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How & Where to Buy Compound (comp)

Buying Compound (comp) for funds from your bank requires a 2-step process. You're going to buy some BTC or ETH from an exchange that accepts deposits from a debit card or bank account, and then you're going to transfer your newly bought crypto to a marketplace that sells comp in exchange for bitcoin or Ether.

Step 1Buy BTC or ETH at Coinbase

Sign up and purchase BTC or ETH at Coinbase.

If Coinbase is not available in your jurisdiction, view our list of exchanges that sell BTC or ETH for Government issued money.

Step 2Go to a supporting comp exchange:

Transfer your newly purchased BTC or ETH from your wallet to one of the exchanges listed below.


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Why Should I Buy Compound (comp)?

How and Where to Buy Compound (COMP)

Robert Leshner, CEO, and Geoffrey Hayes, CTO, co-founded Compound Labs in 2017. The Compound mainnet launched in September 2018, rapidly becoming popular, with a significant number of assets locked on the platform. 

Before founding Compound, Leshner co-founded a privacy-focused start-up company with Hayes. Safe Shepherd helped its customers identify how their personal data was used and advised how they could stop the exposure of private information.

What Is Compound (COMP)?

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.” – Compound website. 

The lending protocol enables users to deposit cryptocurrencies and earn interest from distribution into a Compound pool. Users receive cTokens proportional to tokens in the pool, redeemable at any time to retrieve the original asset.

There are two types of cTokens: –

  • CErc20 – this cToken wraps an underlying ERC-20 asset
  • CEther – wraps Ether, for instance, if you deposit $ETH into a Compound pool, you receive cETH

To clarify, using $ETH as an example, if the price of $ETH rises, you can exchange your cTokens for more $ETH proportionate to the difference in price.

Borrowers can deposit collateral to receive a secured loan, with variable LTV (loan-to-value) ratios, depending on the collateral deposited, ranging from 50-75%. The loan, however, can be automatically liquidated if the collateral drops below a maintenance level.

What Makes Compound (COMP) Unique?

Most novice cryptocurrency investors buy their tokens and store them in a wallet or leave them on the exchange. They rely on price increases to make profits. Compound’s open lending platform encourages crypto investors to deposit ERC-20 tokens and earn interest from their holdings or take out a secured loan using their tokens as collateral.

Interest isn’t distributed. Each market has a “supply interest rate”, so by holding the cTokens, you continue to earn interest from the increasing price of the underlying asset.

$COMP, Compound’s native governance token, enables token holders to propose protocol changes. Users can vote and debate protocol suggestions of other $COMP token holders, such as how the protocol distributes $COMP tokens or new cryptocurrencies to support on Compound.

How and Where to Buy Compound (COMP)

There are vast numbers of cryptocurrency platforms on the Internet. Buying tokens can be confusing if you have never purchased cryptocurrency tokens before. It’s essential to find an exchange that is reliable, easy to use, with multiple payment options, a secure wallet and good customer service. Buying $COMP tokens need not be complicated if you choose the right platform, such as Binance, a global leader in the crypto space:

  1. Sign up for an account with Binance
  2. Upload the requested information and documents for KYC compliance
  3. Make sure you have a secure wallet to keep your $COMP tokens safe. You can download the Binance Trust Wallet to your mobile device
  4. Deposit funds with cryptocurrency, wire transfer, or use your Visa or Mastercard
  5. Select a comp pair from COMP/USDT, COMP/BUSD or COMP/BTC on the exchange
  6. Finally, transfer the $COMP tokens to your wallet

How do I Sell Compound (COMP)?

  1. Log in to the Trust Wallet app on your mobile or sign in to your Binance account online
  2. Locate $USDT on the “exchange” tab. Tether (USDT) is a popular stablecoin you can use to exchange for fiat currency
  3. Sell the $COMP for $USDT tokens and transfer them to an off-ramp platform. For the range of compatible fiat currencies, Coinbase is a reliable platform
  4. When the $USDT is in the off-ramp account, sell it for your chosen fiat currency and withdraw it to your bank account

Should I Buy Compound (COMP)?

Cryptocurrency investing is challenging for novice crypto enthusiasts, and unfortunately, we cannot advise on financial matters. Still, if the Compound protocol interests you and you’ve spent time learning about the potential highs and lows of the cryptocurrency market, you may be ready to invest in $COMP tokens for your portfolio. Three of the leading cryptocurrency exchanges that list Compound (COMP) are Binance, Coinbase and KuCoin.

How do I invest in Compound (COMP)? Safely?

All investment is speculative and the cryptocurrency market continues to grow exponentially. Speculative investing cannot be considered safe, but if you wish to invest in Compound (COMP), it’s best to do so with a trustworthy cryptocurrency platform that protects your funds and tokens as much as possible. The leading cryptocurrency exchanges typically have insurance to protect against cyber-hacking.

Binance is a trusted exchange with a wide range of services. Coinbase is a beginner-friendly platform that lists COMP/USD pairs and has a broad range of coins and markets. KuCoin, known as “The Peoples’ Exchange“, has custodial and non-custodial services, various payment options and lists COMP/USDT.