How to use Steem Internal Market (part1)

Hi, Steemians,

In the recent post, I have shared that I had discovered the wonderful Steem Internal Market. As many of you may have known how to use it, this post is dedicated to those who are new to the internal market.

Disclaimer: Ther internal market can be used to swap between SBD and STEEM, also provides an excellent tool for trading. However, I do advise you to think carefully before putting in any order.

What is Steem Internal Market?

As a part of the platform, Steem has an internal market among the users, that allows you to swap your SBD to Steem and vice versa. In other words, this is merely a marketplace among users that you can trade your coins to the other. Currently, the Steem Internal Maret only supports Steem and SBD (Steem Dollars)

I got on the market, but it is super confusing!

Here is what it looks like:

Well, I have to admit that, at the first time I got there, it was super confusing.

Now, let's dig into the parts.

Market status of 24 hours data

On the top of the trading, you will see a box of:

Let's me explain each box, one by one:

• Last price: The most recent executed price from the market
• 24h volume: The trading volume on the market, which indicates the number of coins has traded, in equalizing to USD
• Bid: The highest Buy order
• Ask: The lowest __Sell order

The order box

The next part is the Order box, where you can set your Buy or Sell order here.

There are three factors to consider:

• PRICE: The Price that you want to BUY or SELL
• AMOUNT: The number of coins that you want to execute
• TOTAL: Total in the equivalent of SBD

It may get a little confusing here, so I want to clarify that the internal market will use _SBD as a base currency, means that if you can buy Steem using SBD and sell your Steem to get back SBD (which is also the left and right column)

Order book (OMG, super confusing!!!)

If you are new to financial markets, looking at those tables can be a real pain...

Let's me explain it to you. First, let's have a look at the "Buy Orders" box

The "Price" column indicates the prices for each order, in which the "Steem" shows the total number of Steem that someone is looking to buy.

In this example, there is someone who wants to buy 13.038 Steem at the price of 1.21315 SBD. It means that if you have Steem, you can sell now and receive SBD accordingly. In the below rows, you can see more "waiting for orders" of people who want to buy Steem at a lower price.

The same applied to the "Sell Orders" table.

Let's say, you have SBD and you want to buy Steem. You can refer to the table above to see the lowest price of Steem/SBD that someone is selling. In this case, it is 1.213224 SBD per Steem as the lowest Sell orders.

So, it has come to the end of the first part for Steem Internal Maret. If you are still quite uncertain about it, you can head to the market and try to look around.

See you in the next post, about how to trade Steem and SBD for profit on the internal market. If you want me to clarify something, feel free to ask me!