When buying yearn.finance with a credit card, you typically provide your card details on a cryptocurrency exchange. Choose how you want to buy the yearn.finance(YFI) asset.Ĭredit Card: A credit card is a payment card issued by a financial institution that allows the cardholder to borrow funds to make purchases. The fee structure should be clearly stated when you make your purchase, but it can help to factor in that cost beforehand so you don’t spend more than you expected.Ģ. Make sure you know what fees you’ll be charged which you can find on the exchange’s website before signing up.
That’s known as a limit order, and incurs a “maker” fee. Or, you can set a price at which you want to buy, and wait for the market to reach that point. If you buy at the current market price, you’ll be charged a (usually higher) “taker” fee. Others base fees on a flat rate or percentage of your total purchase, which can vary based on your location, payment method, and other factors.Įxchanges with more active trading features often use a fee model determined by market price fluctuations, known as maker-taker fees. Some exchanges charge fees based on a spread, or margin on top of the market price. If an exchange has more protections, better security, or other important features to you, it may be worth slightly higher fees. While fees should definitely be a consideration, experts say you also get what you pay for, especially when sticking to the bigger, more established exchanges like MEXC, Gate.io, Binance. Fees can be based on price volatility, and many are charged per transaction. Some exchanges also have independent insurance policies to help protect investors from potential hacking.Įxchange fees can vary greatly, and may be applied as a flat fee upfront or as a percentage of your trades. If you plan to keep your crypto on your account with an exchange (rather than move it into your own crypto wallet), make sure you choose an exchange that uses offline, cold storage, and has strong protections against theft.
If your account is compromised, or the platform where you keep your coins is hacked, you could be at risk of losing your investment. Cryptocurrency investments are not backed by a central institution like FDIC-insured bank accounts.
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