How to Lend Compound (COMP)

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. 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)	26.34 APY
   PrimeXBT	Compound (COMP)	26.19 APY
   YouHodler	Compound (COMP)	26.25 APY
   Binance	Compound (COMP)	26.25 APY
   BTSE	Compound (COMP)	26.19 APY
   Coinbase	Compound (COMP)	26.2 APY

   See all 76 prices in Uganda

2. 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. 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. 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.

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.