How To Buy Compound Coin UK – Buy Compound Coin In Under 5 Minutes
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Compound is active in the decentralized finance (Defi) arena – with its ever-growing platform matching lenders and borrowers. The Compound protocol is also home to its very own native digital token – COMP.
In this guide, we show you how to buy Compound in the UK from the comfort of your home. We also discuss the best brokers that allow you to invest in Compound and what risks you need to consider before proceeding with your purchase.
Table of Contents
#1 Broker to Buy Compound Coin – eToro
How To Buy Compound Coin – Choose a Broker
If you want to buy Compound in the UK – you will need to do so through a trusted online broker. Below you will find the top five UK brokers that allow you to invest in COMP tokens.
- eToro – Overall Best Broker to Buy Compound UK
- Coinbase – Best Broker to Buy Compound for Beginners
- OKEx – Best Low-Cost Broker to Buy Compound UK via a Crypto Deposit
- Binance – Best Broker to Buy Compound for Asset Diversity
- Coinjar – Best Broker to Buy Compound UK for Those on a Budget
If you want to know more about any of the Compound brokers listed above – scroll down to read our full reviews!
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How to Buy Compound Coin in the UK – A Quick Guide For 2022
Below you wil find a quickfire guide on how to buy Compound in the UK in less than five minutes. We have chosen eToro for our walkthrough – as the FCA-regulated broker is safe, easy to use, and offers super low fees.
- Step 1: Open an Account with eToro – To open an account with eToro, you’ll need to provide some personal information and contact details.
- Step 2: Upload Your ID – To get your eToro account verified – upload a copy of your ID and a proof of address.
- Step 3: Deposit Funds – You’ll need to deposit some funds into your eToro account before you can buy Compound in the UK. Choose from a debit/credit card, Paypal, Skrill, or a UK bank transfer.
- Step 4: Buy Compound – Search for ‘Compound’, click on the ‘Trade’ button, and enter your investment size into the ‘Amount’ box. To complete your order, click on the ‘Open Trade’ button.
eToro will execute your Compound token purchase instantly. You can view your investment by clicking on the ‘Portfolio’ button.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
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Where to Buy Compound Coin in the UK
It’s best to do some research on your chosen broker before you proceed to buy Compound in the UK. After all, you will be required to deposit funds into your brokerage account – so you need to be sure that your capital is safe. Plus, you also need to consider key metrics surrounding fees, customer service, user-friendliness and supported payment methods.
Taking all of this into account, below you will find a selection of the best brokers that allow you to buy Compound in the UK.
1. eToro – Overall Best Broker to Buy Compound UK
The minimum deposit for new customers of eToro is just $200 – or about £145. Once you have funded your account, you can then proceed to buy Compound in the UK at a minimum stake of just $25 – or about £18. This means that you do not need to risk large amounts to enter the market. You will also benefit from industry-leading fees when using eToro to invest in COMP tokens. This is because the broker only charges a ‘spread’ – which starts at just 0.75% on digital asset purchases.
As soon as you have bought your chosen number of COMP tokens, the digital coins can be found in your eToro portfolio. There, you can see how your tokens are performing in real-time. You can also cash out your investment whenever you wish – 24/7. If you are interested in buying other digital currencies, eToro has you covered. You can buy everything from Bitcoin, EOS, and Ripple, to Bitcoin Cash, Uniswap, and Cardano. There is also a professionally managed cryptocurrency portfolio at eToro – which allows you to invest in lots of different tokens via a single trade.
An additional passive investment tool at eToro is the copy trading feature. This allows you to choose a successful eToro investor that alligns with your financial goals and subsequently copy all of their trades. This feature comes with no additional fees, albeit, the minimum investment per copy trader is $500 (about £360). Unlike the other cryptocurrency brokers that we review on this page, eToro also offers traditional asset classes. This includes indices, forex, commodities, and ETFs.
In fact, the platform is also home to thousands of stocks and shares. This includes companies listed in the UK, the US, Europe, Asia, and more. Best of all, you can buy shares at eToro without paying any commission or stamp duty. In terms of safety – this is where eToro really stands out. After all, the broker is regulated by the UK’s FCA, as well as licensing bodies in Australia and Cyprus. The platform’s reputation is further boosted by the fact that eToro is now used by over 20 million people – which is huge.
Pros
- Invest in cryptocurrencies on a spread-only basis
- Buy thousands of UK and international stocks at 0% commission
- Minimum investment per trade from just $25
- Supports debit/credit cards, e-wallets, and local bank transfers
- Regulated by the FCA, CySEC, and ASIC
- Used by over 20 million people
- Perfect for beginners
- Social and copy trading tools
Cons
- Perhaps too basic for technical traders
- No support for MT4 or MT5
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
2. Coinbase – Best Broker to Buy Compound for Beginners
Once you have registered an account and uploaded some ID, you can use your Visa or MasterCard to buy COMP tokens instantly. This will cost you a total commission of 3.99% of the transaction amount. You can also deposit funds via a UK bank transfer for free and then pay a standard commission of 1.49%. Although this is the cheaper option, expect to wait a couple of days for your bank deposit to arrive. Either way, as soon as you have purchased Compound, the tokens will appear in your Coinbase web wallet.
You can then leave the tokens there until you are ready to cash out or withdraw them to a private wallet. Coinbase itself offers a native mobile wallet that comes via an Android and iOS app. This comes with a plethora of security features and even allows you to buy and sell crypto on the move. Coinbase offers plenty of other cryptocurrency markets on its platform – which covers coins of various shapes and sizes. You can also spend your cryptocurrency tokens in the real world by ordering the Coinbase debit card – which is issued by Visa.
Pros
- One of the most popular cryptocurrency exchanges
- More than 35 million users
- Supports instant debit card purchases
- Dozens of digital currencies to choose from
- Institutional-grade security practices
Cons
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection
3. OKEx – Best Low-Cost Broker to Buy Compound UK via a Crypto Deposit
Alternatively, if you already have a digital currency stored in a private wallet or at a different exchange, you can transfer the funds into your OKEx account in minutes. Then, you simply need to head over to the respective market and exchange the crypto into Compound. This will cost you a commission of just 0.10% – which is super competitive. Plus, when you fund your OKEx account with crypto – as opposed to fiat money, you won’t need to worry about uploading any ID or proof of address documents.
As such, the crypto-to-Compound option is arguably the best route. What we also like about OKEx is that it allows you to earn interest in your idle digital currency investments. In the case of COMP, the platform is currently paying an annual rate of 2.77% via its flexible account. Other coins pay even more – with the likes of Tether and Ethereum yielding 12.51%. OKEx is also a good option if you want to engage in short-term cryptocurrency trading – not least because the platform supports over 400+ pairs.
Pros
- Trusted crypto exchange with over 20 million users
- More than 400+ digital currency pairs
- Buy and sell cryptocurrencies with a debit/credit card or bank transfer
- Low commissions that start from 0.1%
- Fully-fledged mobile app on Android and iOS
- Great reputation and highly secure
Cons
- Debit/credit card fees could be more competitive
- Derivative products are too complex for beginners
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection
4. Binance – Best Broker to Buy Compound for Asset Diversity
Binance is arguably one of the most popular cryptocurrency exchanges in the space – with over 100 million active accounts now using the platform to trade. The exchange processes in excess of $10 billion worth of trades every day – so the platform benefits from huge levels of liquidity and tight spreads. You will also find some of the lowest trading fees in the crypto scene when using Binance – as the platform charges a commission of just 0.10%.
This commission can be reduced even further when you trade large volumes or own a minimum number of Binance Coin tokens. In terms of the process involved when buying Compound, you can use your debit/credit card to make an instant purchase. You will first need to go through a quick KYC (Know Your Customer) procedure – which simply requires a copy of your passport or driver’s license. Then, you can instantly buy COMP tokens in the UK with your debit/credit card at a commission of 1.8%.
Other options exist too – with Binance supporting hundreds of cryptocurrencies. For example, you if you currently hold some Ethereum coins, you can deposit the digital funds into Binance and then swap the tokens for Compound. Bank transfers used to be an option too, but at the time of writing this is unavailable. Much like OKEx, Binance allows you to earn interest on your idle crypto investments. With that said, the interest payable on Compound is just 1% at Binance, while at OKEx – this is higher at 2.77%.
Pros
- Facilitates billions of pounds in daily trading volume
- Supports hundreds of digital asset pairs
- Near-instant deposits via debit/credit cards and local bank transfers
- Trading commission starts at just 0.1% per slide
- Offers crypto savings accounts
- Ideal for both beginners and experienced traders alike
Cons
- Not all supported cryptocurrencies can be purchased with a debit/credit card
- No e-wallet deposits or withdrawals
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
5. Coinjar – Best Broker to Buy Compound UK for Those on a Budget
As always, you will first need to open an account and upload some ID – should you wish to use fiat money. You can also deposit funds into your Coinjar account via a UK bank transfer. Not only is this option free, but the funds typically arrive in minutes. Then, it’s just a case of placing a buy order on Compound – which will cost you a standard commission of 1%. One of the best things about Coinjar is that it is highly suitable for beginners that wish to invest with small amounts.
This is because the platform allows you to deposit from just £5. You can then use this £5 to buy COMP tokens in a risk-averse way. The platform itself has been designed with newbies in mind, so inexperienced investors should face no issues. You can also complete your Compound purchase via the Coinjar mobile app – which is compatible with both Android and iOS devices. In terms of reputation, Coinjar has been active in the digital asset arena since 2013 – which makes it one of the longest-standing in this space.
Pros
- Has been active in the crypto brokerage arena since 2013
- Very user-friendly platform – so perfect for beginners
- Mininmum deposit of just £5
- No fees to deposit funds via Faster Payments
- Debit/credit cards also supported
- Top-rated mobile app
Cons
- Too basic for experienced cryptocurrency traders
via eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
How to Buy Compound in the UK – Detailed & Explained in Full
We have now presented you with five detailed reviews of the best cryptocurrency brokers – all of which allow you to buy Compound in the UK. Next, we are going to walk you through the investment process step-by-step. This includes the process of registering with an FCA-regulated crypto broker like eToro, verifying your account, making a deposit, and subsequently buying COMP tokens.
Step 1: Open a Crypto Broker Account
To recap – we have chosen eToro as our number one Compound broker because it is regulated by the FCA, supports debit/credit cards, and offers some of the most competitive commissions in the crypto trading arena. So, the first step is to visit the eToro website, click on the ‘Join Now’ button, and enter your personal information.
The information required includes your name, address, date of birth, and national insurance number. You’ll also need to enter and confirm your mobile number and email address. All in all, opening an account at eToro shouldn’t take you more than five minutes.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
Step 2: Upload ID
All cryptocurrency brokers are required to collect some ID from you in the event you wish to use fiat money to deposit funds. In the case of eToro, you can actually complete this step at a later date. You will need to do this before you can deposit more than $2,250 (about £1,600) or make a withdrawal. With this in mind, we think that it’s best to quickly upload the required documents now.
This is inclusive of your passport or driver’s license and proof of address. For the latter, you’ll need a recently issued bank account statement or utility bill – and digital copies are accepted.
Step 3: Deposit Funds
Now it’s time to make a deposit. As a first-time customer, eToro requires a minimum deposit of $200. All subsequent deposits come with a minimum of just $50. You can choose from a wide variety of supported payment methods – including debit/credit cards (Visa, MasterCard, Maestro), and bank transfers. A number of e-wallets are supported too – including Paypal and Skrill.
Step 4: Find Compound
You can now enter ‘Compound’ into the search box at the top of the page.
Like the image above, you’ll see Compound load up. When it does, click it. On the next page, click the ‘Trade’ button.
Step 5: Buy Compound
The final step is to create a buy order. This simply tells eToro that you want to buy Compound at the current market price. You’ll need to let the broker know how much you wish to invest, too. You can do this by entering your stake in the ‘Amount’ button. Take note, this needs to be stated in USD and the minimum stake is $25.
When you are happy with the information entered – click on the ‘Open Trade’ button to complete your Compound investment.
Buy Compound – Best Place to Buy Compound in the UK
In the sections below we discuss the best place to buy Compound in the UK.
Online Cryptocurrency Broker
If you buy Compound in the UK from a cryptocurrency broker like eToro – you’ll be investing in a safe and low-cost manner. For example, not only is eToro regulated by the FCA, but the broker operates a spread-only pricing model. In simple terms, this means that the fees charged when buying Compound amounts to the difference between the ‘bid’ and ‘ask’ price of the digital asset.
Another core benefit of using a regulated cryptocurrency broker to buy Compound in the UK is that you will be able to use pounds and pence to pay for your purchase. Once again, this is where FCA-regulated broker eToro stands out – as you can buy Compound with a debit/credit card, Paypal, Skrill, or a UK bank transfer.
Cryptocurrency Exchange
Our team of researchers found that there are dozens of cryptocurrency exchanges that allow you to buy Compound in the UK. These are largely unregulated platforms that only accept deposits in the form of crypto. As such, you likely won’t be able to pay for your purchase with a debit/credit card or bank account transfer.
The main benefit of choosing a cryptocurrency exchange is that the fees on offer are often industry-leading and you will likely have access to hundreds of other cryptocurrencies. But, if you choose an exchange that isn’t regulated by a notable body like the FCA, you are putting your capital at risk.
Ways to Buy Compound UK
Below you will find a number of different ways to buy Compound in the UK.
Buy Compound With Debit Card
The best way to buy Compound is with your debit card. When completing the process at eToro, this should take you no more than five minutes. Simply open an account, enter your stake and debit card details, and that’s it – you’ve just bought COMP tokens.
Buy Compound With Credit Card
FCA-regulated brokers like eToro also allow you to buy Compound with a credit card. Just make sure you check whether or not your credit card issuer charges a cash advance fee for crypto broker deposits.
Buy Compound With Paypal
Another popular way to buy Compound in the UK is with an e-wallet like Paypal. If you already have a funded Paypal account, then you can use your e-wallet to instantly deposit funds in to eToro. Then, you simply need to choose how many COMP tokens you wish to buy and eToro will execute your investment in seconds.
Buy Compound With Bitcoin
Already own Bitcoin and wish to swap your BTC tokens into COMP? If so, you can complete the process at a cryptocurrency exchange without needing to upload any documents.
OKEx is the best option here as you will only be charged a commission of 0.10% to buy Compound with Bitcoin. Other cryptocurrencies are supported too – meaning that you can also buy Compound with the likes of Ethereum, Binance Coin, and Tether.
Why Buy Compound UK?
You should always research a digital asset before you complete an online investment. The most important thing is to have a firm grasp of the risks involved and what upside potential is on the table in terms of financial gain.
As such, below we discuss some of the reasons why you might decide to buy Compound in the UK.
Decentralized Finance
Compound is one of the biggest players in the ever-growing world of decentralized finance – or Defi. This industry allows people to access traditional financial and banking services without needing to go through a third-party. In the case of Compound, the platform matches lenders and borrowers in a decentralized way.
For example, if you wanted to earn interest on your cryptocurrency holdings, you could deposit your capital into the Compound platform. Then, the funds would be used to fund loans. In other words, you get to take on the role of a bank – by earning interest on funds that you lend to borrowers. Crucially, the digital token that fuels the Compound platform is COMP – which is where it derives its value.
Huge Returns Since 2020 Launch
Although Compound is one of the most prominent projects in the decentralized finance space, the COMP token was only launched in June 2020. This means that you can still enter the market while this digital asset is young. In terms of returns to date, COMP tokens were initially trading at $64 each when they first hit public exchanges.
Since then, it’s been up, up, and away for the Defi coin – with COMP hitting highs of $854 in May 2021. This means that in just under one year of trading, Compound increased in value by 1,200%. In simple terms, this means that an original investment of £1,000 in June 2020 would have been worth over £12,000 come May 2021.
Low Barrier of Entry
We noted in the section above that Compound hit highs of $854 per token in May 2021. At current exchange rates, this amounts to approximately £620. Now, it wouldn’t be wise to invest this much into a digital token – especially if you are a beginner or are on a budget. However, the good news is that platforms like eToro allow you to buy a ‘fraction’ of one COMP token.
In fact, the minimum investment is just $25. Ultimately, you will still benefit from the same percentage gains when buying a fraction of one Compound, so don’t feel like you need to purchase a full token.
Risks of Buying Compound in the UK
Like all financial instruments, there are risks involved when buying Compound in the UK. After all, if the value of the tokens goes down – and you decide to sell, you will walk away with less than you started with.
Here’s what you can do to mitigate the risks involved when investing in COMP tokens:
- Consider investing a modest amount. This is possible at eToro – as the broker allows you to buy Compound in the UK from just $25.
- By dollar-cost averaging your COMP investments, you can lower the risks involved. This is because you will invest a small amount of money at regular intervals – for example, $25 per week.
- You should also consider diversifying when buying COMP tokens. Not only in terms of buying other cryptocurrencies – but perhaps also investing in traditional assets like stocks and shares.
Ultimately, just ensure that you consider the risks before you buy Compound in the UK – as digital currencies are highly volatile and speculative.
The Cost of Buying Compound in the UK
When learning how to buy Compound in the UK – it’s important to understand the fees that you are likely to pay when investing.
This includes:
Deposit Fees
If you want to buy Compound in the UK with your bank account, many brokers allow you to deposit funds in this manner for free. If, however, you want to use a debit or credit card, the fees can be costly. Many brokers charge in excess of 5% – which means a fee of £50 for every £1,000 invested. You can get this down to just 0.5% when using eToro – which is very competitive.
Trading Fees
If you are not engaging in an instant debit card purchase, then you will need to factor in the commission. This is charged by cryptocurrency brokers when you buy and sell Compound. The commission can vary from 0.10% (OKEx, Binance) right up to 1.49% or more (Coinbase). eToro doesn’t charge a commission per-say, as the broker operates a spread-only pricing model. This allows you to save even more on fees.
Selling Compound: A Quick Overview
If you’re wondering how to sell Compound in the UK – here’s what you need to do:
- If you bought your COMP tokens from a broker like eToro – you just need to head over to your account portfolio and click on the ‘Sell’ button.
- The tokens will instantly be sold at the current market rate and the proceeds will subsequently be reflected in your cash balance.
- You can then withdraw the cash back to the same payment method that you used to buy Compound – as per anti-money laundering rules.
If your COMP tokens are in a private wallet, you’ll need to transfer them to an exchange like Coinbase. You can then sell the COMP tokens into cash, and withdraw the proceeds out. This is, however, on the proviso that you have completed a KYC process.
How to Buy Compound UK – Conclusion
This guide on how to buy Compound in the UK has left no stone unturned. Not only have we walked you through the COMP investment process step-by-step, but we’ve also reviewed the best brokers for the job. We have also explained the many considerations that you need to make before investing in a speculative asset like Compound.
If you are ready to buy Compound right now in a safe and secure way – you can complete the process with eToro in minutes. This popular FCA broker is used by over 20 million people and you can instantly add funds to your account via a debit/credit card or bank transfer. eToro also supports small investments – with the minimum COMP stake amounting to just $25 – or about £18.