How to buy Compound (COMP)

A beginner's guide to buying and selling COMP in Australia.

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Where to buy COMP Find COMP exchanges

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COMP is the native token of Compound, a DeFi lending platform.

On the front end, Compound is an interest rate market where users can deposit cryptocurrency and immediately start earning returns on it. On the back end, it's a series of liquidity pools.

How to buy COMP

Follow these steps to purchase your first Compound.

  1. Compare crypto exchanges
    The easiest way to buy COMP is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit AUD using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
  4. Buy Compound
    You can now exchange your funds for COMP. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking "buy". If you like you can now withdraw your COMP to your personal wallet.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy COMP in Australia

Find an exchange to buy, sell and trade Compound by comparing deposit methods, supported fiat currencies and fees. Select Go to site when you've found a fit.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

270
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

297
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
CoinJar Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Debit card, Bank Transfer (PayID/Osko/BPAY)
AUD, GBP

24
cryptocurrencies

CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.05% and withdrawals are free to your bank account
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

158
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 150+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

258
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
eToro Cryptocurrency Trading & CFDs
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

23
cryptocurrencies

Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. $200 minimum deposit.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

40
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

119
cryptocurrencies

Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

211
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
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Compare up to 4 providers

A step-by-step guide to buying Compound

Want to buy Compound? Follow these simple steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade COMP

Compare exchanges that support COMP, then determine if the exchange you choose supports buying COMP with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account.

  • Note: It's also recommended that you set up two-factor authentication to provide an extra level of security.

Step 2. Deposit funds into your account

Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.

  • Note:The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buying COMP

The final step is to trade your chosen currency for COMP on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.

Which wallets can I use to hold COMP?

Unless you're looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it's generally much safer to store your COMP in a secure wallet.

How does Compound work?

When someone deposits funds in Compound, those funds are locked up and they receive cTokens in return. The interest earned from the deposited funds accrues directly to the cToken.

Individuals can turn to Compound to earn interest on their cryptocurrency, while supplying liquidity, and developers can tap into Compound for a source of liquidity, while further bolstering the Compound platform.

The idea is that many people will be accessing the underlying Compound platform through many different applications, and that it will become an important tool underlying many other parts of the DeFi ecosystem.

To this end, Compound aims to become more resilient and open by decentralising its governance across a community of token holders.

CryptocurrencyCOMP
Circulating supply (approx. as of August 2020)~3,210,000 COMP
Maximum supply10,000,000
TypeERC20
PurposeGovernance

What does the Compound cryptocurrency do?

The COMP token is the governance token of the Compound platform. It is used to practice a type of on-chain governance.

Users who hold at least 100,000 COMP are able to make proposals for the network to consider. If enough other COMP holders vote in favour of the proposal, and the requisite minimum number of votes and majority of voters is met, a proposal is passed.

It also serves as a mild incentive, as Compound users are rewarded with COMP tokens simply for using the network.

In addition to its governance powers, the COMP token can also be bought and sold.

Key factors to consider when buying Compound

At the time of writing, Compound is the third-largest DeFi protocol in terms of total value locked and is trusted by thousands of market participants.

With COMP rewarded to users of the platform, as the platform use increases the value of COMP will linearly increase.

The maximum supply of COMP tokens is 10 million. At the time of writing, 2312 COMP tokens are distributed daily to those using the platform, with just over 3.5 million outstanding.

COMP powers the Compound governance system meaning users are incentivised to hold COMP in order to influence protocol development.

How to sell COMP

To sell the native COMP token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your COMP tokens for. Once you have found an exchange pairing you are happy with, look for the 'Sell COMP' button and enter the amount you wish to sell.

Frequently asked questions

How do I receive COMP?

COMP can be purchased directly from an exchange or it can be earned through the use of the Compound borrowing and lending platform.

How is COMP accrued on the Compound platform?

A user must either supply or borrow digital assets to accrue a percentage of the daily COMP distribution.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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