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Frequently Asked Questions
Bitvavo makes Yearn Finance as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Yearn Finance?
Yearn Finance is a suite of products in Decentralized Finance (DeFi) that provides lending aggregation, yield generation, and insurance on the Ethereum blockchain. The protocol is maintained by various independent developers and is governed by YFI holders. Yearn Finance aims to provide a passive investing strategy, as user funds are shifted from protocol to protocol according to the most profitable option at any given time.
How to buy Yearn Finance?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Yearn Finance. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store Yearn Finance?
Storing Yearn Finance and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Yearn Finance without any technical knowledge. Here is a brief overview of the existing wallet options to store your Yearn Finance:
Hosted wallets are wallets where the private keys to your Yearn Finance are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Yearn Finance online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Yearn Finance. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Yearn Finance, and if malicious parties have access to your device, your private keys (and therefore your Yearn Finance) can be stolen.
A hardware wallet is a physical device on which you can store your Yearn Finance offline. It is one of the safest ways to store your Yearn Finance, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Yearn Finance is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Yearn Finance. Once you have purchased Yearn Finance on Bitvavo, you can choose to send your Yearn Finance from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.