Newcomers Guide - Buy STEEM from Binance and Deposit to Steemitwallet

Hello everyone!

If you are a newcomer and do not know how to buy and deposit STEEM to steemit wallet to perform the power up and increase your resource credits then this is for you.

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Here is a step by step guide to buy STEEM from Binance exchange and then depositing STEEM to Steemit Wallet.

STEEM is listed in the world's largest cryptocurrency exchange Binance. I will guide you how you can simple buy and deposit your STEEM to your steemit wallet.

First of all as you are in the crypto world you have an account at Binance exchange so that you can perform the trading operations of STEEM token. After log in search STEEM in the list of the markets. You can see the STEEM token is now filtered in the search result.

Select STEEM and it will open new interface where you can buy and sell STEEM tokens. Here select trade option and it will show all the available markets or trading pairs to trade STEEM. You can trade STEEM using USDT, USDC, and BTC.

I have USDT in my wallet so I have selected STEEM/USDT trading pair. There are different market trading types like limit, market, and more advanced options in the Stop limit. I will recommend you to use limit and market options as other options are for the advance users who are familiar with those types of trading.

In the limit you place an order at a specific price and when the price hits that level your buy order will be placed and similarly if you choose market it will act on the spot at the current market price without waiting for any specific price limit.

I have selected market because I want to execute the trade on the current market price without waiting to hit a specific price level.

I have entered 5 USDT in the section of the amount to buy with USDT and according to the market price I will get the amount of STEEM tokens with these 5 USDT. Let me show you how much I get for these 5 USDT.

Here you can see my order of buying STEEM has been placed. After filling this order I have received 33.7 STEEM in my wallet. When my order was placed the market price was $0.1483 and this transaction costed me some trading fees which was paid by the BNB from my account. If your wallet does not have BNB the the fee will be cut from USDT.

Here you can see STEEM token in my spot wallet. I can trade them and convert them to any other coin and can withdraw them.

Deposit STEEM from Binance to Steemitwallet

Let us start depositing STEEM to steemit wallet:

Move towards your main account and you will see there 3 options which are:

• Deposit
• Withdraw
• Transfer

We want to withdraw tokens from Binance and want to deposit to Steemitwallet so selected withdraw option. Choose STEEM tokens from the list of the coins to withdraw STEEM.

This is a three step process:

Step 1: Choose STEEM token to withdraw it.

Step 2: Enter the deposit address (your steem username). Please ensure that your username is correct as I have given mine because if the username is incorrect then your deposit will not receive in your account but in the given account of the username. To deposit to steemitwallet memo is not required but you can use if you want.

Step 3: In this final step select the amount which you want to withdraw from Binance and want to deposit to steemit wallet. I have selected MAX amount because I wanted to transfer all STEEM tokens from my Binance to steemit wallet.

After clicking on Withdraw it will show this confirmation prompt to you. You have to verify the withdrawal address and the memo key. In this case we are not using memo key because it does not need any memo key and the withdrawal will be received in our wallet. The fee for this withdrawal from Binance is negligible which is just 0.01 STEEM.

In the withdrawal history we can see the withrawal is being processed. It usually takes very short time and the STEEM are deposited to Steemitwallet.

Here you can see that I have received STEEM in my wallet and now I can use these STEEM to perform the power up. It will increase my resource credits and the vote value of my account.

If you have any questions then feel free to ask and I will respond as early as possible and will help you to deposit your STEEM to Steemit wallet even you want to deposit them from any other exchange.

_{Note: Screenshots have been taken from Binance.}