How to Lend Compound (COMP): A Step-by-Step Guide for Ugandans

Introduction

Lending Compound can be an excellent choice for those looking to hold COMP while earning some returns. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide for Ugandan Investors

1. Acquire Compound (COMP) Tokens

To lend Compound, you first need to possess it. To acquire Compound, you will have to buy it. You can select from these popular exchanges available in Uganda.

E-platform	Coin	Cost
Nexo	Compound (COMP)	24.69 APY
PrimeXBT	Compound (COMP)	24.55 APY
YouHodler	Compound (COMP)	24.61 APY
Binance	Compound (COMP)	24.61 APY
BTSE	Compound (COMP)	24.58 APY
Coinbase	Compound (COMP)	24.54 APY

See all 76 prices in Uganda

2. Select a Compound Lender
Once you have COMP, you'll need to select a Compound lending platform to lend your tokens. You can explore some options here.
E-platform Coin APY
YouHodler Compound (COMP) Up to 12% APY
Blockchain.com Compound (COMP) Up to 1% APY
CEX.io Compound (COMP) Up to 1.5% APY
View all 10 APY rates
3. Lend Your Compound
Once you've selected a platform to lend your Compound, transfer your Compound into your wallet on the lending platform. After it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.
4. Grow Your Savings
Now all you need to do is relax while your cryptocurrency earns APY. The more you deposit, the higher your potential returns. Ensure that your lending platform offers compounding interest to maximise your earnings.

E-platform	Coin	APY
YouHodler	Compound (COMP)	Up to 12% APY
Blockchain.com	Compound (COMP)	Up to 1% APY
CEX.io	Compound (COMP)	Up to 1.5% APY

What to Keep in Mind

Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Only lend what you can afford to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.