How to Transfer Steem from Binance to Steemit 🤔
Need to Move Steem From Binance to Steemit?
Today I caught myself in a little situation. I had a small amount of BNB (Binance Coin) and I wanted to trade it for a coin I use more regularly (ahem, ahem.. Steem!). So I did the necessary trade inside of the Binance exchange and received my precious Steem. The next step would be to move my Steem over to my Steemit account where I can make good use of it while I hodl strong. And yes, the hodl is super strong with this one! 😎
I pulled up the withdrawal screen next to Steem and that's when I realized...
What Address Do I Even Send It To!?
There were no instructions inside of Binance. There was just a place to add the amount, your Steem address, and a memo. A memo field for a withdrawal? This looked eerily similar to what we're used to seeing inside of our Steemit accounts. But I still wasn't sure where I would find the alpha-numerical address I needed to make sure that these coins found their way to my Steemit account.
Luckily other Steemit users have run into this before and I found the answer through them. And here it is...
Your Steemit Username is Your Address!
How simple is that? It's funny how we can overcomplicate things sometimes for no reason at all. Just be sure that when you insert your username/address that you leave off the @ symbol. So for the account I sent my coins to, I put in travelpreneur in the address field. Oh, and it will force you to add a memo unless you tick the box next to "No MEMO" so keep that in mind.
And Voilà!
Now your Steem coins will be sent over to your Steemit account where you can utilize them to their fullest potential. And just so you know, the transfer did take a little longer than your typical Steemit.com transfers. Instead of 3 seconds it took a few minutes. But hey, that's still not too shabby!
NOTE: I'm not sure if this works the same on other exchanges but I feel sure that it probably does. I would still double-check (by searching around online) before trying this with an exchange other than Binance.
I hope you found this tutorial helpful. If you have any questions about Steemit, the Steem Blockchain, or any of the Dapps running on the Steem Blockchain, please let me know. I'm glad to help!!
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How did the cost of STEEM compare to buying it via other alternatives? I see Blocktrade being the alternative but they do not quote it before buying so it feels like I am buying blindly.
Great question! I was trading BNB for Steem but I can't remember the exact conversion. But what I do on BlockTrades is I always look at the price of 1 Steem compared to the crypto I'm using to buy it. So let's say I'm buying with ETH. I put in one Steem on the Receive end of Blocktrades and see how many ETH that takes. Currently it's 0.004014701670574086 ETH...
Then I go over to CoinMarketCap's Crypto Calculator to determine what that amount of ETH is worth...
So currently, BlockTrades is selling 1 Steem for 2.44 USD worth of ETH. A little time-consuming but worth it if you want to know the price you're paying. 😁
Awesome! Thanks for the info!
You're welcome. And btw, you also won the random comment pick from this post which means you'll have an upvote coming soon from the @brandonfrye upvote bot! :)
Awesome Brandon! thank you for this! :)
Don't you buy STEEM directly trough Steemit? I have used binance before but i don't think the prices there are so much lower for me to use it.
The only reason why I got Steem on Binance was because I held some BNB coins. So I wanted to trade them for Steem and send that Steem over here to my Steemit account. But yeah, usually I just buy Steem through blocktrades.us.
Wow! Transaction fee only 0.01 STEEM? That is not bad! I have been considering opening a Binance account so this helps a lot. The fact that they have STEEM also helps! Thanks!
I really like Binance. They have the sell or buy function at market price so you don't always have to wait on a buyer or seller to take your offer for coins. And this was really simple moving my Steem over once I figured out what the heck address to use, lol.
I remember the first time I tried to transfer STEEM from Bittrex to my Steemit account... things did not exactly pen-out as planned. You can read all about my blunder here.
Thanks for sharing. Looks like you sent a donation of $1 to Steemit, INC. At least the money went to a good place and you learned from it I'm sure. :)
Indeed I learnt my lesson and yep Steemit Inc is 1 STEEM richer because of me 😊
Great advice! I had the similar issue pop up when STEEM got listed on Binance a few months ago....I went and bought some on binance right away....Few weeks after I'm asking myself...What good is having STEEM on Binance??? Transferred it here and did like you described.....Very easy once you know how!
Lol, right!? Why keep it there? I know some people do because they want to hodl it and just don't know any better. May as well bring it over here and put it to good use!
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Great work, i love it. I have been working on the same subject for my region for the past two 2 days now.
In Cameroon we have MTN Mobile Money and Yuscards.com for our exchange.
Two days ago i had started with the process from cash in the MTN account to Bitcoin at the exchange and the withdrawal and automatic conversion to steem in my steemit account.
They me estimated time to complete the transaction to be 24hrs but it has taken about 48 , Bitcoin is so slow.
I am just glad i finally had the steem in my steemit wallet.
So tomorrow i will take my time to develop the last past of the post the i will post. Hoping it will get many more people in Africa to invest in their steemit accounts.
Thank you for all your wonderful work.
You have my vote for the witness thing, anytime.
Handy info!
Followed! 👍Thanks
Hopefully I win my bet in the World Cup. I'll use that to invest into steem.