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!
About Binance & STEEM
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!
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 )!
The registration form should open now! Enter your information and be sure to create an new and unique password:
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:
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:
Now you need to search for Ethereum in the select deposits coin tab:
If you click on it it will show you your ETH Deposit Address (make sure to always double check your addresses before sending):
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:
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:
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):
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)