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How to buy yearn.finance (YFI) in Canada
Learn how to buy yearn.finance (YFI) on 22+ crypto exchanges in our step-by-step guide.
yearn.finance (YFI) is the 149th largest cryptocurrency by market cap, valued at US$285,312,851.
yearn.finance is a highly volatile asset capable of major price swings in a single day. Today YFI is trading for $8687.9 USD, which is higher than yesterday's trading price of $8,608.09 USD. Over the past year, yearn.finance's price has seen a decrease of -58%.
So before you buy yearn.finance, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of trading platforms like Kraken you can use to buy yearn.finance.
How to buy yearn.finance in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy yearn.finance is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cash, credit card, cryptocurrency and debit card payments are widely accepted.
You can now exchange your funds for yearn.finance. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your yearn.finance to your personal wallet.
Where to buy yearn.finance in Canada
Find an exchange to buy, sell and trade YFI by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this yearn.finance guide up-to-date
- YFI price data is regularly updated through data feeds so you always have the latest information.
- yearn.finance performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.
- Key information on coins and how to buy them is regularly reviewed by our editorial team of James Edwards, Frank Corva and Billy Endres.
- Our coin coverage and exchange information is regularly reviewed by our publishing experts Louise Vinciguerra and Molly Wiltshire-Bridle.
How do I find the best places to buy yearn.finance?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Canada to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy yearn.finance?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading yearn.finance.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing YFI with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy yearn.finance?
Once you've created an account, you will need to deposit funds to buy YFI with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy YFI:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase YFI by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for YFI on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy yearn.finance?
The easiest way to buy YFI is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying YFI, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of yearn.finance has been performing recently.
Best yearn.finance wallets to store your YFI
You can keep your YFI on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your YFI below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
See more of the best crypto wallets
Recent yearn.finance developments
Is yearn.finance a good investment?
Before deciding whether or not to invest in YFI, it is vital you understand a few of the factors that may influence the price of the coin:
- Open-source. It’s essential to remember that Yearn is a public, open-source project which anyone can copy at any time. Yearn has many imitators and competitors, such as beefy.finance and CREAM. Yearn does not have any kind of proprietary technological edge over its competition.
- Yield farming. DeFi earning services have grown in popularity, however they are incredibly risky – particularly yield farming. This method of accruing interest on your coins can provide extremely high returns, however is also liable to smart contract risks, illiquidity and competition for participation. Yearn.finance’s vaults system attempts to simplify this process, but if you plan on getting involved in the ecosystem you must ensure you’re aware of the risks. Also consider if yield farming is to fall in popularity due to its precarious nature, the YFI token will likely fall in value too.
- Staking and governance. The primary use-case of the YFI token is for governance. Token holders are given the option to vote on proposals and dictate the development of the yearn.finance platform. Investors in YFI may want to participate in governance as the future success of the dApp will play a large role in dictating the token’s performance. To vote, you must stake your tokens via the yearn governance hub.
Additional information about yearn.finance can be found using our YFI analysis tools.
Today's yearn.finance price versus ATH
Compare today's price of yearn.finance ($8687.9 USD) against its all-time-high price of $90787 USD on 12 May 2021. The closer the bar is to 100%, the closer YFI is to reaching its ATH again.
ATH date: May 12, 2021
yearn.finance ATH: $90787
How to trade, convert or sell yearn.financeYou can convert or sell your YFI with the same exchange you bought it through:
- Sign in to the exchange you have YFI on.
- If you store your yearn.finance in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of YFI you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of yearn.finance.
- Complete your transaction and move your YFI to a wallet for storage.
Get started with crypto
Crypto exchanges and wallets
Learn how to buy other cryptos
Disclaimer: Cryptocurrencies, including yearn.finance, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of YFI is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the yearn.finance or any other cryptocurrency discussed.
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