How to buy Compound in Canada

Bitbuy makes it easy for Canadians to buy Compound in Canada

Buy Compound Cryptocurrency

Compound is a DeFi lending system that allows users to earn interest on their cryptocurrency deposits by depositing them into one of the platform's multiple pools.

When a user deposits tokens into a Compound pool, they receive cTokens in exchange. These cTokens reflect the individual's investment in the pool and may be used to redeem the underlying cryptocurrency that was first placed into the pool at any time. For example, by depositing Bitcoin in the pool you will receive cBTC in return. Over time the exchange rate of these cTokens to the underlying asset rises, allowing owners to redeem tokens for more value than they initially invested—this is how the interest is allocated.

Borrowers, on the other hand, can get a secured loan from any Compound pool by submitting collateral. The maximum loan-to-value (LTV) ratio varies depending on the collateral asset, although it is currently between 50 and 75 percent. Borrowers may face involuntary liquidation if their collateral falls below a certain maintenance level, and the interest rate paid varies per borrowed asset.

Since its inception in September 2018, Compound has grown in popularity and recently surpassed $800 million in total locked value.

To learn more check out the Compound’s Whitepaper: https://whitepaper.io/coin/compound

How to Buy Compound

Eager to buy Compound (COMP) but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy Compound from.  Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.  

How to Invest in Compound in Canada

Investors can easily invest in Compound by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying the Compound  token directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy will always be there for you. Our customer support will ensure your investment journey is smooth throughout.

How to buy Compound in Canada

Buying Compound (COMP)  in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:

  1. Create Your Account: When you sign up to create an account on Bitbuy, you will be asked to confirm your email address, phone number, and verify your identity.
  1. Add Funds: Before you can buy COMP in Canada, add funds to your account directly with Interac e-Transfer or bank wire. 
  1. Buy and Sell COMP: Once you have sent money to your account, you can buy COMP instantly.  Bitbuy also makes it easy to sell COMP in Canada. Exchange your COMP for CAD and withdraw the funds back into your bank account.

If at any point you need help signing up, verifying your account, adding funds, or buying and selling COMP, just contact customer support  for same-day assistance.

Where to buy Compound in Canada

Bitbuy is one of the best and most secure places to buy Compound (COMP) in Canada. Here is why:

Safe and Secure 

Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy,  it is crucial users know that their digital assets are is safe with us.  

The Lowest Fees 

Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Compound.

Award-winning Customer Support 

Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient. 

We pride ourselves in our exceptional  customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.

Easy Funding 

Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy COMP with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy COMP in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you can then use to buy and sell cryptocurrencies in Canada.

Compound Wallet

Looking for a place to store your COMP? Bitbuy is the perfect place to start. Bitbuy has built in wallets in each user accounts that you can use to store your COMP safe and securely.

Where to Trade Compound

Website (instructions for the mobile app below)

1) Navigate to the 'Express Trade' section of your account

When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To institute the trade click the 'Sell' button which will appear in red.  

2) Select COMP as the Cryptocurrency you wish to sell

Click the drop-down and search COMP to begin the sale.  

3) Complete your sale

Enter the amount of COMP that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.

Mobile App

1) Navigate to the 'Accounts' section of your account

Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.  

2) Locate the cryptocurrency you want to sell  

Locate COMP and click on the 'Sell' button.  

3) Complete your sale

Enter the amount of COMP you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!

How to buy Compound in Canada

1
Create an account
Provide some basic details about yourself and get instantly verified
2
Fund your account
Fund instantly using Interac e-Transfer®
3
Buy Compound
One click, and you're done

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About Bitbuy

Bitbuy was designed for both new traders seeking a simple interface and for advanced traders who know their way around the crypto world. We understand that getting started with cryptocurrency can seem a little daunting and our goal is to make the process easier for you.

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