As the blockchain technology is developing constantly, the competition in the market is becoming tougher than ever. Steem, also known as the base token of Steemit, beats other cryptocurrencies because of its unique applications and properties. This is why most traders invest in Steem.
If you also want to sell or earn Steem, you’ve landed on the right page. In this post, our experts will teach you how to trade Steem with step-by-step guidance. However, before delving into selling and buying Steem, it is important to know what Steem is and why it is important in the world of cryptocurrency.
What is Steem?
Launched in 2016, Steemit is a next-generation blockchain-based content and social media platform, which allows writers to monetize their content. This means when publishers’ content gets upvoted by other users, they are rewarded in the form of cryptocurrency. This platform has Steem as its cryptocurrency and Steem is used to reward the publisher as well as the other users who helped in upvoting the content.
Importance of Steem to traders
As compared to other blockchain technologies, Steem is the most preferred platform by traders because of the several benefits it offers. The fast block time, fee-free transactions, and the use of advanced Delegated Proof-of-Stake have made Steem the most desirable solution to address problems such as volatility and the cost of the transactions.
The primary goal of Steem is to bring changes in the way social media works and to support social interaction and build community with rewards. In simple words, it allows users to earn Steem cryptocurrency rewards for their active participation.
How to trade Steem?
When buying the Steem cryptocurrency, you have three options, including:
- Firstly, you can earn the Steem cryptocurrency by engaging in the Steemit community by creating content, commenting, and sharing.
- Secondly, you can buy Steem on an exchange such as Binance, Bittrex, or Poloniex.
- Lastly, using a given cryptocurrency, you can trade a contract for difference and speculate on the falling or rising prices.
Here is the step-by-step guide to trading Steem
To trade Steem, you don’t need a wallet. This is because you’re not going to buy or withdraw currency.
- Find a broker
Finding a broker is the first step on the route to trading Steem. The market is loaded with numerous brokers that specialize in trading cryptocurrencies. However, eToro and Plus500 are two key players in the market.
- Deposit funds
When depositing funds, make sure you acquire a cryptocurrency that pairs with Steem. This is because many exchanges don’t sway fiat currency, like INR, for cryptocurrency. Also, confirm the minimum deposit requirement by your broker.
- Choose your option on how you want to trade
There are two options for trading cryptocurrencies such as spread betting and CFDs – Contracts of Difference. In both of these ways, you’re required to predict the price of the cryptocurrency that you have chosen.
- Start trading
If you’re new to trading cryptocurrency, it is advisable to have a look around to know how it works with the help of a demo. Once you feel you’re confident enough, you can start trading for real by opening up the live account. Also remember, the value of cryptocurrency can change now and then.
So, with this, we have covered how you can trade Steem!
Trading Steem is not as difficult as it seems. If used wisely, even beginners can make a lot of profit. Also, unlike other cryptocurrencies that are slow and expensive, Steem is more beneficial for the users, as it is free, fast and scalable. However, trading Steem requires knowing whether the value of your cryptocurrency will rise or fall. If you think its value will fall, sell it. On the other hand, if it will rise, go buy.
If you’re in it for a long haul, getting help from a reliable blockchain marketing agency would be the best bet! Get in touch with Steem Experts. We have experienced blockchain marketing experts who are committed to delivering great results and 100% customer satisfaction.