With an FTX account setup, you can now buy COMP tokens after you’ve deposited your desired amount of Bitcoin (BTC) on the exchange and converted it to USD through the conversion tool on the wallet page. Head over to the COMP tab when you’re ready to get started. Compound (COMP) tokens can be bought with straight USD for spot tokens that you can withdraw at any time, or bought through perpetual contracts with leverage. Depending on why you’re interesting in COMP tokens, you can decide whether you want real COMP tokens or simply wish to trade the token in the short term.

In terms of functionality, Compound (COMP) tokens on FTX operate just like any other token. You can either hold them in your wallet and withdraw them into your own wallet, or store them on FTX to sell when it is convenient to you. If you decide to trade COMP tokens with leverage via perpetual contracts on FTX, you need to understand the risks around leverage trading first, FTX has a help section focused on this.

FTX Exchange is one of the first cryptocurrency exchanges to offer Compound (COMP) tokens and are our top recommendation when deciding which exchange to trade on.

The Compound (COMP) token is used on the decentralized finance platform, Compound. Compound enables developers to increase the liquidity of tokens within their decentralized applications and provides incentives for holders to put up their ERC20 tokens in return for interest and rewards. It’s essentially a decentralized lending platform that is making big moves right now.

Buying Compound (COMP) tokens on FTX is an easy way to get started owning or trading COMP with no need for KYC or identity verification. If you are trading the spot markets, you own whatever COMP tokens you purchase as long as you withdraw them from the exchange when you’ve setup a COMP Wallet.

COMP tokens can currently be purchased on FTX, MXC, Hoo, Bilaxy, Hotbit and many more exchanges but from our experience, FTX Exchange is by far the most secure and reliable when it comes to spot and leverage trading.

Whether your Compound (COMP) trade went your way or not, you may want to convert your USD balance back to BTC for withdrawal. Luckily FTX exchange make this just as simple as it was when you started. Go back to your Wallet, search “USD” and click “Convert”. If you wish to perform KYC and upgrade your identity status on FTX Exchange, you can even request a bank transfer into your own account if you’d rather keep everything in USD and not bother with cryptocurrencies at all.

Following the screenshot provided, ensure the conversion is from USD Stablecoins (USD) to Bitcoin (BTC). Enter the amount of USD you’d like to convert and click “Convert” to proceed. You can obviously convert your USD to a wide range of cryptocurrencies on the platform if you’d rather hold something other than Bitcoin.

Unless you’re trading, never keep your coins on an exchange for an extended period of time. FTX Exchange has proven itself over time to be an extremely trustworthy exchange, but it’s just best practice to be in control of your own funds at all times. To withdraw your Bitcoin (BTC) or whatever funds you converted your USD to, go to your Wallet and click “Withdraw” on your new balance. Bitcoin (BTC) can be safely stored using a software wallet like Exodus or a hardware wallet like a Ledger Nano X.

Enter the amount of Bitcoin (BTC) you’d like to withdraw in the text-box provided. Enjoy the fee-less withdrawals FTX Exchange offers and make sure the withdraw address you have entered is yours and is correct.

When you’re happy, click “Withdraw”. You may be asked for phone/email verification before a withdrawal can be processed.