It took a little longer to get to this post than I wanted, I've been a bit preoccupied with a personal project today. I asked the minnows in the P.A.L. Discord chat what guide they wanted next and a guide on how to cash out was the option that was chosen! Today I'm going to cover some of the various options for cashing out your steemit funds and getting that hard earned money into your bank account! Please be aware that while I am (at least in my mind and some others) extremely knowledgeable on ways to go about cashing out, I couldn't possibly know or use them all. It's also important to note that different countries have different access to exchanges and there are options for Debit Cards that allow you to deposit crypto funds and use them as cash! I will be going over the "traditional" methods of cashing out that I use today. My options are U.S. based and I consider them safe.
First Things First
We need to turn that STEEM or SBD into something exchange friendly. I recommend using Bittrex for this, but there are other options such as changelly.com and I believe the Jaxx wallet is adding support soon. Yes there are other exchanges, but I feel confident in Bittrex and use it personally and that's what I feel comfortable suggesting. I advise you set up your accounts on the different websites below before starting this walk through!
Get your memo!
When sending TO Bittrex you need the user name: bittrex, and you also need the memo for the corresponding currency. If you transfer funds to Bittrex without this memo you may lose your funds. Please be aware of the spelling of the user name as well! There are people with fake accounts with similar user names that will probably keep any misplaced funds!
After signing into Bittrex you will be on this page, click the Wallets button on the top right.
On the next screen use the search option and type "steem" (Be sure that the box to "Hide zero balances" is unchecked) and press the plus sign on the left for STEEM or SBD. They will each have a DIFFERENT MEMO!
You will need this memo for transferring from your steemit wallet to Bittrex.
(Again take notice that the memos are not the same!)
Once we have our account set up and know where to find out memo, we can go to our steem wallet and proceed!
Be sure to have the correct memo for the correct currency and fill in the information including the amount you wish to transfer.
We then get a transfer confirmation and wait for Bittrex to receive our funds.
Once our funds arrive on Bittrex, we will need to turn them into Bitcoin, click the associated hyperlink in your wallet and it will bring you to the exchange for that currency.
On the exchange market page you can set your price, but for simplicity sake I'll show you how to "auto-fill" an order. You can automatically sell your currency for Bitcoin at the current market bid price, but you need to pay attention to the Size. If you are selling more than 4.94 SBD like I am, you need to go to the second drop box. It will open the follow screen, confirm your order and it will automatically sell it for Bitcoin.
Once your funds are turned into Bitcoin, you have the option to use it to purchase other crypto currencies or withdraw it to an exchange such as Coinbase. If you are in Canada I recommend using QuadrigaCX. Coinbase has it's fair share of issues, but it is usable in most states in the United States. Once you have your checking account linked to Coinbase or Quadriga in Canada, you need to get your BTC address to deposit. I do not have a Quadriga account but it should work similarly, find your BTC wallet address.
We then go back to Bittrex and click on wallet and find out Bitcoin wallet the same way we searched for "steem" at the beginning, and this time we click the "-" to withdraw. Enter our Bitcoin wallet address and the amount. Then it's just waiting for the transaction to be processed by the blockchain and you can sell your funds on Coin Base.
It seems complicated at first and there a bunch of steps. The more often you do this, the easier it gets! Hopefully this will help some of you and make the step by step process less complicated! Namaste.
great article and really well written. blockchains fee is so high, this is a good alternative
I mean blocktrade
When you say, "We then get a transfer confirmation and wait for Bittrex to receive our funds," how long should it take?
It depends on how busy their system is, usually I wait anywhere from a minute or two to 10 minutes. Once I waited almost an hour, but one time out of like 100 isn't bad.
Okay, thanks. I was reading this and tried to experiment by transferring .001 sbd and it didn't transfer immediately. I wasn't sure if it was the system, or if I had done something wrong. But it's transferred now! Thank you for the guidance!
Thank you for this! I tried ti and i'm currently waiting for my sold bitcoin to go in to my bank account!
Glad it helped!
I agree bittrex is the one to use.
I started to try and use poloneix but i just don't think it is as user friendly then i get a little wary of it too sometimes because it'll conveniently disable SBD /steem sometimes. Ugh.
From bitrrex where I convert to BTC > krakken, convert to your fiat currency. Depending on your location, you will either require tier 1 or 2 verification. I like krakken. They seem to go the extra mile with security.
I found @beanz guide in the steemit faq to also be useful. Thanks for posting this.
I have been wanting to check out Krakken, thanks for reminding me!
This is an excellent tutorial. I've been sort of satisfied with poloniex, but bittrex seems to be a much better choice.
Thanks for info about where we can exchange
Till this moment I use blocktraders.
What you point of view about blocktraders !
I haven't used it yet, but aggroed mentioned it earlier and I may check it out!
Thanking in advance
Wait to hear from you after you check it
nice tutorial !
Very helpful. Thank you for taking the time to make this.
Thanks for the step by step with screenshots. I need to get setup and I'm in Canada so will use QuadrigaCX when I do. It's so helpful to have this type of information as a resource when you're getting started. Makes it so much easier. I'm looking forward to getting started with cryptos and you really simplified things for me.
Not a problem, glad to be able to give back to the next wave!
It's very much appreciated, there's a big learning curve here but I think it's important. Thanks again!
@clayboyn great post and very detailed, I use bittrex but for larger transactions sometimes I use blocktrades as it pays more. Krakken is great too. Thanks for sharing.
Lots of helpful info. Thank you for the guide!
thanks for the guide! helpful! Followed!
my challenge is getting btc to cash anon
Localbitcoins is probably your best option, but I wasn't even going to begin to try to explain that one lol.
It's a very difficult process .. I haven't done it yet because it's been about 2 weeks since I joined but this was really helpful !!
Thank You for this informative INFO. STEEM On
I decided to invest in Steemit with more than just what I've earned by posting. It's a little nerve racking to transfer funds to or from the site for the first time, but it worked. I found that screen shots like the ones you provided are the most helpful, so I'm sure this will be highly valuable to new users. Thanks for sharing!
I've probably spent 20+ hours in total explaining this process through comments, so I thought, let's just make a post to link for the future!
You might have a future in technical writing. 😉
Us Minnows appreciate the info. So much to learn, but definitely worth it!!
PS. coinbase is EXTREMELY slow for me. I have done a couple transactions with them. God they're slow. Sorry. I hear lots of great things about them but they're custoner service is rude. I'm currently in a feud with them over some BTC i purchased that got deducted from my bank but i can't actually access the btc to transfer it! It says there is an "error" in processing that's been going on for over two weeks now! Meanwhile my money has been deducted. Bleh.
Btw , not trying to dump on your guide. I was /am really surprised about coinbase being like this.
That's why i go the krakken route
Ya I wish I had a better recommendation than Coinbase, I'm kind of lucky and have one of the "old coinbase" accounts that let's me do pretty much anything I want. That being said, I'm aware they have some issues. Perhaps I'll check out Krakken and make a guide for them!
Krakken is awesome. Just like the sea creature it represents. Lol. I currently am tier 2 verified just need tier 3 then my USD sitting over there can fly away to my bank account lol.
I am sure coinbase is the bomb for you and others just aint for me figured id offer my perspective.
hank you a lot
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nice, it will really go a long way for me.