What is Compound (COMP)?
Compound (COMP) is an Ethereum token that enables community governance of the Compound protocol, which is a series of decentralized interest rate markets that allow investors to supply and borrow Ethereum tokens at variable interest rates. You can buy and sell COMP for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade COMP for BTC the same way you trade CAD for USD. You can also trade COMP to CAD based on the COMP price. To learn how to buy Compound / COMP, scroll down to see how to buy Compound.
How to buy Compound (COMP)?
Here's how to buy Compound on Coinsquare
To buy Compound, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying COMP. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select COMP from the list on the trade section
Coinsquare lets you trade COMP without leaving the app. You can also check the Compound price and convert COMP to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the COMP price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Compound (COMP)
Congratulations! You’re now the proud owner of COMP. You can either HODL or use it to exchange COMP to CAD.
Where do I keep my Compound (COMP)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. We’re constantly organizing funds to ensure our customers trade instantly and securely. There are different storage options available for your cryptocurrency, your choice should ultimately be the one that suits your needs. Mobile and web wallets can make transactions easy as the currencies are accessible directly from your phone or device, whereas hardware wallets are best suited for secure, long-term storage as they eliminate the vulnerability found in online environments.
Ready to add Compound (COMP) to your portfolio?
Create your account, fund it with spare change and get a little bit of COMP.
