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How to buy Lido Staked Ether (STETH) in the US
Learn how to buy Lido Staked Ether (STETH) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
Where to buy Lido Staked Ether
It looks like STETH may not be available to purchase on an exchange in the US.
You can still purchase STETH by using a decentralized exchange (DEX) instead. Decentralized exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralized exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralized exchanges first if you're unfamiliar.
How to purchase STETH using a decentralized exchange.
- Find STETH on a decentralized exchange and make sure Lido Staked Ether can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for STETH using an exchange like Gemini. You will need to purchase enough ETH to swap for STETH as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for STETH on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalize and the STETH tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the US.
What to consider when buying Lido Staked EtherEthereum’s upgrade is one of the biggest developments in crypto, and its transition to proof-of-stake is a clear demonstration of where the future of the space lies. However, there are a number of factors that should be considered before purchasing stETH:
- Purpose. All stETH in circulation is created by people using Lido to stake their original ETH. Buying stETH instead of ETH means you won't have access to the rewards from staking. The main purpose of stETH is to allow ETH owners to get more flexibility out of their staked ETH.
- Fees. Commissions are high for delegation of tokens for staking – Lido pockets a cool 20% of your returns.
- Use case of tokens. These coins are not actually ETH, so can’t be used to pay gas fees and your staking rewards are in stETH, not ETH. Returns from staking could balance this out, but this will be a risk factor for some users. Tokens can only be used in DeFi apps that accept stETH.
- Risk. It is always worth considering the risk that the ETH 2.0 project fails or is delayed in some way.
How to sell Lido Staked Ether
You can cash out your STETH with the same exchange you bought it through:
- Sign in to the exchange you have STETH on.
If you store your Lido Staked Ether in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of STETH you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Lido Staked Ether.
Disclaimer: Cryptocurrencies, including Lido Staked Ether, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of STETH is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Lido Staked Ether or any other cryptocurrency discussed.
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