INVEST STEEM TO BINANCE | STEEM/USDT Trading instructions on Binance

Hello Everyone

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Back again with me @chairulrizalx in the Steem-Database community, In this post, I will participate in a contest which is to provide a review and education about how to trade STEEM/USDT on the Binance exchange platform along with the steps so that users can practice it correctly to avoid mistakes. I think this contest is very valuable for all of us, especially those beginners who are new to STEEM trading on Binance, and I hope this post is beneficial for all of us.

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Task Link - Tasks #6 - Review & Education About How to Buy and Trade STEEM/USDT on Binance

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Introduction

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Steem is a blockchain with a social concept that creates blockchain-based social media for its community by making quality posts that will later be curated by the curator team and get rewarded for each successfully curated post. Users will get rewards with STEEM and SBD (Steem Dollars) coins, both coins can be traded on the exchange platform that released them.

On April 21, 2022, the largest cryptocurrency exchange platform in the world today, Binance provided trading pairs for STEEM/USDT that would make it easier for STEEM coin holders to trade on Binance with USDT pairs. Users who are new to using the Binance platform are expected to be able to read the rules and steps; so they don't send or trade their coins wrong.

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STEEM/USDT on Binance

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^source Binance announced that it has opened a STEEM/USDT trading pair which has divided the STEEM market on Binance into three pairs called STEEM/BTC, STEEM/ETH, and STEEM/USDT. With the presence of this new STEEM/USDT trading pair, Steemit users and traders are increasing because trading using USDT is more common and suitable for traders with small capital.

I didn't initially use Binance to trade Steem that I got from posting on Steemit because the only pairs available were STEEM/BTC and STEEM/ETH which didn't match the amount I had, also the fees charged were quite expensive, but since Binance has introduced STEEM/ My USDT has become my passion for trading Steem because the Binance exchange platform has become the largest, especially in Asia and it is hoped that the presence of STEEM/USDT will increase users and investors to invest in Steem.

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Binance is now known as a trusted cryptocurrency exchange platform and is widely used by users around the world, besides being an exchange platform Binance is also successful with its cryptocurrency BNB, and the stable coin BUSD which is now a coin that is popular in the Top 10 at Coiningecko and CoinMarketCap, the latest news from Binance that makes me even more confident that this platform will get huge in the future is, one day ago on May 24, 2022, via Twitter @WatcherGuru announced that Binance already has 30 million registered and verified users.

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The reason why Binance users are increasingly recognized today is that they have features that make it easy for users to trade their crypto assets easily and safely, some of the excellent features are:

1). Fast
Binance has a support system that can execute transactions and orders quickly, this is very beneficial for users because the trading process becomes smoother and more reliable.

2). Simple
Binance makes it easy for its users to trade with just a few easy steps which will greatly facilitate new users and also provide comfort to existing users.

3). Safe and Reliable
There are also dozens of verified users using Binance and trust this platform because they provide trusted security to their users with the **Secure Assets Fund for Users (SAFU)** system that will secure user accounts and funds.

4). Liquid
Binance being a highly liquid cryptocurrency exchange platform with the largest volume with multiple pairs will attract many users because of the many choices according to the needs and desires of traders and investors.

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This is what makes Steemit users very happy with the news that the STEEM/USDT pair was added by Binance because it will make Steemit and Steem expand, and I hope that the price will go up like in the bullish period of Steem and SBD the last years ago.

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Trading STEEM/USDT on Binance

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The first step to do to trade STEEM/USDT on Binance is to have a verified account because otherwise the user account will be limited in carrying out activities on Binance. If it is verified then we can use all the features available on Binance and also make withdrawals so much easier because the user has been verified with the original data.

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Buying and Trading STEEM/USDT

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1). Open the Binance application, on the main page select Market.

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2). After entering the Market, select Spot, then select USDT.

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3). Type Steem in the search, once it appears click on STEEM/USDT to make a purchase or a Steem seller.

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4). To buy STEEM, users can do so with a minimum of 10 USDT and set the price as desired or follow the latest price in the Buy market. If you have finished buying steem, the transaction will appear in the Open Order or Fund column.

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Transfer STEEM from Binance to Steemit Wallet

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1). Open Binance, go to the Overview menu, and select Withdraw.

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2). On the Crypto menu select Steem, when I try to send Steem to Steemit Wallet via Binance there is a Suspend on Steem.

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3). After entering the Withdraw Steem page, select Send Via Crypto Network.

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4). On the Send Steem page, in the Address enter the user's Steemit account name, choose the Steem network, and then enter the amount of Steem we want to send. Then select Withdrawal.

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After selecting Withdrawal, all you have to do is wait for the Steem to be sent to the user's Steemit account, we can check on Steemit on the History menu and also on the user's Steemit Wallet page.

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Conclusion

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The presence of the STEEM/USDT trading pair on the Binance cryptocurrency exchange platform is one of the things that will make the STEEM market even more and provide the opportunity for many users to trade on STEEM/SBD or send STEEM from Steemit to Binance and convert it into USDT.

With the existence of STEEM/USDT, it adds to the Steem market on Binance that previously only had STEEM/BTC and STEEM/ETH, hopefully, in the future there will be more Steem markets available on Binance.

In this post, I can't give an example of STEEM/USDT trading because I don't have a STEEM balance in my Binane account, in the future I will try it and share it with all of my Steem-Database community friends.

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That's my contribution to the contest this time may be valuable for all of us.

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10% Payout to @steem-database

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All unsourced images are screenshots of author @chairulrizalx from Binance.

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