There are good Steemians out there who has given us alternatives instead of using blocktrades. These alternative have better exchange rates and lower fees.
However, the below tutorial of using blocktrades’ DOGECOIN is still the best option when cashing out small amount of STEEM/SBD, 10 STEEM/SBD or lower (to my knowledge).
The following are the suggested alternatives.
Changelly ( thanks to @transisto for sharing this info ). It is the same method as blocktrades but with lower fees and better rates. For coinspot users, you can exchange to BTC with a minimum of 35 STEEM and LTC with a minimum of 30 STEEM. The full tutorial of using changelly is included below.
Living Room Of Satoshi ( thanks to our NO.1 witness @ausbitbank ). This is the best so far for my fellow Australians. You can deposit to any bank including your own, pay any bills with BPay and pay your rent straight from your steemit wallet or from any of your supported wallets.
Talking about Living Room Of Satoshi is so so exciting that I came…….. I came to a decision that it deserves a separate or its own tutorial post. Full tutorial on process.
Before we start, I would suggest that instead of cashing out your rewards (STEEM or SBD) put it in your SP instead. Power up to increase your SP.
This tutorial is mainly aim at Australian Steemians.
If you are not Australian Steemian, you can still use this tutorial but instead of using the mentioned exchanges use the ones that you have for your country for example Philippines have coins.ph or a wallet like spectrocoin.
On this tutorial I will use coinspot for ease of use. On coinspot there are only 3 wallets that you can send your coins to, a BITCOIN wallet address, a LITECOIN wallet address and a DOGECOIN wallet address.
We will use STEEM because that is what I have at the moment but the process is the same if you cash out SBD.
Go to blocktrades.us
Before we go on further I would like to reiterate that there is a fixed fee for doing the transaction.
For BITCOIN – Fee is 12.196 STEEM or 7.365 SBD at the time of writing this
Note: each deposit will incur a fixed fee to pay the BITCOIN transaction cost (current fee: 12.196 STEEM). You should send at least 5 times this amount (60.98 STEEM) to get a reasonable exchange rate.
For LITECOIN – Fee is 1.375 STEEM or 0.167 SBD at the time of writing this
Note: each deposit will incur a fixed fee to pay the LITECOIN transaction cost (current fee: 0.275 STEEM). You should send at least 5 times this amount (1.375 STEEM) to get a reasonable exchange rate.
For DOGECOIN – Fee is 0.002 STEEM or SBD at the time of writing this
Note: each deposit will incur a fixed fee to pay the DOGECOIN transaction cost (current fee: 0.002 STEEM). You should send at least 5 times this amount (0.01 STEEM) to get a reasonable exchange rate.
Since DOGECOIN have the cheapest fee (0.002 STEEM), we will be using it for this example and I will only be sending 1 STEEM just for this tutorial.
- On the “SEND” panel select “STEEM” and put in the amount of STEEM you want to send (1 STEEM for this tutorial)
- On the “RECEIVE” panel select “DOGECOIN” and it will automatically display the converted price.
- On the “Your receive address” panel, paste your DOGECOIN wallet address.
When you are happy with your selections CLICK “Get Deposit Address”
You will then get an instruction how to deposit your STEEM or SBD.
Now go to your steemit.com wallet and on STEEM we select “transfer”
You will get the “Transfer to Account” pop out.
On the “To” field enter the account name that was given on the blocktrades instruction which is blocktrades.
On the “Amount” field, enter the amount you want to send (we will be sending 1 STEEM for this tutorial).
On the “Memo” field, paste the memo that you copied from the blocktrades instruction.
When you are happy with everything CLICK “Submit”.
Put in your “Active Key” and CLICK “Sign In”
If you go and refresh the bloctrades.us web page and on the “Transactions” CLICK “Completed”. This will bring up your completed transaction.
If you click on your transaction details, the DOGECOIN.info website will come out displaying the full details of your transaction.
Wait for a few minutes for everything to be confirmed then go to your DOGECOIN wallet in coinspot and you should see your transferred coin.
When you received your DOGECOIN in your wallet, CLICK "Sell" and you will be taken to "Sell Dogecoin" window.
On the "Sell Dogecoin" page, put amount of how much you want to sell on "How much Dogecoin?" field
On the "What would you like to sell it for?" field select "AUD".
When you are happy with your selections CLICK "Sell"
A pop up window will appear.
Review your selections and if you are happy with everything CLICK "Confirm Sell"
If you go to your "Dashboard", under the "Welcome To Coinspot" message is your AUD Funds.
If you CLICK on "Withdraw", you will be taken to "Withdraw Funds Page"
The "Withdraw Fund" page.
Enter the amount you want to withdraw.
Check and make sure all your details are correct.
Click "Withdraw Funds"
How long will it take for you money to be transferred to your bank?
CoinSpot processes AUD withdrawals throughout the week.
This usually means the AUD withdrawal is processed within 3 business days of submitting your withdrawal request. Once your withdrawal is processed, the transfer is subject to the standard domestic transfer times.
If you make multiple withdrawal requests in the same day, you may only receive one withdrawal a day, meaning there could be additional delays to your subsequent withdrawals.
Please make sure that your bank details are correct on the account -> settings page and that there are sufficient funds in your AUD wallet at the time the withdrawal is processed or your request may be cancelled.
That's it, once your transfer funds are processed, you should have it in you bank account.
Cashing Out Using Changelly
1. Changelly do have better rates and lower fees than blocktrades and it does function like blocktrades so there are no extra steps to do.
2. Changelly have a minimum of STEEM you can send. For BTC its 35 STEEM and for LTC its 30 STEEM at the time of writing this.
3. Changelly do not support DOGECOIN yet.
Sign up for Changelly if you don’t have an account yet. It’s easy just a matter of giving your email.
On this example we will be using LITECOIN.
On the “You Have” field, enter the amount you want to cash out and select STEEM.
On the “You Get” field select the coin you want your STEEM to be exchanged to. On this tutorial we use LITECOIN.
When you are happy with your selections CLICK on “Exchange!”. It does take a little bit longer for the page to load after you click on the “Exchange!” button so just wait for it.
A new window will appear with your entered amount and selected coins.
Review it again and if you are happy with everything CLICK on “Next” button.
Ooops there is that minimum that is required. Let us change it to meet the required minimum.
After you made your changes and click on the “Next” button. You will be taken to a page to enter your LITECOIN address.
Paste your LITECOIN wallet address in the field “LTC ADDRESS” and CLICK on “Next”.
You will be taken to a page with all the details and if you hare happy with everything CLICK on “Confirm and make payment” button.
You will then get an instruction how to deposit your STEEM
The process is the same as the blocktrades example. All you have to remember is the “To” field you will be putting “changelly” and on the “Memo” field paste the memo that you copied from the “Changelly Memo”
Cashing out your LTC to AUD from coinspot is the same process as above with the DOGECOIN example.