How to Buy Cryptocurrency on YieldNodes | Transak
With Yieldnodes, users can create and use a secure online portal to potentially earn monthly returns through noding. Here's how you can buy crypto on YieldNodes using Transak.
There are now a multitude of ways people can onboard to crypto, whether from a decentralized app (dApp) or a centralized, regulated cryptocurrency exchange. But when taking advanced DeFi positions such as noding, staking, lending, or pooling, it’s important to have a go-to method for adding more crypto to your DeFi wallet when needed.
Transak recently partnered with YieldNodes, a DeFi platform that playfully calls its service “masternoding,” which basically means users can access exclusive services, validate instant transactions, and take part in network governance. For each such service, the masternode gains rewards, in the form of fees, which creates a commission-like incentive structure.
Nodes are important in DeFi because they are the pathways for processing blockchain transactions and maintaining the flow of every ecosystem’s crypto with integrity. In addition, nodes can be lucrative opportunities for DeFi users to generate rewards for contributing their crypto to an ecosystem.
With YieldNodes, users can create and use a secure online portal to potentially earn monthly returns through noding. The platform is suitable for both beginner DeFi traders and more advanced investors. The set-up and crypto onboarding process is relatively easy, making crypto onramp more accessible.
Below, we describe the Transak/YieldNodes integration and explain how you can buy crypto on YieldNodes using Transak. Afterwards, you should have the knowledge you need to buy crypto with Transak and make your first deposit into the YieldNodes platform.
What is YieldNodes?
YieldNodes is a complex, multi-tiered “node rental program,” as described on the company website. In essence, users can generate rewards (aka returns) on the money they contribute to a DeFi ecosystem through what YieldNodes calls “masternoding.” A number of user reviews show that you can make considerable returns on your DeFi investments through YieldNodes. (However, it must be said that DeFi is high-risk. As always, use your best judgment and only trade amounts of money you’d be comfortable losing when participating in DeFi.)
What is masternoding?
Here’s how YieldNodes describes “masternoding” on its website:
An alternate way to earn revenue is by providing technology (a master node) that relies on a proof-of-stake (PoS) approach. A master node, like any other full node, is a node server within a network, and full nodes are important because they process transactions and store them in the blockchain. However, a master node operator has rights beyond those of a normal full node operator, and is required to manage more critical tasks – bringing the operator higher rewards. In order to obtain the status of a master node, the master node operator must deposit a specified number of the relevant coin. For this “staking”, along with performance of the required tasks and the provision of computing power plus storage space, the operator receives rewards based on the corresponding coin (proof-of-stake). By operating appropriate master nodes diligently whilst constantly monitoring and optimizing with clever strategies, extraordinary profits can be realized.
History of YieldNodes
Since its inception, YieldNodes has grown considerably. Started as a side project in 2018, YieldNodes entered an extensive beta phase with a group of hand-picked early-adopters at the end of October 2019. YieldNodes now has its own listed cryptocoin, its own decentralized exchange, and a crypto-denominated shopping area.
What are the limits for deposits?
The minimum deposit value on YieldNodes is EUR 500. The maximum is currently EUR 250,000, but larger amounts are possible after direct consultation — and may be more likely now that YieldNode has partnered with Transak (we have higher conversion rates for large transaction volumes thanks to our licensing).
How to buy crypto with YieldNodes and Transak
Generally speaking, thre are three ways to fund your YieldNodes account:
- Fiat currency (through payment processors like Transak)
- SAPP Shopping Voucher (YieldNode’s partner altcoin)
For the fiat option, YieldNode has integrations with payment processors such as Walleteze to help the fiat-to-crypto onramp process. However, its new partnership with Transak offers an alternative solution with competitive fees and a smooth user experience.
Here’s how to buy crypto with Transak on YieldNodes:
Step one: Log in to your YieldNodes account
After creating your account, log in at https://members.yieldnodes.com/en/
Step two: Access your dashboard and click “Deposit”
Partway down the screen, you will find all the deposit options for the payment processors you can use to fund your YieldNodes platform. Click “Transak.”
Step two: Enter the amount that you want to deposit
Enter an amount 500 EUR or greater.
Step three: Redirect to the Transak interface
After you click “Transak” on the deposit page, you will be given a button to push that will redirect you to the Transak interface to begin the fiat currency deposit process.
IMPORTANT NOTE: You’ll need to create a unique wallet deposit address to transfer over your fiat deposit into the YieldNodes platform automatically. Otherwise the YieldNodes application will not let you take the next step.
Step four: Follow the Transak widget instructions
Once in the Transak fiat-to-crypto gateway widget, you will select the fiat currency of your country along with the various payment options like ApplePay, GPay, Debit/Credit cards or SEPA/Bank Transfers.
Step five: Click “Buy Now”
Make sure you view and verify the transaction fees and the expected BTC you can expect to be deposited in your YieldNodes account post the completion of the transaction.
Step six: Accept the terms and conditions
Click “Confirm” once you’ve accepted the terms and conditions.
Step seven: Complete the KYC process
Yes, YieldNode and Transak require users complete the “know your customer” process known as KYC.
If you have an existing Transak account then you can simply login via a one-time password (OTP) sent to your email address. Otherwise, you can register and create a new account and initiate your KYC.
Step eight: Receive your money
Depending on the payment method you selected, the application will first route you through the relevant payment process. Once the payment is done from your end, the deposit will get reflected in your YieldNodes account within a few minutes. If you did not post a successful deposit, you will also receive a confirmation email.
Once you register with Transak through YieldNodes, you can add to or top off your YieldNodes account (or others with which we partner such as 1inch or MetaMask) as often as you like. Note that the fee amount and exchange rate will fluctuate, as the crypto market is extremely volatile. However, Transak aims to create an easy, fair, and transparent process — all while helping users avoid slippage and simplify their crypto onboarding.
Read more about Transak’s fees
Is Transak available everywhere?
Transak is available in 125+ countries and for 100+ cryptocurrencies. Transak also brings the efficiency of letting users pay by ApplePay, Debit/Credit cards, and Sepa/Bank transfers.
As a company, Transak is a registered cryptoasset firm with the UK Financial Conduct Authority under the Money Laundering, Terrorist Financing and Transfer of Funds. That makes it easy for DeFi protocols and networks to trust Transak for the KYC process (aka “know your customer”).
Due to varying cryptocurrency regulations in different areas of the world, you may be limited to what cryptocurrencies you can buy. For instance, Transak is not yet available in New York due to the Bit License requirement. Therefore Transak’s YieldNodes integration may not be available everywhere, or with all currencies.
Learn more about Transak’s available currencies.