What is yearn.finance (YFI)?
YFI is the governance token for the yearn.finance decentralized finance (DeFi) platform. This platform is a yield optimizer that automatically moves funds around the DeFi ecosystem in an effort to generate a high return. Its asset token is YFI. You can buy and sell YFI for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade YFI for BTC the same way you trade CAD for USD. You can also trade YFI to CAD based on the YFI price. To learn how to buy yearn.finance / YFI, scroll down to see how to buy yearn.finance.
How to buy yearn.finance (YFI)?
Here's how to buy yearn.finance on Coinsquare
To buy yearn.finance, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying YFI. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select YFI from the list on the trade section
Coinsquare lets you trade YFI without leaving the app. You can also check the yearn.finance price and convert YFI to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the YFI price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy yearn.finance (YFI)
Congratulations! You’re now the proud owner of YFI. You can either HODL or use it to exchange YFI to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my yearn.finance (YFI)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add yearn.finance (YFI) to your portfolio?
Create your account, fund it with spare change and get a little bit of YFI.
