How To Withdraw Your SBD To Bittrex And Eventually To Localbitcoins (Malaysia)
I've been looking for ways to withdraw some of the SBD I have in my wallet to my bank account in Malaysia.
After looking at various posts on "how to withdraw SBD or Steem", I noticed that some methods may not be suitable for Malaysians.
Furthermore, Poloniex is unstable these days and I've seen many posts against withdrawing Steem or SBD to Poloniex. Try Bittrex instead. It has worked for me.
Before we start, get a Bitcoin wallet if you don't have one. It's safer to use an offline wallet. I personally use Multibit. Not sure if that's the best option. You may want to do some research on bitcoin wallets first.
Let's start! I'll assume you have a bitcoin wallet.
First, you have to go to Bittrex. Sign up for an account there! Choose a strong password and avoid using passwords you have used anywhere else.
Homepage of Bittrex.
Next, you will see two different markets at the top of the screen, one is "B", another is "$".
Choose "B" for bitcoin.
Then, search for "SBD". You'll see SBD pop up and click on it as per the image below.
Once you've clicked on it, go to "Wallet" on the left hand side of the screen. Don't confuse this with "Wallets".
Once you've clicked on Wallet, you will see your memo and registered account. You need to copy the Memo and the registered account should be Bittrex.
Next, go back to Steemit's wallet.
Go to SBD and click "Transfer".
Transfer to bittrex, the same way you would transfer to anyone on Steemit. Insert the Memo you copied from Bittrex!
If you forget the memo, you'll probably lose your SBD!
Once you've transferred, wait for a couple of minutes or even much longer as everyone is shifting over from Poloniex. Their traffic is pretty heavy now. It took me maybe about 20 minutes the last time I tried.
Once it has reached your Bittrex wallet, let's proceed!
Go back to Bittrex, search for SBD again and go to your "Wallet". It's the same place you obtained your memo and registered address.
Go to "Sell Steemdollars". Insert the relevant details and start selling to bitcoins.
Once you've obtained your bitcoins, go to the top right hand corner and click "Wallets".
You should see that you have an available balance in BTC. Click on the negative (-) sign beside BTC to withdraw those bitcoins.
Now, you have to insert your Bitcoin wallet address and the quantity to be withdrawn. Don't get it wrong or you'll lose the bitcoins.
Now that your bitcoins are safe in the wallet, go to Localbitcoins.
Sign up for an account, and as usual, keep all of the passwords safe along with everything else they give. Get a two-step verification as well.
Before you can perform any transactions, you need to deposit your bitcoin first.
Go to "Receive bitcoins".
Get the address given to you as shown by the image above. Go to your bitcoin wallet and deposit bitcoins to that address.
You should receive it within an hour or so.
Once you're done, you can start to sell your bitcoins.
You will see lots of sellers advertising. Choose those that are the most reputable. Do note the different rates as well.
How it works is this. When you start a trade with a seller, give your local bank account number (e.g. Maybank or Public Bank). Your bitcoins in Localbitcoins will be held on escrow. The seller will then bank in the money in MYR to your bank account. Once he's done, he will notify you. Then you have to release the bitcoins held on escrow to the seller.
If you didn't receive the money, don't release the bitcoins! If you have not gotten any response from the seller, you can dispute the trade.
Leave a feedback to the seller once you're done!
Great post @howtostartablog !
Very well explained and detailed.
I don´t live in Malaysia, but its still useful for me, same same.
Btw... i must say I LOVE your country! Been there a few times, KL, Penang, Langkawi, Perhentian Islands, Cameron Highlands, and also the portuguese colony... cant remember the name now.
Thanks again! very useful !
You mean Melaka? Haha I live there. Thanks for dropping by!
Yes Melaka! With the red church right? Loved the place, great food. Well... all over Malaysia I always had amazing food, lucky you!
terima kasih !
Yeah that's the Anglican church i guess. Great that you enjoyed the food here. It's probably our best selling point :)
One question... how is it selling your Bitcoins there in Malaysia? Easy? Is there a lot of people buying?
Thanks in advance, Im interested. Would love to go back there :D
there a lot in localbitcoin in Malaysia trader as well. even i am only exchance with my friends.. lol
I'm not entirely sure but the website Localbitcoins worked for me. There are a couple of buyers who are always around and they'd deposit into a local bank account.
Thank you so much for making this post, I've been searching some ways in here of withdrawing STD as I'm based in Malaysia this would be very useful for me even though I'm not looking to withdraw any money at the moment. (I need in the future!)
You're welcome :)
It's applicable to other places as well.
How to withdraw sbd in indiaa.......
Thats giod....can u tell what is bittrex.......
And which is the best bitcoin wallet
I'm not sure about India. Bittrex is an exchange where you can trade bitcoin and alt coins. You can trade your SBD for Bitcoin. But to transfer Bitcoin to Paypal or your local bank account, you'll need another exchange.
Yes india has inr.....
What is SBD ?
SBD is Steem Dollars.
What is whaleshares???
I'm not entirely sure. Here's an explanation: https://steemit.com/whaleshares/@jphenderson/what-is-whaleshares
Very good input on your part, I'm really surprised how the Steemit community is growing tremendously throughout the world. Many happy on my part, receive a greeting and a big hug.
Thanks! We're growing everywhere.
This do help many people
Thanks @coindaddy
Hi isn't Luno is better at selling btc? Localbitcoins offer higher rate for Malaysian?
I'm not so sure about the rates. I've been using Luno lately to buy BTC. I heard it takes time to withdraw money from Luno and Localbitcoins only takes minutes since you're dealing directly with the other person.
I see. would be nice if someone knows it and used it. Thanks though! I think trading is way profitable too.
Looking at the two websites, both also around the same rate...which is higher than market rate of course.
I just checked localbitcoins.com total fee when withdrawal 1% trade fee, but don't know the withdrawal fee. Luno charged 1% trade fee too and with 10 cents withdrwal fee. In terms of speed of withdrawal, need to ask someone who used it.
Localbitcoins is faster since you're supposed to trade within a time frame of about 30 mins - 1 hour..
Ohh ok. I'll withdraw from localbitcoin then. Thanks for tips! Followed!