- AAVE is a decentralized lending system that allows users to lend, borrow, and earn interest on crypto without middlemen. It runs on the Ethereum blockchain using smart contracts.
- Users trust the code that executes the transactions, eliminating the need for other people to manage or approve their funds.
- AAVE enables lending and borrowing of 17 different cryptocurrencies through various lending pools, but borrowers need to post collateral and can only borrow up to the value of the collateral.
- To buy AAVE crypto in Australia, users can choose a secure and trusted exchange like CoinSpot, follow the steps of signing up, verifying the account, depositing money, buying AAVE, and storing it securely either in the exchange or a personal wallet.
AAVE is a decentralised lending system and of the many upcoming DeFi cryptocurrencies. It enables users to lend, borrow, and earn various amounts of interest on crypto without involving any middlemen.
This crypto runs on the Ethereum blockchain but in a smart contracts system that allows a distributed network to manage its assets while running its software.
Aave users have no need for other people to manage or approve their funds and transactions. The only thing users need to trust is the code that executes as it is written.
This software lets users lend and borrow 17 different cryptocurrencies by creating various lending pools.
However, users will need to first post collateral prior to engaging in borrowing affairs. Another drawback is that borrowers can only borrow the max value of posted collateral.
The way it works is first, borrowers will receive an aToken, which is a special token that is pinned to another asset’s value. Afterwards, this token is encoded, and lenders can start earning interests on deposits.
If you believe in the potential of AAVE crypto, then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy AAVE crypto?
AAVE is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy AAVE crypto, I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including AAVE
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy AAVE
How to buy AAVE crypto?
7 easy steps
Buying AAVE crypto in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own AAVE in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some AAVE crypto. Click on Buy/Sell in the menu along the top, then search AAVE. Click on Buy AAVE and you will see the purchase screen, like the screenshot below. The price of AAVE is shown clearly in the middle of the screen.
5. Select how much AAVE you want to buy
Select how much AUD you want to spend on AAVE, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy AAVE crypto
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some AAVE!
7. Store your AAVE safely
Now that you have made your purchase of AAVE crypto you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much AAVE you own, and the value in AUD. You can leave your AAVE in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your AAVE to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own AAVE crypto in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy AAVE in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy AAVE crypto using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of AAVE.