Blocktrades is the platform that I've started using recently to transfer my SBDs to different exchanges to do some trade there. Yes, this is true, I'm not Powering Down. Steem is moving up not in Alexa ranking in the US and also the global market. Same goes for its price that is somewhat stable around $5 but I'm sure it will go up. So, it's an advice that you invest in Steemit by increasing your Steem Power and holding it. This post is about how to not lose money while sending SBDs to different exchanges using Blocktrades.
Why Is Sending SBDs Directly To Bittrex/Poloniex Not A Good Option?
[Source]
Sending SBDs to any main crypto exchange is an option that I have been using until I started using Blocktrades. The problem with sending SBDs directly to the main exchanges is that there are times when these exchanges get jammed because of huge traffic that is caused when there is lot of sell or purchase for a certain coin. For example, when SBD price went up to 14 USD, Poloniex website went out of business for a few days and people who sent their SBDs there were really very angry. Same happened at Bittrex. The transactions did not happen even after hours. Same happened when IOTA price went up almost 2 months back and everyone wanted to buy or sell but one coin and that was IOTA. Bittrex announced the same day to double their staff to cope with such a situation however, I being a regular user there can tell you that the site was jammed once again. And to avoid any of such a situation, I don't recommend you to go for a direct option.
Blocktrades Is The Better and Safe Alternate
When people lost clue of their transactions during peak times, they still did not want to lose the opportunity of the selling their SBDs. So, they went for different alternative solutions. I have read posts of people here at Steemit who used Blocktrades and the transactions went smoothly without any delay. Steem transactions are the speediest. Blocktrades is the better and safe alternate and this makes sense too because mostly Steem users use this platform. Whereas when it comes to exchanges like Poloniex and Bittrex, people use those exchanges not primarily for SBDs or STEEM. In simple words, Blocktrades has lesser users at this point and thus they can cope all this traffic without any issue.
Blocktrades Is Safe If You Know Your Options
Blocktrades is safe for your transactions but you can still lose money if you don't know your options. Let me explain this to you. I've recently started using this platform and I converted my SBDs in three main crypto coins: Ethereum, Bitcoin Cash and Bitcoin. Ethereum is the speediest way of all three whereas Bitcoin is the slowest and most expensive way to do it. [Blocktrades recently added Bitcoin Cash to their website] and this is a very good news because this is the cheapest way to do transactions. However, it takes more time than an Ethereum transaction. For me, it took almost 25-30 minutes to transfer SBDs from Steemit to Bitcoin Cash wallet at Binance and the transaction was done through Blocktrades. A similar transaction was done for Ethereum and it was done quickly. Then I did a transaction to transfer some SBDs to BCH wallet at Bittrex through Blocktrades and once again, almost no fee was charged but the transaction took some time. My experiment was not complete so I did another transaction and the recipient wallet this time was BTC. It took a lot of time and almost 7-8 usd were deducted as fee. The total amount was around 44 usd.
Here are print screen for all four transactions done through Blocktrades. The reports are very detailed and stays there in your account so you can see them whenever you want.
SBD-BTC
SBD-ETH
SBD-BCH
SBD-BCH
I hope you find this post helpful regarding your Blocktrades transactions. BTC is down right now and SBD still seems bit strong. So, if you want to do some trading, this is the time to make some profits. You can buy SBDs again when its price is down. Having being said that, I'm still not the financial adviser and just sharing my personal experiences. So, always invest what you can afford to lose and also, do your research before investing in a coin.
Steem On!