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How to buy Aave [OLD] (LEND)

Learn how to buy Aave [OLD] (LEND) easily by following a step-by-step guide and compare 10+ crypto exchanges.

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Aave [OLD] is a decentralised, peer-to-peer lending service based on the Ethereum platform. Through the use of smart contracts, it aims to provide secure and transparent lending where borrowers can use cryptocurrency assets as collateral for loans.

The Aave [OLD] token (LEND) is the native token of the borrowing platform and has a range of uses. Read on to find out how LEND works and how you can buy and sell LEND in Australia.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy LEND

LEND tokens can be purchased on a variety or popular cryptocurrency exchanges, such as:

1 - 5 of 13
Name Product Deposit methods Fiat Currencies Cryptocurrencies
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

303
cryptocurrencies

Finder Exclusive: Receive $10 BTC on sign-up and verification.
An Australia-based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

368
cryptocurrencies

CoinSpot lets you buy, sell and swap 100s of cryptos from its simple-to-use desktop or app trading accounts.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

313
cryptocurrencies

Finder Exclusive: Receive $20 BTC on sign-up and verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
FTX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Wire transfer, PayID, Credit or Debit Card
USD, EUR, GBP, AUD, HKD, SGD, TRY, ZAR, CAD, CHF, BRL

276
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

371
cryptocurrencies

Earn up to USD100 in rewards by completing welcome offer tasks within 7 days of sign up. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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A step-by-step guide to buying LEND

Want to buy LEND tokens? Follow these simple steps:

Step 1. Create an account on a cryptocurrency exchange where you can trade LEND

LEND is available in currency pairings with bitcoin (BTC) and Ethereum (ETH). To create an account, you’ll need to provide your name and email address and create a password. Depending on the exchange you choose, you may need to provide additional information, for example, proof of ID, to verify your account. It’s also recommended that you set up two-factor authorisation for increased account security.

Step 2. Deposit funds into your account

Many cryptocurrency exchanges only permit trading between cryptocurrencies, which means you often can’t directly deposit fiat currency, such as AUD or USD. This means you’ll usually need to own or buy BTC or ETH before you can purchase any LEND.

The steps you need to follow to deposit funds will depend on the exchange you’re using. For example, if you’re using Binance you need to click on “Funds” and then “Deposit” in the links at the top right of the screen. On Kucoin you select “Assets” in the top menu, choose your desired currency and click “Deposit”.

Step 3. Buying LEND

Now you can exchange BTC or ETH for LEND. While the process varies slightly from one exchange to the next, you’ll generally have to search for your chosen trading pair (such as LEND/BTC) and enter the number of LEND. It’s then a simple matter of entering the number of LEND you want to buy, choosing a market or limit order and clicking “Buy LEND”.

How to sell LEND

The process for selling LEND is more or less the same as the process outlined above, with the simple difference that you’re looking to sell instead of buy. It’s also worth pointing out that cryptocurrency exchanges only offer certain pairings, so it may not be possible to immediately exchange your LEND for your desired fiat currency or cryptocurrency.

Which wallets can I use to hold LEND?

LEND is an ERC20 token and can be stored in any Ethereum-compatible wallet that supports these tokens. Examples include:

How Aave [OLD] works

With a goal to democratise global lending markets, Aave [OLD] held its initial coin offering (ICO) in November 2017, raising US$16.2 million. Aave [OLD] is a peer-to-peer lending platform connecting borrowers and lenders from around the world.

Aave [OLD] runs on the Ethereum platform and allows users to borrow ETH by using ERC20 LEND tokens as collateral. Aave [OLD] also makes it possible for users to use Ethereum Domain Names (EDN) as collateral instead of digital tokens.

Borrowers can use Aave [OLD] to:

  • Access the ETH they need to participate in ICOs
  • Engage in margin trading by increasing their leverage
  • Fund an ICO

When a borrower submits a loan request, this creates a smart contract on the Ethereum blockchain. The borrower then enters data into the smart contract, including the loan amount, term and interest rate, as well as the number and digital address of the tokens to be used as collateral.

Once all the details are finalised, the tokens to be used as security are transferred to the smart contract. Lenders can then browse the available loan requests on the Aave [OLD] website and choose the borrower that best meets their lending criteria.

If the borrower defaults on the loan, the tokens used as collateral are transferred to the lender.

What to consider when buying LEND

Before you buy LEND or any other cryptocurrency, it’s important to be aware that trading cryptocurrencies is complex and speculative. You should fully understand all the risks involved before you buy.

If you’re considering buying LEND, make sure you consider the following factors first:

  • LEND token use. LEND token holders receive a 25% reduction in fees on the Aave [OLD] platform. The tokens also provide users with access to certain features, for example, featured loan listings.
  • Rewards for active lenders and borrowers. Aave [OLD] will use 20% of the fees the platform generates to purchase LEND tokens on the market and airdrop them to lenders and borrowers.
  • Rewards for introducers. Aave [OLD] will also purchase LEND tokens to distribute to users who introduce new customers to the platform.
  • Demand for tokens. The value of LEND tokens will, therefore, be greatly influenced by the level of success the Aave [OLD] platform achieves. The more users and ending volume it attracts, the more valuable the tokens may become.
  • Market competition. Aave [OLD] isn’t the only company offering lending and other banking services based on the blockchain, so you’ll need to consider the competition it will face from companies such as SALT and WeTrust.
  • Future developments. You’ll need to consider Aave [OLD]’s future plans to get a better idea of whether LEND tokens might rise or fall in value in the months and years ahead. You can find this information in the Roadmap section of the Aave [OLD] website.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

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