Many new users are usually unaware of the fact at the time of signing up on the steem blockchain you need to use cryptocurrency exchanges to cash out any earnings and purchase STEEM to power up your stake.
If you are in India then you need to consider your choices carefully for buying and selling STEEM/SBD. I'll tell you how I've been doing it until now. But now that most of our options have close for direct deposit and withdrawals, P2P mechanisms are our only way.
Selling STEEM for INR
- You can use a free unverified account on Binance.com w/limit of 2 BTC/24 hrs to sell your STEEM for Bitcoin or use Bittrex and verify yourself to do just the same.
- Open an account on any of the exchanges from India. Send your BTC there and sell it for INR and withdraw it to your bank account.
In the past I used Coinome and Coinsecure before that because their buy/sell spreads were reasonably close and selling price better than most others.
Coinsecure however suspended trading after their theft situation and I dropped them a few weeks before this happened. Coinome in the past was my numero uno choice for selling Bitcoin for INR.
They had the fast withdrawals, low fees and their system worked great for me overall. Unfortunately they haven't announced any P2P mechanism yet after suspending deposits/withdrawals.
Selling SBD for INR
- You can use the internal market to sell SBD for STEEM and sell it for Bitcoin on Binance if you don't have a verified account on Bittrex.
- If you have a bittrex account with verification completed and limits raised you can sell it here for BTC and then move that Bitcoin to an Indian exchange or P2P seller and get your INR.
Purchasing STEEM for INR
- Buy Bitcoin with rupees and then purchase STEEM on Binance or Bittrex using Bitcoin and transfer it your account on Steemit.
Tip
There are other quick exchangers such as blocktrades however you will find that their fees are very high for quick conversions here. It worth taking a few minutes to learn to use a proper exchange instead of a quick exchange service that charges a lot of fee for small trades.
What about the RBI ban?
- You can use cryptocurrency exchanges that provide peer to peer trading such as Instashift.io, Koinex, WazirX, Giottus, CoinDelta, Localbitcoins etc.
- You can also use exchanges after completing KYC. A couple of Indian exchanges such as Unocoin, Coindelta etc seem to have their withdrawals working for a few more days. After that you go back to point 1.
Which Indian cryptocurrency exchange do you use the most?
I've been holding on to my BTC in expectation of change in the price of the token in India. Now that 20th July is past us it's clear that P2P is the way forward and prices are likely to stabilize in these channels which will make it easier to deposit/withdraw.
So far I haven't found one single exchange such as Coinome to do any regular conversions to INR just yet. I'll let you know when I do.
Secure your Steemit account
I want to mention my guide for securing your Steemit wallet passwords. You can learn to generate all the keys and secure your account by reading this post.
Share your experience
I'd love to know more about the exchanges you are currently using if you are from India, before and after the ban from RBI. Which is your favourite and why?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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- PSA—This Is What RBI's Ban Does To Your Cryptocurrency If You Are From India!
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