How to BUY a token and STAKE it using Steem Engine!

in #int5 years ago

Over the last few weeks we have seen many tribes emerge within the Steem community, each with a unique Steem frontend and token to promote the values of their members.

One such tribe is @intrepreneur, whose goal is to help international entrepreneurs. Be sure to visit their nitrous instance intrepreneur.life and check out their INT token on Steem Engine.

2019-07-29_16-06-21.png

How to purchase a token on Steem Engine.


I will be making a real purchase of INT (the Intrepreneur token) in this post.

1. Log into https://www.steem-engine.com.

2019-07-29_12-14-38.png

I prefer to use the Steem KeyChain option because once it is set up it allows a user to easily login to a wide variety Steem sites. This Chrome extension has similar functionality to Steem Connect and has the added value of letting you send custom tokens that are in your account.

2. Make a Steem deposit.

Making a deposit is only required if a user has not made a prior deposit or does not have enough Steem Pegged to complete a transaction.

2019-07-29_14-43-57.png

Click the Deposit button and the following screen will appear.

2019-07-29_14-45-16.png

In this example, I will leave the Deposit Token as Steem, but there are other currencies that can be deposited into Steem-Engine. It is important to remember that all transactions take place in Steem via the Steem Pegged token.

If you deposit a token besides Steem then you will have to convert that token into STEEMP if you want to make other transactions. This may be challenging if there are not enough buys orders for the token you deposited.

Next click the Get Deposit Info button and select how many Steem (from your account) should be converted into STEEMP (Steem Pegged)

Important:
The deposit is limited by how much Steem is in your account.
Steem-Engine charges a 1% fee on all deposits and withdrawals.

3. Locate a token to purchase.

Click the TOKENS button to view all of the available tokens on the Steem Engine exchange.

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Use the search feature to located specific tokens by token name or by token symbol.

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In this example, I searched for interpreneur and the following result was provided.

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As always, make sure to properly investigate any token before making an purchase. Do not invest money that you can't afford to lose. This tutorial is not meant to suggest which token to buy, but rather explain how to buy a token.

4. Start a purchase.


Next, click the Token Market symbol (highlighted in the red in the screenshot above) to open up current sell and buy orders.

The next screen provides important information and functionality

  • the buy and sell order in graph form
  • ability to buy or sell a token
  • the buy and sell order in written form
  • a user's open orders
  • recent trade history of all users

2019-07-29_15-35-22.png

Enter the desired purchase price, the amount of tokens that should be purchased, and then click the BUY button.

If the buy order meets the requirements of a sell order (or multiple sell orders) then the transaction will take place almost immediately. Otherwise, the buy order will wait to be executed until the requirements are met.

5. Complete the purchase.

Once the next screen appears, click BUY to confirm the purchase.

2019-07-29_15-36-16.png

If you used Steem Keychain to login, you will have to click confirm to complete the purchase.

2019-07-29_15-38-35.png

How to stake a token on Steem Engine.

Staking a token show support for a Steem Tribe and helps maintain the value of the token.

Once you have purchase or token or earned a token, you can stake it.

1. Locate the token in the Steem Engine wallet to stake

Click the WALLET button to view all purchased tokens.

2019-07-29_15-44-19.png

Locate the desired token (in this case, Interpreneur).

2. Stake the token.

Click the stake token button (the lock icon highlighted red in the screenshot below).

2019-07-29_15-47-34.png

Note: My buy order was for 100 INT but it was not fully completed as there was not a sell order that could fully fulfill my order.

On the next screen, enter the number of tokens you want to stake and click the STAKE button.

2019-07-29_15-58-14.png

Steem KeyChain will ask you to confirm this request.

Once staked, your Steem Engine wallet will display the new staked token total.

Final Thoughts


This process may seem a bit difficult at first, but that is why I created this guide to assist you with the process.

As more tribes and tokens become available it becomes even more important to know know how to buy, sell, stake, and delegate custom tokens.

Let me know if you have any questions. Thanks for stopping by!
@SumatraNate

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Great post!! I like when I understand what people are trying to say! I stake everything I can and I don't understand why people don't.

Thanks for taking the time and putting this together! I am reposting this so others can benefit from this!

Upped and Steemed

!tip

Thanks @dswigle! I like it when people understand what I am trying to communicate.

I am staking most tokens. There are a few that I can't support (for a variety of reasons), but over all if I get it my SE wallet I will stake it.

As always, thanks for the kind words and resteem!

Thank you so very much for this valuable info, will bookmark your post as I've never bought any tokens!

Posted using Partiko Android

I will take your bookmark as a compliment. I would recommend you head over to Steem-engine.com and check out the coins you have received from airdrops or from other users. Your largest holding is Creative Coin Crypto (CCC). If you use their tag on your post (that is if your post is creative), then you can potentially earn more CCC.

Thanks for info.

You are very welcome. If anything in the post does not make sense, just let me know so that I can add to or correct as needed.

I hope the instructions are clear, but I welcome any feedback.

Great tutorial. I think many people are collecting these new tokens but not staking them. It's in everyone's best interest to people to stake their coins.

Thanks for the kind words. I agree that staking is in the best interest of everyone. It is a long term play so a lot of people take the easy route and sell their airdropped tokens. I keep holding (through staking) the projects I support.

Thanks for the informative tutorial I havent been buying anything on SteemEngine up to now but now maybe I will try

Thanks for the affirmation. Much appreciated!

I have received several tokens from airdrops, some because of tokens I had staked and some seemingly for no reason at all. I would recommend that you check out Steem-Engine even if you are not ready to buy yet. That way you will be more familiar when you are ready to buy, trade, etc.

I do go tot he steem engine every couple of days to stake the tokens I have but havent looked at others something I should do it seems

Hey @sumatranate this one is quite handful note to understand the Steem engine process. Even yesterday I was wondering about stake.....would you guide me understanding how staking is more helpful as compaired to keeping in wallet

Posted using Partiko Android

You are correct. There is so much information. I hope my post was beneficial for you. Instead of answering your question in the comment section, I will write a post about it. I hope to have it completed today.

Great. Very well written and informative post. Many steemians are not aware of how to work with Steem Engine, and many new users are joining Steem as well, this is because of of new and interesting tribes, Intrepreneur.life is one such tribe.

Congratulations on writing such a wonderful piece of work.

Thank you for the kind words. Much appreciated! Everything is so new. That makes it both exciting and frustrating sometimes. I hope my post will help people who are trying to figure things out.

This is a great tutorial, very easy to follow. Thanks!

I try to write up easy to understand posts. I don't always accomplish my goal, but glad you felt I did this time. Keep up the good work with INT.

This post has received a 3.13 % upvote from @drotto thanks to: @sbi-booster.

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