How to buy Compound in Canada?
It doesn't matter if you are in Toronto, Montreal, Calgary or anywhere in between, NDAX gives you all the tools and support to buy and sell Compound in Canada.
Why buy COMP?
Compound was created for the purpose of creating a trustless, decentralized lending platform. Anyone who deposits supported ETH tokens on Compound can either earn interest on their deposit or use it as collateral for taking out a loan. COMP, Compounds native token, is distributed as a reward to those using the platform.
COMP holders can then propose changes to the protocol as well as vote on proposals made from others, all without any involvement from the Compound team. Buying COMP allows the owner to participate in this governance and it can be bought without loaning or borrowing on the platform itself.
Additionally, COMP has a maximum supply of 10 million tokens. As use of the platform increases, and adoption of DeFi continues to grow, investors are buying COMP for exposure to lending protocols and for the belief that COMP’s value will increase due to its fixed supply and growing utilization.
Storing your Compound
After investing in Compound, the next step is to store your Compound in a secure cryptocurrency wallet. Depending on your own needs, investment amount and preferences, you can keep your Compound on a trading platform, a physical hardware wallet or a software wallet.
You are free to transfer your Compound to a private wallet from NDAX. However, if you decide to store your Compound in your NDAX wallet, we have all the security measures in place to keep your Compound safe and secure.
What can you do with Compound?
Pay for Goods and Services
Online stores, merchants, restaurants, and retail environments continue to adopt COMP and other cryptocurrencies as a means of payment.
Invest and Trade
On our trading platform, COMP can be traded directly with the Canadian dollar. You can also easily view and track your trading activity, performance, growth and profits.
Use as a Store of Value
Investors are using COMP as a store of value.
Why buy COMP on NDAX?
We take the fear out of trading
NDAX’s security standards are among the highest in the Canadian FinTech industry.
NDAX holds the majority of digital assets offline in cold storage protected by multi-signature technology, provided by Ledger Vault, the global leader in security and infrastructure solutions for cryptocurrencies.
Hot wallets are protected by Multi-Party Computation (MPC) technology recognized by industry experts.
Grow your portfolio with NDAX’s recurring purchase feature
Set Compound recurring purchases to automatically buy COMP to CAD each day, week or month. Set regular purchases as low as $10.
Compound investing in the palm of your hand
Download the NDAX mobile app to fund your account and start trading on-the-go from any iOS or Android device.
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Gain control of your COMP investments with advanced trading options
The cryptocurrency market is volatile. Avoid missing out on trades by using NDAX’s unique trading options:
Limit order
Buy or sell order executed at a specific price.
Stop order
Order to buy or sell once a cryptocurrency reaches a specific price point.
Trailing stop market order
Order that can be set at a specific dollar amount away from a cryptocurrency’s last price, bid or ask.
Trailing stop limit order
Limit buy or sell order triggered once a cryptocurrency touches a trailing amount set by the user.
Fill or kill (FOK) order
Trade that executes immediately and entirely at a certain price, but if it cannot fill the entire order immediately, it will be cancelled entirely.
Immediate or cancel order (IOC)
Trade that executes immediately and cancels any unfilled portions of the order.
Reserve order (Iceberg Order)
Large trade divided into multiple limit orders. The orders are split into visible and concealed amounts.