In this article, you will be able to find out, how to buy COMP token or Compound Governance Token in 4 best ways that are using a credit or debit card, USDT, Bitcoin, Ethereum.
In case, buying COMP token in the early days will be high rewards in the future, so here will help you to find the best way to buy a COMP token securely, and trusted manner.
Let’s dive into, how to buy COMP token or Compound Governance Token?. In case, first discuss, buying COMP token using fiat money such as USD, EUR, GBP, etc.
Buy COMP token with credit or debit card
Currently, there few options to buy COMP token with USD that are using the Coinbase, Coinbase Pro, and FTX exchange. From these three exchanges, Coinbase, and Coinbase Pro exchange provides the highest daily volume, therefore it recommends buying COMP token on Coinbase or Coinbase Pro.
Also, you can use the FTX exchange that provides enough liquidity of the COMP token.
If you are going to buy a COMP token on Coinbase exchange, you have to own the verified Coinbase account. Let’s see basic steps of how to buy COMP token on Coinbase exchange.
How to buy COMP token on Coinbase?
Here is the summary of buying COMP token on Coinbase exchange via the 7 steps.
1. Create a Coinbase account
2. Verify identity on Coinbase exchange
4. Link credit or debit card, Bank account on Coinbase account
5. Deposit some USD on Coinbase
6. Navigate COMP/USD market & buy COMP token
7. Withdraw your COMP token into your ERC 20 wallet
Buy COMP token with USDT
If you don’t have verified Coinbase account but you have USDT stable coin. In this case, you can buy a COMP token with USDT stable coin.
Let’s work through, how to buy COMP token with USDT on Bitmart exchange.
How to buy COMP token with USDT on Bitmart
Here is the summary of, buying COMP token on Bitmart exchange.
1. Create a new account on Bitmart
2. Enable 2FA with Google Authenticator or Phone
3. Deposit USDT on Bitmart exchange
4. Navigate COMP/USDT market and Buy COMP token
5. Withdraw your COMP from Bitmart Asset section into your wallet
Buy COMP token with Bitcoin
You already know, how to buy COMP token on Coinbase Pro exchange with credit or debit card.
If you are using the Coinbase Pro exchange, first you have to deposit some Bitcoin into the Coinbase Pro account or you have to buy Bitcoin with credit or debit card.
Then, you can easily exchange your Bitcoin into COMP token using the COMP/BTC market.
Let’s take a look at, how to buy COMP token with Bitcoin on Hotbit exchange.
How to buy COMP token on Hotbit?
1. Create a new account on Hotbit exchange
2. Deposit Bitcoin on Hotbit exchange
3. Navigate COMP/BTC market & buy COMP token
4. Withdraw COMP token from Hotbit
Buy COMP token with Ethereum
There are many ways to buy COMP token with Ethereum. So, in this article will explain, best exchange to buy COMP token with Ethereum.
In terms of daily COMP token volume, MXC and Bilaxy exchange provides decent COMP liquidity and best rates. Both exchanges are quite new and have no scam attempt or other misbehavior therefore, you can use these two exchanges with confidence.
Here discuss, how to buy COMP token on Bilaxy exchange with Ethereum.
How to buy COMP token on Bilaxy?
1. Create a new account on Bilaxy exchange
2. Deposit Ethereum on Bilaxy
3. Navigate COMP/ETH market & buy COMP token
4. Withdraw COMP token from the Bilaxy exchange into your wallet.
What is COMP token?
COMP token is governance token of the Compound protocol that means, COMP token-holders and their delegates vote on all changes to the Compound protocol.
In case, COMP token acts as a governance token of the Compound protocol.
COMP token stats
|Token Name||Compound Governance Token|
|Token Standard||ERC 20|
|Total Supply||10,000,000 COMP|
What is Compound protocol?
Compound protocol is a decentralized, trustless, global interest market on Ethereum blockchain. Simply means, a Compound protocol is a bunch of Ethereum smart-contracts, that completely decentralized and autonomous.
Supplies provide liquidity (which is crypto assets) into the Compound protocol’s global liquidity pool for gaining interest. Borrowers can be borrowed the supplied liquidity from the global liquidity pool by paying interest over the borrowed crypto assets.
Suppliers, and borrowers combined into the blockchain-based interest market. Once the crypto assets supplied into the Compound Protocol, the interest rate automatically calculated and distributed with each new Ethereum block every 15 seconds on average. This process allows anyone to earn interest over their idle crypto assets via the trustless economy without a central authority.
Also, Compound protocol can be intergrated into all kind of open financial services and applications. There are many apps integrated the Compound protocol enabling decentralized interest markets on their apps.
Who are Compound protocol investors?
Compound consists of top institutional investors around the world. Here is the list of investors.
- a16z – is a private American venture capital firm that invests in startups and growth companies
- Dragonfly Capital – is a Crypto investment firm
- BainCapital Ventures is a venture capital division of Bain Capital that provides investments for early-stage startups
- POLYCHAIN – is a premier crypto investment firm
- Paradigm -is a crypto-focused investment firm that invests in early-stage startups
- Coinbase Ventures – is a crypto venture capital firms providing investment for open financial systems
Where to store the COMP token?
Also, you can use the above 3 wallets to interact with the Compound Finance protocol easily.
Conclusion – How to buy COMP token in 2020 RIGHT way?
In this article, you can find out 4 best ways to buy COMP token in 2020 RIGHT way. So, you can buy COMP token with USD, USDT, Bitcoin, and Ethereum using the best liquid exchanges currently support.
Also, end of the article, you will learn the basics of Compound protocol, Compound governance token, and the list of Compound investors.
Also, you can get the best COMP wallet to store your COMP securely and trusted way. Also, mentioned COMP supported wallets can be used to interact with the Compound protocol and governance process.
Other helpful readings,