A complete beginners’ guide on how to buy Yearn Finance (YFI) instantly from different exchanges and brokers using different safe payment methods such as credit cards, Paypal, and more. You will also learn about where to buy Yearn Finance and how to trade and invest in it using secure brokers or exchanges.
Launched in early 2020, Yearn Finance is one of the emerging Decentralized Finance (DeFi) projects that allows its users to earn YFI tokens by locking their crypto assets in Yearn Finance contracts. And like other famous cryptocurrencies, it can be traded as a CFD.
So, what is Yearn Finance, really? This guide will go into much detail about what Yearn Finance is and how to buy YFI token from the best broker and exchange. You will also learn how to buy Yearn Finance (YFI) instantly in the UK, U.S., Australia, and other countries globally, in some of the best Yearn Finance exchanges. We will explore the simple and safe methods to invest in YFI in 2023, and provide detailed information on the best brokers to buy Yearn Finance coins.
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The first step to take is to look for a broker or exchange that offers Yearn Finance. Once found, you can then go ahead to create an account.
A safe and trustworthy broker and exchange platforms have to be regulated and must require you to complete a KYC check while you are registering. This process should be straightforward and takes only a few minutes for most regulated brokers.
After creating an account with an exchange and having it verified, then you need to fund it so that you can buy YFI. Depending on the platform you have chosen and your country of residence, there will be several options available to fund your account.
The most popular options are credit and debit cards, bank wire, and e-wallets like Skrill, Neteller, and Paypal.
The next line of action after funding your account is to buy Yearn Finance (YFI) tokens. Depending on the platform you chose, you can either buy with or without leverage. When buying Yearn finance crypto without leverage, you get to own it as an underlying asset. But when buying with leverage, it simply means that you have opened a trade that allows you to earn by speculating on the price.
Yearn Finance is a leading decentralized finance project protocol that is hosted on the Ethereum blockchain. The main goal of the protocol is to help users optimize their earnings on crypto-assets through trading and lending services while eliminating the need for a third party like a bank or custodian. It aims to simplify the ever-expanding decentralized world for users with little to no technical knowledge.
The project was created by the independent developer, Andre Cronje, in February 2020. The YFI cryptocurrency was built on a system of automated yield farming incentives for its users, using only code to bring forth the Defi utilities. Users can earn tokens by locking their crypto-assets in Yearn Finance contracts.
Yearn finance is a protocol designed to deploy contracts to decentralized exchanges and the Ethereum blockchain. Yearn Finance offers two core products within its network called Vaults and Earn.
Vaults are pools of capital that, based on market changes, automatically generate yield. Vaults automate yield generation, adjust capital allocations when new opportunities arise, and spread gas fees among all participants. The vault was launched as part of Yearn Finance’s V2 update.
Earn is a leading aggregator and the first product offered by Yearn. An aggregator automatically shifts funds between decentralized exchanges (DEXs) and lending protocols such as AAVE, Compound, and dYdX to obtain the best interest rates. To use Earn, users will have to deposit funds into the lending aggregator and the Earn platform does the rest. Users can deposit their USDT, USDC, DAI, USD, or TUSD on the YFI platform to receive those interest rates.
Yearn finance used to be known as iEarn in its very first days. That was when it was initially launched. But after being compromised, it was rebranded and started operating under new leadership. The security measures had been taken to a new height and it was made a platform that can be considered the safest DeFi protocol, since the new leadership.
The YFI token is the primary token on the ERC-20 platform, which serves as the heart of the Ethereum blockchain. No tokens were pre-supplied from the protocol at the time of launch, thus, all had to be mined. Offering assets to Yearn Finance is the only way to earn its token.
YFI and Bitcoin are quite similar in a plethora of ways. They are both digital currencies that use blockchain technology. But, Yearn finance uses the Ethereum blockchain technology while Bitcoin has its blockchain technology. Here is a detailed breakdown.
Bitcoin was invented by Satoshi Nakamoto to remove intermediaries in financial transactions. The creation of Bitcoin helps to make financial transactions easy without any extra charges by third parties or intermediaries.
Yearn finance, on the other hand, was created to help users to optimize their earnings on their crypto assets through trading and lending without any financial institution or third party. This was done to simplify the expanding decentralized finance world to help users earn on their crypto assets without too much technical knowledge. Users just need to deposit and either trade it or lend it out while they earn.
Yearn finance and Bitcoin’s ecosystem are entirely different from each other. Bitcoin has a well-defined ecosystem that is well-thought-out, which ensures the longevity of the digital coin. It was built on a strong blockchain network that allows easy and readable transactions.
The Yearn ecosystem is controlled by the YFI token holders. The Yearn ecosystem implements proposals of the YFI token holders by using an off-chain governance system. There are nine-member multi-signature wallets and over 50% of the majority is needed to implement a proposal.
Both Bitcoin and Yearn finance have a built-in scarcity. That is unlike other digital coins that have open-end mining. Bitcoin has a limit set at 21 million and once the number is reached, there is a system in place to ensure its supply is finite.
Only 30,000 YFI tokens were distributed equally to the providers and platform users. That is the main reason behind the price surge as the demand for it is greater than the supply. There are 36,666 YFI in maximum supply according to data from Coinmarketcap.com.
The price of Yearn Finance Coin (YFI) has been soaring ever since it was officially launched on July 20, 2020. The value of the Yearn finance coin was $1026 during its launch. It kept rising, making over 4,000% a few months after its launch. On September 12, 2020, the price of YFI coin got to $43,480 – its first historical high. The price plunged after hitting this high and lost over 80% of its value in November 2020.
The price of YFI coin picked up steam again on November 6, 2020, and began to rise. On May 12, 2021, the price of YFI coin hit an all-time high of $96,000. That caught the attention of many users on different platforms. A few days after it hit an all-time high, the price of YFI coin lost over 60% of its value, which led to the current downtrend that the coin is at. On December 16, 2021, the price of YFI coin surged from the $20,000 low and hit a high of $41,724 on the 3rd of Jan, 2022, making over a 100% increase in less than a month.
Aside from the fact that the crypto market is very volatile, some factors contribute to the volatility of different cryptocurrencies and the entire crypto market. Yearn finance can not be exempted from these volatilities. Here are some of the factors that may affect the price action of Yearn finance.
One of the secrets to long-term investing is to buy and HODL an asset for a long time. That is anticipating that the price of that particular asset will increase over time and will be able to withstand the downtime in the market. It is the easiest way to invest in any asset – playing the long-term game.
Another way to invest in Yearn Finance is by trading it as CFDs. In this case, you will be able to speculate on its price by having minimal capital and buy its CFDs with leverage (borrowed fund). This can be quite risky as it involves some technicalities and the leverage can serve as a double edge sword.
This is another means to invest in YFI. This is done by participating in the daily trade of the coins and speculating on price movement within a single day. You will either sell or buy the coin, depending on how good you are at reading the chart.
Here are different ways to buy Yearn Finance globally and different payment methods;
Credit cards and debit cards are one of the most widely used payment methods. They are known for their convenience and quick way of processing transactions in a few minutes. Most crypto exchanges always have this as one of their payment methods but there are some limitations on how you can use them depending on your country of residence.
Once the fiat is deposited into your trading account, you can then choose whether to buy Yearn finance coins and hold or use it to day trade on the price of Yearn finance.
You can attach your Paypal account to crypto exchange platforms that offer it as a payment method, in order to buy Yearn Finance tokens. Paypal is known for its convenience and instant payment, although its use is restricted in some countries.
You must have an active Paypal account with your credit card and debit card linked to it.
Skrill and Neteller are both like Paypal – payment is fast and instantaneous. Transaction fees are minimal, and they only support EUR, USD, and GBP. If you are looking to buy Yearn finance with e-wallets (Skrill and Neteller), the minimum trade amount and deposits depend on the broker and exchange. {Insert Image ‘YFI 7’ & ‘YFI 8’}
Bank wire transfers are quite reliable, but they take a longer time than other payment methods discussed above. Transactions may take up to 3-5 working days before the fund is deposited into your account. The upside to bank wire transfers is that it allows you to deposit large funds, which can’t be processed by other payment methods.
There is a limit on the amount of Yearn Finance you can buy anonymously. Etoro, for example, allows unverified accounts to deposit a maximum of $2250 using different available payment methods.
You will need to open a live account with a regulated cryptocurrencies exchange or brokerage platform before you can buy Yearn Finance. The crypto exchange platform must have YFI listed on its list of cryptocurrencies and you should consider factors like trading costs, deposit and withdrawal fees, liquidity, and leverage available when choosing a cryptocurrency brokerage platform. Most platforms also offer you a trial period so that you can get used to their platform before committing to it, through a demo account.
You will need to deposit funds into your trading account before you can buy Yearn Finance. The minimum amount required to buy YFI on eToro is $10, although the minimum deposit is $200 when using a Credit card, debit card, and eWallets (Paypal, Skrill, and Neteller), and $500 when you are depositing with a bank wire transfer. You should also note that the required amount might be higher when day trading and buying CFDs.
After purchasing your Yearn Finance tokens, you will need to keep them in a secure wallet. Your crypto exchange platform might offer an in-exchange wallet to store your tokens, but that is not recommended. So, for maximum security, you should look for a hardware wallet – especially if you are making a huge investment or are a Hodler.
There are lots of factors to consider when considering how much you need to buy Yearn Finance tokens, including the current market price, and the broker/exchange fees.
You can buy YFI from different brokers and exchanges that offer cryptocurrency. For example, eToro and Capital.com are some of the popular brokers you can buy YFI from.
Like other cryptocurrencies, you can buy Yearn Finance (YFI) on supported ATMs. Here is a quick guide:
With the increasing crypto scams that are being recorded, it is necessary to do some due diligence when choosing a crypto trading platform. So, before you choose the right trading platform to buy Yearn finance tokens from, be sure you vet them through the following checklist.
The first thing to do when looking for a good trading platform is to listen to the word on the street. When I say street, I mean what other users are saying about the platform. Take your time to read people’s reviews about the platform. The company’s reputation matters a lot. Try to avoid platforms that are susceptible to hacks.
Take your time to compare all the charges you might incur and ensure they are at a competitive level. If your plan is to invest through trading, trading costs will be essential. Platforms with high transaction costs might make you incur losses even when your trades are profitable.
When choosing a trading platform, make sure the platform has at least two payment methods that are convenient for you. You should also check the charges on those methods and the confirmation time for payment. This will make your trading experience worthwhile as you will have easy access to deposit and withdraw funds.
If you are new to choosing trading platforms, be sure to check the interface of the platform. Your preferred crypto trading platform should maintain an intuitive user interface that is easy to interact with, most especially for beginners.
Your chosen crypto trading platform must have adequate security measures that will protect both your crypto investment and personal information.
There are lots of trading platforms where you can buy Yearn Finance tokens, so how do you choose? Here is a detailed review of the top 6 places to buy Yearn Finance.
eToro is a global broker that was founded in 2007 and is one of the leaders in the industry. eToro is especially known for its social trading, which allows users to replicate trades from professional and experienced traders.
eToro offers more than 30 cryptocurrencies you can trade, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE). The platform also offers crypto crosses, whereby cryptocurrencies are traded against other cryptos, fiats, and commodities. But there are no Yearn Finance crosses on eToro.
Buying Yearn Finance on eToro is quite easy and straightforward. The interface is seamless and beginners can have an easy time getting around. You can only invest in Yearn Finance on eToro through buying the actual coins, there is no CFD trading available for YFI on eToro. The transaction fee on every crypto on eToro is now 1%, which is included in the spread of the market price provided. There is 2X leverage on trading other cryptos on this platform.
Check out our detailed 2023 review of the eToro Trading Platform to learn more.
1. Visit www.eToro.com and click on Join Now
2. Fill in the details required in the registration form and click on create an account. Verify your account by filling in your personal information and submitting the necessary documents.
3. Once your account is verified, click the ‘Deposit’ button. On the pop-up window, enter the amount you want to deposit into your account and choose your preferred currency.
4. Click on the drop-down button under the Payment Method and choose your preferred payment method. The available options are Credit cards, Debit Cards, Skrill, Bank Transfer, and Neteller. Paypal is not on my drop-down menu because of my location. It could be available on yours. Fill in your payment details and click on the ‘Deposit’ button to complete the transaction.
5. To buy some Yearn Finance tokens, type in YFI in the search space at the top of the page and click on search. You will see YFI under Market from the result. Click on Trade, it will bring out a Buy YFI page where you can fill in the amount of YFI you want to buy. Click on Open Trade to complete the transaction. The YFI tokens will appear in your account immediately.
76% of retail CFD accounts lose money
The Capital.com trading platform is an online CFD trading brokerage that started in 2016. The company started as forex, commodities, shares, and indices brokerage before it introduced cryptocurrencies later on. It is known to be one of the most reputable and highly regulated crypto brokerages in the world.
Capital.com allows its users to trade several cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Gold (BTG), Eminer (EM), Steem (SBD), etc. They also offer crypto pairs like YFI/USD, and many more. The spread on Capital.com is pretty low, it is 242.20 (1.05%) points on YFI/USD at the time of writing this article.
Capital.com only allows you to speculate on the price of Yearn Finance through CFD trading and not own the real tokens. The maximum leverage is 1:2 on both margin and CFD trading, and the minimum deposit is $20.
Check out our comprehensive 2023 capital.com review to learn more about the broker.
1. Go to www.Capital.com and click on ‘Trade Now’ to open a trading account.
2. Type in your email address and password, and click on ‘Continue’. Enter your personal information as well and then click on Continue.
3. Once you are logged in, click on the ‘Live’ drop-down button, you will see ‘Account Status’ as NOT VERIFIED. Click on it and submit the necessary document for verification.
4. After your account has been verified, click on ‘Fund Account’ at the top of the user dashboard. There are only two deposit options, bank cards, and bank transfers. Choose the one that is convenient for you. Bank cards are always instant while bank transfer will take a few days before the fund reflects in your trading account.
5. Search for YFI in the search tab at the top left to look at the available trading pairs for YFI.
6. Select your preferred trading pair and click on ‘Trade’ on the side panel. The panel also highlights all the charges you will incur when you open the trade. Click on ‘Buy’ to complete the transaction.
Coinbase is a United-States-based cryptocurrency exchange company that was founded in 2012. It offers its services to over 100 countries across the world. Its trading interface makes it highly suitable for beginners. Coinbase doesn’t offer margin and CFD trading on crypto pairs.
Coinbase is a crypto-specific exchange that allows its users to trade on over 30 cryptocurrencies. And here are some of the cryptocurrencies you can buy on Coinbase: Algorand (ALGO), Bitcoin (BTC), Celo (CGLD), DASH, Yearn Finance (YFI), and many more. This platform does not offer Yearn Finance coin for New York clients in the U.S., and it is not available for UK clients as well.
Crypto-to-crypto pairs are also available on this platform, with a 3X maximum leverage on Coinbase Pro, but some are unavailable for clients in New York and the UK. YFI/BTC and YFI/USD are the only available YFI crosses on Coinbase.
Buying Yearn Finance at Coinbase is fast and to enhance security, the platform holds 98% of your digital assets offline. The remaining 2% is held in highly secure hot wallets to facilitate daily transactions on the exchange and is also insured. However, there is an 0.5% spread charge that is applied on any transaction; buying or selling.
You can find the detailed 2023 review of Coinbase on our site. Check it out for more.
1. Visit www.Coinbase.com and click on the ‘Get Started’ button
2. Put in your name, email, and password on the registration page and click on ‘Create an account’. Carefully read the terms and conditions before ticking the agree box.
3. Check your inbox and click on the link received from Coinbase to verify your email address.
4. Log into your account and access the dashboard. You need to verify your account before you can buy Yearn Finance. Fill in your personal information and submit supporting documents to complete the KYC process.
5. On the Assets tab, click on the ‘Deposit’ button. Select your preferred payment method, such as Credit cards, Debit cards, bank transfers etc.
6. Put in the amount you want to deposit. Enter the payment details and authenticate the transaction.
7. On the homepage, click on the Assets tab again and search for Yearn Finance in the search bar. Enter the desired amount of YFI in the designated field and click continue to complete the purchase. The exchange will transfer your purchased tokens to your account instantly.
The Binance trading platform, the largest and most popular cryptocurrency exchange in the world, was launched in 2017. It is a lucrative platform, thanks to the low transaction fee on trades.
There are more than a hundred cryptocurrencies to trade on Binance. Some of the frequently traded cryptos at Binance include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BUSD, VeChain (VET), BNB, TetherUS (USDT), and many more. As a broker, crypto assets can be traded against each other on this platform, and here are some of the available crosses: YFI/USDT, YFI/BTC, YFI/EUR, YFI/BUSD.
Binance only offers margin trading but no CFD, and it gives a maximum leverage of 1:50. You can trade YFI as an asset but not as a CFD. Trading Yearn Finance on Binance exchange market doesn’t incur any spread charge as the Ask and Bid prices are the same, but the exchange cuts the prices up to 0.02% for makers and 0.04% for takers.
Our complete 2023 Binance review has more information. Check it out.
1. Visit www.Binance.com and click on the ‘Register Now’ button. Fill in the required details in the signup form provided. Complete the KYC process by verifying your identity.
2. Log into your account and click on ‘Buy Crypto’ drop-down menu on the user dashboard to fund your account. Choose your preferred currency and method of payment. The available options are Card Deposit, Credit cards, Debit Cards, Peer-2-Peer trading, Cash Balance, and Third-party Payment like Simplex and SEPA.
3. Enter the amount of Yearn Finance you want to buy and click on ‘Continue’ to enter your card details.
4. Add your card details and click on ‘Continue’.
5. Check your card payment details again and complete the safety certification to finalize the transaction. Your Yearn Finance tokens will reflect in your account once the process is complete.
CoinMama, a non-custodial and one of the pioneers of cryptocurrency instant-buy platforms, was launched in 2013 with its headquarters in Israel. It has grown to become one of the most popular platforms for trades across the globe.
It is one of the best places to buy Yearn Finance tokens because of its fast transaction times and also has a wide range of payment methods. Beside Bitcoin, here are some of the major cryptocurrencies you can buy on CoinMama: Ripple (XRP), Ethereum (ETH), Cardano (ADA), Uniswap (UNI), etc.
Signing up with CoinMama is hassle-free. This exchange does not offer CFD trading and you can’t buy cryptos with leverage. The standard commission fee is 3.90% for every buy order. Buy orders that are processed instantly with a locked rate will be charged an additional 5% express fee. The minimum deposit is $50.
1. Visit www.CoinMama.com and click on the ‘Sign Up’ button.
2. Fill in your email ID, password and country of residence to create an account.
3. Update your personal information and submit your ID to complete Level 1 verification and start using the platform.
4. On the navigation panel, click on ‘Buy’ and scroll down to Yearn Finance on the drop-down menu.
5. You will be directed to the buy page where you have predefined packages for you to buy Yearn Finance tokens. However, you can enter the amount of Yearn Finance token you want to buy in the form provided.
6. Click on the ‘Buy’ button and select your preferred payment method.
7. Enter the payment details and authenticate the transaction. Your Yearn Finance tokens will be instantly transferred into your CoinMama account.
Kraken is an old and long-standing exchange platform that was founded in 2011. It is a United States-based cryptocurrency exchange and bank. It has established a presence in over 180 countries across the world.
Excluding Bitcoin and other top five major cryptocurrencies, Kraken also offers crypto assets like Solana (SOL), Terra (LUNA), Avalanche (AVAX), Polkadot (DOT), Cosmos (ATOM), Yearn Finance (YFI), Sand (SAND), Monero (XMR), Kusama (KSM), and many more.
It also offers crypto crosses like other exchange platforms, and some of the crypto crosses include; YFI/EUR, YFI/USD, YFI/BTC/ YFI/ETH, YFI/GBP, YFI/AUD. The spread of trading YFI is +/- 200 points (1%).
The platform offers margin trading with maximum leverage of 50X to trade top cryptocurrencies. It doesn’t offer CFD. There are no deposit and withdrawal fees, and trading fees are quite competitive.
1. Visit www.Kraken.com and click on the ‘Create account’ button.
2. Fill in your email ID, Username, and your password.
3. Log into your account and click on your username at the top right corner. Click on ‘Get Verified’ from the drop-down menu.
4. Choose from the three verification processes. Each of the options has its own account features and limits. Complete the verification process so that you will be able to fund your account.
5. Once your account is verified, click on ‘Funding’ to make deposits in your account. You can either deposit in fiat or crypto.
6. Click on ‘Buy Crypto’ on your dashboard to buy Yearn Finance tokens
7. Enter the amount of money you wish to spend on the popup window and choose Yearn Finance as your preferred cryptocurrency.
8. Click on ‘Buy’ to complete the transaction.
Since Yearn Finance has a high value, it can be the best thing you could get from your friends and family. You can create a Tip jar to receive Yearn Finance as a tip for the services you provide, especially for online creatives.
Another way of getting Yearn Finance is through mining. Mining Yearn Finance can be done with an ASIC miner. An ASIC mining rig is a machine made of a motherboard, ASIC chip, and a cooling system. The only concern is that the process of setting up an ASIC miner can be extremely pricey because of how much Yearn Fiance is worth.
The Reddit community holds a mix of views when it comes to Yearn Finance. Some people think the innovation is a great idea as Yearn has come to solve a real-world problem, which is helping people to earn much on their investment.
Other users found on Reddit were complaining about the high gas fee on the Ethereum blockchain network. Yearn Finance is new, and with time and an increase in the number of users, the gas fee will reduce.
Yearn Finance is a new cryptocurrency that was created a few years ago, so it is not that popular on online forums. But while searching for information concerning whether Yearn Finance is worth buying in 2022? We came across a question that was asked by a random user, the question goes thus; Is Yearn Financial a better Investment than Bitcoin?
The answers to the question by users on Quora are of two sides. Some people believe because of the limited supply, the price of Yearn Finance still has a huge potential as the demand for it will be high, which will eventually increase the price.
On the other hand, some users believe the value of Yearn Finance is overvalued and can’t be compared to Bitcoin because big institutions are adopting Bitcoin and the technology is constantly improving.
Overall, the Quora community is divided on Yearn Finance. Some believe the price is way too high and overvalued for a new coin, while some believe its price could surpass that of Bitcoin, given its trading history.
Yearn Finance has come to change the game for all cryptocurrencies. The features that make it possible for YFI token holders to earn more on their investment and to be able to lend it out for a variable rate are not yet spoken much about. Decentralized finance is changing the face of the whole financial industry in the world. Yearn Finance has provided a problem-solving innovative idea, which we believe has huge potential.
Yearn Finance gained its value in the market as a result of traders’ confidence in the cryptocurrency. They have confided in Yearn Finance by assuming it would scale zenith, making its mark in the world of cryptocurrencies.
You can buy Yearn Finance tokens from the broker and exchange trading platforms listed above. All the crypto exchanges listed above allow you to trade Yearn Finance for fiat assets like USD, EUR & GBP or other cryptocurrencies.
Yes, Yearn Finance is a legit Defi coin. It serves a large user base and offers good security. It is also well respected because of the mix of features it has become.
It depends on your risk tolerance. Yearn Finance has a strong protocol in decentralized finance projects and also runs on the Ethereum blockchain that allows users to optimize their earnings on crypto assets.
The starting price of Yearn Finance was $1026 when it was officially launched. The price of the token has been varying based on the market and other DeFi coins.
