I Tried To Buy 10,000 Steem Last Night, But Failed. I Could Use Some Suggestions, Please.
I admit that I am excited to see Steem under $.10!
Obviously none of us want it to remain that low, but since it is at this time, I wanted to make a big power up and buy over 10,000 Steem. I have never purchased any cryptocurrency, although I already have accounts set up on Coinbase, Poloniex, and Blocktrades.
To me, Coinbase seemed to be the easiest to understand, so I was on there last evening. At first, I entered in my bank card number to purchase Bitcoin, then realized there is a $100 limit imposed by the site. So I cancelled my bank card information and attempted to enter my bank account information to get a higher limit, but it seems that if my bank name is not listed on the site, I cannot use it. Frustrated, I went back a step and began entering my bank card information again, but I could not proceed. I got locked out for 12 hours. I was about to snap, but I calmly shut everything down and called it quits for the night. However, I had difficulty falling asleep, fearing I had missed out on the lowest price Steem would ever reach.
I am asking for suggestions on the easiest, most efficient way to turn my US Dollar into Steem. I want the most direct route, with the fewest "convenience fees" and "middle men". Please remember that I am new to all of this, so the simpler the explanation, the better.
Maybe this delay is a good thing. Rather than buying Steem at $.094, I may get it cheaper yet. Who knows?!
Thanks for your help!
My bank is not on Coinbase's list and I was able to add it. This takes a couple days.
Choose "Settings" on the left navigation panel, then "Payment Methods" from the choices across the top of your screen. Next, click on the "Add Payment Method" button on the right of the screen. A dialog box will appear.
Within that dialog box, scroll all the way down and choose the box which is labeled "Other Bank." The dialog box information will change.
From here you begin to enter your banking information. Within a day or so, Coinbase will deposit a small amount into your account, and then withdraw it. When this occurs, you will need "verify" the deposit by entering either each deposit amount, or the total of the deposit (I forget which) in a verification screen. At this point, you can initiate a deposit from your bank.
Be advised, however, each time I have done a deposit, it is one week before i can use the funds. Coinbase tells you 5 business days, and when you see the message, it will show 6 days. BUT, if I initiate a deposit on a Tuesday, I cannot use the money until the next Tuesday.
The quickest way is to be verified and use a credit card to deposit funds. I finally became verified, but I have yet to attach a credit card. For some reason, Coinbase cannot verify my address to my credit card. You may not have the same problem, lots of people don't. But, you can only try once every 24 hours to do this.
I hope this helps you if you decide to continue with Coinbase.
I've chosen to use TradeQuick, however, as @williambanks suggested, as I've had so many issues with Coinbase.
KYC (Know Your Customer) and AML (Anti Money Laundering) regulations make a mess of it. :-)
Glad you found an option that suited you.
That was a very helpful reply. I appreciate the information and will take it all into consideration. Thank you!
VIVA & TradeQwik have some options. Stop by https://www.tradeqwik.com and register an account then hop in viva chat and DM me I can walk you through it. We specialize in remittance processing, but could just as easily do a cash sale. Me being @williambanks in this case :D Man I need to stop commenting from the company account.
@tradeqwik I knew it !
It's also you @williambanks! you replied to me with this one as well haha
LOL
This has some good advice
Thanks, I will check it out!
I personally don't like coinbase or any of the similar sites.
Your best bet is probably localbitcoins.com (you can either buy by depositing money in someones bank account or through moneygram or WU) or finding a bitcoin atm near you (which there probably isnt one if you live in the country).
If you want help selecting a trading partner on LBC, hit me up on chat (same name). But usually what youre looking for is 100% feedback and a significant account age and volume of transaction.
I appreciate your input, however depositing my money in someone elses' bank account sounds way too shady for me.
lol its amazing what you get used to... it never occured to me that would be shady (but ive been buying bitcoins that way for a couple of years now). There's always WU or moneygram if youre not cool with depo at the bank(fwiw though, the banks let you do it its not like youre pretending to be the dude who owns the account).
27 Exchanges for Buying Bitcoins with Credit Card
https://99bitcoins.com/how-to-buy-bitcoin-with-a-credit-card/
Cool, I will take a look. Thanks!
Just be careful of higher fees when buying with a credit card, read the fine print. CC purchases are usually instant which is nice.
This is a big problem. In the UK/Europe you can use Bittylicious and make a bank transfer or use a credit card. You don't pay until you receive the Bitcoins - been using them for 3 years and have never had a problem - a few minutes is all it takes normally. I think the problem in the US is the legal issues that prevent these services from starting up. People are scared of ending up in jail for money laundering.
Your banks does not have to be listed on Coinbase to use it. You add your bank account number and routing number, they make 2 small deposits, then you confirm those deposits to prove it's your account and they are linked.
Your bank card may or may not work. I've had multiple banks cards added to my account, from the same bank even, and some worked, some didn't. It can be annoying to set up, but once you get them, you are good.
You will have limits regardless. It's a must to prevent fraud, because once you purchase bitcoin instantly with your debit card, you can send the bitcoin off coinbase, and if it was a fraudulent transaction, they'd lose too much money.
The ONLY WAY TO UP YOUR LIMITS is to keep purchasing bitcoin. The more you purchase, the more it proves it's you making the purchase with no fraud or chargebacks. They WILL RAISE YOUR LIMITS once you have a couple of purchases.
Coinbase can be tricky and annoying but I've been using them with very little issue since 2012. The main issue I ran into was if my bank card was canceled due to expiration or fraud, and the banks replaces with a new card, sometimes you don't see the 2 small deposits to verify. Contact CB support and contact your bank. They will both work with you to resolve.
Once you have purchased Bitcoin or Ethereum on CB, you are free to send it to an exchange to trade for Steem or SBD. It will be great when CB adds Steem and SBD support one day.
One last tip: use coinbase.com to sign up. It's much less frustrating to do on the website than it is on their mobile app :)
Good luck!
Awesome, thanks for the help! I will definitely look into it.
Check out shapeshift.io
I have used them for a couple transactions. You cannot go USD to Steem, however, you can trade bitcoin, litecoin, monero, etc for STEEM or almost anything else.
You don't need an account on their site. I'm not sure of the fees either.
As for Coinbase, that is the only place I have bought bitcoin and ethereum. It is a huge pain waiting but its very simple. Your bank card should work the same as a credit card though giving you almost instant access to you purchased funds.
Ok. I think I will continue to work with Coinbase. Thanks for your help!
I've been there and done that before also. Super annoying.
I've been eyeing Changelly.com for a while. Haven't actually used it yet, but seems straight forward. You can even buy with your card, if I remember right.
Examine the rates carefully before you decide.
Yes, of course.
If he is dropping the much money at once, the amount they take will be a bit higher. From my understanding, it is 0.5% per transaction...So it 10,000 steem at $0.095 ($950ish) that's just under $5. Not a huge deal really if you are wanting to do things quick and easy, imo. But I haven't read into it that much, maybe there are hidden fees.
shrugs
The transaction fee is one part. The most important one is what the rate of exchange is between STEEM/USD compared to the market rate.
Ooooh, understood.
Taken into consideration. Thank you!