How to Buy Aave
Aave Price in USD: Convert to US Dollar
Aave is the native token of the AAVE decentralized crypto platform, originally known as ETHLend. With its help users can lend or borrow cryptocurrencies.
In this article, we will tell you about the main way to buy AAVE – on the cryptocurrency exchange. Read the step-by-step buying instructions and coin storaging tips.
What is Aave
AAEVE uses the peer-to-contract (P2C) model to make transactions more efficient. Initially, it was a peer-to-peer P2P platform where users interacted directly with each other through smart contracts.
On the AAVE platform, funds are deposited through a special contract that allows you to take instant loans with interest on the use of credit funds. There are an extra feature for borrowers: lenders that contribute assets to the platform and receive aToken at a ratio of 1:1 to the deposited coins.
AAVE coins are tokens of the ERC-20 standard. They purpose is deflationary usage. In case of deficit in the DeFi protocol, they will be used as collateral.
Where to buy Aave
You can buy Aave on various services: exchange, payment systems, banks like Revolut. It is most profitable to make a purchase on the cryptocurrency exchange. This method has several advantages:
- The best exchange rate;
- High liquidity;
- Great list of payment options (bank transfer, card, p2p-transactions, etc.);
- An option to buy cryptocurrency by fiat money (dollars, euros, etc.);
- Regulation and reliability.
You will find instructions on how to buy Aave on the cryptocurrency exchange below. As an example for demonstration the process of coins purchasing, we will use Binance trading platform, which is the leader in trading volume in the world.
Aave buying instructions
We have already determined that cryptocurrency exchanges are the most profitable way to acquire Aave and other digital assets. The step-by-step instruction consists of 5 steps: starting from determining the level of risk and ending with the direct purchase of Aave (AAVE).
Decide on the level of risk
To start investing in cryptocurrency you should determine the level of risk. Due to excessive volatility of the crypto market, the return on investment in crypto is difficult to predict. Therefore, investments can be both increased and lost.
To avoid losing money, follow the basic rules: don’t buy crypto with all your money, don’t invest your last money and don’t invest more than you can afford to lose.
Choose the crypto exchange
There are many trading platforms available for trading crypto. Each offers its own trading conditions. A good cryptocurrency exchange has the following characteristics:
- Understandable and user-friendly interface;
- Simple registration;
- Support for a large number of trading pairs;
- Low commissions;
- Effective trading terminal and different order types;
- Availability of additional ways to make money on crypto;
- Positive reviews from real users.
These parameters are inherent in the following exchanges:
Register an account
We recomend to buy Aave on Binance crypto exchange. This platform is characterized by large trading volumes, high liquidity, a lot of trading pairs, fiat using support, advanced functionality and other advantages.
If you are a new user of the exchange, then you first need to register an account.
To open a new account on the exchange:
- Go to the official website and click Register in the top right corner;
- Choose country of residence → Confirm;
- Specify the type of account you are registering: Create Personal Account (create a personal account) or Create Entity Account (business account);
- Fill up the registration form with other required information and click Next.
To complete your Binance registration, you must verify your email address and phone number by linking it to your account.
Top up your account
The method of replenishment depends on the chosen exchange. Before buying Aave on Binance, you need to determine currency pair which has the coin you want to trade and choose the most optimal method of replenishing. Aave is traded in pairs with other cryptocurrencies on Binance. Among them: USDT, BUSD, BNB, BTC, ETH.
For example, let’s fund up an account on Binance with USDT cryptocurrency. For this:
- Go to your account and select Wallet → Fiat and Spot;
- Specify the currency you want to deposit on the exchange (USDT) in the Deposit tab;
- Select the Deposit option in the USDT line;
- Specify network in the new window (for example, TRX Tron). Make sure you choose the same network as in the wallet you are withdrawing from, otherwise the funds will be lost;
- The address to transfer USDT will be displayed below: copy and paste it into the address field on the platform from which you will transfer coins.
After a short time, the funds will be transfered to your Binance account.
Buy Aave (AAVE)
After USDT has been transfered to the account, we can use them to buy Aave. To do this we should create an order to buy Aave for USDT on the Binance spot market:
- Select the tab Trade → Spot in your personal account;
- Specify the currency pair Aave/USDT in the right part of trading terminal;
- There is Aave buy order form under the chart on the page of terminal: select order type, specify other required data;
- Click Buy AAVE.
How to sell Aave
To sell Aave, you need to follow the same sequence of actions, but fill up the form on the right side of tab and click the Sell AAVE button.
Where to store AAVE
To choose storage for purchased cryptoassets you should first decide what you will do with them.
If you are an active trader, so choose an hot wallet that is connected to the network and provides quick and easy access to assets. When using this type of storage, don’t forget about security measures such as strong password, two-factor authentication, etc.
If you don’t need the coins in the near future or prefer long-term investment strategies then a cold wallet is the better choice. It connects to the network only to conduct a transaction, thus providing a higher level of security.
Reliable wallets for storing Aave cryptocurrency are:
- Trust Wallet, the official wallet of Binance exchange;
- Atomic Wallet;
- Ledger Nano X and Ledger Nano S.
How to withdraw Aave to my wallet?
- Log into your account on Binance;
- Select Wallet → Fiat and Spot;
- Select the coin Aave and press Withdraw button opposite;
- Specify the transfer network in the new window, for example, ETH. Make sure you choose the same network as in the wallet you are withdrawing from, otherwise the funds will be lost;
- In the Address line, you must specify the address where the coins will be transfered: to do this, open the Trust Wallet application installed on your mobile device (you can download the Trust Wallet from official website);
- Go to the application’s main page and select Receive;
- Enter AAVE in the search field and click on the coin;
- The unique address of the recipient will be displayed: copy and enter it in Address line on the exchange.
Check up your Trust Wallet for coins to come.
- Determine your level of risk;
- Select crypto exchange;
- Register an account;
- Top up your account;
- Buy Aave.