How To Cashout STEEM to Philippine Peso (GCash)
It is always our goal to be able to get a part of our hard work so cashing out is important especially here in Steemit. We all are trying our best to publish our articles so we can earn, admit it or not, this is the main reason we are here and so it is just right that every member is aware and knowledgeable on how to get their hard-earned Steem or SBD to cash, in this case, PHP money or Philippine peso.
Today’s blog is all about how to withdraw earnings from SBD/Steem to GCash. There might be a lot of other ways how to cash out but this is how I do it on my end. I only hope that this will help my fellow Filipino users! If you are from another country, you can still use this as a guide but you can skip the last part with the GCash P2P steps.
Also, you may look forward to a separate blog tutorial on cashing out your TRX earnings in the future.
But before cashing out, I am pleading that all of us be part of the #club5050, for the benefit of those who are not aware of this, this suggests that half of your earnings are sent to power-up, building your account while half of it can be sent for withdrawal. For more information on this, I highly recommend you check the following links:
A Piece of Advice for New Comers On the Importance of Powering Up and Delegation
Newcomers Guide on How to Build your Steem Power and How to Join the #club5050 Program
This might be challenging to the newbies to the site but it is also a way for you to build your account. The same applies to those users who have been with Steemit for perhaps a long time.
As a tenure user here, I am also investing in my account which is why I have been powering up 100% of my earnings, which made me part of the #club100. There’s also #club75, meaning 75% of the revenues are powered up in the last 60 days.
Without further ado, here’s the step-by-step process of cashing out your SBD/Steem earnings on Steemit!
Disclaimer: I am using my husband’s account for withdrawal since I am maintaining my account with #club100.
1. Login to your Steemit wallet
Notice that this requires you to log in using your Active key. Some may complain that they don’t have access to it because they are logging in with their posting key. These two keys are different, make sure to use Active Key instead.
From there, you’ll find your balances and if there are pending earnings to be claimed, they’ll show up here too! Make sure you claim them!
2. Steem Dollars to Steem
While it is possible to get your Steem Dollars to an external exchange, I usually use Steem instead for cashing out so I can just do the transfer once instead of transferring SBD and Steem separately.
Also, for this tutorial, we will use Binance as the exchange app. So you will need to sign up for if you don’t have one and get verified!
Under the Steem Dollars portion, if it shows a value, it is best to convert it to Steem by clicking on the drop-down arrow and selecting Market.
We are buying Steem.
Click on the green texts “Available” and “Lowest ask”, this will automatically input the details on Amount and Total.
Disclaimer: You can set the price to a lower or higher amount too, it may take time for the buy order to be filled, and the amount of Steem will reflect later on your wallet.
Click Buy Steem. A confirmation prompt will be displayed and the open order will show at the bottom of the page. Wait for it to be filled.
I usually refresh my Steemit Wallet to check if the order has been filled. It should show the new value after a few minutes.
3. Transfer Steem to An Online Exchanger
Steem is listed in different exchangers such as Poloniex, Bittrex, Upbit, GoPax, and Binance, for this tutorial, we are going to use Binance, it will be the same process (*hopefully*) for the other exchangers but the screenshots here are for Binance.
Open Binance Wallet Overview, and click on Deposit.
Search for Steem and tap on it. Choose Steem as the network. Now, the Wallet Address and Steemmemo are displayed. Keep this open.
Note: It is important to take double-check the Memo and the Address, or else the funds might be lost! Click Ok.
Go back to your Steem Wallet and click on the drop-down arrow under Steem. Click on Transfer.
Now input the Binance Wallet Address and Memo.
Press the next button and make sure to double-check the details, then confirm the transfer, and enter your Active Key again for this to proceed.
After transferring your Steem, it may take a few minutes for the funds to reach Binance. You’ll get a notification on your application once the deposit is completed.
4. Trade Steem to USDT
Trade your Steem now to USDT, this is necessary because there’s no Steem in the P2P Sell option. Notice that you can choose whatever you want, you can trade it to USDC, BTC, ETH but for this tutorial, we will use USDT instead.
On Binance, tap Markets then search Steem, the options will be displayed, since we are going to use USDT, tap on that.
Tap the Sell button. On this page, we will input the amount of Steem to convert. I inputted 42.4 Steem and this shows 10 USDT (appx. PHP 560). Binance requires a minimum of USDT 10 for this transaction.
Tap Sell STEEM and wait for it to be filled or completed. The order is shown in the Open orders section. Once filled, the USDT value will be updated on your wallet balance.
5. USDT to GCash P2P
Go to Binance Wallet Funding then tap the Transfer button. Update From to Spot Wallet by tapping the up and down arrow keys at the side. Then select USDT from the list and input the amount of USDT, tap confirm to transfer the funds.
Now we proceed with P2P, tap the P2P button in your Funding section and tap Sell. Notice there are many buyers here with different options, bank transfers, Cash, etc, and their specific limit requirement. We will use GCash here I looked for a buyer who can accommodate at least Php 500. In this case, I found the buyer named Joy and immediately tap on Sell.
On this page, you can enter the total amount to be sold, the GCash number to receive the payment, and tap on it to add the GCash number.
Tap Sell with 0 fees!
Wait for the buyer to send the payment! Notifications will be received once the GCash funds are sent. Release the USDT funds and authenticate it via SMS or Google Authenticator and Done!
I hope this helps! I also generated a video summary of the entire process! You may watch it here below:
J U N E B R I D E
Boholana | Cebu | Philippines | Travel | Photography Enthusiast | Calligraphy | Art
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Thank you for sharing @junebride
galing sis! helpful ni sa mga wa pa gyud kahibalo unsaon pagcash out sa Steem.
salamat sis.hopefully makahelp!
This is awesome... thanks for this ate 😘
Salamat sa pagshare ani te😊
Do not use the tag #burnsteem25 tag if you have not set 25% beneficiary to @null
@fombae
Curation Team - Cosmopolitan
@fombae - why are you voting on this post if the tag was wrongly used ?
And if the post is all about taking money OUT of Steem, it doesn't add much to Steem Growth does it?
cc @huzaifanaveed1
Oh, thanks for calling my notice. I actually commented and forgot to take out the vote.
Cashing OUT doesn't. But I was looking in the direction of learning purposes. I think while we are not encouraging cash out, understanding and having the knowledge can be looked at as growth for the individual steemians.
Thanks again, I will be more attentive
Here, in this Curator team, we are specifically looking to curate posts which promote #steemgrowth which basically means the contribution of steemians towards the growth of Steem and Steemit. So we'll only curate posts which are focusing on the growth of Steem. Hope this clears it..
I got it immediately after the SC1 comment. Thanks
thanks for pointing that out.. I guess we all need to help others specially beginners how to cashout while this blog is a tutorial, I have specified as well and encouraged the readers to join #club5050... we must admit that we need to also allow users to cash out as they exert effort in creating content... we can't force them to put all their earnings without also getting a few steem to cashout...
Thank you for pointing this out. I will get in touch with @fombae right now and will make sure the team members are more attentive from now on.
i am sorry I missed to add the beneficiary .. just realized it after posting.. i am sorry
That's not the problem here, Sc1 is saying that the post is about cashing out steem so therefore it should not be voted with steemgrowth curation account s, hope you understand now.
So it's expected that we make more of post that would bring in more money instead of cashing out our savings.
thanks for pointing that out.. I guess we all need to help others specially beginners how to cashout while this blog is a tutorial, I have specified as well and encouraged the readers to join #club5050... we must admit that we need to also allow users to cash out as they exert effort in creating content... we can't force them to put all their earnings without also getting a few steem to cashout...
Ok you are welcome friend.
Friend I don't actually think anyone is forcing steemian to power up, what the steemit team is doing is more of encouraging steemians to power up steem for our own good
i see.. I understand what you are saying but this message "taking money out of steem" simply means forcing...
how can we onboard people into steemit if we would not share how to cashout?
U don't understand, the curator who voted you, is in charge of only steem growth post, so SCO1 is saying he is supposed to focus on his field
If fintech or learnwithsteem voted u, he won't complain.
Thanks for the clarification
Thanks for sharing @junebride
Ako naman, I'm using Poloniex. Then Steem to USDT. Tapos USDT to XRP, then withdraw XRP to Coinsph. 0.05XRP lang kasi fee. Pero okay din po yung peer to peer sa Binance.
yes okay din yan sir...
Thank you for sharing this dai. It's very helpful to the new Steemians. I hope they will be more motivated to post more now that they really can earn here on Steemit.
Luzon Mod
@kneelyrac
Thank you @junebride for this helpful information. You are right, we are greatly encouraged to write by a little bit of something we get from our work and also helping the community to grow. Hopefully a lot of newbies will be encourage more and do well soon.
I lov e it sis! kaso di ako ma verify sa binance ko. ayaw nila tanggapin yung UMID ID ko. ang amhala pa naman mag kuha ng drivers's license.