A Beginner’s Guide to Buying and Selling Yearn Finance Cryptocurrency in Ireland
If you’re based in Ireland and wish to buy Yearn Finance – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Yearn Finance tokens you want to buy.
Yearn Finance is a DeFi yield farming system that makes it easier for users to farm the highest yields possible with their cryptocurrency. The Yearn Finance (YFI) token is a governance token that gives its holders the right to vote on a decision that affects the Yearn protocol.
However, the token is increasingly being traded on several exchanges. If you’re looking to buy the Yearn Finance token in Ireland, you are in the right place. The following is a step-by-step guide that will enable you by the YFI token in Ireland.
What's in This Guide?
The guide contains information about buying, selling, and holding Yearn Finance. It offers a step-by-step guide when buying the YFI token whether you are using fiat currency or another cryptocurrency to purchase the token. The guide also informs you about the best way to hold the Yearn Finance, as well as the things to consider before buying the token.
- QUICK GUIDE: HOW TO BUY YEARN FINANCE IN IRELAND
- Where to Buy Yearn Finance in Ireland
- A Step-by-step Guide to Buying Yearn Finance in Ireland
- How to Sell Yearn Finance
- Which Wallets to Hold Yearn Finance
- How Yearn Finance Works
- Key Things to Consider if You're Thinking about Buying Yearn Finance in Ireland
QUICK GUIDE: HOW TO BUY YEARN FINANCE IN IRELAND
- Open an account with an exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Yearn Finance
- Enter how many Yearn Finance YFI tokens you want to buy
- Check the details and confirm your purchase
Where to Buy Yearn Finance in Ireland
There are several ways you can buy Yearn Finance but the faster and safer way is buying in a crypto exchange. Apart from safety, crypto exchanges provide a wide range of currency options in case you want to trade the Yearn Finance for other tokens.
A Step-by-step Guide to Buying Yearn Finance in Ireland
If you’re looking to buy Yearn Finance in Ireland through a crypto exchange, there are two major ways you can do that. You can buy the token either with fiat currency or other cryptocurrencies.
Buying Yearn Finance with other cryptocurrencies
Here, you will find out that most crypto exchanges accept deposits in these crypto assets, so you will not have it difficult to find a platform.
Buying Yearn Finance with fiat currency
On the other hand, you will have limited options when buying Yearn Finance with fiat currency (euros) in a crypto exchange. That is because most exchanges may not offer fiat currency deposit services. Here, you need to carry out an extensive research to find those that accept fiat currency. Afterward, you can trim your options to the exchange that offers other services you want, such as the right cryptocurrency pairings you want to trade.
If you’re looking to buy Yearn Finance with fiat currency, follow the step-by-step guide below.
Step 1: Register for an account with an exchange
You need to set up an account with a cryptocurrency exchange after choosing the one that accepts fiat currency deposits. Generally, you will be required to provide certain information, such as your email address, proof of ID, as well as proof of address. These are required to fulfill the KYC (Know Your Customer requirements).
Once the details are provided, your account will be created. However, do not forget to enable two-factor authentication (2FA) to provide more security to your account.
Step 2: Deposit funds into your account
The next step is to deposit funds into your exchange account. All you need to do is go over to the deposit section and select the fiat payment method you prefer. Generally, a crypto exchange that accepts fiat currency deposits should different deposit options such as credit cards, debit cards, PayPal, or direct bank transfers.
Select the option that appeals to you the most and enter the number of funds you want to deposit. After completing the transaction, a confirmation email will be sent to you and your online account will be credited.
Step 3: Buy Yearn Finance
After receiving the funds into your account, proceed to the market section where you can browse a list of cryptocurrency pairs you can buy. Since YFI is not as popular as BTC or ETH, you may not find it listed with EUR. In this case, you need to buy Bitcoin or Ethereum using EUR and exchange the cryptocurrency with Yearn Finance.
Make sure you review your transaction details in each section. Once the order is approved, you will receive the amount of YFI you ordered in your account.
How to Sell Yearn Finance
Selling Yearn Finance is also not difficult because you can sell the token on the same exchange you bought it. Go to the market section and click on the “Sell YFI” link. You will get a list of the currency pairs for the token available on the exchange. Select the pair you want to exchange the token with and enter the amount of Yearn Finance you are selling. It’s as simple as that!
Which Wallets to Hold Yearn Finance
A crypto exchange is not the best place to hold your Yearn Finance token. Instead, find either a hardware or software wallet to keep your token. While the hardware wallet is ideal for holding your cryptocurrency for a very long time, the software wallet is perfect when you want to access the tokens regularly.
How Yearn Finance Works
Yearn is a growing collection of DeFi services that provides a simple gateway for the wider DeFi ecosystem.
It focuses on automatically investing user deposits in the most yielding place available via the Yearn Vaults.
It also enables people to make stablecoin deposits, earning competitive returns in the process.
Key Things to Consider if You're Thinking about Buying Yearn Finance in Ireland
The following are some of the most important things you need to consider when buying Yearn Finance in Ireland.
The team behind the project
The Yearn Finance project has a strong team as well as a strong community of enthusiastic followers supporting the project. This makes it an attractive project for those who want to invest in the YFI token for the long term.
Volatility of cryptocurrencies
Yearn Finance and other crypto assets are highly volatile. As a result, you need to plan properly before investing. Also, know that it is possible to lose all your invested funds in a cryptocurrency market as much as it’s possible to gain massively. So, it’s important to consider the volatility in the market.
The level of competition in a cryptocurrency can have an impact on its level of adoption. Yearn Finance has a lot of competition in the market, including Compound, DeFi Saver, and DOS.
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Where can I buy Yearn Finance?
The ideal place to buy Yearn Finance is in a cryptocurrency exchange
Can I buy Yearn Finance using fiat currency?
Yes. Although your options will be limited, few cryptocurrencies will allow you to deposit using fiat currency.
Where is the safer place to hold Yearn Finance?
You can hold your Yearn Finance token in a hardware crypto wallet.