Here is how to transfer STEEM from trading platforms like Poloniex or Bittrex into your STEEM wallet.
I had some STEEM laying around over on a cryptocurrency trading platform called Poloniex, and I was putting off transferring the tokens back to my STEEM wallet because I wasn’t sure how to actually do it. The coins were doing no good on Poloniex, and they really needed to be turned into STEEM Power to be useful to me.
I decided to POWER UP with that STEEM.
As a general rule, it’s not a good idea to store tokens on a trading platform, because as long as the coin is there, it is not really in your possession.
’If you don’t have the key, the coins are not really yours.’
Knowing this, I had still never tried transferring my coins OUT of the trading platforms back to my STEEM wallet, largely because it is terrifying to click on any ’Transfer’ button, when there is often the fear that the tokens might just disappear into nowhere because of a big little mistake somewhere.
Another thing that stopped me was, I didn't know how to type in my own STEEM address so that I could sent the coins to myself!
As it turns out, transferring STEEM from a trading site to a STEEM wallet is simple, and here I’ll demonstrate how it’s done.
’Permissions’
To begin, go to your STEEM wallet and find ‘Permissions’, and click on it. Here will be found a key called ‘MEMO’, and it will need to be copied.
With your chosen MEMO key copied, it’s time to go to the platform where the STEEM is that you’d like to transfer.
For this demonstration I used Poloniex, but the method is much the same at Bittrex. Under ’Withdrawals and Deposits’, find your STEEM and click ’Withdraw,’ which will open a window like this:
Here is where that copied key from your 'Permissions' page will need to be pasted. The copied key being the MEMO key, you’ll see which space to paste it into.
The ’Address’ field is where you will type in the name of the account, minus the little ‘@‘. For me, it is therealpaul that goes into the Address field.
Fill in the amount that you wish to transfer, and there will be a fee that shows up, which will be automatically subtracted.
Withdraw
It’s time to be brave and hit the 'Withdraw' button, and after that there is just one more thing to do; to verify the transfer.
You will receive an email that contains a link, and there you will need to ‘Verify’ the transfer.
That’s it! Now go back to STEEM wallet and wait. In just a few moments, your STEEM will show up (minus the trading platform’s fee) and you will be free to POWER UP, or do whatever you like.
That is the whole process of sending STEEM to a STEEM wallet from Poloniex or Bittrex. (I usually test these transfers with a small amount at first, to make sure that I know what I'm doing before any bigger amounts are sent.)
By Powering Up, I have added more value to this Steemit platform, which helps me and the entire Steemit community. Not only is it unsafe to leave tokens on trade sites, they can do more good elsewhere if they are not being sold-- in my case, I decided not to sell, and used my 500 STEEM to Power Up here.
Steem on, O Steemians, and may this simple tutorial bring back lots of STEEM while easing the fear of clicking that scary Transfer button.
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