How to Buy Compound in Ireland

Last Updated July 23rd 2021

5 Min Read

A Beginner’s Guide to Buying and Selling Compound Cryptocurrency in Ireland

If you’re based in Ireland and wish to buy Compound – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Compound tokens you want to buy.

The Compound coin is a decentralized algorithmic money market protocol that runs on the Ethereum blockchain and uses lending pools to facilitate loans in a variety of cryptocurrencies. Like most Decentralized Finance (DeFi) protocols, Compound is a system of openly accessible smart contracts built on Ethereum.

Compound focuses on allowing borrowers to take out loans and lenders to provide loans by locking their crypto assets into the protocol. The coin stands among the rising star cryptocurrencies in the market, representing a token popular for its achievements in devolved finance. The contributions of Compound are owed to having been based upon the blockchain network. Some of the tokens that are actively competing against or with Compound include Ethereum and Bitcoin.

Before investing in the crypto market, you must conduct satisfactory due diligence to gain knowledge and skills for effective investment decisions.

What’s in This Guide?

This guide equips prospective and existing cryptocurrency traders in their efforts to invest in Compound, enlightening them concerning all the important information to aid them in selling, buying, or storing their Compound tokens. Therefore, with this guide, you have a complete manual, even for beginners, to help you through the whole process. However, you must schedule a consultation with a trusted financial advisor upon any uncertainty so that you know your venture. Noteworthy is that cryptocurrencies are a very risky field, and losing is one of the potential outcomes.

How To Buy Compound In Ireland – Quick Guide

To help you buy Compound coins as quickly as possible, we broke the process down into a few easy steps:

Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
Step 3: Deposit – Fund your new eToro account with a minimum of $10.
Step 4: Search for Compound on eToro – Search for COMP or Compound in the eToro crypto market.
Step 5: Buy COMP – Enter the amount of the worth of Compound you want to purchase in United States Dollars (USD), then click Open Trade.

That’s it! By following these easy steps, you can invest in Compound in Ireland in less than 5 minutes.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Where To Buy Compound In Ireland

Whenever you intend to buy Compound from any part of Ireland, look for a crypto exchange platform online. Multiple crypto exchanges do exist in Ireland, but the best ones to use include

If you want to buy Compound in Ireland, the only place to do it is from a crypto exchange. There are several crypto exchanges in the country, and you research the ones that support Compound.

List of the best Exchanges to buy Compound (COMP) in Ireland:

Looking where to buy Compound in Ireland right now? Below you will find 4 of the best brokers that allow you to buy Compound in Ireland.

eToro - Best broker to buy Compound (COMP) in Ireland
Binance - Best exchange to buy Compound in Ireland for asset diversity
Coinbase - Best exchange to buy Compound (COMP) for beginners
OKEx - Best broker to buy COMP in Ireland for low-cost

A Step-by-step Guide To Buying Compound In Ireland

Use either one of the two step-by-step guides when you are ready to buy Compound:

Buying Compound using other cryptocurrencies

The first way of buying Compound tokens is through other cryptocurrencies. The process involves buying another cryptocurrency and, after that, exchanging it for Compound. However, you should know that this option is not accessible to every exchange platform.

Buying Compound using fiat currencies

The other way for you to buy Compound is by using fiat currency, which involves using AUD. Before making the registration with an exchange platform, be sure that it accommodates EUR.

Follow the following steps to start buying Compound:

Step 1: Register with an exchange

The first step in buying Compound is registering with an exchange platform. Ireland features multiple cryptocurrency exchange companies, all open to serving their customers based on their needs and preferences. Look for a company that supports Compound and EUR currency. There are certain details that you will be required to provide to facilitate account opening. Some of these details include your name, contact number, and email address, among others. Since compliance measures regulate the exchanges, verification of certain details is necessary. Verification involves producing certain documents like national ID and proof of address, among others.

A strong password and multi-factor authentication are crucial to ensuring that the account cannot be accessed by anyone else but you.

Step 2: Funding the account

Funding the account is the second step and enables you to buy the Compound tokens. In funding the account, you are required to link your personal bank account to the exchange either directly or via your ATM card.

Step 3: Buying Compound

Buying the actual Compound is the third step. Having funded the account with your preferred form of payment (EUR or selected crypto), take the next step to trade them for Compound tokens. Should you prefer to use cryptocurrencies, click to select the matching pays against Compound listed as ETH/COMP or BTC/COMP. However, if you wish to use EUR in buying the Compound tokens, then simply go for the pair that reads EUR/COMP. Next, confirm your transaction and check your email for the confirmatory notification.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Sell Compound

Having successfully bought Compound tokens, it is also allowed to sell them upon need or simple preference. Follow the following steps to sell them:

First, sign in to the exchange account and then look for the select section of the exchange. Here, choose the amount you intend to sell and receive the number of funds worth the COMP you have traded. On the off chance that the exchange is not supportive of a direct COMP to EUR exchange, you also can first exchange them to other cryptocurrencies and later exchange the latter to EUR and finally withdraw your funds for the exchange account.

Which Wallets Can I Use To Hold Compound?

Cryptocurrency tokens can only be held in two forms; online wallet and cold wallet. The former stores the tokens online and can also be termed hot wallets. Online wallets can be operated at all times.

As regards cold wallet, you are allowed to hold the Compound tokens for prolonged durations before selling. The cold wallets will keep your tokens safe and stored offline using devices such as a USB drive.

How Compound Works

Like other cryptocurrencies you may or may not have worked with before, Compound uses a blockchain mode of operation. This provides it with a decentralized attribute that makes it possible to buy and sell the crypto even without an intermediary. Decentralization simplifies financial transactions as they are easy, cheap and fast.

Key Things To Consider If You Are Thinking About Buying Compound In Ireland

Among the elements for consideration in case you are planning to buy Compound in Ireland include the following:

Availability

Ensure that the selected tokens are high in supply and are circulating because it means their buying and selling are actually swift.

Usability

The best tokens are the ones with multiple uses. Find out whether Compound can support other DeFi projects to raise its value in the future.

Volatility

The volatility of the Compound tokens is also a critical consideration because crypto prices often fluctuate. You should invest in Compound with full knowledge of what might happen.

Check Out: 10 Reasons Why You Should Invest In Compound (COMP) Today