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[Tutorial] How to convert fiat to Steem Power with minimum fees by mightypanda

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· @mightypanda ·
$0.73
[Tutorial] How to convert fiat to Steem Power with minimum fees
### Objective
To convert USD to Steem which can be used to power up your account. All that while paying minimum fees possible.

### What will you need
- Bank Account.
- Coinbase/GDAX account
- Binance or Bittrex account. I will use Binance for this tutorial.
- Steem account. Last one is quite obvious.

### Steps
#
#### Transfer money to GDAX using your bank account
*GDAX is a coinbase trading platform and same login is used for GDAX as coinbase.*
This is the most time consuming part of the entire process. If you don't have money in your coinbase/gdax account already and you don't want to pay any fees, then this is the only option. It will take up to 2 weeks (usually 1 week) , but it will be free. For this
- Login to gdax account.
- Go to BTC/USD pairing
- Click on deposit button.
![image.png](https://ipfs.busy.org/ipfs/QmRi1kEqRRPmCTLjPX8KWEvVdSkUT1cUWoDTBz2E5AD4te)
- Add bank account details if they are not present already.
- Enter amount and click "Continue" and "Confirm" on next screen.
![image.png](https://ipfs.busy.org/ipfs/QmScbbwJprgjr84ACyix9MWpdfuvJM4Monti37MNf88GGp)
- After you receive funds from your bank, place a "Limit order" on the market. This way you won't pay any fees. In limit order, you specify the price at which you want to buy.
- Once your order is filled, click on Withdraw. 
- Select BTC Address tab and enter BTC address for Binance BTC wallet, then click Withdraw funds. (If you have 2 factor authentication enabled, then enter the code).
![image.png](https://ipfs.busy.org/ipfs/QmY9rbwZG2XRA1HVpfHoirC65MfRAtoXqZm2Jo13K3vnQd)
- This will transfer your BTC to binance without any fees. Until this point you will have paid 0$ in fees.

#### Buy Steem token from Binance using transferred BTC
- Select Exchange > Basic from the top menu.
![image.png](https://ipfs.busy.org/ipfs/Qmb7KYxupjXiBpve5M6PnnWGkJ3nbQeXdmHzmqYdASdbHw)
- Select BTC/Steem pair from right section and place a limit order to buy steem. (If you hold some BNB tokens in your binance account, then you will get  50% discount in fees.)
![image.png](https://ipfs.busy.org/ipfs/QmQ9DD3YeSGPJ9BbbiDfcc4KVhwFwAQdH5VUAa5ytQFVqT)
- Once your order is filled, go to Withdrawal from the Funds menu item.![image.png](https://ipfs.busy.org/ipfs/QmeMTKuv45FnXeLzfei4XJdNTCN52MCaAzwxbH9mgyjt4Q)
- Select STEEM from the dropdown and fill STEEM withdrawal address which is your steem username and MEMO that you can find on your Steemit > Wallet > Permissions.
- Click Submit
![image.png](https://ipfs.busy.org/ipfs/QmQMnvXYhRHEG9ngnLZhTVWzvVYvKQd2wsV3hXDoh3uki8)
- This will initiate the transfer and you will receive Steem in your steemit account.
- Last step, Click on drop down next to steem in your wallet and power up.

### Conclusion
This is the best way i have found to convert fiat to steem without paying lot of fees. Only places you pay any fees are buying steem on binance and then transferring to steem wallet on steemit (which is .01)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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vote details (45)
@a-0-0 ·
Please upvote: https://steemit.com/free/@bible.com/4qcr2i
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@beeyou ·
I never knew you can send Steem directly to Steemit from Binance. I used blocktrades for the transfer. Would have saved money if I had known! Thanks for the tutorial.
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@mightypanda ·
$0.03
Block traders is quite expensive
👍  , ,
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vote details (3)
@beeyou ·
Yes, I hadn't known there was another option. Now I do! Appreciate you sharing.
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@bhaskark2k18 ·
Important tips for all steemit beginners.. thank you.
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@mightypanda ·
Thnks
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@blewitt ·
This is exactly what I’ve been doing. Every time I have some spare cash...enough to grab a lil chunk of Steem I’m taking advantage of it.
👍  
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vote details (1)
@davemccoy ·
wow, this is much easier than I realized... And a very good tutorial too!  Thank you very much for opening my eyes to 2 more places that I can use too... I can't believe you have the same login info on gdax and coinbase... but hey I already have one of them opened already ;)

Good article and thanks for writing it (and for all your help to me and the others too) :)
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@mightypanda · (edited)
$0.04
I am glad you liked it. Coinbase is like entry level drug. Gdax is the real deal.
👍  ,
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vote details (2)
@davemccoy ·
@mightypanda gotcha.... I will try to keep my portions under control so that you don't have to give me the big needle to the heart ;)<br/><div class="pull-right"><sub><a href="https://steemit.com/utopian-io/@roxane/fast-reply-v0-1-never-miss-to-answer-a-comment-again-and-do-it-faster-than-ever">Sent with Fast-Reply</a></sub></div>
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@hanamana ·
Hi,

Very useful info.  I will keep these steps in mind.
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@mightypanda ·
Thanks
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@inspire1 ·
$0.04
Good information to have on hand.  Thanks very much for your research.
👍  ,
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vote details (2)
@mightypanda ·
Thanks
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@josephace135 ·
$3.09
Hi @mightypanda,

Although your tutorial is of great help for Steemit users and cryptocurrency enthusiasts,  it doesn't pertain to free and open source software (FOSS) projects in general, for which you weren't able to provide GitHub repository. I suggest you to spare your time reading about [the in-depth [Posting & Submission Guidelines](https://join.utopian.io/guidelines/)for each categories coupled with templates; for tutorials, see [template](https://github.com/utopian-io/editor-templates/blob/master/tutorials).
👍  , , , ,
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vote details (5)
@mightypanda ·
Thanks for your review. I wasn't sure of this will fall under tutorials category or not.
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@utopian-io ·
Hey @josephace135
Here's a tip for your valuable feedback! @Utopian-io loves and incentivises informative comments.

**Contributing on Utopian**
Learn how to contribute on <a href="https://join.utopian.io">our website</a>.

**Want to chat? Join us on Discord https://discord.gg/h52nFrV.**

<a href="https://v2.steemconnect.com/sign/account-witness-vote?witness=utopian-io&approve=1">Vote for Utopian Witness!</a>
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@mcfarhat ·
Thank you for your contribution.
Valid Utopian tutorials handle aspects of open source projects that have already github relevant repositories.
For further guidelines about what qualifies as a Utopian tutorial, check out our [guidelines here](https://join.utopian.io/guidelines/)
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@mightypanda ·
Thanks for the review
properties (22)
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permlinkre-mcfarhat-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180626t145816818z
categoryutopian-io
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@mightypanda ·
@davemccoy Here's is an article on how to pay almost no fees to buy steem from fiat.
properties (22)
authormightypanda
permlinkre-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t045832668z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"community":"busy","app":"busy/2.4.0"}
created2018-06-24 04:58:24
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author_reputation21,847,608,676,835
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
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@mightypanda ·
@whatsup, here's the post, didn't want to leave links to my post on someone else's post.
properties (22)
authormightypanda
permlinkre-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180625t191016132z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"community":"busy","app":"busy/2.4.0"}
created2018-06-25 19:10:15
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body_length88
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root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
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@minnowsupport ·
<p>Congratulations!  This post has been upvoted from the communal account, @minnowsupport, by mightyPanda from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows.  Please find us at the <a href="https://discord.gg/HYj4yvw"> Peace, Abundance, and Liberty Network (PALnet) Discord Channel</a>.  It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.</p> <p>If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=102530.639667%20VESTS">50SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=205303.639667%20VESTS">100SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=514303.639667%20VESTS">250SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=1025303.639667%20VESTS">500SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=2053030.639667%20VESTS">1000SP</a>, <a href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=minnowsupport&amp;vesting_shares=10253030.639667%20VESTS">5000SP</a>. <br><strong>Be sure to leave at least 50SP undelegated on your account.</strong></p>
properties (22)
authorminnowsupport
permlinkre-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180626t014654z
categoryutopian-io
json_metadata"{"app": "beem/0.19.38"}"
created2018-06-26 01:46:54
last_update2018-06-26 01:46:54
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root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
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post_id62,275,449
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@mithilsood ·
that's really great think that we all earning by helping each other i upvote you and thanks
properties (22)
authormithilsood
permlinkre-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180626t212232438z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"app":"steemit/0.1"}
created2018-06-26 21:22:36
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depth1
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body_length91
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@mightypanda ·
Thnks
properties (22)
authormightypanda
permlinkre-mithilsood-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180626t213414837z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"community":"busy","app":"busy/2.4.0"}
created2018-06-26 21:34:15
last_update2018-06-26 21:34:15
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body_length5
author_reputation21,847,608,676,835
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
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post_id62,400,004
net_rshares0
@mysearchisover ·
$0.03
What about by credit card?
👍  ,
properties (23)
authormysearchisover
permlinkre-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t072126670z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"app":"steemit/0.1"}
created2018-06-24 07:21:27
last_update2018-06-24 07:21:27
depth1
children4
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body_length26
author_reputation106,037,311,868,398
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id62,011,153
net_rshares14,955,984,310
author_curate_reward""
vote details (2)
@mightypanda ·
$0.04
Credit card is the way to pay most fees. You will pay lot of fees and credit card company may consider it cash advance and charge extra interest.
👍  , ,
properties (23)
authormightypanda
permlinkre-mysearchisover-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t165851108z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"community":"busy","app":"busy/2.4.0"}
created2018-06-24 16:58:39
last_update2018-06-24 16:58:39
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body_length145
author_reputation21,847,608,676,835
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
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post_id62,071,647
net_rshares20,316,999,886
author_curate_reward""
vote details (3)
@dustsweeper ·
Your balance is below $0.1. This is your 2nd notification that your account is running low and should be replenished.
properties (22)
authordustsweeper
permlinkre-re-mysearchisover-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t165851108z-20180628t200519
categoryutopian-io
json_metadata""
created2018-06-28 20:05:21
last_update2018-06-28 20:05:21
depth3
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body_length117
author_reputation1,303,297,845,935
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id62,657,273
net_rshares0
@paradigm42 ·
Is there a difference if you use a debit card connected to an account as far as fees are concerned? I read elsewhere it is much quicker that way.
properties (22)
authorparadigm42
permlinkre-mightypanda-re-mysearchisover-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180625t231203953z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"app":"steemit/0.1"}
created2018-06-25 23:12:06
last_update2018-06-25 23:12:06
depth3
children1
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body_length145
author_reputation8,655,578,357,292
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
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post_id62,263,307
net_rshares0
@paparodin ·
Useful information coming in at the right time. It's the best time to invest into steem, so showing people how to do it is a great move.
properties (22)
authorpaparodin
permlinkre-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t085841247z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"app":"steemit/0.1"}
created2018-06-24 08:58:39
last_update2018-06-24 08:58:39
depth1
children2
last_payout2018-07-01 08:58:39
cashout_time1969-12-31 23:59:59
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body_length136
author_reputation1,866,493,625,179
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id62,020,065
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@mightypanda · (edited)
I was amazed, a lot of people already didn't knew this.
properties (22)
authormightypanda
permlinkre-paparodin-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t170448991z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"community":"busy","app":"busy/2.4.0"}
created2018-06-24 17:04:36
last_update2018-06-24 17:28:15
depth2
children1
last_payout2018-07-01 17:04:36
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body_length55
author_reputation21,847,608,676,835
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
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post_id62,072,421
net_rshares0
@paparodin ·
Crypto is still a fairly novel concept for most.

Everyone has heard about Bitcoin, hardly anyone knows what it's all about, even less know how to deal with it.
properties (22)
authorpaparodin
permlinkre-mightypanda-re-paparodin-re-mightypanda-tutorial-how-to-convert-fiat-to-steem-power-with-minimum-fees-20180624t172259101z
categoryutopian-io
json_metadata{"tags":["utopian-io"],"app":"steemit/0.1"}
created2018-06-24 17:22:57
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depth3
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body_length160
author_reputation1,866,493,625,179
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
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@steemitboard ·
Congratulations @mightypanda! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@mightypanda) Award for the number of upvotes received

<sub>_Click on the badge to view your Board of Honor._</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


**Do not miss the [last post](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-results-of-day-10) from @steemitboard!**

---
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Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: [@good-karma](https://v2.steemconnect.com/sign/account-witness-vote?witness=good-karma&approve=1) and [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1)

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properties (22)
authorsteemitboard
permlinksteemitboard-notify-mightypanda-20180624t100405000z
categoryutopian-io
json_metadata{"image":["https://steemitboard.com/img/notify.png"]}
created2018-06-24 10:04:03
last_update2018-06-24 10:04:03
depth1
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last_payout2018-07-01 10:04:03
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total_payout_value0.000 HBD
curator_payout_value0.000 HBD
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body_length1,342
author_reputation38,975,615,169,260
root_title"[Tutorial] How to convert fiat to Steem Power with minimum fees"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id62,025,526
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