A Step-by-Step-Guide on how to buy Compound (COMP)
Step 1 – Signup to CEX.io In the beginning you'll need to purchase units of the top-tier currencies. Exchanges usually accept either Bitcoin (BTC) or Ethereum (ETH) in exchange for Altcoins. Follow the Link below for registration and to get your Bitcoin (BTC) or Ethereum (ETH).
Step 2 – Transfer Your Ethereum (ETH) or Bitcoin (BTC) to an Cryptocurrency Exchange Your Bitcoin (BTC) or Ethereum (ETH) will need to be sent over to an Cryptocurrency Exchange now. Every exchange has a deposit form that is alike. Compound (COMP) is accessible on Binance, so we're going to use that as an example. Not sure on how to send funds from Coinbase to an Cryptocurrency Exchange? (Just follow this how-to) Make sure you've selected the exact coin you wish to deposit. Bitcoin must be sent to a Bitcoin deposit address, ETH to an ETH deposit address, etcetera. If you are working with a decentralized exchange, such as Airswap or DDEX could be opposed (Just follow our guide).
Step 3 – Locate Compound (COMP) Once your deposit has been approved, you will now have access to your assets and you can begin invest and trading. To invest in Compound (COMP) on Binance, you will want to go to the ”Exchange” tab and then click on “Basic”. In order to locate Compound (COMP), you will need to insert the shortname of the coin (COMP) into the search box, which is highlighted in the graphic. Make sure you have choosen the correct grouping, we have highlighted this too. Click on “COMP/BTC” to continue.
Step 4 – Buy Compound (COMP) As soon as you have located Compound (COMP), you will be given a Price Chart (in the Center of the image) and a few Order Books (on the Left of the image). For now we are going to make our own Limit Order. The ”Price” field will be filled automatically with the up-to-date valuation Compound (COMP) was sold for. You can change this to your preferred rate. The field with the “Amount” tag is the quantity of COMP you want to purchase. The ”Total” field is the aggregated price in Bitcoin that you'll pay for the complete quantity of COMP. If you are happy, click on “Buy COMP”. Your order will be filled as soon as a Vender sells their COMP for the price you submitted.
Step 5 – Withdraw (COMP) Compound Unless you're regularly trading, best advise is not to keep your crypto coins on an Exchange for an extended time frame. In order to withdraw your (COMP) Compound, go to the ”Funds” tab and mouse click on “Withdraw”. (COMP) Compound can be stored safely using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide) Find (COMP) Compound by using the given drop-down box. Enter the quantity of (COMP) Compound you'd wish to withdraw. Take into account the presented minimus/fees. Also make sure you have entered your precise withdraw address. When you're happy, click on “Submit”. You may be requested for email/phone verification before a withdrawal.