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Sounds good for exchanges where you are trading one crypto for another.

But with Steemit you "earn" SBD and SP for content and curating.

Does it work with Steemit?

Hmmm, Yes it recognizes SBD, but I have not used a particular exchange with it yet.

But the SBD and SP you are awarded on Steemit do not pass through an exchange. So I do not understand how it would work.