In a large bowl, whisk 1 cup milk and eggs.
Mix flour, baking powder, salt, pepper, onion powder, garlic powder and chili powder in a second large bowl. Reserve 1/3 cup of flour mixture aside for gravy.
Dip each cube steak in milk mixture, and then coat generously in flour mixture. Let the coated cube steak sit for 5 minutes.
Fill a large skillet with 1/2 inch of frying oil (see notes for best types). Heat on medium high until hot; fry steaks for 5-7 minutes on the first side or until browned; flip and cook on the second side for an additional 5 minutes of until browned to your desired liking.
Remove from oil to a paper-towel lined plate. Remove paper towels, put plate with steaks in a 200 degree oven to keep hot while making gravy.