Binance Steem Buy Tutorial [GDAX]
Hi all, with Steem prices as low as $1.50, I decided to buy a little more Steem recently. I usually go through GDAX, to Bittrex, but this time I decided to try out Binance instead since they recently added STEEM not too long ago.
In short, the benefits of Binance compared to Bittrex is that it has, in my opinion, a better interface. The fees are lower (0.1% compared to 0.25%), and even encourage use of their native BNB coin by discounting the fees by 50% if you choose to use BNB to pay (which is the default option). The fees are likely so small as to not matter so much but I figure it all adds up.
The steps are summarized as follows:
Steps
- Buy BTC, e.g. from GDAX
- Send BTC to Binance
- Go to BTC/STEEM market
- (Optional) Put some funds into BNB for the fee discount.
- Buy STEEM. (Market, 100%, Buy STEEM)
- Withdraw STEEM to your wallet.
Details
I've been recording a video to show how to carry out the steps, but waiting for the transaction to confirm is taking the longest time and now I am writing this post as I wait. When I tried this out last night I think it took maybe 30 minutes, and this time it is taking around an hour. So, if you want to trade for STEEM more quickly, better have some BTC on hand in Binance already to take advantage of price drops.
Here is the video, and I will provide a link to skip:
Skip to 38:30 above after you get bored of waiting for the BTC transaction to confirm, or alternatively click here
And when you start to see me fail at buying STEEM because of insufficient balance, I finally get it at 53:34, or clicking here
And to jump to where the steem gets powered up, it's at 56:46, or click here
Random Video Thoughts
In case you were wondering what I was doing, I used Youtube's recent live streaming feature, which can be linked to hangouts on air. I can stream the desktop without resorting to downloading all sorts of other programs. The other weirdness is that I pulled up a windows camera app to show my picture in the bottom left, and now that I'm watching again I just see this blue square over my face haha. Oh well.
In terms of voice, I'm somehow more comfortable with hearing my voice. I'll take that as a good sign.
If you skip around, you'll also find me killing a lot of time while waiting, and I start to ramble about all sorts of things, pulling out discord, pulling out the trending feed. Yeah, that wait is killer.
I also mention 2FA as something to set up, but I don't really say the relevant reason for it. Extra protection to make sure to protect against unauthorized use, so a hacker would have to hack into both the 2FA system and crack your password. My 2FA program of choice is Authy.
Anyway, that about wraps it up for this post. Give Binance a try and let me know if you like it. Feel free to make use of my referral link if you so choose.
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| Trade STEEM on Binance | |
I was curious about this process because I don't have a binance account. How do you feel about using blocktrades and bitshares to buy steem? My experience with that has been positive and super quick.
For buying steem, I believe that blocktrades has a slightly worse rate, but it really depends. I should have pulled up blocktrades and compared what they would offer. I can get back to you on it, but this is mainly word of mouth at this point. The good part about using binance or bitshares is that you have full control over the rate that it ends up using. With blocktrades it depends on when the BTC gets to blocktrades.
Bitshares is interesting but I feel your rates will not be as good unless you are patient in placing your limit order. I don't think it is as active. but I could be wrong there. Are you using bitshares from a particular starting point? (maybe you are holding assets on that exchange I suppose).
Looking sharp Eon!
DayTrader Eon at your service... scoring huge trades day after day. Think and Grow rich!
haha Yes, I saw the blue square too. It kinda gave it a robotty feel which made it extra enjoyable. Also, Opal piped in with her opinion near the end.
Yeah, what to do about the trending pages :P
cheers
Anj x
Robot.
I'm surprised you hopped around the middle hah...
Yeah, good ol Opal bark timing.
I'd like to do this but I don't have the funds! I only have what I have on Steem and a few dozen spare dollars on Binance and on Coinexchange.
I love Binance, by the way, but it gets way too slow for trading, so I stopped trading.
I loved this lol
And weeew, the video lasts an hour! I'm going to sleep right now and I don't think I'll be buying Steem any time soon, so I'll keep this in my tutorial folder and pass for now. :P Thanks for the guide!
<3
Slow? Like doesn't update itself quickly enough?
About length-- Yeah, why I popped in links to hop around to key milestones. But I felt there might be some gems in the middle. Maybe if I stream again I'll pull up games or do live coding or something.
No, slow as in, it stops responding sometimes and slows my whole browser by a lot. It's very laggy and heavy.
Aweeee Excellent and there you are!! Love that FACE!!! The entire presentation looks phenomenal. Great JOB!!
That video is super duper long! ♥ It's nice to hear your voice Evan!
Lol even had some of our chats in there. let's all buy more Steem!
I want to but I can't :( I feel left out.
Finally you posted this :) in office now, will check out your voice later on :p
Coins mentioned in post:
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