Compound is an Ethereum-based decentralized protocol for lending and borrowing cryptocurrencies. COMP is the governance token of the Compound protocol and it is used to vote for all changes to the Compound protocol. Anyone who owns at least 1% of the total COMP supply can propose the protocol changes that can be voted.
The Compound coins are distributed every time an Ethereum block is mined in the amount proportional to the interest accrued by each lent or borrowed asset. Compound staking is not supported currently, but the process of lending and borrowing looks quite similar as coins stay locked on the Compound wallet.
CEX.IO is not just a bitcoin trading platform that allows you to buy bitcoins with credit card instantly and trade in a pair with other cryptocurrencies. It's only a few options on how you can interact with crypto and it’s not even the 0,1% of opportunities that CEX.IO can provide you. You can benefit from dozens of different cryptocurrencies in different ways — trading, staking, hodling, loans etc. Even if COMP staking is unavailable yet, you can still buy or trade this cryptocurrency and benefit from its price growth.
If you want to buy Compound with a bank card, you can do that instantly using the Instant Buy service on the CEX.IO website or mobile app. Just choose the pre-made pack or enter the amount you want to buy, add your payment card, and then confirm the transaction. That’s all it takes. A few minutes and you will be able to become an owner of Compound coins.
Besides, you can add funds to your CEX.IO balance with domestic (ACH, SEPA, Faster Payments) and international (SWIFT) bank transfers or online wallets, like Skrill. And then use these funds to buy Compound by placing the order on the Trade page.
On CEX.IO, you can trade not only on major pairs like BTC to USD or ETH to EUR but on over 100 crypto-to-crypto and crypto-to-fiat pairs such as Compound coin to USD. To start trading, at first, you need to select the COMP/USD pair from the long list of available markets on CEX.IO. After that, you’ll see a Compound chart with the last price, volume, and other useful information under the chart — like the order book and market depth chart.
Then you need to choose what type of order to place — market order or limit order. A market order allows you to buy or sell the asset instantly for the best available price in the order book and it can’t be canceled once placed. With a limit order, you can set the price you want to buy or sell at, but usually order execution is not instant. You need to wait until the price reaches the specified level or there are orders in the order book to match yours for the particular price. You can cancel the limit order before its full execution. As soon as your order fills, the funds will be allocated to your CEX.IO balance. You can use them for further trading or withdraw as you please.