A Step-by-Step-Guide on how to buy Compound (COMP)
Step 1 – Signup to CEX.io You will first need to buy one of the bigger currencies. Exchanges normally accept either Ethereum (ETH) or Bitcoin (BTC) in exchange for any other Cryptocurrency. Follow the Link below to register and to get your Ethereum (ETH) or Bitcoin (BTC).
Step 2 – Transmit Your Funds to an Crypto Exchange Your Ethereum (ETH) or Bitcoin (BTC) has to be sent over to an Cryptocurrency Exchange now. Every exchange has a deposit form that is similar. Compound (COMP) is available on Binance, so we're going to use that as an example. Unsure on how to send funds from Coinbase to an Exchange? (Just follow this how-to) Make sure you've selected the exact coin you want to deposit. Bitcoin must be sent to a BTC deposit address, ETH to an ETH deposit address, etcetera. If you're working with a decentralized exchange, like Airswap or DDEX could be unlike (Just follow these easy steps).
Step 3 – Locate Compound (COMP) Once your deposit has been confirmed, you will directly have access to your finances and you can start buying and trading. To purchase Compound (COMP) on Binance, you will want to go to the tab which is called “Exchange” and after that click on “Basic”. In order to spot Compound (COMP), you will need to put the cointype (COMP) into the search box, which is marked in the picture. Be certain of having selected the right grouping, we have marked this too. Click on “COMP/BTC” to proceed.
Step 4 – Purchasing Compound (COMP) Once you've spotted Compound (COMP), you'll be presented with a Price Chart (in the Center of the image) and some Order Books (on the Left of the picture). And now we're making our own Limit Order. The field with the “Price” tag will be filled with the most latest price Compound (COMP) was traded for. You can change this to your preferred rate. The ”Amount” field is the quantity of COMP you like to buy. The field with the “Total” tag is the total price in BTC that you will pay for the whole quantity of COMP. When you are happy, click on “Buy COMP”. Your plan will be filled when a Vendor trades their COMP for the price you gave.
Step 5 – Withdraw Compound (COMP) Unless you are frequently trading, best advise is not to keep coins on an Crypto Trader for an extensive time period. To withdraw your Compound (COMP), hover over the ”Funds” tab and click on “Withdraw”. Compound (COMP) can be safely stored using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide) Locate Compound (COMP) by using the provided drop-down box. Drop in the amount of Compound (COMP) you'd wish to withdraw. Take into account the presented minimus/fees. Also make sure you have filled your right withdraw address. If you are glad, click on “Submit”. You could be requested for verfication via email/phone ahead of a withdrawal.