How to Buy Compound (COMP)

A Step-by-Step-Guide on how to buy Compound (COMP)

Step 1 – Signup to Kraken

You will first need to purchase one of the bigger currencies. Exchanges commonly accept either Bitcoin or Ethereum in exchange for Altcoins. Click the button below to register and receive ETH (Ethereum) or BTC (Bitcoin).

Binance Signup
Step 2 – Send Your Bitcoin (BTC) or Ethereum (ETH) to an Cryptocurrency Exchange

Your Ethereum or Bitcoin will need to be sent over to an Cryptocurrency Exchange now. Every exchange has a deposit form that is identical. Compound (COMP) is available on Binance, so we will use that as an example. Not sure on how to send Coinbase funds to an Exchange? (Just follow this how-to)

Make sure you have selected the right coin you want to deposit.

Bitcoin must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etcetera. If you're dealing with a decentralized exchange, like Airswap or DDEX could be different (Just follow our how-to).

Step 3 – Locate Compound (COMP)

Once your deposit has been verified, you'll now have access to your assets and you can initiate buying and trading. To buy Compound (COMP) on Binance, you'll want to hover over the ”Exchange” tab and then click on “Basic”.

To spot Compound (COMP), you will need to insert the short name of the asset (COMP) into the search-box, which is marked in the picture. Be certain of having selected the correct pairing, we've highlighted this also. Click on “COMP/BTC” to go ahead.

Binance Hot To Buy Compound (COMP)
Binance How to Buy (COMP) Compound
Step 4 – Buy Compound (COMP)

Once you have discovered Compound (COMP), you will be given a Chart with Prices (in the Center of the image) and a few Order Books (on the Left of the picture). Next we are going to create our own Limit Order.

The field with the “Price” tag will be filled with the most latest rate Compound (COMP) was traded for. This can be changed to your preferred price. The ”Amount” field is the amount of COMP you wish to purchase. The ”Total” field is the whole price in Bitcoin that you will settle for the whole volumen of COMP.

If you are satisfied, make a mouse click on “Buy COMP”. Your order will be filled as soon as a Seller sells their COMP for the price you submitted.

Step 5 – Withdraw Compound (COMP)

Unless you are regularly trading, best advise is not to keep your crypto on an Exchange for an longer time frame. In order to take off your Compound (COMP), hover over the ”Funds” tab and click on “Withdraw”. Compound (COMP) can be securely stored using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Compound (COMP) by using the given drop-down box. Put into the amount of Compound (COMP) you would like to withdraw. Take into account the shown fees/minimums. Also make sure you have filled your correct withdraw address.

When you're happy, make a mouse click on “Submit”. You could be requested for phone/email verification ahead of a take off.

Binance Withdraw

Congrats! You've successfully purchased and safed Compound (COMP).

That's it!

Take offs from Exchange can take between 1 – 30 minutes (depending on network usage). As soon as you have confirmed your withdrawal with Etherscan.io or Ethplorer.io and the (COMP) Compound is safe in your wallet, you are finished.
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