How to buy Aave (AAVE) from the UK

By   |   Verified by David Boyd   |   Published 9 Sep 2022

  • Aave (AAVE) is a well-known DeFi (decentralised finance) protocol in crypto markets.
  • Aave is completely open-source and lets you borrow assets, earn interest and build applications.
  • It is considered a very promising cryptocurrency.

Looking to buy Aave? Read our step-by-step guide to buying Aave Protocol from the UK.

Not sure which exchange to use?

Where to buy Aave

eToro Crypto

On website

eToro Crypto

Highlights

  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.


Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Please give the risk warning sufficient screen time and prominence.


Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Kraken

On website

Kraken

Highlights

  • Get started with as little as $10.
  • Sign up today and buy 50+ cryptocurrencies in minutes.
  • Make easy deposits and withdrawals, measure your portfolio's performance and keep track of all of your crypto in one convenient place.

Pros

  • Large selection of tokens to trade.
  • Earn rewards by staking eligible assets.
  • Access to a range of educational materials.

Cons

  • Limited options to fund your account.
CoinJar

On website

CoinJar

Highlights

  • Trading fees are 0% - 0.1% on CoinJar Exchange and 1% on CoinJar.com and mobile apps.
  • Trade over 50 cryptocurrencies including Bitcoin, Ethereum, Ripple, Shiba Inu, Dogecoin, Solana, and Cardano.
  • Free GBP deposits and withdrawals (bank transfers), 2% fee on credit/debit card crypto purchases.
  • Earn CoinJar Rewards when you spend your crypto with a CoinJar Card. Free to activate, no monthly charges.

Pros

  • Extremely user-friendly interface.
  • You can use a credit card or debit card to buy crypto.
  • Has a competitive fee structure.

Cons

  • Limited crypto tokens to trade compared to other platforms.

First time buying?

How to buy Aave

Step 1: Choose a crypto exchange

Aave is available on a growing list of cryptocurrency exchanges.

When comparing exchanges, look at what fees are charged for transactions (maker and taker or a spread). Check if there's a fee to deposit or withdraw fiat currencies, what options are available for orders (market, recurring buys, etc.), if it has a mobile app, and so on.

Step 2: Get verified

If you create a new account with a crypto exchange, you will be required to give some personal information (name, telephone number, and email address).

You'll then have to verify your identity for tax purposes. This can be done with any valid photo ID. The verification process will take no more than a few minutes to complete at most exchanges.

After your identity has been verified, you are able to fund your account and begin trading.

Step 3: Set a budget

You should only invest money that you can afford to lose, especially when it comes to cryptocurrency, which is a volatile asset.

Most exchanges have no minimum deposit requirement or, if they do, require a small deposit.

Step 4: Deposit funds in your account

You can deposit fiat (GBP) currency in your account, which you can transfer from a bank account or with a debit card. PayPal, etc. may also be accepted, but funding methods vary considerably between exchanges. There will probably be a surcharge to deposit funds with a credit card at most exchanges, if they even accept credit cards.

Check whether your crypto exchange lets you trade stablecoins and other crypto tokens for Aave. Not all exchanges accept crypto-to-crypto trades, but if you already hold crypto in a wallet, you may be able to fund your account with it.

Step 5: Buy AAVE

If you aren't concerned about slippage cost and don’t have a trading strategy in mind, use a market order to buy Aave. Most exchanges also make it possible to set up trigger orders to be immediately executed whenever Aave is at a specific target price, which you can use to execute a strategy.

Some exchanges have automatic recurring orders that will automatically purchase more Aave at a specified interval, e.g. each week or month. This lets you take advantage of dollar cost averaging over time.

After you buy

Where to store your Aave

To have easy access to your AAVE tokens, you can keep them in the hot account in the exchange in which you purchased the tokens. It is possible to transfer them to a hot account you control in another exchange at a later time. Be aware that hot wallets are connected to the internet, and therefore, are susceptible to theft, hacking, and malware.

Cold wallets, in contrast, are specially-designed devices that do not connect to the internet. They're the safest way to store crypto. However, it’s a less convenient option for active traders.