How to Buy Compound (COMP): Benefits, Risks, How to Do It

Compound is a financial protocol that offers the possibility to buy cryptocurrencies at different rates and in certain periods with an interesting margin. The project basically allows people to earn from the cryptocurrencies they save. A completely innovative reality that is based on the possibility of also borrowing cryptocurrencies from Compound. So let’s find out how to buy Compound token (COMP).

Why buy Compound

Compound offers innovative services and significant interests, with a decentralized DeFi financial protocol of great interest that allows access to smart and secure contracts. Employing cryptographic assets it provides for tokenization of assets. What makes this system unique is that assets, once purchased, are converted to ERC20 format and are therefore effectively tradable.

Where to Buy Compound

To operate with cryptocurrencies you need to select brokers that are valid, safe and have a history behind them. The advantages are both in terms of economic security and in terms of commissions and tools available. Among the major ones there is the eToro platform, one of the leaders in the field that boasts interactive charts for all users, demo account that allows you to operate without spending money and especially safely. With Compounds, it is possible to earn interest on existing assets rather than dormant portfolios. The cryptocurrency has raised 25 million in funding in its initial phase alone, so in addition to earning this system avoids risk.

How to Create an Account on eToro

To trade on eToro you need to register and have a new account. First you need to connect to the official website and click on Sign Up Now, then access the next page to enter your personal information. It is essential to enter all the required information, which is essential for the acceptance and then the creation of an account. After filling out the form, you can move on to reading and accepting the Terms and Conditions and then Registration. Everyone is required to have an ID card or copy of passport to be able to validate the features and then start buying cryptocurrency. Registration is free, you can also start from a demo account, without money, to get familiar and operate with money only later.

How eToro Works

The account is created immediately but only after acceptance and verification of documents you can proceed. eToro offers a section entirely dedicated to cryptocurrencies, you can see the charts, use the analysis tools and create a custom list keeping track with a special service of your strategies. For beginners, there is the possibility to connect to other users so you can have direct opinions and advice. On eToro you can access all the information in real time, free of charge and unlimited, you can manage the risk in a personalized way. All operations can also be carried out from the app for smartphones.

After creating an account and verifying your identity you can transfer funds. After entering the account you have to click on Deposit Funds, enter the amount and currency and then select the desired payment method. Deposits are perfectly safe because transactions are made using Secure Socket Layer technology.

How to Buy COMP on eToro

There are several possibilities to buy COMP on eToro, you can use many payment methods such as credit and debit cards up to 40 thousand euros deposit (MasterCard, Visa, Maestro) Paypal up to 10 thousand euros, Neteller up to 10 thousand euros, Skrill up to 10 thousand euros, Rapid Transfer up to 5,500 euros, Klarna and Sofort up to 30 thousand euros, Bank Transfer with unlimited crediting possibility. The recharge systems have different times, Paypal is immediate while for example the transfer can take up to 7 days. Only when the money is available in your drawer you can operate. Accessing your section you can search at the top COMP and click on Investi. Just enter the desired amount to proceed directly.

Costs and Commissions

Opening an eToro account is free, only management or ticket fees are charged, buy no cost. Only withdrawals are subject to a $5 fee, no fees are charged for settlement. When you buy cryptocurrencies through eToro you buy ownership of the assets and then pay a commission equal to the spread. This can change and is reported every time on the official website. In the case of transferring cryptocurrencies instead there are costs, these are calculated based on the size of the position. For the smaller ones they are lower than the others. For a transfer it is 0.5%, minimum $1, maximum $50.

Final Considerations

Buying COMP can be convenient especially if you are looking for an innovative product and system that differs from buying classic cryptocurrencies. The essential thing, however, is to do it with a secure system like eToro that provides users with an easy and safe platform, within reach of everyone even of those who are entering this market for the first time. Fundamental is the aspect related to financial security: eToro operates according to the FCA, CYSEC and ASIC regulations in force in Europe and around the world that allow you to ensure maximum protection to users, protecting their money at all times. The funds are kept in banks of the first level, even the information and personal data are all encrypted and therefore perfectly safe.

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