How to trade STEEM on binance! A step by step guide!steemCreated with Sketch.

in steem •  last year

In this post I will give you an step by step introduction on how you can trade your hard-earned STEEM on Binance, the world's fastest growing currency exchange!

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About Binance & STEEM

STEEM can be traded on Binance in Bitcoin (STEEM/BTC), Ethereum (STEEM/ETH) and Binance Coin (STEEM/BNB):

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After the listing the price rose to $5,90 followed by an immediate correction to around $5,00. Also the 24h volume nearly tripled from averaging around $60 millions 5 days prior the listing to around $170 millions the hours following the listing!

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Despite the tripling of the 24h volume followed by the listening the price is still on a downswing related to the negative press regarding cryptocurrencies in the last few days.

Step by step guide:

If you already have an account on Binance you can skip to step 5 (for safety reasons check if you did step 4 )!

Step 1:

By clicking here you will get to the Binance main page. Now you need to click register in upper right corner to get to the registration form:

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Step 2:

The registration form should open now! Enter your information and be sure to create an new and unique password:

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Step 3:

After you registered you need to confirm your email address by clicking the verification link send to you by Binance. This link will take you back to Binance and your screen should show this:

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Step 4:

Basically your registration is finished but I would highly recommend you to enable two-factor authentication either via SMS authentication or the google authentication to further increase the security of your account:

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Step 5:

Now, that you have created an account you need to deposit. Depending on what you are about to do - buy STEEM or sell STEEM - you need deposit the given cryptocurrency. For our introduction let's say we wanna buy some STEEM with Ethereum. Therefor you need to open the funds tab and then click on deposit:

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Step 6:

Now you need to search for Ethereum in the select deposits coin tab:

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If you click on it it will show you your ETH Deposit Address (make sure to always double check your addresses before sending):

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Step 7:

Now send your funds to this ETH Deposit Address. You can transfer your Ethereum from your wallet or other exchanges. After the transaction is confirmed (can take up to 30 mins) you can see your balance by clicking on the funds tab and then balances:

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Step 8:

To now open the exchange interface you need to click on ETH Markets (since we wanna buy STEEM with our ETH funds). Then type STEEM in the search and click on the STEEM/ETH market:

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Step 9:

And finally we are in the exchange interface! Now you just need to enter the amount you wanna buy and the price you wanna pay for each STEEM and confirm your order (you can also place an order lower than the given price, which will be filled if the price gets to there):

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Trading STEEM for Bitcoin, Ethereum or Binance Token:

If you choose to trade your hard-earned STEEM into Bitcoin, Ethereum or Binance Token you just need to create a STEEM Deposit Address (step 6) - Deposit your STEEM (step 7) - follow the guide again - place a buy order (step 9)

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Isn't there a sing up stop on binance? i heard about it but i dont know if its for real

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I signed up only few days ago. It might be up again.
Please go to binance and try signing up if you dont already have an account. :)

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i understand but i already have a binance account. thanks :p

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I guess they opened signing up again! If you about to sign up just follow the steps and try it!

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I already had an binance account like you can see in the screenshot on my last post. (no promotion xD)
But one or two weeks ago there was an discussion in one of my telegram groups about the sing up shutdown on binamce so i thought it would be down im sorry. :)

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No need to apologize mate! Yeah they had a signup stop a few weeks ago!

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okay i see

wao this is well explanatory kudos
@elleok

Been seeing a lot abour binance lately. What makes it the better choice than bitrexx and any other exchange platform?

Your guide is well explained. @elleok

@iamjimmy

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Thank you! Where to start, hmm: First of all safety of course I can't vouch for them but still I can say I trust them completely. Another major reason are the low fees for each trade of 0,05% compared to average of 0,1-0,2% throughout other exchanges. And finally they offer a huge amount of different cryptos, so you don't need to sign up to different exchanges to trade different coins.

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If you trust them completely then you must really deal with them plus 0.05% is indeed a low rate compared to other platforms. They seem convincing.

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Yeah I started on Bitfinex since a friend of mine was trading on their but I didn't really liked Bitfinex that much and after researching different exchanges i decided to sign up on Binance and 2 days later transferred all my tradingcryptos to Binance and only using it to trade since!