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 or any other cryptocurrency listed on Coinsquare.
Where do I keep my Compound (COMP)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Compound (COMP) to your portfolio?
Create your account, fund it with spare change and get a little bit of COMP.
