Today I decided to try and convert 1 SBD into my local fiat currency, the South African Rand. The price of SBD is crazy right now, 1 SBD is around R160, which is about $11. I don't know if it was a good move to sell some SBD right now, I'm a total noob when it comes to trading, I just felt like trying to convert some SBD to ZAR. The way I did it seems to be a really cheap and convenient way. This is how I did it:
Step 1: Sign up at AltCoinTrader
Go to https://www.altcointrader.co.za and register with them, they seem to be the best when it comes to trading a wide variety of cryptocurrencies and the South African Rand. The fees they charge seem very reasonable, you can read about their fees here.
Step 2: Get your litecoin address
Doing it with litecoin instead of bitcoin is the right way to go, in my opinion, because litecoin transaction fees are a lot cheaper and it seems a lot faster.
To get your litecoin address click on the deposit option.
Then scroll down until you see "Request LTC deposit address" and congratulations! You now have a litecoin wallet.
Step 3: Convert your SBD to litecoin
Go to your steem wallet, click on your steem dollars and then click sell.
Once you get to blocktrades, click to receive in litecoin and enter the amount of SBD you want sell. Then enter your litecoin address. Once you done with that you will see a memo, copy it.
Step 4: Transfer SBD to blocktrades
Go to your steem wallet, click on steem dollars and click transfer.
Enter "blocktrades" where it says "to", enter the amount you want to send and enter the memo they gave you in step 3.
Step 5: Convert your litecoin to ZAR
Now that you have some litecoin, you can now convert that to ZAR. On AltCoinTrader click on LTC and where it says "Sell LTC" enter the amount you want to sell and you will see how much ZAR you will receive. Click "Sell LTC" and you're done! It's that simple.
Hopefully this post will help all of you South African steemians. If it did be sure to upvote, follow and resteem!
This post has received gratitude of 0.97 % from @jout thanks to: @lets-tech.
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You got a 0.07% upvote from @postpromoter courtesy of @jout!
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very good post my brother will follow, if you like, go through my blog @joseale19j Success and blessings
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Thanks!
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If only we had a Crypto ATM here in SA that is untraceable by SARS he he he...
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LOL! That would be great!
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@originalworks
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The @OriginalWorks bot has determined this post by @lets-tech to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
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nice one dear. blocktrades is quite easy , fast and reliable and @blocktrades is a great steemian
however, sbd is in the red now and falling fast after some bullish ride few days back but lets hope it comes back up
as an altcoin trader, most africans are rushing into Elyte which is the next big thing. check it out and get presale cheap price from whitelist
www.elyte.io
also join their twitter and telegram group
regards
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Thanks for the post, how do you then get your rand's into your bank account?
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Thanks for the upvote!
You just need to click on the withdraw button and enter your bank details
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Thanks for the reply
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How long will it take for the litecoin to appear?
I have opened an account, thanks for the post.
How does Altcoin compare with Luno?
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Litecoin doesn't take long at all, should be appearing in about 15 minutes.
Luno only deals with exchanges between ZAR and Bitcoin, I do believe that they deal with ethereum now as well, but there fees are too high for me, AltCoinTrader for me is great because it deals with various cryptocurrencies and the fees are not bad.
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Thanks, I see I must do the FICA, I suppose it will only show after the FICA is done, I have now uploaded the FICA document, waiting for verification.
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I read a review of altcoin trader on: https://www.forexbrokerz.com/brokers/altcoin-trader-review
which is saying the fees are a bit high, but it is very easy to use in my view.
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As I said in my post, I'm very new to trading, so I'm sure if you look you might find better options (beware of scams though). I was very satisfied with AltCoinTrader simply because it was very easy to use and unlike Luno, it had the option of using litecoin. As for the review, it may be outdated because it says that deposit fees may apply, AltCoinTrader doesn't have any deposit fees.
Also, please do let me know if the litecoin does appear in your account, it's a little strange that it hasn't because mine appeared without me needing to upload my FICA documents. I did however verify my account with all other details that they asked for.
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Sorry for the long delay, I am using the Altcointrader and it is working fine, the initial problem was that I made a spelling mistake in blocktrads
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