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.
- QUICK GUIDE: HOW TO BUY COMPOUND IN IRELAND
- Where to Buy Compound in Ireland
- A Step-by-step Guide to Buying Compound in Ireland
- How to Sell Compound
- Which Wallets can I Use to Hold Compound?
- How Compound Works
- Key Things to Consider if You are Thinking about Buying Compound in Ireland
QUICK GUIDE: HOW TO BUY COMPOUND IN IRELAND
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Compound.
- Enter how many Compound tokens you want to buy.
- Check the details and confirm your purchase.
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.
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.
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:
Ensure that the selected tokens are high in supply and are circulating because it means their buying and selling are actually swift.
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.
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.
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Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy Compound in Ireland?
You are always advised to buy Compound from a cryptocurrency exchange
Are Compound tokens volatile?
Similar to the other cryptocurrencies, Compound tokens are extremely volatile as their prices keep changing.
Can I buy Compound with a credit card?
Indeed, a credit card is one of the options provided by exchanges (not all) and will help you fund your account.