Buy Yearn.finance in Canada
Yearn.finance made simple
Everything you need to know about Yearn.finance and how to start investing in it.
+$120.13 (1.50%) past 24 hours
- Market Cap
- 24h low - high range
- 7,821.24 - 8,203.67
Yearn finance 101
Yearn Finance lies somewhere between a crypto version of a robo advisor and an automated hedge fund -- except without any actual advisors. Invest some money in one of its vaults, and Yearn Finance will lend, invest or pool that money in one of several non-custodial financial protocols to earn you the best return it can. (Non-custodial protocols are those that don’t have custody over investors’ money; investors themselves retain custody.)
All of this runs on code, and not all of the protocols that Yearn Finance invests in are vetted. Sometimes they get scammed, but Yearn Finance has previously reimbursed customers for losses. Sometimes the protocols Yearn relies on get exploited, and some of Yearn’s vaults have been sacked, too. When Yearn was exploited, it reimbursed customers for losses. However, deposits aren’t insured by the government and if the protocol runs out of money, or you haven’t taken out insurance on another protocol, you might not get your money back.
Yearn Finance was created by a decentralized finance (DeFi) developer called Andre Cronje. The protocol became popular in 2020 after lots of other DeFi protocols started issuing their own tokens, and rewarding anyone who invested money in them. For instance, in the heyday of the DeFi boom, people used to take out loans on DeFi lending protocol Compound just to earn its valuable token.
Yearn has its own token, called YFI. Even though the team behind it said it has “0 financial value,” the coin blew up in value and is the 88th most valuable coin by market cap, as of October 2021.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Yearn finance?
You used to be able to earn YFI by investing with Yearn Finance, but the coin was capped at a total of 30,000 and supply quickly ran out. However, you either hold YFI in the hopes that the price will go up, or put it to work in other decentralized finance protocols. You can invest it in Yearn Finance’s vaults and let it do the hard work for you, or invest it directly in DeFi protocols like Maker, Balancer and Aave. You can also use YFI as a bargaining chip in Yearn’s
Is Yearn.finance a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Yearn.finance or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Yearn.finance safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Yearn.finance prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Yearn.finance to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Yearn.finance
Want to take a deeper dive? Check out these articles about Yearn.finance and the world of crypto.
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Top Cryptocurrencies and Crypto Exchanges
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What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Yearn.finance with just $1. It’s that simple.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Yearn.finance transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Yearn.finance’s current market cap is 296,816,276.
The current price for Yearn.finance in Canadian dollars is $8,136.12.
Buying Yearn.finance with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Yearn.finance 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Yearn.finance. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.