its pairings on the exchange. Once you locate its USD pair, click on the “Buy STEEM” option and enter the amount you are purchasing.
Follow the directions and review the transaction before clicking the “execute” tab. That’s it!! The amount of STEEM tokens you bought will be deposited into your online account.
How To Sell Steem (STEEM)
After buying STEEM, you may want to sell it, especially when it has surged in price. It’s very simple to sell the token on the same exchange. You have to follow a similar process in step 3 above, but this time you will be clicking the “Sell” tab rather than the “buy” tab.
If the exchange doesn’t list the currency you want to exchange STEEM with, you can always exchange it for BTC and buy the currency you want using the BTC.
Which Wallets Can I Use To Hold Steem (STEEM)?
You may be wondering how best you can store your STEEM token to keep it safe. Well, you can either store them in an online crypto wallet or an offline wallet. Offline wallets are usually hardware wallets that are not connected to the internet. They are the safest options compared to online wallets or exchanges.
However, if you want to access your STEEM tokens regularly, you can choose an online wallet and still keep the tokens safe. These types of wallets can further be categorized into mobile wallets, desktop wallets, and web-based wallets.
What To Consider Before Buying Steem (STEEM) In The USA
The following are the key things you should consider before deciding to buy STEEM in the USA.
Consider the volatility in the market
The cryptocurrency market is one of the most volatile and speculative ones. Several factors can suddenly go against the token, causing a major fall in price. Of equal note, the token can be triggered by other factors that can cause the price to rise astronomically. While there is a chance of massive profit, there is also a chance of monumental loss. As a result, you need to understand the level of risk before you buy STEEM.
STEEM is not alone in the market. Projects such as YOYOW, LBRY, and Synereo all share similar features with STEEM. This makes it a bit more difficult for the token to gain a massive share of the market and rapidly expand its adoption.
The availability of a token can go a long way to determining how fast it can be traded. STEEM is available on a host of exchanges. However, it’s important to pay attention to the news regarding any latest listing of the token on an exchange. If the token is listed in more exchanges, it could cause an increase in demand, which can also impact positively on its price.
STEEM cryptocurrency has grown in popularity within the past few months because of its increased usage and availability on more exchanges. The price of the token is still low, which could be a good thing for those interested in buying the crypto asset. If you’re looking to purchase STEEM in the USA, the guide above provides all the details you need.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.