Few but Sure Trading Options for Steem Users
Trading Steem for fiat money or other cryptocurrencies requires you to use an exchange. However, Steem is not as widely accepted as Bitcoin and Ethereum, which is why there are only a few Steem exchanges you can find. Still, the limited trading options should not discourage you, as these exchange sites offer convenient ways to buy and sell Steem. Read on to know which exchange you will turn to and which wallet you should use when you want to trade Steem.
Crypto Exchanges Accepting Steem
Fortunately, the exchange platforms that accept Steem are reputable exchanges, most of which have been trading cryptocurrency for a long time. Here are some Steem exchanges as well as their features.
Binance is known for charging low trading fees and for listing 50 cryptocurrencies. This exchange sets no limit to how much crypto coins you can deposit. It even has an app available for both iOS and Android devices through which you can trade Steem on the go.
This decentralized asset exchange offers flexible cash-out options, low fees, and no withdrawal limits. BitShares also boasts a referral rewards program that gives members an ongoing revenue stream by promoting the platform.
BitTrex protects your funds by using security measures such as multi-stage wallets and cold storage. This exchange also offers an automated monitoring platform that allows you to make fast transactions.
While most exchange platforms allow you to buy cryptocurrency with fiat or other altcoins, Poloniex offers only crypto-to-crypto trading. But it does provide real-time technical analysis charts that will help you analyze price trends.
There may be few platforms trading Steem, but these exchanges have great features that will make trading crypto coins more convenient. What you simply have to do is to select the one that best meets your trading preferences.
Available Steem Wallets
Steem is compatible with only a few wallets, most of which are online and mobile wallets. Here are some storage tools you can choose from should you decide to invest in the altcoin:
Steemit is the first social media platform powered by Steem, so it is no surprise that this site already has a built-in wallet. Once you sign up, your Steemit user name automatically becomes your wallet address. Just keep in mind that you cannot change your user name in the future.
This is another social networking site based on the Steem blockchain. Just like Steemit, Busy.org automatically gives you a wallet for the altcoin after signing up. This wallet, however, is still under development and is still prone to bugs.
eSteem functions both as a social media app and as a Steem wallet. Just like other wallets, this app allows you to post and curate content on Steemit. The app even lets you boost the security of your wallet by adding a pin code.
This mobile wallet is available on Android and iOS devices. You can enable additional security measures such as security code as well as email and phone verification. In case you lose your phone or tablet, Freewallet gives you the option to freeze your account or to access it from another device.
CLI Wallet is the original Steem wallet that runs on a text-based interface. However, new users may find this wallet difficult to use because it is not user-friendly. In order to use CLI Wallet, you will need to install the “steemd client” on your desktop computer.
This desktop wallet allows you to browse, read, post, and comment on Steemit without opening the platform in your browser. You can install this wallet using an open-source code found on GitHub.
Vessel is a wallet that you can run on your desktop computer without running the Steem blockchain. This wallet allows you to send STEEM or Steem Dollars to any account or through a Steem-accepting exchange platform.
Although there are a few wallets available for Steem, all of these aim to keep your funds safe. You are assured that you will send and receive funds instantly. Just make sure you choose a wallet that you find the most convenient to use.
At first, you may be discouraged that Steem is listed on only a few exchange sites. But on the bright side, these trading platforms are established sites which guarantee that your altcoins will be safely traded. Added to that, you will be using Steem wallets that allow you to not only deposit and withdraw your crypto coins, but also post and curate content in order to earn more.