How to Buy Yearn Finance (YFI) with Credit Card, PayPal, Wire & More

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.

Author: Raifu Tobi Last updated: 07/06/2022
Yearn Finance Coin Header

Introduction

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 2022, and provide detailed information on the best brokers to buy Yearn Finance coins.

Top 6 Platforms Where to Buy Yearn Finance (YFI) in 2022

  • Min Deposit: $200
  • Number of Coins: 20+
  • Supports Multiple Languages
  • Regulated by FCA, ASIC & CySEC
  • Paypal, Debit & Credit Card Accepted
Card CashBankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaWire CardYandex
Visit eToro

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  • Min Deposit: 20 $£€
  • Number of Coins: 12+
  • Regulated by FCA & CySEC
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
MastercardNetellerPayPalSkrillUnionPayVisaWire Card
Visit Capital.com

79.17% of retail cfd accounts lose money

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Regulated by SEC, & FinCEN
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
Giro PayMastercardNetellerSkrillUnionPayVisaYandex
Visit Coinbase

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  • Min Deposit: 1 $£€
  • Number of Coins: 1500+
  • High Number of Coins
  • Accepts Fiat Deposits
  • Trade on Spot and Futures
Card CashMastercardSkrillWire Card
Visit Binance

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  • Min Deposit: 50 $£€
  • Number of Coins: 9+
  • Free deposits / withdrawals
  • High limits for buying bitcoins with a credit/debit card
  • Service available in many countries
NetellerSkrillUnionPay
Visit Coinmama

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  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Highly transparent exchange
  • Competitive Bitcoin trading fees
  • Highly secure
Card CashGiro PayMastercardUnionPayVisa
Visit Kraken

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How to Buy Year Finance (YFI) Instantly in Three Quick Steps

Step 1: Create an account

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.

Step 2: Fund the account

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.

Step 3: Buy YFI, with or without leverage

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.

Step One
Open A Free Account
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Step Two
Deposit Funds
Card CashBankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaWire CardYandex
Step Three
Buy Cryptocurrency
Buy Now

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What is Yearn Finance (YFI)?

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.

Buy Yearn Finance (YFI)

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.

How Does Yearn Finance Work?

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 History

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.

Yearn Finance Token

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.

How is Yearn Finance (YFI) Different From Or Similar To Bitcoin?

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.

Purpose and Development

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.

Ecosystem

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.

Scarcity

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.

Yearn Finance Price and Coin Historical Performance

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.

Yearn Finance (YFI) Historical Chart

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 the moment. 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.

YFI coin price is now trading at $22,635.05 at the time of writing this article. It has a total market cap of $846M and ranks number 91 on Coinmarketcap.com.

Yearn Finance (YFI) Chart

What Factors Influence YFI’s Price?

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.

  • Regulation: Cryptocurrencies have moved from the infant stage and they have come to stay in the financial world. But they are yet to be fully regulated because of the high volume of scam that is associated with it. Last year, $21 billion was lost to scammers in the crypto market. That gives regulatory authorities and governments much concern. The U.S. SEC is working tirelessly on regulating the crypto market. There will be a significant impact on the price of YFI, should the regulation of the crypto market come to fruition.
  • Demand and Supply: The short supply of Yearn Finance that leads to an increase in the demand has a great impact on the price. The price of YFI is largely affected by the forces of demand and supply, especially during crypto rallies. The limited supply of YFI and the performance of the crypto market have a huge impact on the price of YFI coin.
  • Number of Users: Being a decentralized finance (DeFi) project that allows users to earn on their crypto assets through trading and lending, an increase in the number of users will greatly affect the performance of the YFI coin.
  • Adoption: The adoption of YFI coin as a payment method by any tech giant will increase the number of users, which will have a high impact on the price. Any adoption by a tech giant will create a huge surge in the price of YFI and make the price skyrocket.
  • News: Yearn Finance news – whether positive or negative – will also have a great impact on the price of the Defi coin. Typically, news such as the increase in the supply of YFI will have a positive impact on the price as more users will be able to get involved.

How to Invest in Yearn Finance

Buy and Hold

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.

Yearn Finance CFD Trading

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.

Yearn Finance Day Trading

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.

How to Buy Yearn Finance (YFI) Guide

Here are different ways to buy Yearn Finance globally and different payment methods;

How to Buy (YFI) Yearn Finance With Credit Card and Debit Card

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.

Buy Yearn Finance (YFI) with credit card

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.

How to Buy Yearn Finance with Paypal

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.

How to Buy Yearn Finance with eWallets (Skrill, Neteller)

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’}

How to Buy Yearn Finance (YFI) through bank wire transfers

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.

Buy Yearn Finance (YFI) with bank wire transfer

How to Buy Yearn Finance anonymously without ID verification

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.

What Are The Pros And Cons Of Buying Yearn Finance?

Pros

  • Return On Investment (ROI): Yearn Finance offers some of the highest returns on investment. Users can earn through trading, lending, and holding it as an asset.
  • Security: Yearn Finance maintains a high level of security as it is designed on the Ethereum blockchain. Users are rest assured that their crypto-asset is safe as the level of security is high.
  • Locked Net Value: The net value of Yearn Finance that has been locked is over $5B. With the current market cap at over $800M, there is still a great upside for this Defi coin.
  • Decentralization: Yearn Finance transactions have successfully removed the need for a third party as a Defi coin. That means transaction fees charged by a third party such as banks will no longer be a thing. Also, the price is less prone to manipulation as it is a decentralized finance coin.

Cons

  • Limited Supply: The limit in the number of Yearn finance that is in circulation is actually a downside as the price can be easily manipulated by users. In addition, only a few people can get involved in it.
  • Competition: The fierce competition that Yearn finance platforms face, and other limitations might be a dealbreaker for some users.
  • Expensive cost: The current trading price of YFI is $22,000, which is quite expensive compared to average cryptocurrencies. The expensive price makes it less desirable for retail investors as they are looking for a crypto that still has a high upside.

What Do You Need Before You Can Buy Yearn Finance?

A Live Account

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.

Investment Capital

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.

Yearn Finance Wallet

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.

How Much Do You Need to Buy Yearn Finance?

There are lots of factors to consider when considering how much you need to buy Yearn Finance tokens. The price of Yearn Finance at the time of writing this article is $22,635.05, according to data received from the eToro trading platform. But the minimum amount to trade this token on eToro is $10.

Buy Yearn Finance (YFI)

Where Can You Buy Yearn Finance Today?

You can buy YFI from different brokers and exchanges that offer the cryptocurrency. For example, eToro and Capital.com are some of the popular brokers you can buy YFI from.

How To Buy Yearn Finance at an ATM?

Like other cryptocurrencies, you can buy Yearn Finance (YFI) on supported ATMs. Here is a quick guide:

  • Get a Yearn Finance Wallet: You will need to get your Yearn finance wallet available if you want to buy YFI at ATMs. Take your wallet QR code with you to the ATM.
  • Go To The Nearest ATM: Find a crypto ATM that offers YFI in your residence. You will need your wallet address, QR code, and cash at the ATM.
  • Scan Your Yearn Finance QR Code: Tap on the ATM screen and read the instructions carefully. The screen will ask you to select your desired cryptocurrency, which is Yearn finance in this case. Bring out your QR code on your wallet app. Show your wallet QR code to the ATM camera to let it scan the wallet address.
  • Buy and Receive Your Yearn Finance: Once the ATM has successfully scanned the QR code, insert the cash into the ATM deposit machine. Confirm the amount and complete the transaction. A service fee might be charged, and the coin will be sent to your wallet a few minutes after the ATM confirms your wallet address.

What to Look For in a Yearn Finance Trading Platform

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.

Reputation

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.

Transaction fees

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.

Payment Methods

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.

Beginner Friendliness

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.

Security

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.

1. eToro – Best for Social Trading

Available Coins: 20+
Margin Trading: YES
Minimum Deposit: $200
Visit eToro

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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.

Buy YFI at 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.

Here is the link to a full detailed review of the eToro Trading Platform.

Pros and Cons of Buying Yearn Finance on eToro

Pros

  • Instant Buy: The platform allows you to buy Yearn Finance tokens immediately. Once your transaction is confirmed, the token will appear in your wallet. The process is super fast!
  • Competitive fees: When compared to other brokerage firms and crypto exchange platforms, the spreads on eToro are pretty competitive.
  • Social Trading: This is why the eToro trading platform is globally known. The CopyTrading and CopyPortfolios features are the main selling point. Beginner traders are able to earn by copying the trades of professional traders as they learn more about trading.
  • Low Trading Amount: The minimum amount to trade Yearn Finance on eToro is $10, which is quite low for most retail traders.
  • Trade both CFDs and Yearn Finance: eToro is one of the few hybrid brokerage-exchange trading platforms that allows you to own Yearn Finance tokens and also trade YFI CFDs.
  • eToro Wallet: There are free custodial wallets for storing cryptocurrencies on the eToro platform. They also have a free and non-custodial crypto wallet app where clients can transfer their tokens before forwarding them to other wallets.

Cons

  • Limited Support: Like other brokerage firms, eToro does not offer live chat and phone support to all members. The feature is only available to eToro club members.

How to Buy Yearn Finance (YFI) on eToro – Step By Step Guide

1. Visit www.eToro.com and click on Join Now

Buy Yearn Finance (YFI) on eToro

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.

Buy Yearn Finance (YFI) on eToro

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.

Buy Yearn Finance (YFI) on eToro

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.

Buy Yearn Finance (YFI) on eToro

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.

Buy Yearn Finance (YFI) on eToro

Buy Yearn Finance (YFI) on eToro

 

2. Capital.com – Best for CFD Trading

Available Coins: 12+
Margin Trading: YES
Minimum Deposit: 20 $£€
Visit Capital.com

79.17% of retail cfd accounts lose money

Capital.com 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.

Buy Yearn Finance (YFI) at Capital.com

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.

Find the detailed review of Capital.com here.

Pros and Cons of Buying Yearn Finance (YFI) on Capital.com

Pros

  • Regulation: Capital.com is a highly regulated broker with operating licenses from different regulatory authorities across the world
  • AI-powered: Capital.com is one of the very few AI-powered platforms and it happens to be the best one around. This feature makes it easy for traders to have a personalized experience on the platform.
  • Rich educational resources: Educational tools and resources are provided for both newbie and professional trades by this broker.
  • Competitive fees: The broker offers some competitive Yearn finance trading fees and does not charge commission or other hidden fees.
  • Excellent Customer Service: Unlike eToro which offers customer support to only its club members, Capital.com offers multilingual customer support to its clients round the clock.

Cons

  • Low leverage: Compared to other crypto trading platforms that give traders up to 1:100 leverage, Capital.com only gives a maximum of 1:2 leverage.
  • No US and UK clients: Capital.com accepts clients from all over the world, but its services aren’t available to clients in the US and UK, where crypto CFD trading has been banned.
  • Fewer trading options: The broker doesn’t let you buy actual YFI tokens and the number of Yearn Finance CFD pairs offered is relatively low.

How to Buy Yearn Finance (YFI) on Capital.com – Step By Step Guide

1. Go to www.Capital.com and click on ‘Trade Now’ to open a trading account.

Buy Yearn Finance (YFI) at Capital.com

2. Type in your email address and password, and click on ‘Continue’. Enter your personal information as well and then click on Continue.

Buy Yearn Finance (YFI) on Capital.com

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.

Buy Yearn Finance (YFI) on Capital.com

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.

Buy Yearn Finance (YFI) on Capital.com

5. Search for YFI in the search tab at the top left to look at the available trading pairs for YFI.

Buy Yearn Finance (YFI) on Capital.com

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.

Buy Yearn Finance (YFI) on Capital.com

 3. Coinbase – Best for Beginners

Available Coins: 50+
Margin Trading: No
Minimum Deposit: 1 $£€
Visit Coinbase

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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 full review of Coinbase here.

Pros and Cons of Buying Yearn Finance (YFI) on Coinbase

Pros

  • User-Friendly Interface: The trading interface of Coinbase is relatively easy to navigate for beginners. It requires no prior exposure to trading before it can be used.
  • Liquidity: This exchange is one of the most liquid crypto-trading platforms in the world. It has fast execution and your positions are filled at your desired prices.
  • Free Yearn Finance Wallets: Coinbase also provides all its users with a free custodial exchange-based storage service and a free non-custodial mobile wallet app.

Cons

  • Transaction cost: Coinbase charges a higher transaction fee than many other crypto exchanges. High-volume traders might be a little bit concerned about this.
  • Customer Support: It has been reported that the Coinbase customer support team is sluggish in responding to clients’ queries and addressing critical concerns.

How To Buy Yearn Finance on Coinbase – Step By Step Guide

1. Visit www.Coinbase.com and click on the ‘Get Started’ button

How To Buy Yearn Finance on Coinbase

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.

How To Buy Yearn Finance on Coinbase

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.

4. Binance – Best for Low Fees

Available Coins: 1500+
Margin Trading: YES
Minimum Deposit: 1 $£€
Visit Binance

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Binance, 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 Home Screen

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.

Here is a detailed review of Binance.

Pros And Cons of Buying Yearn Finance On Binance

Pros

  • Low transaction fees: Binance offers some of the lowest and most competitive crypto trading fees – as low as 0.002%.
  • Reliability: It’s almost five years since the exchange started operating. It has managed to gain the trust of millions of traders globally with its reliable trading conditions.
  • Insurance Backup: Binance has put in place an in-house insurance scheme and kitty, should in case they get liquidated or hacked, which will be used to redeem its client.
  • Discounted BNB transactions: Binance offers discounts for BNB, its native token, powered transactions to its traders.
  • Advanced Trading Tools: Considering the needs of all stakeholders, the exchange equips clients with all basic and advanced trading tools. A collection of good trading indicators and risk management tools are available to increase clients’ success.

Cons

  • No phone support: Binance doesn’t offer phone support to its users. You can only reach out to them via email or live chat.
  • Not suitable for Beginners: The complex trading interface of the Binance platform makes it less suitable for beginners. And since it offers an extensive range of financial products and trading tools, their website may seem congested and overwhelming to beginners.

How to Buy Yearn Finance on Binance – Step By Step Guide

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.

How to Buy Yearn Finance on Binance

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.

How to Buy Yearn Finance on Binance

3. Enter the amount of Yearn Finance you want to buy and click on ‘Continue’ to enter your card details.

How to Buy Yearn Finance on Binance

4. Add your card details and click on ‘Continue’.

How to Buy Yearn Finance on Binance

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.

5. CoinMama – Best for Fast Transactions

Available Coins: 9+
Margin Trading: No
Minimum Deposit: 50 $£€
Visit Coinmama

Capital At Risk

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.

Coinmama Home Screen

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.

Pros and Cons of Buying Yearn Finance on CoinMama

Pros

  • Instant Buy: The platform is known for its fast transaction time, irrespective of the payment method used. Once the transaction is complete, your Yearn Finance tokens will reflect in your account immediately.
  • Quick Onboarding Process: The tier-based verification system provided by the platform makes it easy for clients to get started instantly. For example, tier 1 clients have to submit a copy of their ID to use the platform.
  • High Limits: Compared to other exchanges, CoinMama has a high limit on how much you can deposit, withdraw or trade on the platform depending on your payment method. If you are using the bank transfer payment method, you can buy Yearn Finance worth $30,000.
  • Beginner Friendly Platform: CoinMama has a highly intuitive trading platform, which is friendly to beginners.

Cons

  • No Mobile App: Users of CoinMama cannot access their wallets on the go as the platform doesn’t have a mobile app, unlike most trading platforms.
  • No Selling Yearn Finance Tokens: CoinMama is only an instant buy platform and not an exchange. You can only buy Yearn Finance tokens but cannot sell your YFI assets on the platform.

How To Buy Yearn Finance on CoinMama – Step By Step Guide

1. Visit www.CoinMama.com and click on the ‘Sign Up’ button.

How To Buy Yearn Finance on CoinMama

2. Fill in your email ID, password and country of residence to create an account.

How To Buy Yearn Finance on CoinMama

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.

6. Kraken – Best for Safe Yearn Finance Storage

Available Coins: 50+
Margin Trading: YES
Minimum Deposit: 1 $£€
Visit Kraken

Capital At Risk

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.

Kraken Home Screen

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.

Pros and Cons of Buying Yearn Finance on Kraken

Pros

  • Security: Kraken offers cold storage for your Yearn Finance tokens. The exchange employs advanced security protocols, which include two-step authentication and Secure Socket Layer (SSL) protection to safeguard your assets and sensitive personal information.
  • Highly Liquid: This platform features prominently on the list of largest and most liquid exchanges. It ranks in the top ten of crypto exchanges in the world, according to Coinmarketcap.com.
  • Competitive trading fees: Kraken users do not get charged trading fees and there are no hidden commissions.
  • Highly Reputable: With over ten years of excellence, Kraken has maintained an applaudable reputation amongst its investors. The platform has not suffered a cyber attack.

Cons

  • Limited Resources: The platform users have access to limited educational materials.
  • No Card Payments: Kraken does not allow its users to buy Yearn Finance tokens and other cryptos with Credit or Debit card. In addition to that, the exchange does not also support e-wallets payments.
  • Complicated User Interface: Being an old exchange platform, Kraken users may need to take some time to learn how to use the interface as it’s more complicated than the average options available.

How To Buy Yearn Finance on Kraken – Step By Step Guide

1. Visit www.Kraken.com and click on the ‘Create account’ button.

How To Buy Yearn Finance on Kraken

2. Fill in your email ID, Username, and your password.

How To Buy Yearn Finance on Kraken

3. Log into your account and click on your username at the top right corner. Click on ‘Get Verified’ from the drop-down menu.

How To Buy Yearn Finance on Kraken

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.

How To Buy Yearn Finance on Kraken

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.

Other Ways of Getting Yearn Finance

Gift or Tip

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.

Yearn Finance Mining

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.

How Can You Use Yearn Finance?

  • HODL as a Speculative Asset: If you like the idea of long-term investment, hodling your Yearn Finance tokens in your wallet might be an ideal strategy for you. You are hodling your YFI tokens with the hope that the value will increase in the future. Playing the long-term game is a safe way of protecting your money.
  • Trade Your Yearn Finance: Trading your Yearn Finance on the highlighted crypto platforms is another worthwhile option. There are different strategies you can use, including day trading and CFD trading. Traders earn good money by trading altcoins.
  • Lending and Borrowing: Another awesome way to use your Yearn Finance tokens is to lend them out. Being decentralized finance crypto, there are platforms where you can lend out your YFI or even use it as collateral to borrow stablecoins.
  • Donate to Charity: There is a saying that says, good deeds always have great rewards. You can consider donating your Yearn Finance for numerous charity cases such as humanitarian and environmental courses.

What do Reddit and Quora Users Say About Buying & Investing in Yearn Finance?

YFI Reviews on Reddit

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.

YFI Reviews on Reddit

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.

YFI Reviews on Reddit

Quora

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?

YFI Reviews on Quora

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.

YFI Reviews on Quora

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.

YFI Reviews on Quora

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.

YFI Reviews on Quora

Bottom Line

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.

Frequently Asked Questions (FAQs)

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. 

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