How to buy Steem Coin online

The Steemit platform is a social media website powered by blockchain that rewards users with STEEM cryptocurrency, and its popularity is on the rise. This guide shows you how to buy STEEM coins and how to trade it in 2020.
By: Harry Atkins
Harry Atkins
Harry joined us in 2019, drawing on more than a decade writing, editing and managing high-profile content for blue… read more.
Updated: May 14, 2021
Tip: our preferred broker is, eToro: visit & create account

Compare where to buy Steem Coin, and open an account

Read on to find out more about STEEM and how it works or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy STEEM coins. 

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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 buy STEEM online – step-by-step guide

Step 1. Get a suitable wallet

You won’t be hard pushed to find a decent wallet for your STEEM as there are loads out there. To narrow down the search, we’ve listed some of the more popular STEEM compatible wallets for you to use once you buy STEEM coins: 

Steemit Wallet: If you’re a regular on the Steemit platform it makes sense to use the Steemit Wallet, but there are better wallets out there. 

Vessel: This desktop client is compatible with macOS, Windows and Linux and has everything you need when storing STEEM on your pc or laptop. 

ESteem: If you’re looking for a mobile app, then look no further than ESteem. It works on both iOS and Android and is one of the easier to use STEEM wallet apps we looked at. 

Step 2. Find a STEEM exchange

If you don’t have the time or energy to produce content for the Steem platform, there’s a handy shortcut to owning STEEM – simply visit an exchange and buy STEEM. There are quite a few STEEM exchanges out there, so we’ve listed some of the more popular ones: 

  • Binance: You can trade over one-hundred different cryptocurrencies on Binance so it’s a great place to start when you’re looking to buy STEEM.
  • HitBTC: This European exchange has been around since 2013, so you can rest assured it’s a secure place to buy STEEM. 

Step 3. Withdraw your STEEM 

When you’ve decided on an exchange and acquired your STEEM, it’s a good idea to withdraw it and keep it in your wallet where it will be more secure.

How to trade STEEM – step-by-step guide

If you only want to go down the trading route you don’t need to bother sourcing a wallet as you won’t actually be buying STEEM and withdrawing it. 

Step 1. Find a broker to trade STEEM

The first step on the road to trading is to find a broker that accepts STEEM. There are a number of brokers that specialise in trading cryptocurrencies, but two of the biggest players right now are eToro and Plus500

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. 

Step 3. Decide how you’d like to trade

There are two main ways you can trade cryptocurrencies – spread betting and CFDs (contracts for difference). Both of which involve predicting whether the price of your chosen cryptocurrency will rise or fall during a set timescale. If you’re not sure what the difference is, it might be worth doing some more learning about spreads and CFDs.

Step 4. Start trading 

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 risky, though, so make sure you have a stop loss in place for damage limitation.  

Still undecided?

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


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.

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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 >

Harry Atkins
Financial Writer
Harry joined us in 2019, drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the… read more.