Aave (AAVE) is the 49th largest cryptocurrency by market cap, valued at US$3,476,292,558.
Aave is a highly volatile asset capable of major price swings in a single day. Today AAVE is trading for $231.67 USD, which is lower than yesterday's trading price of $257.14 USD. Over the past year, Aave's price has seen an increase of 123%.
So before you buy Aave, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Aave.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Aave in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Aave is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Aave
You can now exchange your funds for Aave. On beginner-friendly exchanges, this is as simple as entering the AUD or AAVE amount you want to purchase and clicking "buy".
Secure your Aave
Consider transferring your AAVE to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Aave in
Australia
Find an exchange to buy, sell and trade AAVE by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Aave guide up-to-date
AAVE price data is regularly updated through data feeds so you always have the latest information.
What is Aave?
Aave, which comes from the Finnish word for ghost, is a lending and borrowing decentralised finance (DeFi) protocol built on the Ethereum blockchain. Founded in 2017, the protocol was originally called ETHLend and focused entirely on lending Ether. Since a rebranding in 2018, Aave has grown to be one of the largest money markets in the DeFi lending space.
The service is completely decentralised in comparison to other lending platforms such as BlockFi and Nexo, requiring no KYC checks or limitations for users. Lending and borrowing are controlled by smart contracts that utilise liquidity pools to remove the need to match the borrower to the lender.
Aave is a non-custodial service meaning cryptos are never stored directly with Aave. Deposits are always controlled by the user.
The Aave lending protocol utilises a native token called AAVE. The AAVE token is used for governance and can be staked in return for fees and other rewards.
How do I find the best places to buy Aave?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Aave?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Aave.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing AAVE with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Aave?
Once you've created an account, you will need to deposit funds to buy AAVE with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy AAVE:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase AAVE by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for AAVE on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Aave?
The easiest way to buy AAVE is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying AAVE, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Aave has been performing recently.
Best Aave wallets to store your AAVE
You can keep your AAVE on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your AAVE below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Aave a good investment?
Before acquiring any cryptocurrency, it's essential to thoroughly research your purchase and be fully aware of any risks involved. Cryptocurrencies are complex and speculative, so make sure you consider a wide range of factors before you buy.
If you're thinking of buying AAVE, take the following into account:
Tokenomics: The maximum supply of AAVE tokens is 16 million and is deflationary in nature. Staking AAVE in the safety module and burning AAVE tokens could increase the price if the demand remains stable.
Risks of using Aave: Those that wish to get the most out of their investments may want to make use of the Aave platform, however it should be known that there are a number of risks involved. The risk of a hack should always be anticipated like any other protocol that exists online. Although no successful attempts have been made, the risk still remains.
As with other Ethereum-based DeFi protocols, the platform has been built on smart contracts. Smart contracts, although efficient, can malfunction occasionally which for a system like Aave would be catastrophic. To mitigate these risks, Aave offers users entry to the safety module to insure some digital assets against potential losses.
Token use0case: The AAVE token has two primary use-cases - governance and staking. Holders of the cryptocurrency are given the opportunity to vote on items such as the management of the platform, improvement proposals and the allocation of funds. Additionally, users can stake their AAVE tokens in a 'safety module', which is used to cover lenders in case of a capital shortage. In exchange, stakers receive interest on their locked-up tokens.
Competition: As a decentralised lending protocol, Aave has an advantage over CeFi competitors like Nexo. However, they are not the only platform to offer DeFi lending services - Compound, Venus and CREAM finance are all major players in this sector of blockchain tech. It may be worth comparing these platforms to Aave's to determine which has the best chance of cornering a share of the DeFi lending market.
Today's Aave price versus ATH
Compare today's price of Aave ($231.67 USD) against its all-time-high price of $661.69 USD on 18 May 2021. The closer the bar is to 100%, the closer AAVE is to reaching its ATH again.
Aave's price: $231.67 USD ATH date: May 18, 2021
35.01%
Aave ATH: $661.69 USD
How to trade, convert or sell Aave
You can convert or sell your AAVE with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including Aave, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of AAVE is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Aave or any other cryptocurrency discussed.
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