How to buy Steem coin online

The Steemit platform is a social media website powered by blockchain that rewards users with STEEM cryptocurrency. Find out everything you need to know about Steem in this guide.
By: Charlie Hancox
Charlie Hancox
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player,… read more.
Updated: Oct 8, 2021

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. Scroll down to get started.

Tip: our preferred broker is, eToro: visit & create account

Compare where to buy Steem coin, and open an account

If you are looking to invest straightaway, 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.  

1
Min. Deposit
$50
Exclusive promotion
User Score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
2
Min. Deposit
$1
Exclusive promotion
User Score
9.3
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Description:
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Payment Methods
1Pay, 2C2P, 3d Secure Credit Card, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click
Algocharge, AliPay, American Express, Apple Pay, AstroPay, BPAY, Bank Link, Bank Transfer, Bank Wire, Baofoo, BitGold, BitPay, Bitcoin, Boleto, Bonds, Borneo Exchanger, Bradesco, CEX.io Mobile App, CFDs, CSS System, CUPS, CartaSi, Carte Bleu, Carte Bleue, Cash, CashU, Cashier Order, Check, Check (UK only), China UinonPay, China Union Pay, China UnionPay, ClickandBuy, Commodities, Contact, Contact Z, Credit Card, Cryptocurrencies, Currencies, DCPay, DIXIPAY, Dankort, Debit Card, Dengi Online, DineroMail, DirectPay, Dotpay, E-dinar, ELV, ENets, EPS, ETFs, EXCARD, Easy2Pay, EcoPayz, Ecommpay, Ecurrencyzone, EgoPay, Emerchant Pay, Eprotections, EstroPay, Ethereum, Euro Bank Account, Euteller, Express Dotpay, Express Polish Post Office 24/7, Express Zabka Market, Ezeebill, Ezybonds, FasaPay, Fastapay, Fastbank, Faster Payments, FilsPay, Forex, GTBank, Gate2Shop, Giropay, GlobalCollect, GlobalPAY, GlobePay, Gluepay, Halcash, I-Account, IPS, Ideal, Indices, Individual US State License(s), Indonesia Exchanger, InstaBill, Instadebit, IntellectMoney, Interswitch, Investmate, Itukar, KNET, Klarna, LaoForexBoard, LavaPay, Lion Payment, LiqPay, Litecoin, Lobanet, MOTO, MT4, MT5, Mailing Cash, Market Maker, Masari, Mastercard, MegaTransfer, Mister Cash, Mobile Trading App, Mobile Trading Platform, Moneta, Money Bookers, Money Order, MoneyBookers, MoneyGram, MoneyPolo, Multibanco, NETBANX, Nab, Namecoin, Neosurf, NetPay, OKPAY, OMT, OmahPoin, OnPay.ru, Online Naira, OrangePay, PAYSEC, POLi, POLi & BPay, PYEER, PagoEfectivo, Paxum, Pay Nova, PayCo, PayPal, PayRetailers, PayWeb, Payeer, Payoneer, Payonline, Payvision, Payza, Perfect Money, PocketMoni, Postbank, Powercash 21, Prepaid MasterCard, Prepaid MasterCard (I-Account), Prepaid MasterCard (Intercash), Prepaid MasterCard (Payoneer), Privat 24, Przelewy24, QIWI, RBK Money, Rapid Transfer, RegularPay, SEPA, Safecharge, SafetyPay, SahibExchange, Shilling, SmartPay, Sofort, SolidTrust Pay, SorexPay, Sporopay, Stock Certificate, Stocks, Swish, Teleingreso, Thailand Exchanger, Ticketsurf, Todito Cash, Trade Interceptor, Transact Europe Payment, Trazus, TrustPay, Trustly, UAE Exchange, UPayCard, USD, Ukash, Unet, UnionPay, Unistream, Uphold, Verve, Vietnam Exchanger, Visa, VixiPay, VoguePay, Vouchers, Wallet One, WeChat, Web Based Trading Platform, WebMoney, WebPay, Webtrader, Western Union, Wire Transfer, Wirecard, Yandex, Yandex Money, Yemadai, YuuPay, Z-Payment, Zenith, Array, cTrader, dinpay, eCard, eCheck, eKonto, ePay bg, ePayments Transfer, eToro Mobile Trading Platform, eToro Trading Platform, eTranzact, iPay, mPay, neteller, paysafecard, postepay, skrill, unichange.me
Full regulations list:
3
Min. Deposit
$10
Exclusive promotion
User Score
8.7
The broker offers access to a trusted MetaTrader trading system
Pricing is ensured to be completely transparent, also providing accuracy and speed
Trade a Wide Variety of Assets with Leverage up to 1:500
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.

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 >
1
Min. Deposit
$1
Exclusive promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Payment Methods:
1Pay, 2C2P, 3d Secure Credit Card, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click
Algocharge, AliPay, American Express, Apple Pay, AstroPay, BPAY, Bank Link, Bank Transfer, Bank Wire, Baofoo, BitGold, BitPay, Bitcoin, Boleto, Bonds, Borneo Exchanger, Bradesco, CEX.io Mobile App, CFDs, CSS System, CUPS, CartaSi, Carte Bleu, Carte Bleue, Cash, CashU, Cashier Order, Check, Check (UK only), China UinonPay, China Union Pay, China UnionPay, ClickandBuy, Commodities, Contact, Contact Z, Credit Card, Cryptocurrencies, Currencies, DCPay, DIXIPAY, Dankort, Debit Card, Dengi Online, DineroMail, DirectPay, Dotpay, E-dinar, ELV, ENets, EPS, ETFs, EXCARD, Easy2Pay, EcoPayz, Ecommpay, Ecurrencyzone, EgoPay, Emerchant Pay, Eprotections, EstroPay, Ethereum, Euro Bank Account, Euteller, Express Dotpay, Express Polish Post Office 24/7, Express Zabka Market, Ezeebill, Ezybonds, FasaPay, Fastapay, Fastbank, Faster Payments, FilsPay, Forex, GTBank, Gate2Shop, Giropay, GlobalCollect, GlobalPAY, GlobePay, Gluepay, Halcash, I-Account, IPS, Ideal, Indices, Individual US State License(s), Indonesia Exchanger, InstaBill, Instadebit, IntellectMoney, Interswitch, Investmate, Itukar, KNET, Klarna, LaoForexBoard, LavaPay, Lion Payment, LiqPay, Litecoin, Lobanet, MOTO, MT4, MT5, Mailing Cash, Market Maker, Masari, Mastercard, MegaTransfer, Mister Cash, Mobile Trading App, Mobile Trading Platform, Moneta, Money Bookers, Money Order, MoneyBookers, MoneyGram, MoneyPolo, Multibanco, NETBANX, Nab, Namecoin, Neosurf, NetPay, OKPAY, OMT, OmahPoin, OnPay.ru, Online Naira, OrangePay, PAYSEC, POLi, POLi & BPay, PYEER, PagoEfectivo, Paxum, Pay Nova, PayCo, PayPal, PayRetailers, PayWeb, Payeer, Payoneer, Payonline, Payvision, Payza, Perfect Money, PocketMoni, Postbank, Powercash 21, Prepaid MasterCard, Prepaid MasterCard (I-Account), Prepaid MasterCard (Intercash), Prepaid MasterCard (Payoneer), Privat 24, Przelewy24, QIWI, RBK Money, Rapid Transfer, RegularPay, SEPA, Safecharge, SafetyPay, SahibExchange, Shilling, SmartPay, Sofort, SolidTrust Pay, SorexPay, Sporopay, Stock Certificate, Stocks, Swish, Teleingreso, Thailand Exchanger, Ticketsurf, Todito Cash, Trade Interceptor, Transact Europe Payment, Trazus, TrustPay, Trustly, UAE Exchange, UPayCard, USD, Ukash, Unet, UnionPay, Unistream, Uphold, Verve, Vietnam Exchanger, Visa, VixiPay, VoguePay, Vouchers, Wallet One, WeChat, Web Based Trading Platform, WebMoney, WebPay, Webtrader, Western Union, Wire Transfer, Wirecard, Yandex, Yandex Money, Yemadai, YuuPay, Z-Payment, Zenith, Array, cTrader, dinpay, eCard, eCheck, eKonto, ePay bg, ePayments Transfer, eToro Mobile Trading Platform, eToro Trading Platform, eTranzact, iPay, mPay, neteller, paysafecard, postepay, skrill, unichange.me
Full Regulations:

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.

Still undecided?

If you haven’t made up your mind yet, we have collated the pros and cons of the Steemit platform and STEEM coin below.

Pros

  • 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

Cons

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 blockchain-based games and metaverses.

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.


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.

Risk disclaimer

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 >

Charlie Hancox
Financial writer
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as a budding film director, has… read more.