Let’s start trading on Steemit's own internal market!
Today I am going to introduce a function on Steemit that we may always use but not fully utilized - Internal market. You may have already used the internal market to trade your SBDs for STEEM to power up, but you may not have noticed that the internal market has
ZERO TRADING FEE!!!!!!!!!
How awesome! It’s like a gospel to traders. You can save a considerable amount of trading fees and get much more profit if you are a frequent trader.
You can simply click “Market” in your own wallet to enter the internal market. So convenient.
The spread is so small too that it is very easy for you to earn a profit here. As you can see, one of the most popular exchanges, the USDT market of Bittrex generally has a % spread with more than 0.5%. Moreover, you have to pay 0.25% transaction fee for each trade on Bittrex. The interface of the internal market also looks neat and clean, not hard to figure out how it works even if you are a newbie in trading.
You can view the buy and sell orders here, the amount and the orders that are recently filled here.
This is the screenshot of one of my trades and I earned 1.5% in 30 minutes. Yes, the amount of money earned here may not be significant, but actually its % return is very sound. Well, at least it's much more than the interest rate that you can earn by putting your money in your bank account, and it's just one single trade done within an hour! Just imagine how many trades you can do in a day!
The only problems here may be the market depth, volume and liquidity, but I can tell that the volume is increasing too! And these problems can be alleviated or even solved if you start trading here too! It may even become one of the reasons that people want to hold STEEM, for trading!
Indeed, STEEM did not rise drastically like what Bitcoin did, but STEEM has been trading within this range for the last three months. You can still make use of this pattern to make some money, and now with STEEM under $1, it seems like that it is a good chance to BUY!!!!
I know that not all people here have experience in trading cryptocurrency, but I think Steemit internal market is a really good place for beginners to start learning trading. Why don't give it a try if it is so easy and convenient, and it is FUN!!! In fact, I am trading in the internal market almost every day now. Let's go! Don't miss out this great feature on this incredible platform!
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Thanks for doing this post in English I think it costs a bit as it is not your language but for many is better as it is better understood what you want to explain or teach and that is why you appreciate your effort.
Thank you :)
Yup. I have been buying steem from the market when it's low... Hmm... Maybe I should consider selling steem when it's high.
Haha buying steem is not a bad idea at this price. Maybe you can also consider powering up
Yup... Been doing this... But I don't have much sbd to spare now... Actually no more sbd now.. Spent all on steem... But I am gonna keep 10steem
Yes, Steem is trading low but one day it is going to be huge. I don't mean as huge as Bitcoin but like $10 in a year.
Yeah, $10 in a year!!!
$10 in a year would be a great start point:)...
Very good post @htliao, i am always used internal market too..., it very simple and off course zero trading fee...
Great. It is fun!
Thanks for reply and thank you very much for your support... now help me again and click here , and have a nice weekend @htliao
自从你上次教了我就都在内场交易，非常方便。谢谢
Steemit internal market is a really good place for beginners to start learning trading. i will try later , thanks for your sharing ! good and usful post !
Haha thank you :) Cool.
I love the internal market, that's where I exchange my SBD to STEEM, because it has the best exchange rates.
Haha I love it too. Yes it’s great!
me too buddy @drakos - we have something in common again :-)
Thanks for the information. The market is a bit strange in that you can't automatically "buy/sell at market" - which is basically the set and forget method to buy/sell. However, once you get used to missing that feature it's really quite a good marketplace and traders probably don't want to be doing "at market" trades anyway.
Another reason that I think the internal market is excellent is because the prices are quite stable and don't seem to swing as much as many other cryptocurrencies. I think some of reason for that is that there are a couple of accounts that bracket the spread.
I think this may be because the price you enter turns out to be not the price you really submit for order(for example I entered 1.05, it may turn out to be 1.04998), maybe you can enter a higher price than the default price and can buy immediately.
I generally find steemit is very senstive to decimal places. So, I add the extra zeros to pad out to the number it expects.
I'm glad to find out that I'm not the only one trading here in the internal market lol. I think it is nice for beginners like me
@htliao, how often do you trade here? Does it all happen within an hour or within a timeframe? Because I usually just change my sbd to STEEM, especially when the price is low, then I just leave it there until I could sell at a higher price again (which of course it's taking so long). I also bought STEEM from bittrex and wait for it to go up again, then sell here. I appreciate if you could teach me.
I don't trade on the market since I'm in powerup mode. At most I hold back some of my SBD when the STEEM price is high and hold back no SBD when the STEEM price is low.
I might start trading later- but I'm a firm believer that you shouldn't HODL and trade in the same asset pair. So, if I do decide to trade then I might start another account to do just that.
But, yes, so far, the STEEM-SBD marketplace has been moving up and down in ways that make swing trading a viable strategy.
Great post
Yes the price now is so good yo buy and power up
Thanks for shraring the info about TRADING FEE
Yes the price yesterday was really good. It is rising now!
thank u for this information. how do u know what to sell and what to buy? I ask because I know nothing about trading