How to Buy Aave (AAVE) Tokens in Australia
Aave is one of the world’s most popular DeFi lending platforms, and it’s among the first lending protocols on Ethereum.
First launched in 2017 as ETHLend, the platform quickly gained popularity as a peer-to-peer decentralised marketplace for lenders and borrowers. Then in 2018, ETHLend was rebranded as Aave. A major update on its protocol led to an even greater adoption as Aave switched to the more modern liquidity pool system.
DeFi is complicated, but if you’re looking to buy Aave in Australia, we have a straightforward, easy guide for you. Run through this article and learn to buy and invest in AAVE in Australia.
How to buy Aave (AAVE) in Australia?
There are many ways to buy Aave, but the easiest and most direct way is through a crypto retailer, such as Easy Crypto. You might have heard about other crypto exchange platforms, some of which are big names in the industry.
These are also places where you can buy Aave tokens and other cryptocurrencies. However, these platforms were designed mostly for trading. For starters, they can be quite difficult to navigate, and you might not get the support you need if you, say, clicked on the wrong buttons and accidentally sent funds to places you don’t want.
Easy Crypto Australia makes buying Aave as easy as buying groceries online. You order the crypto assets you want to buy in Aussie dollars. You then provide the receiving wallet address and pay the final bill without incurring additional costs.
Step-by-step process to buy Aave (AAVE) in Australia with Easy Crypto:
- Sign-up or Login
If you haven’t already created an account, you can sign up and verify your identity. Verifying your identity is a standard procedure for all financial services. We’ll ask you to take a selfie with your ID as one of the requirements.
- Place an order
The verification process usually takes a day or two, depending on how many people we have signing up! Once you’re verified, you’re ready to place your first order on Easy Crypto.
Click on Buy & Sell, then Instant buy & sell, and you will see this interface. Click on BTC and select AAVE from the dropdown menu. Try to type in 100 AUD, and you’ll see the live rate at that very moment.
- Enter your receiving wallet address
When it comes to cryptocurrencies, you have the absolute power to own your assets.
If you already have a crypto wallet installed on your computer or mobile device, go ahead and look for your assigned crypto wallet address.
This is the exact address to which we will send your AAVE tokens.
- Proceed payment with Australian Dollar (AUD)
Online shopping is so much easier if the products have a price tag in Aussie dollars. For our Australian customers, we give you several payment options such as POLI Pay, A2A, or a regular bank deposit.
- Wait for your transaction confirmation
AAVE is an ERC-20 token, meaning that we transfer the tokens to you on the Ethereum blockchain. At the current version of Ethereum, this could take between a couple of minutes to 5 minutes before you can find the transaction “receipt” on the blockchain explorer.
Important: Cryptocurrency transfers cannot be refunded. The best and easiest way to avoid this mistake is to simply click-to-copy your address or use the QR code if available. Never type your address by hand, and avoid dragging to copy if it’s not necessary (there’s a chance you could miss a character).
Further reading: How to track my Easy Crypto order on the blockchain?
How to invest in Aave?
Aave plays an important role in the lending platform’s ecosystem. If you are planning to invest in Aave for the long term, you can put the tokens to work by staking, or depositing, your Aave tokens for passive income.
Lump sum investing
If timing the market is your forte, you could buy Aave in large quantities when the token is underpriced. Cryptocurrencies are typically volatile, which gives you plenty of chances to recognise the price range of Aave and other assets.
Dollar cost averaging (DCA)
The concept of dollar cost averaging is simple yet surprisingly effective at capturing a significant amount of gains. By investing at regular intervals over a long period, you’re effectively buying at an average price. Sometimes, the price would “pump” unexpectedly. You could choose to take the profit at that moment, or at a later time when the average price is much higher.
AAVE tokens are crucial for the lending protocol to work. With this in mind, you can deposit or stake AAVE tokens into an official staking wallet. At the time of writing, the platform offers 6% yearly returns. If you are interested, read more about it on the official guide to Aave staking.
How to track your investment returns
Normally, people rely on price charts like TradingView to keep track of the market. They’ll have to use labeling tools to identify their average buy price and measure the percentage change in price and profit. This takes time, for sure.
Fortunately, every user on Easy Crypto can use the Tracker for free. If you go to the navigation menu and click on Tracker, you’ll find a list of coins that you have bought through Easy Crypto. If you haven’t, then all it will display is a demo portfolio.
How to automate your crypto investments
You can execute your order template whenever you want. Just send your investment funds to Easy Crypto with a reference code attached.
Automate, diversify, and track your net worth in crypto
Investing can be made a lot easier (and profitable!) if you set up a system that allows you to automate, diversify, and track your investments.
Using the Auto Buy feature, you can diversify your coins by controlling their proportions in your portfolio. You can also set a recurring transaction from your bank account to automate the buying process.
Tracking your net worth using the Tracker is also a smart way to keep an eye out for a profitable sell order.
Stay informed about the crypto space
Lastly, to be a crypto investor, you need to stay updated about the crypto space in general — like regulations, social adoption of crypto assets — as well as news that are specific to your chosen crypto coins.