How to Buy yearn.finance (YFI)

Yearn.finance gives users the ability to optimize earnings on idle crypto assets through its Vaults and Earn platform, and it lets them swap crypto assets by using its Zap service. 

Running on top of Ethereum, yearn.finance has built a system of automated incentives around its YFI cryptocurrency to provide services using only code, thus removing the need for a traditional financial intermediary. 

Not sure yet why you’d want to buy YFI? Feel free to read our ‘What is yearn.finance?’ guide, which offers a more extensive breakdown of the project’s technology and vision. 

By lending cryptocurrencies to yearn.finance, users receive interest in YFI, yearn.finance’s native cryptocurrency. 

There are a number of ways to buy YFI. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken. 

Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your YFI, it can be challenging if not impossible to recover your funds. 

At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.

Follow the steps below to start buying YFI on Kraken: 

1. Sign up for a Kraken account.
   First, enter a valid email address, create a new username and set a strong password to protect your account.

2. Verify your account. 
   After providing your name, date of birth, country of residence and phone number, you can buy YFI with cryptocurrencies like BTC and ETH. In order to use cash (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.

3. Deposit cash.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase YFI!
   Once your account is funded with cash, you’re ready to purchase YFI. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.

*Availability of margin trading services is subject to certain limitations and eligibility criteria.

Once you buy YFI, you’ll need somewhere to safely store your cryptocurrency. 

Kraken is secure, but it’s always safest to keep your YFI in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.

yearn.finance is a platform built on top of Ethereum, meaning YFI can be stored in an Ethereum wallet, of which there are many. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage. 

When choosing a crypto wallet for your YFI, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.

Ready to take the next step toward decentralized lending, borrowing and trading? Click the button below to buy YFI on Kraken today!