How to Lend Compound (COMP)

Introduction

Lending Compound can be an excellent choice for those looking to hold COMP while earning a return. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. 1. Acquire Compound (COMP) Tokens

   To lend Compound, you first need to possess it. To acquire Compound, you'll need to buy it. You can select from these well-known exchanges.

   Platform	Mint	Cost
   Nexo	Compound (COMP)	47,04
   YouHodler	Compound (COMP)	46,89
   Binance	Compound (COMP)	46,9
   BTSE	Compound (COMP)	46,94
   Coinbase	Compound (COMP)	46,91
   Kraken	Compound (COMP)	47,11

   View all 75 prices

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.

   Platform	Mint	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 lending APYs

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. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest in South Africa

   Now all you need to do is sit back while your cryptocurrency earns APY. The more you deposit, the more interest you can earn. Make sure your lending platform pays compounding interest to maximise your returns.

What to Keep in Mind

Lending your crypto can be risky. Ensure you conduct thorough research before depositing your crypto. Don't lend more than you're prepared to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.