How to buy Beefy.Finance (BIFI) in Australia

A beginner's guide to buying and selling BIFI in Australia.

Beefy.Finance
BIFI- USD
DEFI
$790.14
+$7.33 (+0.94%)

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How to buy Beefy.Finance

Look for an exchange that supports both fiat and cryptocurrency to simplify buying Beefy.Finance.

  1. Open an account on an exchange that supports BIFI.
    Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
  2. Deposit funds into your account.
    Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Beefy.Finance.
  3. Buy Beefy.Finance.
    Complete your Beefy.Finance purchase and then find the best wallet to store BIFI.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Beefy.Finance?

Developed in 2020, Beefy Finance is a yield optimisation platform that aims to optimise yield farming and liquidity provision strategies in the decentralised finance (DeFi) ecosystem. The DeFi sector has exploded in popularity recently and, as a result, opportunities to earn an annual yield (interest) on cryptocurrency assets have increased. Beefy Finance is a DeFi service that removes the stress of this process and allows users to compound interest on their tokens through automated yield farming. According to Beefy Finance’s documentation, the network is multi-chain compatible, which means it is not limited to one blockchain network. This allows for a vast number of yield optimisation strategies across blockchains like Ethereum, Binance and Polygon. Beefy Finance’s system is unique relative to other players in the field due to the “vault” system. Vaults automatically determine the best yield from DeFi platforms across multiple networks and can perform a number of automatic functions. This removes a lot of decision-making for yield farmers. BIFI is the token native to the Beefy Finance platform. Token holders can vote on platform development proposals and stake tokens on the platform to earn additional interest.

Beefy.Finance (BIFI) is the 365th largest cryptocurrency in the world by market cap, valued at $59,420,140. The current price of Beefy.Finance is $761.4, which is -0.779% lower than yesterday. Prices have ranged between $852.8 and $755.67 over the past 24 hours. All prices are listed in US dollars and accurate as of July 24, 2021 06:07 UTC.

Where to buy

Unfortunately, at this time no major exchanges offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.

Consider buying a different cryptocurrency after comparing popular exchanges.

Beefy.Finance at a glance

Information last updated July 24, 2021 06:07 UTC.
Coin symbolBIFI
Total BIFI supply80,000
Circulating BIFI78,000
Current priceUS$761.4
All time highUS$4,116.95

Beefy.Finance price performance over time

Historical prices compared with the price of US$761.4.

1 hour -0.04%
24 hours -0.78%
7 days -12.66%
14 days -22.19%
30 days -32.18%
60 days 26.25%
200 days 806.65%
1 yearN/A

How to sell Beefy.Finance

You can cash out your BIFI with the same exchange you bought it through:

  1. Sign in to the exchange you have BIFI on.
    If you store your Beefy.Finance in a digital wallet, compare crypto exchanges to sell it on.
  2. Place a sell order.
    Choose the amount of BIFI you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of Beefy.Finance.

What to consider when buying Beefy.Finance

Before purchasing the BIFI token, it is always worth researching both the token and the associated platform to assess the risks and see what factors may influence its price.
  • Circulation. At launch, the maximum supply of BIFI was capped at 80,000 tokens. As of June 2021, 72,000 of those coins are already in circulation, distributed among 16,277 holders. This represents 95% of the total supply.
  • Competition. Adapting to the ever-evolving cryptocurrency market is an important element of the success of the platform. Yield farming has become popular and Beefy Finance is smartly snapping up this market gap. However, it is not the only blockchain-based service with this idea. Competitors include Yearn.finance, Pickle, Autofarm and Idle. How they innovate and outmanoeuvre the competition will be important
  • Risk. Buying BIFI coins from a decentralised exchange (DEX) and holding them in a wallet presents no greater risk than any other cryptocurrency. However, yield farming is a relatively new exercise and is yet to stand the test of time. There is also no guarantee on returns. Active yield farmers can lose money on their investments. Even though automated yield optimisers intend to mitigate this risk, there are no guarantees. If yield farming fell in popularity, so too would the viability of Beefy Finance and the use of the BIFI token.

Disclaimer: Cryptocurrencies, including Beefy.Finance, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BIFI 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 Beefy.Finance or any other cryptocurrency discussed.

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