Top 5 Cryptocurrency Exchanges That Accept Steem
In case you aren’t familiar with the Steem blockchain and the Steemit platform, here’s a quick rundown. Steemit is a Reddit – Twitter hybrid that rewards content creator through Steem tokens. These tokens can then easily be withdrawn to users’ wallets and sold on exchanges
Most of these platforms only allow their users to convert their Steem tokens into Bitcoin (BTC), the flagship cryptocurrency, which can then be easily sold for United States Dollars, Euros, or other traditional currencies. They all require you to go through know-your-customer (KYC) and anti-money laundering (AML) checks before letting you withdraw significant amounts.
Without further ado, here are the best cryptocurrency exchanges, in my opinion, to convert Steem tokens into Bitcoin and vice versa.
#1 – Binance
While Binance doesn’t have the largest trading volume in the Steem/BTC trading pair, it does have a stellar reputation when it comes to security and is set to launch in the near future a decentralized cryptocurrency exchange called Binance Chain. In it, Steem may be listed – we’ll have to wait and see.
Out of the trusted exchanges, it’s the one with the largest trading volume. It has thwarted multiple attacks on its platform throughout its short history, and its CEO CZ is known for communicating with users on Twitter and other social media platforms.
The company is even registered in Malta, and CZ himself has met with Malta’s Prime minister Joseph Muscat. If you want your funds safe, this is the exchange.
#2 - Bittrex
Next up is US-based cryptocurrency exchange Bittrex. Back in the day, only Poloniex and Bittrex had a decent trading volume for Steem, and when Poloniex entered an extremely large maintenance period where users’ funds were locked in and its team wasn’t responding to customer queries, Bittrex was the place to go.
Bittrex’s US platform shares liquidity with Bittrex International, and although both combined have an $85,000 trading volume for Steem/BTC – one-third of Binance’s volume – they do offer BTC/USD trading pairs, allowing users to quickly convert Steem to USD.
Bittrex, just like Binance, has a stellar reputation as its platform has never been hacked, and there are no reports of it ever tricking its users in any way. The only problem with it is it has higher fees than others on this list. To some, that may be the cost of security and comfort.
#3 - Huobi Global
Huobi Global is the place to go if you want to sell your Steem for Tether’s USDT token, a stablecoin whose value is pegged to that of the US dollar at a 1:1 ratio. Its trading volume in the last 24-hour period, according to CoinMarketCap, was of $65,000 in this trading pair, meaning its as liquid as it’ll get in a crypto-to-crypto scenario.
Keep in mind the USDT token is highly controversial, as some critics believe the company behind it, Tether, doesn't have the USD in the bank to cover potential withdrawals. This could mean its value can collapse out of the blue, if true.
#4 – Poloniex
If you’re reading so far you know Poloniex has had dark days where it didn’t respond to user queries and it had nearly infinite wallet maintenance on Steem, locking users’ funds within its platform.
Those days are behind the cryptocurrency exchange now, as early last it the platform was acquired by fintech firm Circle for a sum believed to be of around $400 million. Since then, Poloniex has worked to improve and is now even responding to its customers – Circle revealed it had a backlog of over 150,000 customer support tickets to answer.
All that being said, Poloniex deserves support for being one of the first cryptocurrency exchanges to list Steem and use the cryptocurrency in its everyday operations through the Steemit platform (as an account is required there to run an exchange using it).
#5 – OpenLedger
Last but not least, the OpenLedger decentralized exchange. Since it’s a decentralized exchange most of the problems users would naturally have to deal with are off the table here, as no centralized entity controls the platform.
It uses BitShares’ 2.0 technology and all of its advantages, meaning this “next generation” cryptocurrency trading platform allows users to trade high volumes without worrying about lag or lost orders. Its success has been covered in major websites, but its trading volume – like that of all decentralized exchanges – is rather low.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.