How To Buy Compound (COMP) In Canada (May 2022)

May 12, 2022
Blog

If you’re wondering how to buy Compound (COMP) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Compound.

Newton is a particularly good choice for buying and selling Compound because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.

What Is Compound (COMP)?

Compound (COMP) is an Ethereum-based Decentralized Finance (DeFi) lending protocol. Founded in 2017 by Robert Leshner and Geoffrey Hayes, it came as an answer to the lack of lending and borrowing platforms on the Ethereum blockchain. It also solves what Robert and Geoffrey identified as a problem with other lending platforms: tokens deposited usually sit in the lending pools idle, until somebody requests a loan. Compound seeks to solve this by awarding interest on balances, even before somebody loans any crypto. Interests for deposited Ethereum and ERC-20 assets are paid out in cTokens, a secondary currency which can be exchanged for other ERC-20 assets.

The Compound protocol relies on smart contracts for borrowing and lending, and the largest lending pools are comprised of stable coins like USDT, and USDC, but other crypto are also available.

Compound has a maximum supply of 10 million COMP; as of 2022 less than half is available and circulating. Compound suffered an unusual exploit in 2021 when rolling out an update; users accidentally were sent COMP tokens for free, accounting for over $90 million. A significant percentage was returned by the users, and since then they’ve rolled out patches to make sure this doesn’t happen again.

Here are some other quick facts about Compound:

Asset TypeEthereum-based Protocol
Price$122.2 USD
Market Cap$819,888,178 USD
Circulating Supply6,722,715
Total Supply10,000,000
WhitepaperLink
All Time High$910.54 USD
All Time High DateMay 12, 2021
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  • Experienced
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Where To Buy Compound In Canada

Here’s how to buy Compound in Canada smoothly and easily:

1. Open Your Newton Account

Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.

If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.

2. Fund Your Newton Account

Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.

Your funds will appear in your account in 30 minutes or less.

3. Buy Compound With Newton

Once you’ve funded your account, you can go ahead and buy however much Compound you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Compound from the dropdown menu.

Your order will be processed immediately, and your Compound will show up in your account right away. And that’s it—you just bought Compound!

Zero Trading Fees

Spreads: 0.2% – 0.7%
Security: 95% cold storage
Signup bonus: $25

Low spreads & zero trading fees.

★★★★★

Rated 4.8/5

Why Newton Is Great For Buying Compound

There are many reasons Newton is my exchange of choice for buying Compound, but here are just three:

1. Extremely Low Fees

Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.

The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Compound on its Fees page.

2. Wide Variety Of Coins

Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Compound, Newton is your best bet for finding them.

Newton obviously supports the major coins like Bitcoin and Ethereum, but smaller altcoins like Chromia and Cosmos are also supported.

3. Designed For Canadians

If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.

Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.

Where To Store Compound

Storing Compound is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.

I personally suggest using ZenGo, a free software wallet that supports 70+ crypto assets and is as easy to use as a banking app. Other benefits of using ZenGo include:

  • ZenGo’s proprietary keyless technology means only you can access your coins
  • Cloud backups allow you to access your coins even if your phone is lost or stolen
  • Open an account in 30 seconds
  • $10 bonus when using my signup link and the promo code ZENX0B4G

Here’s how to get started with ZenGo:

  1. Open your account using this signup link and the promo code ZENX0B4G for a $10 bonus upon making your first transaction.
  2. Transfer crypto from an external wallet or buy some direct from the ZenGo app.
  3. Receive your $10 bonus.
#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

In Summary

Here’s how to buy Compound in Canada:

  1. Open a Newton account using my referral link to get your $25 signup bonus.
  2. Deposit Canadian dollars into your Newton account with zero fees.
  3. Exchange dollars into Compound with no commissions—you just pay the spread.

Buying Compound In Canada FAQs

What Fees Are Involved With Buying Compound?

Newton doesn’t charge any trading fees or commissions on Compound, so you just pay a spread of around 0.2% – 0.7%.

Which Canadian Exchanges Offer Compound?

Newton is the only exchange Canadians can use to buy Compound today. Other exchanges like CoinSmart and Bitbuy may add support for Compound in the future, but right now, Newton is the only option Canadians have.

How Do I Sell Compound In Canada?

To sell Compound, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Compound you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.

Alternatively, if you wish to transfer your Compound to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Compound from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.

Is Compound A Good Investment?

At its current price of $122.2 USD, Compound is down 86.58% from its all-time high of $910.54 USD on May 12, 2021. If the past is any indication, though, there’s a good chance Compound will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.

Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.

Compound Price Prediction

Our price prediction for Compound is $1,603.13 USD within 12 months. This equates to an increase of 1212% from its current price of $122.2 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5