Gemini Cryptocurrency Exchange
Compound (COMP) is the 171st largest cryptocurrency by market cap, valued at US$378,660,679.
Compound is a highly volatile asset capable of major price swings in a single day. Today the price of COMP is $42.58, which is higher than yesterday's trading price of $42.14. Over the past year, Compound's price has seen a decrease of -46%.
So before you buy Compound, make sure you understand these unique risks as well as its legal and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions on how you can buy Compound.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade COMP by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
Compound (COMP) is an algorithmic interest rate market where users can deposit cryptocurrency and start earning a return on it. Digital assets are deposited into lending pools, which can then be accessed by borrowers.
Individuals can turn to Compound to earn interest on their cryptocurrency, while supplying liquidity, and developers can tap into Compound for a source of liquidity, while further bolstering the Compound platform. The idea is that many people will be accessing the underlying Compound platform through many different applications, and that it will become an important tool underlying many other parts of the DeFi ecosystem. To this end, Compound aims to become more resilient and open by decentralising its governance across a community of token holders.
There are two different tokens that are key to the Compound platform. Those that put their tokens in the Compound lending pool are rewarded with a cToken, which correlates to the amount of crypto they've deposited for lending. These tokens are transferrable for other cTokens, but can only be exchanged for the original locked-up asset. Holders of cTokens will then receive interest in the form of COMP tokens, depending on how many cTokens they have in their wallet.
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the US to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Compound.
Once you've created an account, you will need to deposit funds to buy COMP with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy COMP:
The easiest way to buy COMP is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying COMP, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Compound has been performing recently.
You can keep your COMP on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to COMP, here are a few things you should consider:
Compare today's price of Compound ($42.58 USD) against its all-time-high price of $910.54 USD on 12 May 2021. The closer the bar is to 100%, the closer COMP is to reaching its ATH again.
Disclaimer: Cryptocurrencies, including Compound, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of COMP is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Compound or any other cryptocurrency discussed.
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