A Step-by-Step-Guide on how to buy yearn.finance (YFI)
Step 1 – Signup to CEX.io In the beginning you'll need to purchase one of the bigger coins. Exchanges normally accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for alternative Coins. Click below for registration and to get your ETH (Ethereum) or BTC (Bitcoin).
Step 2 – Send Your Ethereum (ETH) or Bitcoin (BTC) to an Exchange Your Bitcoin or Ethereum has to be sent over to an Exchange now. All exchanges have a deposit form that is alike. yearn.finance (YFI) is obtainable on Binance, so we're going to use that as an example. Not sure on how to send Coinbase funds to an Exchange? (Follow this how-to) Make sure you've chosen the exact coin you want to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etc. If you are using a decentralized exchange, like Airswap or DDEX could be opposed (Follow our guide).
Step 3 – Locate (YFI) yearn.finance Once your deposit has been affirmed, you will directly have access to your finances and you can commence buying and trading. To purchase (YFI) yearn.finance on Binance, you will want to hover over the tab which is called “Exchange” and after that click on “Basic”. To spot (YFI) yearn.finance, you will need to insert the cointype (YFI) into the search-box, which is highlighted in the picture. Be certain of having choosen the proper pairing, we have highlighted this also. Click on “YFI/BTC” to go ahead.
Step 4 – Acquisition of (YFI) yearn.finance As soon as you have spotted (YFI) yearn.finance, you'll be given a Chart with Prices (in the Center of the image) and a few Order Books (Leftside of the image). Next we are creating our Limit Order. The ”Price” field will be automatically filled with the recent rate (YFI) yearn.finance was traded for. This can be changed to your favoured rate. The ”Amount” field is the volumen of YFI you wish to buy. The ”Total” field is the aggregated price in BTC that you will pay for the whole volumen of YFI. If you are glad, click on “Buy YFI”. Your plan will be filled as soon as a Seller trades their YFI for the price you submitted.
Step 5 – Withdraw yearn.finance (YFI) Unless you are regularly trading, best advise is not to keep your crypto on an Crypto Exchange for an extensive period of time. To withdraw your yearn.finance (YFI), hover over the tab called “Funds” and click on “Withdraw”. yearn.finance (YFI) can be securely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate yearn.finance (YFI) by using the given drop-down box. Enter the amount of yearn.finance (YFI) you'd like to withdraw. Take into account the displayed minimus/fees. Also make sure you have entered your correct withdraw address. If you are glad, make a mouse click on “Submit”. You may be asked for verfication via phone/email ahead of a take off.