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How to Buy Aave: Where, How, and Why

How to Buy Aave | Where, How, and Why




With the unprecedented growth of the decentralized finance (DeFi) industry, Aave (AAVE) network is becoming a market leader and occupies a  prime position in the cryptocurrency lending and borrowing sector.

Read on to learn everything you need to know about Aave, the most trending DeFi Protocol. We will discuss how Aave works, its advantages over other protocols, and where and how to buy Aave tokens or borrow in Aave.

Step 1: Select a Crypto Exchange

You can purchase AAVE tokens on several cryptocurrency exchanges. Visit the market page on CoinStats to view the exchange platforms supporting AAVE. Compare the exchanges’ security, user experience, fee structure, supported coins, etc., to choose the one that has the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA), etc., and allows you to buy AAVE using your preferred payment method.

Step 2: Create an Account

After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. A link will be sent to your email, and you must click it to verify your email. Once the account is activated, you must create an elaborate password, and you’re good to go.Some exchanges have strict KYC and AML requirements, and in order to get verified, you must provide personal information such as:

Full name

Residential address

Date of Birth

ID Document

In some cases, you might also need to upload a selfie or undergo video verification to finalize the verification process.Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.

Step 3: Deposit Funds

The next step is to deposit funds into your account. Many crypto exchanges support fiat currency such as USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit cards, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit, and click “Deposit.”Some deposit methods are extremely fast, while others, depending on the amount, require confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have larger fees than others.

Credit or Debit Card

Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.

Bank Account

It’s usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.

Cryptocurrency

AAVE can be traded for another currency like Ethereum or a stablecoin like Binance USD (BUSD); the trading pairs vary between exchanges, and you must search for AAVE on the spot market to select a pair from the list of available trading pairs.

Step 4: Buy AAVE

Follow the steps below to place a market order to buy AAVE instantly at the current market price:

Click the search bar, enter AAVE, and select “Buy AAVE” or the equivalent.

Choose the payment method, the currency you wish to use, and input the amount of AAVE or the fiat amount to be spent. Most exchanges will automatically convert the amount to show you how many AAVE tokens you’ll get.

Double-check the transaction details and click “Confirm.”

The AAVE tokens will be displayed in your balance once the transaction is processed.

You can also place a limit order indicating that you want to buy AAVE at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price increases over your limit. If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.To trade AAVE on spot markets, go to the Trade page and search for the AAVE pairs (AAVE/USD or AAVE/USDT). Select the trading pair and check the price chart. Click "Buy AAVE," select the "Market," enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click "Buy AAVE." Congratulations on adding AAVE tokens to your crypto portfolio!

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Step 5 (Optional): Store AAVE

While your AAVE tokens can be stored in your brokerage exchange wallet, experts highly recommend storing your precious coins away from exchange wallets, as those m



Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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