The cryptocurrency Steem (STEEM) specifically serves as a currency with which users of Steem’s own social media platform Steemit can reward each other.

Steemit is a decentralised social network built on the Steem blockchain.

The structure of the social media platform Steemit is strongly reminiscent of the long-standing social media platform Reddit.

Unlike Facebook, for example, posts on Steemit are not sorted by an algorithm, but gain visibility through user feedback.

They can reward contributors to the cryptocurrency Steem for their work.

Buy Steem – in only 15 minutes to the Coin

The cryptocurrency Steem (STEEM) specifically serves as a currency with which users of Steem’s own social media platform Steemit can reward each other.

Steemit is a decentralised social network built on the Steem blockchain.

The structure of the social media platform Steemit is strongly reminiscent of the long-standing social media platform Reddit.

Unlike Facebook, for example, posts on Steemit are not sorted by an algorithm, but gain visibility through user feedback.

They can reward contributors to the cryptocurrency Steem for their work.

Where to buy Steem? Broker and exchange comparison:

Binance Advantages & Disadvantages

  • Cheapest provider on the market
  • Very good interface
  • No verification required
  • Serves a huge number of altcoins (including Steem)
  • Compatible with various browsers, Android, HTML5, WeChat and other platforms.
  • Very fast transaction speed
  • Real money deposit not possible
  • Too little trading option (only supports “limit” and “market” oders)
  • Headquarters in Hong Kong

The Steem Purchase – Popular Options

Buy Steem Germany: Those who want to enter the steem trade are spoilt for choice.

Numerous stock exchanges have steem in their programme and thus offer various possibilities to make a corresponding investment.

Which one is right for you depends mainly on how you want to invest in the Steem cryptocurrency:

Do you want to buy the Steem Coin – or do you want to invest in Steem CFDs on a broking platform? We present both options and guide you step by step through the process. Afterwards, we will show you some alternatives.

Buy Steem with Binance in 3 steps

Buy Steem with Bitcoin on Binance: Because Binance does not accept real money as a means of payment, you can only get ahead here if you already have some Bitcoin, Ether or Litecoin of your own.

In our example, we assume that you buy Steem on Binance with Bitcoin. If you don’t have one yet, you can find a Bitcoin buying guide here that will help you quickly.

Kryptoszene.de also has instructions for buying Ether and Litecoin. If you prefer to buy your Steem with euros (or another fiat currency), you can find the right instructions for you in the section “Steem Trading Alternatives”.

Getting started trading with Steem is particularly quick with Binance. Unlike most crypto exchanges, Binance does not require any verification from you.

Step 1: Registration

Buying the Steem Coin with Binance requires first of all your registration at Binance: Create your account via this link. Enter your details and you will receive an email with an activation link.

Follow the link in the mail to activate your Binance account.

If you like, you can now set up two-factor authentication to better protect your Binance account. Two-factor authentication significantly increases the security of your Binance account. You can also wait and activate 2FA later via your account settings.

Buying steem without verification is possible at Binance.

Step 2: Deposit

Transfer an amount of BTC from your Bitcoin wallet or other exchange account to Binance now.

To transfer your Bitcoin, click on Means > Deposit in the header of Binance and select Bitcoin. You will then be shown a public key address to which you can deposit your coins.

You send the Bitcoins you want to exchange for Steem to this address. Waiting times of 30 minutes or more are not uncommon at this point at Binance. You can track the progress of your transfer under Order Management > Order History.

Tip: We advise you to only transfer a test amount before sending large sums to Binance. This way you can make sure that everything works as it should.

Step 3: Trade Steem

After your transfer has been received by Binance, you can now exchange your Bitcoin for Steem Coins. To do so, click on Exchange > Basic in the header.

Then click on BTC in the top right-hand corner and select the STEEM/BTC currency pair from the list to exchange your Bitcoin for Steem. If you have done everything correctly, Steem (STEEM) will now appear at the bottom above the “Buy – Sell” box. It should look like this:

To buy Steem, you have to pay with BTC. Enter the desired Steem amount (STEEM) in the purchase screen.

Limit or market order

Now, if you like, you can decide at what price you want to buy your steem.

To do this, select “Limit” above the input mask and enter your desired price. Then click on the green “Buy” field. As soon as the market value you have set is reached, your Bitcoin (BTC) will automatically be exchanged for Steem.

You can also use the current market price instead of your own. Instead of clicking on “Limit”, click on “Market” next to it and then on the green “Buy” field. Your Steem Coins should then appear in your balance as soon as possible.

Tips

  • Tip 1: Buying Steem on Binance is particularly cheap: Binance charges a small fee for trading between different cryptocurrencies. If you purchase a small amount of Binance’s own currency BNB and check the “Pay transaction fees in BNB” box in your profile, Binance will give you a 25% discount on these fees.
  • Tip 2: To exchange your Steem back into Bitcoin, simply follow steps 1-3 again and this time use the “Sell” input screen instead of the “Buy” box.

Alternative ways to buy steem

Buy Steem with credit card

We would like to point out alternative ways of buying Steem, for example on Changelly or cex.io. On both crypto exchanges you can buy Bitcoin with a credit card and then transfer it to Binance.

This is a roundabout way to buy Steem using your credit card. Unfortunately, it is not possible to buy Steem directly with a credit card on the platforms we recommend.

Credit card trading is very much possible with Steem CFDs on the Capital.com broking platform.

Buy Steem with Paypal

Unfortunately, we can’t give you the name of a reputable exchange where you can buy Steem with Paypal.

However, to invest in cryptocurrencies using Paypal, you can use the crypto broker recommended by the editorial team.

So-called CFDs are traded here. Please inform yourself about the risks of speculating with CFDs before you invest here. Steem is unfortunately not listed in the programme by many.

Buy Steem with Sofortüberweisung

The instant bank transfer of the Swedish company Klarna is a widespread payment option on the Internet and you are probably already familiar with it.

Here, the name says it all: the merchant or service provider receives your payment immediately, so that purchases can be processed particularly quickly and easily using this method.

To use them, you must have access to online banking at your bank. Also have your individual account information ready.

Follow the simple instructions and enter your account number or username and your PIN for online banking in the prompt.

To complete the transaction, you need a TAN. This prevents phishing and other misuse of your account information.

Buying Steem with Sofortüberweisung is not possible on any of the platforms we recommend. However, you can buy Bitcoin with Sofortüberweisung and then transfer your Bitcoin to Binance, where you can buy the Steem cryptocurrency with Bitcoin.

This is possible on the crypto exchange AnycoinDirect, for example. Many other crypto exchanges now also offer the instant transfer option on their platforms.

To invest in Steem or not?

Should you buy the Steem cryptocurrency?

That is difficult to answer. The cryptocurrency market has had a black year, which has also left its mark on the Steem price.

The current steem price is a fraction of the price that had to be paid on the exchanges in January 2018.

Does this mean that the timing is particularly favourable for an investment in Steem?

Not necessarily.

The weak market threatens the existence of many cryptocurrencies. What is needed now are concretely applicable technologies that can find users and thus restore investors’ confidence in cryptocurrencies.

Can the social media platform Steemit establish itself?

With the social media platform Steemit, Steem already has just such an application, but is messing with some of the biggest companies of our time.

Investors should keep an eye on the market development and investigate whether Steemit will attract more users in the future than it has so far. Steemit is still a long way from becoming an established social network.

Savvy investors can still achieve high returns by investing in CFDs instead of currency.

Find out how this works with the crypto broker Capital.com in the specific review.

Please be aware of the high risk involved in trading CFDs and only invest what you can afford to lose in the event of an accident.

What are the arguments in favour of a steem investment?

  • Interesting use case (social media on the blockchain)
  • The social network Steemit already works today
  • Contributors are remunerated on Steemit in Steem
  • Risky investment
  • Unpredictable development

Trade Steem with or without a wallet?

Anyone seriously considering buying Steem is bound to ask themselves the question:

Is a wallet required for trading with Steem?

Not necessarily: Theoretically, you can just leave your Steem Coins on Binance.

A steem wallet is therefore not absolutely necessary when buying steems. However, it is always a good idea to get a matching wallet for your investment.

If you rely on the exchanges, you accept a certain risk: if an exchange unexpectedly goes bankrupt or is hacked, you may lose your cryptocurrency. Then the anger is great.

If you do not invest directly, but instead trade Steem with leverage at the CFD broker Capital.com, you naturally do not need a Steem wallet.

Anyone who uses the Steemit platform to read or write posts on it already has a functioning Steem Wallet via their profile.

Contributors who are rewarded by their readers will have their Steem automatically transferred to this very wallet. Since the Steemit platform is decentralised, it is well protected against hacker attacks.

Your Steemit profile is therefore the first choice for storing the cryptocurrency Steem.

Conclusion

A decentralised social media platform on the blockchain?

This is a promising idea after the many data and manipulation scandals (see e.g. Cambridge Analytica) of the past years.

Steemit is also already used by many people, but is far from the popularity of a Facebook, Twitter or Reddit.

It is quite conceivable that in a few years there will be an established social network that uses blockchain technology like Steemit. Whether that will be Steemit is written in the stars.

Buy Steem: FAQs

How can you invest in Steem?

You can buy Steem with Bitcoin, Ether or Litecoin on Binance. With real money, you can buy Bitcoin via Sofortüberweisung, SEPA and other payment methods on the platforms described above and then exchange it for Steem on Binance.

Buying Steem with Bitcoin is particularly quick on Binance, because Binance does not require any verification. Alternatively, you can speculate on the price movements with CFDs at our test winner via leverage. This way, you can still earn returns even if the Steem price continues to fall.

Can I buy Steem with a credit card?

Buying Steem with a credit card is not possible on any of our recommended crypto exchanges.

However, you can buy Steem with a credit card in a roundabout way by first buying Bitcoin with a credit card and then exchanging it for the cryptocurrency Steem. How to do this is described in our instructions at the top of this page.

Is Steem trading possible with Paypal?

Unfortunately, buying Steem with Paypal is not possible on any of the exchanges we use.

Will Steem continue to increase in value?

Steem is expected to benefit when the market as a whole starts to grow again.

Do I need a Steem Wallet?

Not mandatory, but we recommend it. A wallet protects you from eventualities such as the unexpected insolvency or hacker attacks on your exchange platform.

Without a wallet, you can hold Steem on Binance, for example.

Can I use my Bitcoin Wallet?

It depends on whether your wallet supports the cryptocurrency Steem. In our experience, this is generally not the case for Steem. If in doubt, it is advisable to ask the provider directly. Most wallets now support multiple coins.

What is the best way to invest in Steem?

We recommend Binance for purchasing Steem. Here you can only exchange Steem for Bitcoin and not buy it for real money, but you don’t have to go through the hassle of verification.

If you want to buy steem with real money, we recommend the diversions described in the article. And for steem trading with derivatives, the editors recommend their test winner

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