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Steem (STEEM) - All you need to know
Ways to invest in Steem
The simplest way is to sign up with an online broker or exchange platform. Then you can buy, sell, or trade coins according to whatever investing strategy you’ve decided upon.
That means you can trade coins quickly if you have a short term approach, or hold them if you’re more focused on the future. There are investment vehicles like mutual funds and ETFs that you can use as part of your process as well, and you can learn more about each of these further down.
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What is STEEM?
The Steemit platform is, in some respects, similar to any number of other social media platforms. The big difference is STEEM – the cryptocurrency used to reward contributors. Steemit users cast upvotes and the more visible a piece of content becomes the greater the reward offered.
The idea behind the Steemit platform and STEEM cryptocurrency was to entice users to create and share content on the site and, therefore, build a strong, engaged community. By rewarding great content with digital cash, Steemit has set itself apart from other social media platforms like Facebook and Twitter.
How does STEEM work?
If you’re looking to make a profit from STEEM there are better ways than earning it by creating and publishing content, especially if you’re just starting out with cryptocurrencies. New users of the Steemit platform rarely see their posts go viral straight away and established users with more clout cast votes (known as Steem Power) that carry more weight.
There are actually three versions of Steem cryptocurrency: STEEM, Steem Power and Steem Doller. However, STEEM is the only coin you can exchange for Bitcoin or an equivalent currency.
How to invest in Steem
We’ve put together a list of the best options so that you can read through them. Use this information to guide you towards a practical plan that meets your investing goals.
- Broker platforms. A broker is the most straightforward way to get any cryptocurrency. Create an account in a matter of moments and head to the Steem page to find a fixed price at which you can buy or sell instantly. Most brokers charge a commission on every trade and you should be aware that you can’t find every coin on every platform, so it’s a good idea to research which coins a broker offers before you sign up to anything.
- Cryptocurrency exchanges. An exchange is a marketplace where you buy and sell coins from other users. Many more coins are available on an exchange compared to a broker and the prices are often cheaper. The trade-off is that exchanges take a bit more getting used to and you might have to use a cryptocurrency like Bitcoin to get other coins, rather than using your fiat currency (like GBP or USD).
- Funds. A fund is a pool of money that has been contributed by many different people and handed to a professional who chooses which assets to own. Funds tend to have high barriers to entry and are for wealthy investors, but more cryptocurrency funds are popping up with holdings in Bitcoin in particular.
- Mutual funds. Mutual funds work just like funds but are more accessible for the average investor. You can buy a share in a mutual fund just like you would get one in a company through a broker and it can be a good way to create an instantly diverse portfolio. Look for mutual funds that have cryptocurrency holdings to see if any hold Steem.
- Steem ETFs. ETFs are exchange-traded funds, a portfolio that tracks the performance of a market or index by owning the assets within it. ETFs are easy to use and great for beginners, you can find them through your broker and they don’t require any management. Cryptocurrency ETFs are the best place to start if you want to invest this way.
- Crypto debit cards. Debit cards give you the opportunity to spend your coins on daily purchases. More and more merchants are willing to accept cryptocurrency payment and a crypto debit card works just like your regular bank card. Enter the details online and it will use your coins as payment at the current exchange rate.
- Smartphone apps. Mobile apps let you manage your Steem coins wherever you are. Broker apps let you trade coins on the go, while exchanges and wallet apps let you buy and store them as well. These days, most platforms have a good quality app with virtually the same features as their main website.
- Steem wallets. Crypto wallets store your coins securely to protect them from malicious activity. They use encryption and give you a pin number that you use to access them. You can find wallets that work on your phone, desktop, or web browser, while the most secure versions are completely offline. Lots of wallets are integrated with an exchange platform as well now, so you don’t even need to leave the wallet to trade your coins.
Where can I buy Steem coin now?
Latest Steem price analysis
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >