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).
Step 2 – Send Your BTC (Bitcoin) or ETH (Ethereum) to an Crypto Exchange Your Ethereum or Bitcoin has to be sent over to an Crypto Exchange now. Every exchange has a deposit form that is similar. Compound (COMP) is accessible on Binance, so we're going to use that as an sample. Not sure on how to send funds from Coinbase to an Crypto Exchange? (Just follow this guide) Make sure you've selected the precise coin you want to deposit. Bitcoin must be sent to a Bitcoin deposit address, ETH to an Ethereum deposit address, and so on. In the case you are dealing with a decentralized exchange, like Airswap or DDEX could be divergent (Just follow our guide).
Step 3 – Find Compound (COMP) Once your deposit has been approved, you'll immediately have access to your funds and you can begin buying and trading. To invest in Compound (COMP) on Binance, you will want to hover over the ”Exchange” tab and after that click on “Basic”. To find Compound (COMP), you will need to put the shortname of the coin (COMP) into the search-box, which is marked in the picture. Make sure you have choosen the proper pairing, we've highlighted this too. Click on “COMP/BTC” to advance.
Step 4 – Buying Compound (COMP) Once you've found Compound (COMP), you will be presented with a Chart with Prices (in the Center of the image) and a few Order Books (on the Left of the image). And now we are going to make our own Limit Order. The ”Price” field will be filled automatically with the most latest valuation Compound (COMP) was traded for. You can change this to your preferred price. The ”Amount” field is the amount of COMP you wish to buy. The ”Total” field is the total price in Bitcoin that you will pay for the whole quantity of COMP. When you are satisfied, make a mouse click on “Buy COMP”. Your order will be filled when a Vendor trades their COMP for the price you introduced.
Step 5 – Withdraw Compound (COMP) Unless you're frequently trading, best advise is not to keep coins on an Crypto Trader for an extended time period. To take off your Compound (COMP), go to the ”Funds” tab and mouse click on “Withdraw”. Compound (COMP) can be stored safely using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide) Locate Compound (COMP) by using the given drop-down box. Put into the volumen of Compound (COMP) you'd wish to take off. Don't forget the presented minimus/fees. Also make sure you have entered your correct withdraw address. When you're glad, make a mouse click on “Submit”. You could be requested for phone/email verification ahead of a take off.
Congrats! You have successfully purchased and safed Compound (COMP).That's it! Take offs from Cryptocurrency Exchange can durate anywhere from 1 – 30 minutes (depending on network usage). Once you have confirmed your take off using Etherscan.io or Ethplorer.io and the (COMP) Compound is stored within your wallet, you are finished.
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