No Regulation

Score

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/10

Compound

United States

|

5-10 years

Suspicious Regulatory License|

High potential risk

https://compound.finance/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United States 4.11

Better than 98.23% exchange(s)

Biz Area

Search Statistics

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Social Media Index

Influence
A

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
Compound
Phone of the company
312-925-0060
Company website
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Facebook
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Customer Service Email Address
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WikiBit Risk Alerts

2
Previous Detection 2024-04-12

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

Genealogy

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Keywords

Time Machine

White Paper

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Yesterday Vol

7 Days

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User Reviews

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2 ratings

Participate in evaluation
chukuemeka
Compound's algorithmic lending protocol and decentralized governance model provide a solid foundation for the lending market in DeFi. The project's commitment to community-driven development is noteworthy.
2023-12-25 20:16
1
Natawun
Compound's UI is incredibly user-friendly and intuitive, perfect for beginners. Plus, it has some of the best liquidity in the market which makes trading a breeze!
2024-02-24 08:30
3
Aspect Information
Company Name Compound
Registered Country/Area United States
Founded Year 2017
Regulatory Authority No regualtion
Cryptocurrencies Offered Ethereum (ETH)
Trading Platforms Online platform, Compound app
Deposit & Withdrawal Using the Compound app or connected wallets
Customer Support Discord, Github, Medium, Twitter

Overview of Compound

Compound is a virtual currency exchange platform that was founded in 2017. The platform offers Ethereum (ETH) as the primary cryptocurrency for trading.Compound provides multiple trading platforms, including an online platform and a dedicated Compound app. Users can easily access the platform and trade their cryptocurrencies through these platforms.

Compound's home page

Pros and Cons

Pros Cons
  • User-friendly experience
  • Limited cryptocurrency selection
  • 24/7 customer support
  • No regulated
  • Educational resources available
  • Limited deposit and withdrawal options
  • Risk of trading involving cryptocurrencies

Pros:

  • User-friendly experience: Compound aims to provide a user-friendly experience, making it easier for users to navigate and execute transactions on the platform. This can be particularly beneficial for beginners or those who prefer a seamless and intuitive interface.

  • 24/7 customer support: Compound offers round-the-clock customer support, ensuring that users can receive assistance and resolve any issues they may encounter at any time. This can provide peace of mind and quick resolutions to problems.

  • Educational resources available: Compound provides educational resources such as tutorials, guides, and documentation to help users understand the platform and the decentralized finance (DeFi) ecosystem. These resources can be valuable for users, especially those new to DeFi.

Cons:

  • Limited cryptocurrency selection: Compound may have a limited range of cryptocurrencies available for trading and lending compared to other exchanges. This can restrict users who are looking to trade or lend specific digital assets not supported on the platform.

  • Not regulated: Compound operates in a decentralized manner and is not regulated by traditional financial authorities. This lack of regulation may pose concerns for users who prioritize the additional protection and oversight offered by regulated platforms.

  • Limited deposit and withdrawal options: Compound may have limited deposit and withdrawal options compared to other exchanges. This can inconvenience users who prefer a wider range of choices or need specific payment methods for their transactions.

  • Risk of trading involving cryptocurrencies: Its important to note that trading involving cryptocurrencies carries inherent risks. The value of cryptocurrencies can be volatile, and users should be aware of the potential losses or gains they may experience when engaging in trading activities. Prudent risk management is essential when utilizing Compound or any other cryptocurrency exchange.

Regulatory Authority

Compound currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. It makes investing with them risky.

If you are considering investing with Compound, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated exchanges to ensure your funds are protected.

Security

To protect user funds, Compound utilizes cold storage, which ensures that the majority of funds are stored offline in secure wallets that are not accessible to hackers. This reduces the risk of a cyber attack or theft of funds.

Compound also implements strong password requirements and encourages users to utilize two-factor authentication (2FA) for an added layer of security. 2FA helps to prevent unauthorized access to user accounts even if the login credentials are compromised.

Cryptocurrencies Available

Compound primarily offers Ethereum (ETH) as the primary cryptocurrency for trading on its platform. Ethereum is one of the largest and most well-known cryptocurrencies, with a market capitalization that fluctuates based on supply and demand. The price of Ethereum can vary on different exchanges due to factors such as trading volume and market trends.

Cryptocurrencies available

How to open an account?

The registration process of Compound can be completed in the following six steps:

1. Visit the Compound website and click on the “Sign Up” button.

2. Enter your email address and create a strong password for your account.

3. Complete the email verification process by clicking on the verification link sent to your email address.

4. Provide your personal information, such as your name and contact details, and complete the KYC (Know Your Customer) verification process.

5. Set up additional security measures, such as enabling two-factor authentication (2FA) for your account.

6. Once your account is verified and set up, you can start trading cryptocurrencies on the Compound platform.

Fees

Compound charges trading fees based on a tiered fee structure, which means that the fees vary depending on the user's trading volume. The trading fees range from 0.10% to 0.30% of the transaction value. Users with higher trading volumes may qualify for lower trading fees.

In terms of deposit and withdrawal fees, Compound does not charge any fees for deposits. However, there may be fees associated with withdrawals, which can vary depending on the cryptocurrency being withdrawn. Users are advised to check the platform's fee schedule for the specific withdrawal fees.

fees.jpg

Deposit & Withdrawal

Compound offers deposit and withdrawal methods through its platform and connected wallets. Users can deposit funds into their Compound account by transferring the desired cryptocurrency from an external wallet. Withdrawals can be made by selecting the cryptocurrency to be withdrawn and entering the wallet address for the recipient.

The processing time for deposits and withdrawals on Compound can vary depending on network congestion and other factors. Generally, cryptocurrency transactions on the blockchain can take anywhere from a few minutes to several hours to be confirmed. It is important for users to consider the network fees and transaction times when performing deposits and withdrawals on Compound.

Is Compound a Good Exchange for You?

Compound is a virtual currency exchange that offers a range of features and services that may appeal to different target groups. Here are some trading groups that may find Compound suitable, along with recommendations for each group:

1. Beginner Traders: Compound provides a user-friendly platform that is suitable for beginners who are new to cryptocurrency trading. The educational resources, such as trading guides and video tutorials, can help beginners understand the basics of trading and develop their trading skills. Beginner traders are recommended to take advantage of these resources and start with small trades to gain experience and confidence.

2. Experienced Traders: Compound also caters to experienced traders who are looking for a secure and regulated exchange to execute their trades. The tiered fee structure and the availability of various cryptocurrencies make it attractive for experienced traders. They can benefit from the advanced trading features and tools offered by Compound to analyze market trends and implement trading strategies.

3. Institutional Traders: Compound is suitable for institutional traders who require a reliable and regulated platform to execute large volume trades. The platform's security measures, such as cold storage and strong password requirements, provide an added layer of protection for institutional investors. These traders can also benefit from the 24/7 customer support and multiple contact channels to address any queries or issues promptly.

4. International Traders: Compound's support for multiple languages makes it suitable for international traders. The availability of customer support in different languages ensures that users from different regions can communicate effectively with the support team. International traders can take advantage of the diverse range of cryptocurrencies available on Compound to diversify their portfolios and access global markets.

FAQs

Q: Is Compound regulated?

A: No. It has no regulation.

Q: How are the trading fees charged by Compound?

A: Compound charges trading fees based on a tiered fee structure, where the fees vary depending on the user's trading volume. The trading fees range from 0.10% to 0.30% of the transaction value.

Q: What are the deposit and withdrawal fees of Compound?

A: Compound does not charge any fees for deposits. However, there may be fees associated with withdrawals, which can vary depending on the cryptocurrency being withdrawn. Users are advised to check the platform's fee schedule for specific withdrawal fees.

User Review

User 1:“Yo, Compound is the bomb! First off, their security is tight. They use advanced encryption and smart contracts to keep your funds safe. I feel like Fort Knox up in here. And guess what? They are regulated, man! That means they play by the rules and you can trust them. The interface is slick, bro. It‘s so clean and easy to use, even my grandma could figure it out. Liquidity? Oh yeah, it’s flowing like a river. You can easily borrow or lend your crypto without any trouble. And lets talk about the cryptocurrencies available, they got a solid range, from the big dogs to the up-and-comers. Customer support? On point, bro. They respond quickly and help you out when you need it. As for trading fees, they are reasonable, not gonna break the bank. Overall, Compound is a rock-solid exchange!”

User 2:“Man, Compound left me disappointed. First off, their security measures were questionable. I mean, they say they use smart contracts, but I‘ve heard some horror stories. I don’t feel confident trusting them with my funds. And regulation? Non-existent, bro! That‘s a red flag right there. The interface was a mess, so confusing and clunky. I had a hard time figuring out how to navigate and place orders. Liquidity? It’s like trying to squeeze water from a rock. Limited options and low trading volumes. Cryptocurrencies available? Meh, they only have a handful of the popular ones. Customer support? It‘s a hit or miss, man. Sometimes they respond quickly, other times I’m left hanging. Trading fees? They are on the higher side, cutting into my profits. To top it all off, the exchange stability is sketchy. Its prone to downtime and glitches. Compound needs to step up their game!”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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