Whisk together flour, onion powder, garlic powder and cayenne. Transfer to a shallow dish or pie plate.
In a separate shallow dish, whisk together eggs and milk (or buttermilk).
Season steaks with salt and pepper. Dredge each steak in flour, shaking off excess, dip in egg, then back into the flour. Set coated steaks aside.
Pour about 1 inch of oil into a high-sided pan and heat to medium high. Place a small cube of bread in the oil; when it starts to brown, the oil is ready. Carefully place steaks in oil, working in batches to avoid overcrowding. When the first side is browned (about 3-4 minutes), carefully turn over using a fork or tongs. Fry another 4-5 minutes on the second side, or until nicely browned. Transfer steaks to a paper towel-lined plate and keep warm in a low oven.
Repeat with remaining steaks, adding oil if necessary (be sure to allow oil to re-heat between batches).