How to get my $teemit money into my bank account

in #tutorial8 years ago (edited)

Here's a step by step guide for steemit newbies who are unfamiliar with cryptocurrency and prefer to just get the cash in their hands and spend it!

You will need

  • a $teem Dollar exchange account eg. Bittrex
  • a Ƀitcoin exchange account eg. Kraken

$tep 1

Check the price of the $teem Dollar

If the BID (circled red in the image) is less than $0.9500 it might be worth waiting for the price to go back up before you exchange.

$tep 2

Click here to set up your Kraken and Bittrex accounts ready to make the exchanges. You will need to get verified on Kraken before you can use it to withdraw your money.

Deposit your $teem Dollars to Bittrex

  • Open your Steemit Wallet
  • Click on your $teem Dollars & select Transfer
  • Open a new tab/window
  • Log in to Bittrex
  • Go to Wallets
  • Search for SBD (Steem Backed Dollars)
  • Click the + symbol
  • Create address
  • Copy & Paste this memo to the steemit window where it says Memo
  • Fill in the rest with To: bittrex and the amount
  • Click Transfer

Exchange your $teem Dollars for Ƀitcoin

  • Go back to Bittrex and go to Ƀ Markets
  • Select SBD
  • Scroll down to Trading
  • Select Max (or enter amount)
  • Choose Bid for Price
  • Click - Sell SteemDollars
  • Click Confirm

Deposit your Ƀitcoin to Kraken

  • Go to Wallets
  • Search for Bitcoin if you can't see it
  • Click the - symbol
  • Open a new tab/window
  • Log in to Kraken
  • Click Funding
  • Under Deposits select Bitcoin
  • Scroll down and click Generate New Address
  • Copy & Paste this address to the Bittrex window where it says Address
  • Enter the quantity
  • Click Withdrawal and Confirm
  • Go to your emails and verify the withdrawal

Exchange your Ƀitcoin for €uro

  • Wait until you receive an email to say your transaction has been successful
  • Log in to Kraken
  • Go to Trade
  • Check that it says XBT/EUR near the top of the page
  • Go to New Order
  • Click Sell
  • Enter the Ƀitcoin balance shown at the top of the page
  • Click Sell XBT for EUR
  • Click Submit Order

Withdraw your €uro to your bank account

  • Go to Funding
  • Click Withdraw
  • Click Euro
  • Add Account and enter your bank account details
  • Click Back and select your bank account
  • Enter the amount to withdraw
  • Click Review Withdrawal
  • Click Confirm Withdrawal

And you’re done!


Hi @beanz! Thank you for this great intro into cash-out. I followed every step, but it still doesn't work! I traded XBT to EUR on Kraken and that worked, but I cannot withdraw the money. I verified my account to Tier 3, which was necessary. But I think the problem is somewhere else! They say my order status is untouched. But I still have the XBT in my account and no EUR.

Perhaps you have an idea what's gone wrong?!

When you place an order on the market, you're putting up a price to sell your XBT for. Once somebody who is buying, enters a price higher than your asking price, the order will go through. You can go to the charts page to see what prices other people are placing on the market.

Thank you so much for this post. If it wasn't for your help this technophobe would have been in 'dire straits' indeed. I really appreciate your work. :)X

Great info. Thanks for the good work.

It sounds very complicated. I saw it's been 2 years since this was posted. Is there any different way to do that today, 2018? Thanks

These is cool with me but I thought of using the blockchain exchange but I am not sure if steem is available?

Nice post @beanz .Personally use a different method because of location, but still like to view posts that help the community:) my vote.:)

Thanks! This post was an answer to a question a friend of mine asked me immediately after signing up.

"Where do I put my bank details?"

had a question yesterday that was asked 2 times before so I am doing the same thing with a tutorial tomorrow...nothing more fun than teaching if it is possible:) full of dogs reminds me of my home back in Australia, had 4 german shepherds:)..dogs are life!!

They're like guardian angels 😊
And great company!

How this system actually works..

This was awesome, thank you so much! Do you know if blocktrades is an exchange? That is where it takes me when I click 'sell', or do I still need to get on an exchange? Also, a year later, do you still recommend this exchange and kraken?

Blocktrades is an expensive exchange. I wouldn't recommend it. Yes I still use kraken and bittrex. Kraken seems to be accepting people again, not sure about bittrex. But I still recommend it over the other options. Just don't use poloniex whatever you do.

Thank you so much for the quick response. The more I try to learn about this, the more confused I get. I've been searching for someone like you, thank you, thank you!

I'd advise everyone, particularly those with US bank accounts, to avoid kraken at all costs. We're having a horrible time getting verified on there, and it seems from the forums that a lot of people are having problems with them. Not like I'm not a verifiable person, like their system has atrocious glitches. I got verified easily on bittrex. To be clear, all my money from Steemit is locked in kraken, and I can't access it. If someone knows another entity that will move my Bitcoin to dollars and into my bank account, that would be awesome. I also recommend removing this post from the faq. All us crypto newbs head straight for faq sections.

Coinbase. And I found it easier to verify on kraken than I have on bittrex. In fact I gave up on the verification process on bittrex.

My tutorial also doesn't advise anybody to use bittrex or kraken. I specifically state that we are just using them for the sake of the tutorial.

Thank you so much. It could be the craziness of us banking regulations. We live in Belize but can't open an account here because none of the banks here want to deal with us banks. There were loads of complaints on the kraken page, though. Bittrex was so simple for me. I'll try coinbase. So frustrating right now.

Is coinbase still a good choice after getting smacked down? Are they going to go under?

Are they going under... I can't say but I don't think so.

Cool. Thanks for being so helpful. This is all still new. I still can't get through kraken. At least my Bitcoin is growing while it's stuck in there.

If the BID (circled red in the image) is less than $0.9500 it might be worth waiting for the price to go back up before you exchange.

You don't know how long you'll be waiting if you do that. On the plus side though, Steem Dollars pay a lot of interest while you wait (10% per year)

I still have 100 waiting for me. I didn't want to take the whole lot out at that price. I think the price has gone up a little I might sell tonight.

So far the peg has been less than perfect. I think people aren't confident enough in the mechanism to use the conversion tool which enforces the peg, but as SteemIt grows the market will get more liquid, there will be more confidence and the peg gets bigger. That's the thinking at least. Hopefully 6 months from now this will not be something people have to think about.

Thank you for this great step by step. I'm new to the whole cryptocurrency idea and new on steemit. I feel a little lost. This helps me out. Again thank you so much. Can't wait to test it out.

Coin Marketplace

STEEM 0.22
TRX 0.12
JST 0.029
BTC 65476.67
ETH 3385.24
USDT 1.00
SBD 3.18