How To Instantly Convert Ethereum(ETH) To Compound(COMP)? [Safely]
It looks like you have got to know about the secret of changing Ethereum into COMP for disappearing in cyberspace with your money.
For those of you who don’t know what I am talking about, here is the thing.
I understand, your reason for exchanging or converting ETH to COMP might be something else. But whatever it is, you need to do this exchange with extreme caution because crypto transactions are irreversible, and with Compound’s functionality, you can do so much more with it.
So to help you out precisely with that we have come up with this step by step guide on converting your ETH into COMP in the least possible time with safety.
We have chosen, Cryptmixer cryptocurrency swap service for this tutorial because it is one of the most user-friendly services to exchange one currency to another.
Let’s jump right into the step by step process:
How & Where To Exchange Ethereum (ETH) To Compound(COMP)?
Step #1. Go to Cryptmixer.com [No KYC & No Sign-up]
You should see this screen where you can select COMP and ETH pairs as shown in the below image. Do mention the correct amount of ETH you want to exchange for COMP. Doing this will automatically show you the amount of COMP you will be receiving after the conversion is complete.
Step #2. Here click on the ‘Exchange’ option shown in the above image to see the below-shown screen. You can even change the amount of ETH you wish to exchange here too. The exchange fee is set to 0.05% of the transaction.
Here they will ask you for your COMP address. If you don’t have COMP, we suggest you choose a wallet from some of these best Compound wallets and get a Compound address for yourself. This is the COMP address on which you will get your Compound coins in exchange for Ethereum.
Step #3. After adding the Compound address, click on the ‘Next’ button shown in the above image. Once you do that you will be shown details of your conversion such as COMP address, fees, time for conversion, etc. Verify the details intently on this page before moving forward for the actual exchange.
Step #4. Once you have checked all the details, click on ‘Start’ shown in the above screen.
You should now see a screen asking you to send the ETH first on a given address. Don’t worry; this is how it is supposed to work when you use Cryptmixer. You need to provide the relevant currency first after which you receive the other currency. Take out your Ethereum wallet and put the shown address to send your Ethereum on it.
Note: You have 24 hours to send funds otherwise the transaction will be canceled automatically, but I suggest you send it ASAP before the exchange rate of ETH/COMP pair changes.
Step #5. As soon as you send your Ethereum to the shown address, you will start seeing this screen ‘transaction is being confirmed.’ It means your transaction is processing and will be confirmed by the Ethereum blockchain soon. Usually, it takes 3 confirmations for depositing Ethereum which can take up to an hour in case of congestion on the blockchain.
The swapping process itself happens almost instantaneously, but the blockchain network takes the rest of the time. Typically, the exchange comprises of these three stages:
- Getting confirmations
- Exchanging ETH to COMP
- Sending Compound to your wallet
Step #6. Wait with patience, and as soon as your conversion from ETH to COMP is completed, you will see this screen showing you all the details of the transaction.
You can check your transaction details on the respective blockchain also.
Congratulations, Tada….!!! You have done it
Is It like Sending Ethereum To Compound?
Some people mistake this for sending Ethereum to Compound network and think that its Compound’s blockchain that is doing the conversion for them.
But that’s far from reality.
In this conversion powered by Cryptmixer, it acts like a mediator who facilitates the conversion of ETH to COMP. Moreover, Cryptmixer is worth relying on such exchanges because it has made a name for itself doing the same for last 5 years in this industry
So what are you thinking?
- Check Out Cryptmixer for free now
Note: We have used the example of ETH and COMP in this tutorial, but the process of converting any other currency to another one is the same, so feel free to try out Cryptmixer for that too !!
If you liked this guide, please share it with your friends & family member who wishes to exchange Ethereum to Compound or vice versa !!
How To Instantly Convert Ethereum(ETH) To Compound(COMP)? [Safely] was originally published in The Bullish on Medium, where people are continuing the conversation by highlighting and responding to this story.