How To Buy Steem Coin
Steem is a Cryptocurrency that functions through a blockchain-based social media platform called Steemit. It is one of the fastest growing altcoins — currently valued at $3.02 barely 2 years after its creation, and its value is set to appreciate within the coming days as more people register and use Steemit.
Like we explained in our Steem review, Steemit is revolutionizing the way we see social media today, by rewarding people for doing what they already do every day on social media – posting, commenting and liking contents. Its user base is rapidly growing and so is Steem and all its associated tokens.
Investing in Steem can earn you both short and long-term profits. However, to invest in Steem, you must buy Steem tokens/Coins.
This article is a complete beginner guide to the purchase of Steem Tokens/Coins.
How To Buy Steem Coin
How to Buy Steem Coin
There are 2 options for buying Steem coins:
- Directly from an exchange with your local currency.
- Converting Bitcoin to Steem.
Buying From an Exchange Local Currency
This option involves:
- Creating an account on Steemit.com.
- Buying Steem from an exchange and sending it to your Steemit wallet.
The Top 3 Exchanges to Buy and Sell STEEM directly are;
These exchanges support the purchase of Steem with fiat money. Buying Steem from these exchanges is a lot more convenient than buying Bitcoins first and then converting to steem. The process is hassle-free and basically entails sending funds directly and getting your Steem coins sent into your Steemit.com wallet.
I personally recommend Ngexchanger for Nigerians who wish to buy Steem with Naira. They allow you buy Steem through ATM transfer, Bank deposits, and internet/mobile transfers – you can even walk into their office in Portharcourt and pay cash for Steem.
How to Buy STEEM coin on Ngexchanger
- First, create an account at Ngexchanger
- Log into your Ngexchanger account
- click on BUY, on the left-hand side of your dashboard
- click on the buy button next to Steem.
- Input how much Steem you are willing to buy, the currency you wish to pay with, how you wish to pay etc.. (in the next window)
- Input your Steemit.com username as wallet address (in the same window as the previous step)
- At this point, a payment invoice will be generated with the transaction’s number, pay attention to the bank details and reference number that will be displayed. You can also find this in your email.
- Click on CONFIRM to save the transaction: (This is very important). Don’t go on to make payment without confirming the transaction.
- Go on to make payment using the format given to you.
- Log into your account and click on PAYMENT ALERT under ‘order details’ to notify Ngexchanger of your payment.
- Your coins will be sent to your wallet address when your payment is confirmed. It might take between 30mins to 24hrs depending on the number of transactions the exchange has to fill at that time.
For more on Ngexchanger, Read our Ngexchanger review.
Buying STEEM coin Bitcoin (BTC)
In this section, we will explain how you can buy Bitcoins with your Nigerian debit/credit card and convert them to Steem.
- To buy Bitcoins you will need to sign up to a platform that allows you buy them with fiat currency (your local currency, example – Naira). One of such platforms is Luno. We chose Luno because it is easy to use and also offers good wallet services.
- Head over to Luno and create an account, however, if you are not comfortable with Luno you can try out alternative platforms such as Remitano Ngexchanger, Localbitcoins, Paxful, Bittrex, Binance, etc.. We will be using Luno for this illustration.
Recommendation: Download Luno’s mobile app on your android device to make things easier.
- After creating your account and verifying your email address, click on the “deposit money” Tab.
- Choose the “Debit or credit card with payU” option if you will like to pay with your debit/credit card.
- Fill in the amount you wish to deposit
- On the next window will be displayed your deposit amount and fees.
- Click “continue to PAYU” to complete your transaction.
If your transaction is successful your money will reflect on your “available balance” within your Luno dashboard. The next step is to convert your money into Bitcoin.
- Click on the “Buy” icon
- Click on buy Bitcoin with NGN (your local currency)
- Fill in the amount you wish to buy within Naira and click on the proceed icon.
At this point, your money will be converted to Bitcoins and deposited into your Luno Bitcoin wallet.
Note: this is for those who do not own Bitcoin prior to reading this article. If you already own some Bitcoin in another wallet or exchange, you do not have to buy; simply follow the next step to purchase STEEM coins.
How To Buy Steem Coin
Using Bitcoin to Buy STEEM
- Go to Steemit.com and create an account if you do not have one already. (to speed-up the process, you will be required to pay a small fee 0.00239566BTC)
- On your profile menu, click on “wallet”. (Located on the upper right corner of your dashboard.)
- Click on the drop-down menu next to STEEM and click on ‘Buy’.
- At this point, you will be redirected to blocktrades.us
- On the send menu in blocktrades.us, click on Bitcoin
- On the ‘receive’ menu, click on STEEM (you can choose STEEM POWER if you will like a powered up STEEM that provides little interest from time to time.)
- Your receive address should be your Steemit.com username (an example is provided in the image below)
- Click on the “get deposit address” button, you will be given a Bitcoin wallet address.
- Copy the address as it is displayed without missing any letter or numbers (make sure you don’t miss a number or letter).
- Go back to Luno or any other Bitcoin wallet you currently use.
- Send the amount of Bitcoin you wish to buy STEEM with to the Bitcoin address you copied from Blocktrades.
- After successfully sending the coins, wait for some time for the transaction to be confirmed on the Bitcoin network. Once the transaction is confirmed, your Steemit.com wallet will be credited.
Hurray! You now own STEEM coins — a coin with huge potentials and are possibly on your way to profit.
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