How to convert steem to USDT,BTC or TRX without KYC
Joe is sitting in a transit lounge waiting to board a flight, ready to embark on a journey. As he waits for his journey to begin his phone beeps and a message pops up. He realizes that he has to make a quick crypto payment for some freelance work.
Time is limited as his flight has been announced. He has to send out the crypto before he boards the plane.
Joe is on a public Wi-Fi and not comfortable logging into his crypto exchange logging account.
He is currently logged in to his steemit account and his steem wallet has sufficient steem which could be the source of funds for the transaction.
So he could send out steem to his crypto exchange trading account and trade it to BTC or other crypto and withdraw it to the crypto wallet address of the person he wants to pay.
The negatives of this process
- This is a multi step and time consuming process.
- He needs to deal with 2 kinds of fees first the trading fee and second the withdrawl fee.
- The KYC exchange may be tracking his crypto transaction and since he is not too familiar with the freelancer or how and where he would be using the funds so this is not the preferred route for him.
The No KYC steem to crypto conversion platform.
Joe can get the conversion done at steemscan.com/convert
First impressions about https://steemscan.com/convert
- The UI/UX is simple intuitive and impressive.
It is easy to follow site with no instructions required.
This makes it pretty noob friendly and anyone can use it.
- There is no need to login and NO KYC is required.
This means that there is no need to share any personal information.
No login also means you need not remember passwords.
steemscan.com/convert at a glance
- The steem price is updated promptly as price changes. As I was testing the service the price of steem changed from $0.21 to $0.22 & back to $0.21 and it dynamically changed on the page without having to refresh.
A two decimal place price display in US$ makes it easy to follow.
If a person wishes to view the price of steem in any other fiat or crypto currency he can do so by changing the currency at the click of a button.
A web page interface of steemscan.com/convert means it is device and OS independent which makes its services available to anyone who has access to the internet.
The site interface even offers a dark mode which can be activated at the click of a button.
steemscan.com/convert conversion options
At the time of writing this post the deposit currency is steem and for withdrawal there are three currency options
- BTC &
How the conversion works
The currency conversion happens via a simple easy to follow form interface
First you input the amount of steem you want to convert.
The prefilled form showed 20 steem which is approx $4.2 (at the time of writing the post) would give you 3.06948568 USDT
after deducting a fee of 1.04110592 USDT
For BTC transaction it would be more economical to do a larger amount of steem to BTC conversion since there is always a network fee involved.
Suppose you want to convert 100 US$ worth of steem to btc
So that would mean
100/0.21= 476.19 steem (0.21 is the price of steem at the time of writing the post )
So let us take 476 steem ~99.96 $
this would give 96.79097416 USDT
For BTC conversion the amount received would be as follows
To see how much is the base fee for BTC lets bring it back to 20 steem and the base fee is 0.00050458 BTC
If we were to compare this with some of the exchanges which need KYC it is about in the same range.
It may be noted that whenever BTC is sent from one wallet to another there is a network fee involved.
Thus to make the transaction viable it is always advisable to keep the btc transaction amount of a substantial value.
Let us do a quick conversion
To test how the transaction works I am going to carry out a transaction and see how it works
I am going to convert 20 steem to TRX
Exchange as easy as 1,2,3,4
To exchange steem to another crypto which is TRX in this case all that needs to be done is
- Select the amount of steem to convert
- Select which crypto pair you want to use I chose TRX
- Enter the withdrawal address and
- Click the "Create Order" button.
This takes you to the next page which displays the transaction details
The lower part below the "Proceed Payment" button lists
- Your recipient address
- Rate of steem and
- The expiry time of the order
Double check these details and you need to make the payment before the order expires.
I clicked on the "Proceed Payment" button to proceed
The next screen looks as follows
This prompts you to login to your steem wallet account for funds transfer
On the next screen you are required to click the "Approve" button.
The next screen displays your transaction id which you can track on steemscan.com
In a short while the TRX arrived at the specified address.
My impressions about steemscan.com/convert
- It is a simple to use service
- It is a quick service and currency conversion happens in a very short time
- The service does not require any KYC documents or verification.
- It works 24X7
- It is available across the globe from anywhere you have internet and can access the site steemscan.com/convert
A few tips for using the service
For BTC conversions one has to be careful that the BTC network fee does not eat into the amount being converted. Here large sums can be converted with ease.
For smaller amounts it is more economical to convert steem to TRX
My Wishlist for steemscan.com/convert
- It would be nice to see more crypto pairs being added to this service .
- Hope to see this transforming into a two way conversion service both to and from steem.
It would be nice to see Hive as one of the conversion options.
- It would be a dream to have a fiat to crypto gateway that allows buying steem and other crypto with credit/debit card/paypal.
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Disclaimer: This post is not financial advice. Please do your research before using this service or making any investments