Where to Buy Aave (AAVE) - Beginner's Guide 2024

How to Buy Aave - Step-by-Step Guide

Investors who intend to hold Aave tokens for a long time usually buy them from cryptocurrency exchanges. These investors are bullish on the prices of the particular AAVE token they are buying.

For this reason, you need to choose a crypto exchange that suits your investment needs and provides competitive rates for you to deposit funds, buy the coins, and withdraw your funds. The trading fees on exchanges vary, and this is because some platforms offer better security or extra features to the traders and investors.

To ensure your funds are always safe, make sure you consider the regulatory status of a crypto exchange. Some crypto exchanges don’t play by the rules put in place by financial regulatory agencies, which means they have no real oversight.

We recommend choosing a crypto exchange that is regulatorily compliant as it will offer your investment a level of protection that is absent from the non-regulated platforms.

1. Set up an Aave Wallet

Since Aave is on the Ethereum blockchain, you need to set up an Ethereum wallet before you can buy your AAVE coins. Setting up an Ethereum wallet might seem like a lot of work, but even those new to the cryptocurrency space can do so within a few minutes.

You only need to follow the necessary steps and take your time doing it.

It is crucial to know that you have options when setting up your Aave wallet. We will explore the various paths to enable you to make informed decisions when you are ready to set up a wallet.

• Exchange/Online wallets: Keeping your Aave tokens on an exchange or online wallets is riskier than the other options. This is because crypto exchanges don’t offer the same level of security the other wallet types offer. However, some exchanges have increased their security in recent years, and you can leave some of your Aave funds there.
• Desktop wallets: You can also save your AAVE tokens on desktop wallets with Ethereum functionalities. Ensure that the wallet provider supports the AAVE token.
• Cold wallets: These are also called hardware wallets, and they are the best way to store your AAVE tokens for long-term investment. They are hardware devices that use standard security features like protocols, hardware chips, and certifications to ensure your crypto funds remain safe at all times. The wallets, such as Ledger and Trezor, are offline, making it harder for hackers to access your funds.

As an investor, you have to take responsibility for the safety of your funds. Ensure you protect your wallet using security features such as 2FA, strong passwords and more. TREZOR One, MetaMask, Ledger Nano, and KeepKey are some popular Aave wallet choices.

2. Choose and Join an Exchange that Offers Aave

As mentioned earlier, you have options when it comes to leading crypto exchanges. Some of the leading exchanges that support AAVE tokens include Binance, KuCoin, and more. Ensure you analyse the features of each exchange and choose one that fits your trading or investment needs.

You shouldn’t expect the registration process to be the same since the exchanges operate differently. Some of the exchanges comply with KYC protocols, while others only demand basic data like names and email addresses. However, we recommend trading with regulated exchanges.

3. Choose Your Payment Method for Buying Aave

After selecting the crypto exchange you believe suits you, the next step is to decide how you intend to pay for the AAVE token you want. Our recommendations allow you to pay directly using a credit or debit card.

If this is your first time, it is perfectly normal for your bank to call you and notify you of the pending transaction and ask if it was intentional.

Another recommended method is to link your bank account to your exchange account and deposit or withdraw the funds with ease. Since you are dealing with AAVE tokens, you can purchase them with other paired cryptocurrencies like ETH or BTC. You can buy the ETH or BTC and swap it for the Aave token.

Regardless of your payment method, it is advisable to buy your Aave tokens from an exchange that requires verification. This lets you know that you are protected.

4. Place an Order to Buy Aave

Aave tokens are built on the Ethereum blockchain, which means you sometimes need to buy ETH or BTC before purchasing the tokens. You can purchase the ETH or BTC coins and swap them for the AAVE token on your cryptocurrency exchange.

Choose the fiat currency you intend to use and how much you want to deposit. The funds are automatically converted to how much ETH or BTC you will receive according to the current market rate. Complete the process to buy ETH or BTC. The funds will appear in your account within minutes. Use the ETH or BTC to purchase the Aave token.

5. Safely Storing your Aave

After buying the AAVE tokens from a crypto exchange, you can transfer them to your private cryptocurrency wallet. The process is easy and doesn’t cost a lot. Transferring your coins to cold storage wallets is recommended for investors who wish to hold their coins for a long time.

However, if you are only holding for the short-term, it is best to leave your investment in the wallet provided freely by the exchange, thereby avoiding any withdrawal charges.

If your funds are in a cold storage wallet and you want to transfer them, you will have to use your public key. Insert the public key into the ‘recipient address’ field of the withdrawal request and choose the amount of the tokens you wish to transfer.

We recommend enabling 2FA on your wallets, ensuring that an additional code is needed to initiate a transaction. This is for the safety of your funds at all times.

5 Things to Consider if you Want to Buy Aave

Before buying Aave, you will need to take important factors into account to ensure the security of all of your transactions.

1. Carefully choose your preferred secure payment method

One of the first things that you will need to consider is that the support for payment modes varies from country to country. Having said that, you should consider factors like security, speed of transaction and reliability before you start trading.

2. Will you need to set up your own wallet?

If you plan to hold onto your AAVE coins for more than a few days, we suggest that you get a cryptocurrency wallet so you can ensure the security of your tokens. Don’t forget that web wallets that are often built into your exchange website are vulnerable to breaches and you can lose your AAVE tokens. If you don’t want to set up a wallet, the best way to invest in Aave is through trading as you won’t require a crypto wallet.

3. Comparing costs

Prior to trading Aave, we also recommend that you compare and assess the price of buying AAVE coins. There will be a network fee, transaction costs, commission and other kinds of expenses that may reduce your profit. If you are using a digital currency to buy Aave, then it will be cheaper for you relative to conventional payment methods.

4. Safety and security

You have to keep in mind that different blockchains use different protocols and technologies to secure the network. Remember that every blockchain and network has its own method to ensure security. Different technologies are deployed by the protocol to secure its network. A few of the security features are quite popular including peer-to-peer network, decentralisation, and encrypted public and private keys.

Since Aave is built on the Ethereum network, it features all of the security protocols that the blockchain offers to its users. The first thing that you need to know about is that the protocol is completely decentralised which means that your funds are not owned by a single entity. It also means that no central authority has any control over the matters of the network and it’s the stakers who make big decisions and govern the project.

5. Can you understand and navigate the platform?

As Aave makes inroads to become one of the well-performing cryptocurrencies, its price surge is backed by the usability of crypto lending and borrowing. This means that people who are using Aave find it helpful which can potentially drive the price up in the future.

You also have the option to use a broker website or crypto exchange to buy AAVE. We suggest that you familiarise yourself with the chosen platform so you can trade AAVE with ease. It makes sense to learn about the user interface and all the options as well as features the website offers so you can use them to maximise your financial gains.

Aave: Long vs Short Term Investment

As a crypto investor, it is crucial to know the fundamental difference between short and long-term investments. As a long-term investor, you will buy a cryptocurrency and hold it for a significant period of time (sometimes for years).

You now need to know where to buy Aave tokens. If you fall into this category, buying and storing the Aave tokens via reputable crypto exchanges is the best option for you. You can move the coins to hardware wallets like Ledger or Trezor for safekeeping.

However, if you don’t support Aave’s long-term vision and want to hold the coin for the short-term and make a profit, then using a broker is the best way to go. You will need to register with a reputable broker to bet on the price movement of the token.

Using a brokerage platform is also recommended for people who don’t want to go through the stress of setting up an external wallet and always keeping in touch with developments in the industry.

What is the Best Payment Method for Buying Aave?

If you are looking to buy AAVE coins, you have the option to choose from a wide range of payment methods.

However, you have to bear in mind that the availability of these payment methods depends on the country you reside in and your chosen broker. That’s why we recommend that you explore all the options available to you.

Buying Aave with PayPal: It is no secret that PayPal is one of the most widely used payment methods when it comes to online retail.

If you are looking to purchase Aave using PayPal, you have the option to do so through multiple broker websites. However, there are other payment options available that are more convenient and affordable.

You have to remember that PayPal isn’t supported in many countries around the world and only a handful of platforms offer it. While PayPal is now actively embracing cryptocurrencies because of their surging popularity, it will still take a few years until you can buy AAVE coins easily using the payment method.

Buying Aave with Cash: Although buying AAVE coins using cash has no transaction fees, it is next to impossible unless you can find someone who owns Aave and is willing to sell the tokens at the price you want.

We suggest that you skip this payment method and look for other alternatives which are far safer, user-friendly and reliable.

Buying Aave with Bank Transfer: If you want to buy AAVE tokens at minimal transaction cost, then bank transfer is the best payment method available. This payment mode will also facilitate sending and receiving funds to and from a broker.

The only downside of using a bank transfer is that it’s comparatively a slow payment method as it can take days to deposit and withdraw your money.

Buying Aave with Credit Cards or Debit Cards: If you don’t care about the transaction charges as much and only want speedy transactions, then the best option for you is to use a debit or credit card. The transaction charges will be higher as compared to other payment modes but withdrawals and deposits will be almost instantaneous.

What Fees are Involved in Buying Aave?

If you want to trade or buy AAVE coins, you will be required to pay different types of transactional charges including network fee, deposit and withdrawal fee.

Having said that, the expenses are comparatively low, especially if you are purchasing and holding AAVE coins on your own. Some of the expenses that you should know about include the following.

Transaction Fees: Aave transactions occur on a network that operates using a Proof of Stake protocol. Since the contributors have invested money to validate transactions, they need to be paid for their stake.

Typically, transaction charges range between 0.1% and 0.2% of the total order amount. However, it will also depend on the exchange or broker you are using for trading. This is why we recommend that you evaluate the transaction charges of every platform before you start trading.

Deposit Fees: Although a majority of the cryptocurrency exchanges and brokerage websites do not charge deposit fees anymore, there are few platforms that do. When you are reviewing different platforms for trading, make sure you check out if there’s a deposit fee or not.

Withdrawal FeesJust like deposit fees, withdrawal charges are also platform dependent. There are many cryptocurrency brokers and exchanges that will not require any fee for withdrawing your funds. Needless to say, it is a good idea to identify such services.

Safely Storing Your Aave

When you want to hold your AAVE coins in a secure manner, you will require a crypto wallet to do so that supports ERC-20 tokens. Wallets can be found in different variants including the following.

Web Wallet: These are those wallets that have been built into your chosen broker or crypto exchange platform. While they make it easier to access your digital funds, they are also not as secure as some other types of wallets.

Mobile Wallet: If you are looking to trade your AAVE coins on the go, then you need a mobile wallet. These are specifically designed for smartphones and have multiple security features along with extended functionality.

To store AAVE coins, you can use any wallet that offers support for ERC-20 tokens including Coinbank.

Desktop Wallet: Desktop wallets are like software programs that you can install on your computer. When it comes to accessibility and user-friendliness, they are not as good as web and mobile wallets.

However, they are far more feature-rich and offer robust security including two-factor authentication and passphrase protection. Atomic Wallet is one of the most popular AAVE wallets.

Hardware Wallet: If the security of your AAVE coins is your top priority, then the best option available to you is hardware wallets which are also called cold wallets. These wallets store your confidential private keys on a physical device that has zero connectivity.

This means that you can only access your tokens if you have physical access to the device. Some of the best wallets that you can use to store AAVE coins include Ledger Nano X, Ledger Nano S and Trezor Wallet.

What Other Coins Can I Trade or Use to Buy Aave?

If you don’t want to use fiat currency to buy AAVE, you have the option to purchase digital currency using other cryptocurrencies. One of the most popular digital currencies to purchase AAVE is Ethereum but you can also use XRP, BTC and more.

One of the benefits of using cryptocurrency as your payment mode is that you don’t have to incur exchange fees since there’s no need for conversion.

What’s the Smallest and Largest Amount of Aave I Can Buy?

Many traders are looking to figure out how many AAVE coins they can purchase while many want to find out the smallest unit of Aave that can be bought.

Remember that AAVE is the smallest unit you can buy and there are 30 million total coins out of which 6 million are in circulation. Many platforms allow purchase in fractions but most exchanges will impose limits on the minimum amount for an order ranging from $10 to $30.

Most brokers also require a minimum deposit so do your own research before you decide to invest.

Can I Buy Aave Anonymously with no ID? Is it Safe and Legal to Buy Aave?

The majority of the exchanges and broker websites will require you to verify your personal identity before you can invest your money in AAVE.

This procedure is required to ensure compliance with KYC and AML regulations which help crypto platforms provide a secure trading environment. That’s exactly why we recommend that you shouldn’t buy AAVE anonymously.

Instead, you should trade AAVE coins through a regulated and secure exchange or broker website.

Having said that, if you still want to purchase AAVE anonymously through a certain platform, ensure that you have researched it and have taken all the measures that are required to keep your fund secure as your transactions will not be traceable if you buy anonymously.

Will Buying Aave Make Me Money?

This depends on a multitude of factors and you will need to find the answer yourself. It is essential that you familiarise yourself with the Aave platform and its native token.

We recommend that you read the analyses and opinions of renowned analysts, familiarise yourself with graphs and charts, and keep an eye on market factors that can have an impact on AAVE’s price.

If you wish to read more about the price history of this token, please see our AAVE Price Page.

How to Spend Your Aave

Aave is not a conventional blockchain. Instead, it is a protocol that facilitates the lending and borrowing of cryptocurrencies with a native token. That’s why you cannot use AAVE coins for purchasing products and services through online retail outlets.

However, the cryptocurrency can be used for staking to earn more coins and voting on upgrades and changes to the protocol.

How to Sell Your Aave

Selling AAVE tokens using an exchange is relatively convenient and simple. Simply transfer the tokens and sell them on an exchange. The easiest way to sell your AAVE coins is through a broker or exchange website.

You will find this option to be one of the most basic features on a multitude of crypto platforms including exchanges and broker websites. If you hold AAVE CFDs, you can sell them much quicker through a broker service.

3 Tips to Buy Aave

Although you have learned the various buying and trading AAVE processes, there are certain things you need to know before you proceed.

1. Choose the Right Time and Do Your Own Research on Aave

DYOR (do your own research) is a popular phrase within the crypto space, and there is a good reason for that. As an investor, you should take your time and carry out extensive research on an AAVE token and the project it represents.

Do not rely on a single source when getting information about the token you intend to buy. Read the opinions of numerous experts and check out news sites to get the latest information about the token.

You can leverage this to know when opportunities arise in the market. As a professional trader, you have to constantly look at the technical indicators for trends and key levels to buy and sell the tokens. You will need technical analysis to become a successful trader.

2. Comparing Costs to Buy Aave

Some traders overlook this but comparing the rates between exchanges and brokers can save you a lot of money. You need to know the charges you will incur when you buy a cryptocurrency from an exchange or a broker and compare it with another trading platform.

The fee structures on exchanges differ, which means you need to know what you are getting and choose the best platform for your needs.

3. Safety and Security when Buying Aave

Some investors are so focused on buying a coin at certain moments that they fail to properly look at the security protocols put in place by the platform they intend to use. Security is a crucial area of crypto trading and investment, which is why we have mentioned it numerous times in this post.

The security protocols implemented by the platforms help protect your funds and personal information. Ensure that the platform has adequate security measures in place before you deposit any money with them.

Other Ways to Acquire Aave

The methods explained above are the most common and practical ways to buy and trade Aave tokens. However, we feel that you should know all the options available to allow you to make an informed decision whenever you are trading or buying the tokens.

The methods explained below are not so popular, but they are viable options for buying AAVE tokens.

• P2P (Peer to Peer) exchanges allow their users to transfer coins directly between themselves. Here, the platforms connect you to sellers (in case you wish to buy) and buyers (in case you wish to sell). The transaction fees on P2P platforms are the lowest, though it varies based on the network congestion at the transaction size.
• Borrowing: You can get AAVE when you borrow from other holders on the platform.

With this information, you are now set to start your AAVE trading and investment journey. Keep in mind that we have taken the time to select a shortlist of crypto exchanges and brokers that support AAVE tokens. These are companies with stellar reputations.