How & where to buy Steem (STEEM) online
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On this page, we investigate Steem coin and explain how to invest in it. We talk through the different ways you can gain exposure to the price of STEEM, what you should consider based on your own investment strategy, and what the future is likely to hold for the Steemit platform.
What are the best exchanges to buy STEEM on?
If you are looking to invest straight away, check out the table below; it features some of the best places to buy STEEM crypto online. Click on one of the links to sign up, or keep scrolling to learn more about Steem.
How to buy STEEM online – a step-by-step guide
Step 1. Find an exchange
The first step of purchasing any cryptocurrency outright is always the same: finding a reliable exchange with which to execute your transactions. Cryptocurrency exchanges are like giant marketplaces for crypto coins, and many of them now support STEEM given its growing popularity.
While you can earn Steem by producing content for the Steemit platform, the easy shortcut is using an exchange. Not all exchanges have an equally strong track record of reliability or a favourable fee structure, so to save you some time, we have listed two of the best options below for your consideration:
- KuCoin: KuCoin is an exchange that has surged in popularity in the last few years thanks to the great customer support and low fees it offers. Create a KuCoin account today >
- Binance: The most popular cryptocurrency exchange on the planet is a popular choice for crypto investors across the spectrum. With an easy-to-navigate interface and lots of helpful tools, it could be the right exchange for you. Open your Binance account today >
Step 2. Sign up and fund your account
Now you have chosen the exchange you want to use, it is time to complete the sign-up process. Do this by filling out the contact details that you are prompted to provide and hand over a copy of your photo ID if it is requested.
Then, you can fund your newly-created account via a bank transfer in the case of fiat money, or a wallet transfer in the case of cryptocurrencies. This will vary from platform to platform so make sure you check before trying to arrange anything.
Step 3. Purchase
Finally, enter the number of STEEM coins you want to own, check you are happy with the price you are paying and the fees you will incur, and execute your transaction. Now your purchase is finalised, the coins will go directly into your account so you can monitor their price, or transfer them into a wallet for enhanced security.
Step 4. (Optional) Get a suitable wallet
If you plan on trading STEEM, skip to the next section because a wallet will merely make things less convenient for you. However, if you plan on holding STEEM tokens, especially for the long term, storing them in a crypto wallet could be a smart move.
You won’t be hard pushed to find a decent wallet for your STEEM as there are a wide variety out there. To narrow down your search, we’ve listed some of the best STEEM wallets for you to use:
- Ledger Nano S: Using a Ledger Nano S is no more complex than using a USB drive. It is an inexpensive hardware wallet that allows you to store your STEEM completely offline, away from the threat from online attacks. Get your own Ledger Nano S >
- CoolWallet: CoolWallet is another hardware wallet, though it differentiates itself by coming with a connected app that allows you to access your wallet’s funds securely via a mobile device. Get a CoolWallet today >
How to trade STEEM – a step-by-step guide
Step 1. Find a CFD broker
The first step on the road to trading is to find a broker that accepts STEEM. These are online platforms that facilitate the instant opening and closing of market positions on a wide variety of assets, thus enabling traders to orchestrate their strategies comfortably. While lots of brokers specialise in trading cryptocurrencies, we feel the two listed below offer the highest quality service:
- eToro: You have more than likely heard of eToro before. It is one of the world’s leading brokers, and with innovative features and good customer support, it is little surprise amateurs and professionals alike place their trust in the platform. Start an eToro account now >
- Capital.com: If you are looking for a broker that comes with a selection of powerful charts and tools that you can use when trying to implement a good trading strategy, Capital.com is the platform for you. Create your own Capital.com account >
Step 2. Deposit money
The next step is to deposit some funds so you’ll have something to get started with. Whichever crypto broker you choose, you can expect there to be a minimum deposit requirement. Fortunately, it’s never a bank-breaking sum.
Different brokers will accept deposits from different sources; for instance, most will accept bank transfers, some are compatible with PayPal, and a few require crypto deposits from a wallet.
Step 3. Learn how to perform technical analysis
If you have ever seen a trader at work and wondered why they spend so much of their day staring at charts on the screen, the reason is as follows: they are conducting technical analysis to work out where the market is heading.
You can learn how to conduct your own technical analysis by completing our short-term trading course. By the end of it, you should have a firm grasp of the key methods and technical indicators so you can get things started on the right foot.
Step 4. Start trading
Now your account is ready to trade, but are you? When you open up an account with a broker you’ll see there’s an option to start with a demo version. If you’re new to the game, it’s well worth having a look around using the demo. This will help you get a feel for the platform and build your understanding of cryptocurrency trading, without risking your cash.
When you’re confident and you know what you’re doing, you can open up the live account and start trading for real, but do remember that the value of cryptocurrency can rise and fall extremely quickly.
The idea behind trading is fairly simple – all you need to do is take a position on whether the value of your currency will increase or decrease. If you think it will increase, go long (buy) and if you think it will decrease, go short (sell).
You may choose to incorporate leverage into your trading strategy. Leveraged trading allows you to put up a fraction of the trade’s value as a deposit or ‘margin’. This can be extremely risky, though, so make sure you have a stop loss in place for damage limitation and avoid leverage completely if you aren’t a seasoned trader.
Should I invest in Steem?
First and foremost, is the cryptocurrency market on the rise (bull market), or is it in a steep decline (bear market)? When prices are heading upwards, investing in a cryptocurrency like Steem can prove to be profitable regardless of the specific dynamics of the coin. By contrast, when prices are in freefall, expect the price of Steem to track the rest of the market.
If you buy into the project’s fundamentals and think the Steemit community can continue to flourish, investing could make perfect sense. However, you should make sure that you only ever spend capital that you can afford to lose. The market can quickly turn against you, especially with a volatile asset like a cryptocurrency, so exercise caution at all times.
Moreover, it is important that you are realistic. If you want to get involved with a community of creators focussed on viral hits, and you believe the value of STEEM could increase somewhat in the coming years, it could be a solid investment. However, if you are expecting it to be the next Bitcoin or Ethereum, you are likely to be better off looking elsewhere.
If you haven’t made up your mind yet, we have collated the pros and cons of the Steemit platform and STEEM coin below.
- Fast transactions
- An engaged community of creators and sharers looking for the next piece of viral content
- Could become huge if other social media networks adopt STEEM
- Widely accepted and traded
Finally, before we conclude this guide, scroll down to read three key questions and the considerations you should make before you invest in STEEM.
1. Is now a good time to buy Steem?
If you believe in the Steemit project and think the price of STEEM will rise in the long term, it is rarely a bad time to get involved. The community of Steemit means it has a solid user base, though it is yet to ascend to become a truly mainstream platform. Whether or not this will ever happen remains to be seen, and much of it hinges on future strategic partnerships with major social media providers.
For short-term traders, the fundamentals of STEEM coin and the Steemit platform are less important than the technical indicators you need to focus on. By conducting effective technical analysis, you can get a good read of where the market is heading and how you should react as a result.
Below, we have compiled a selection of the latest high-quality STEEM analyses on the Invezz website. Click on one of the articles to check it out, or scroll down for our next question:
2. What problem does Steem solve, and what are its investment prospects?
STEEM doesn’t necessarily solve any major problems, though it provides fast decentralised transactions and has created an enthusiastic community of digital content creators. However, this isn’t necessarily unique given the growth of the NFT market and the rise in popularity of metaverse and blockchain-based games.
However, if STEEM can secure a partnership with a major social media platform that could completely change the landscape for the project. Until this happens, it remains an inflationary coin with an uncertain future.
To find out the latest information about what is happening with STEEM, check out the stories we have listed below. They will give you an overview of the latest events that have happened concerning STEEM so you can stay informed about your investment at all times:
3. Do you want to hold Steem for the long term?
There are two routes you can go down when trying to seek exposure to the price performance of Steem: purchasing it and holding it in a wallet for the long term, or trading it for accelerated short-term returns. Here are the different considerations you should make for each method.
Considerations for a long term investment strategy
For long-term investors, focus on locating a trustworthy exchange to purchase STEEM coins. Then, think about opening a wallet – either hardware or software depending on your needs – to store your coins securely.
Considerations for a short term trading strategy
If flipping tokens for a quick profit is more of an aim for you, sign up to a low-free broker to get things rolling. Finally, consider what kind of trader you want to be, because this can vary from someone who closes their positions by the end of each working day – a day trader – to someone who holds an asset for several days – a swing trader.
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