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How to buy Hifi Finance [OLD] (MFT) in the UK

Learn how to buy Hifi Finance [OLD] (MFT) in our step-by-step guide.

Where to buy Hifi Finance [OLD] in the UK

It looks like MFT may not be available to purchase on an exchange in the UK.

You can still purchase MFT by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.

How to purchase MFT using a decentralised exchange.
  1. Find MFT on a decentralised exchange and make sure Hifi Finance [OLD] can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for MFT using an exchange like CoinJar. You will need to purchase enough ETH to swap for MFT as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for MFT on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalise and the MFT tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the UK.

Best Hifi Finance [OLD] wallets to store your MFT

You can keep your MFT 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 MFT below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
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Supported assets

5,500+

Supported assets

1,317+

Price (USD)

$149

Price (USD)

$186

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

Is Hifi Finance [OLD] a good investment?

Key considerations to weigh before you add MFT to your portfolio:
  • Low entry requirements: The Hifi ecosystem requires collateral when borrowing or lending. For example, the platform allows users to borrow the USDC stablecoin using WBTC (wrapped Bitcoin) as collateral, with more unique pairs likely to be added in the coming few months. Borrowers will need to manage the volatility to avoid falling below the required collateral threshold.Hifi also uses a system of Guarantor Pools that helps reduce collateral requirements while spreading out volatility risks that the system may be faced with during periods of market turmoil.
  • Borrow, lend and supply liquidity: The platform allows users to facilitate seamless loan acquisitions by locking in collateral in order to mint fixed-rate, fixed-term debt tokens. Similarly, users also have the option of buying these debt tokens for a discount, allowing them to earn a set amount of money on their investment when the lock-in period expires. Lastly, users can earn trading fees by simply providing liquidity to Hifi.
  • Fixed-rate options: Hifi makes use of the concept of “tokenized debt” through which it allows for fixed-rate, fixed-term lending and borrowing — a concept that is still not a mainstay of the DeFi market since most protocols offer varying annual percentage yields that depend largely on day-to-day market fluctuations.
  • Unique operational proposition: Users have the option of acting as guarantors by pooling together their assets in order to protect the system from becoming undercollateralized. In the process, they can earn fees and acquire collateral at a much lower rate when borrowers fail to repay their loans.

Additional information about Hifi Finance [OLD] can be found using our MFT analysis tools.

Today's Hifi Finance [OLD] price versus ATH

Compare today's price of Hifi Finance [OLD] ($0.00293996 USD) against its all-time-high price of $0.03490552 USD on 03 April 2021. The closer the bar is to 100%, the closer MFT is to reaching its ATH again.

Hifi Finance [OLD]'s price: $0.00293996
ATH date: April 03, 2021
8.42%

Hifi Finance [OLD] ATH: $0.03490552


How to trade, convert or sell Hifi Finance [OLD]

You can convert or sell your MFT with the same exchange you bought it through:
  1. Sign in to the exchange you have MFT on.
  2. If you store your Hifi Finance [OLD] in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of MFT you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Hifi Finance [OLD].
  6. Complete your transaction and move your MFT to a wallet for storage.
  1. Data by CoinGecko

* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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