Objective
To convert USD to Steem which can be used to power up your account. All that while paying minimum fees possible.
What will you need
- Bank Account.
- Coinbase/GDAX account
- Binance or Bittrex account. I will use Binance for this tutorial.
- Steem account. Last one is quite obvious.
Steps
Transfer money to GDAX using your bank account
GDAX is a coinbase trading platform and same login is used for GDAX as coinbase.
This is the most time consuming part of the entire process. If you don't have money in your coinbase/gdax account already and you don't want to pay any fees, then this is the only option. It will take up to 2 weeks (usually 1 week) , but it will be free. For this
- Login to gdax account.
- Go to BTC/USD pairing
- Click on deposit button.
- Add bank account details if they are not present already.
- Enter amount and click "Continue" and "Confirm" on next screen.
- After you receive funds from your bank, place a "Limit order" on the market. This way you won't pay any fees. In limit order, you specify the price at which you want to buy.
- Once your order is filled, click on Withdraw.
- Select BTC Address tab and enter BTC address for Binance BTC wallet, then click Withdraw funds. (If you have 2 factor authentication enabled, then enter the code).
- This will transfer your BTC to binance without any fees. Until this point you will have paid 0$ in fees.
Buy Steem token from Binance using transferred BTC
- Select Exchange > Basic from the top menu.
- Select BTC/Steem pair from right section and place a limit order to buy steem. (If you hold some BNB tokens in your binance account, then you will get 50% discount in fees.)
- Once your order is filled, go to Withdrawal from the Funds menu item.
- Select STEEM from the dropdown and fill STEEM withdrawal address which is your steem username and MEMO that you can find on your Steemit > Wallet > Permissions.
- Click Submit
- This will initiate the transfer and you will receive Steem in your steemit account.
- Last step, Click on drop down next to steem in your wallet and power up.
Conclusion
This is the best way i have found to convert fiat to steem without paying lot of fees. Only places you pay any fees are buying steem on binance and then transferring to steem wallet on steemit (which is .01)