How to Buy yearn.finance (YFI)
Are you looking to access an entire suite of DeFi services using a single protocol? If so, look no further than yearn.finance.
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.
Ready to dive in?
If you just want to start buying YFI right away, click the button below to begin.
Why buy YFI?
By lending cryptocurrencies to yearn.finance, users receive interest in YFI, yearn.finance’s native cryptocurrency.
But there are other ways to get YFI besides earning it. You may want to consider buying YFI if you want to:
- Diversify your long-term crypto investment strategy
- Invest in decentralized lending and borrowing platforms
- Lend cryptocurrencies and earn YFI
- Stake YFI and participate in the platform’s governance
- Support the development of applications on the Ethereum blockchain.
Where can I buy YFI?
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.
How much YFI can I buy?
Looking to buy YFI on a budget? Don’t worry, Kraken offers a minimum order size of 0.0002 YFI to help you gain exposure to a variety of assets.
Of course, you can also execute larger YFI buy orders as well. It wouldn’t be out of the ordinary for larger traders to purchase or trade 1.5 YFI or more on Kraken.
How to buy YFI on Kraken
Follow the steps below to start buying YFI on Kraken:
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.
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 fiat currency (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.
Deposit fiat currency.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
Once your account is funded with fiat, 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.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying YFI, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your YFI
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.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold YFI in their accounts, we highly encourage you to separate your YFI holdings into multiple wallets.
Start buying YFI
Ready to take the next step toward decentralized lending, borrowing and trading? Click the button below to buy YFI on Kraken today!