[Tutorial] How to convert fiat to Steem Power with minimum fees
Objective
To convert USD to Steem which can be used to power up your account. All that while paying minimum fees possible.
What will you need
- Bank Account.
- Coinbase/GDAX account
- Binance or Bittrex account. I will use Binance for this tutorial.
- Steem account. Last one is quite obvious.
Steps
Transfer money to GDAX using your bank account
GDAX is a coinbase trading platform and same login is used for GDAX as coinbase.
This is the most time consuming part of the entire process. If you don't have money in your coinbase/gdax account already and you don't want to pay any fees, then this is the only option. It will take up to 2 weeks (usually 1 week) , but it will be free. For this
- Login to gdax account.
- Go to BTC/USD pairing
- Click on deposit button.
- Add bank account details if they are not present already.
- Enter amount and click "Continue" and "Confirm" on next screen.
- After you receive funds from your bank, place a "Limit order" on the market. This way you won't pay any fees. In limit order, you specify the price at which you want to buy.
- Once your order is filled, click on Withdraw.
- Select BTC Address tab and enter BTC address for Binance BTC wallet, then click Withdraw funds. (If you have 2 factor authentication enabled, then enter the code).
- This will transfer your BTC to binance without any fees. Until this point you will have paid 0$ in fees.
Buy Steem token from Binance using transferred BTC
- Select Exchange > Basic from the top menu.
- Select BTC/Steem pair from right section and place a limit order to buy steem. (If you hold some BNB tokens in your binance account, then you will get 50% discount in fees.)
- Once your order is filled, go to Withdrawal from the Funds menu item.
- Select STEEM from the dropdown and fill STEEM withdrawal address which is your steem username and MEMO that you can find on your Steemit > Wallet > Permissions.
- Click Submit
- This will initiate the transfer and you will receive Steem in your steemit account.
- Last step, Click on drop down next to steem in your wallet and power up.
Conclusion
This is the best way i have found to convert fiat to steem without paying lot of fees. Only places you pay any fees are buying steem on binance and then transferring to steem wallet on steemit (which is .01)
Hi @mightypanda,
Although your tutorial is of great help for Steemit users and cryptocurrency enthusiasts, it doesn't pertain to free and open source software (FOSS) projects in general, for which you weren't able to provide GitHub repository. I suggest you to spare your time reading about [the in-depth Posting & Submission Guidelinesfor each categories coupled with templates; for tutorials, see template.
Thanks for your review. I wasn't sure of this will fall under tutorials category or not.
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Good information to have on hand. Thanks very much for your research.
Thanks
What about by credit card?
Credit card is the way to pay most fees. You will pay lot of fees and credit card company may consider it cash advance and charge extra interest.
Is there a difference if you use a debit card connected to an account as far as fees are concerned? I read elsewhere it is much quicker that way.
Gdax doesn't allow using debit card and gdax is the only way to buy with 0 fees, and coinbase charges high commission on all buys plus you have higher price.
Your balance is below $0.1. This is your 2nd notification that your account is running low and should be replenished.
This is exactly what I’ve been doing. Every time I have some spare cash...enough to grab a lil chunk of Steem I’m taking advantage of it.
@whatsup, here's the post, didn't want to leave links to my post on someone else's post.
Useful information coming in at the right time. It's the best time to invest into steem, so showing people how to do it is a great move.
I was amazed, a lot of people already didn't knew this.
Crypto is still a fairly novel concept for most.
Everyone has heard about Bitcoin, hardly anyone knows what it's all about, even less know how to deal with it.
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I never knew you can send Steem directly to Steemit from Binance. I used blocktrades for the transfer. Would have saved money if I had known! Thanks for the tutorial.
Block traders is quite expensive
Yes, I hadn't known there was another option. Now I do! Appreciate you sharing.
@davemccoy Here's is an article on how to pay almost no fees to buy steem from fiat.
Hi,
Very useful info. I will keep these steps in mind.
Thanks