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Learn More about buying COMP in Slovakia
How to buy Compound in Slovakia
Is COMP a good investment in Slovakia?
The Compound protocol is a decentralized lending and borrowing platform built on the Ethereum blockchain. Compound allows users to lend and borrow a variety of different cryptocurrencies, such as Ethereum and stable coins, using smart contracts. Both sides of the transaction, the lender and the borrower, who operate on this platform, due to its decentralized nature, only deal with the compound platform and there is no middleman involved. The interest rates on loans and transactions are determined by supply and demand, with borrowers earning interest on their deposited assets and lenders earning interest on the assets they lend out. The COMP token is used to govern the protocol and gives token holders the ability to vote on changes to the Compound protocol. Additionally, users who supply assets to the protocol are rewarded with COMP tokens as interest. Due to the activity of this currency on the blockchain, all information related to transactions are recorded and published in a completely transparent manner; Therefore, the possibility of fraud and abuse is reduced. Also, its decentralized nature increases its liquidity.
In a nutshell, Compound simply works like a decentralized bank and allows users to deposit and receive interest. However, unlike traditional banks that sometimes have negative interest or may have control over deposits, the blockchain platform of Compound does not allow any person or organization to manage and access users' assets.
What is Compound ?
The COMP symbol is used as a ticker symbol for the Compound token. COMP is used to represent the Compound cryptocurrency on exchanges and other platforms. Similar to stock ticker symbols, cryptocurrency symbols such as COMP can also help traders, investors, and others to quickly identify a particular cryptocurrency and its current market value.
Learn more on the Compound official website.
Is Compound legal to buy in Slovakia?
Yes. According to the National Bank of Slovakia (NBS), crypto activities are regulated to an extent harmonized with EU legislation; NBS defines cryptocurrencies as digital assets that are based on cryptography, decentralized and usually use blockchain technology. According to Methodological Guideline No. MF/10386/2018-721 issued by the Ministry of Finance of the Slovak Republic, a cryptocurrency means a digital carrier of value which is neither issued nor guaranteed by any central bank or public authority; is not necessarily linked to any legal tender; has no status of a currency or money but is accepted by some natural or legal persons as a means of payment; and can be transferred, stored, purchased and sold electronically.
Is Compound taxed in Slovakia
Yes. According to Act No. 595/2003 Coll. on Income Tax, any income (earnings) resulting from a sale of virtual currency is considered taxable income for individuals and income from the sale of cryptocurrencies is listed under “other income” in personal income tax return. If the income is less than €38,000, the tax rate is 19% and if the income is higher, the tax is 25%. These taxes apply to individuals who earn money using cryptocurrency in Slovakia.
After you've bought Compound in Slovakia
The audience of this platform can receive interest by depositing their digital assets and earn money through lending. Borrowers can also enjoy the privilege of receiving a loan by pledging cryptocurrency. Therefore, holding COMP tokens grants the holder the ability to vote on proposed changes to the Compound protocol. This means COMP tokens are valuable as a governance token on the Compound network. Additionally, COMP is highly traded on various exchanges and is a valuable trading and investment asset in the crypto world.
Who can buy Compound in Slovakia?
Anyone. Buying cryptocurrency in Slovakia is much faster and more convenient with the help of exchanges.There are different means for purchasing cryptocurrencies that are supported in Slovakia such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange provides secure transactions through all of these services.
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Frequently asked questions
Compound (COMP) is a token that has gained significant popularity and usefulness in recent years. It aims to address problems in the cryptocurrency industry, such as high transaction costs and lack of transparency or limited liquidity. Compound is also one of the best-known projects in the DeFi market. With DeFi lending growing in popularity due to their efficiency and profitability, the future of COMP might also be heading toward a huge increase in demand. Please note that this is by no means a buying signal or a financial advice.
There are two factors that affect the cost of cryptocurrency purchase. The price of the cryptocurrency itself and the exchange commission. Our exchange is practically one of the cheapest means to buy crypto since it charges ZERO exchange fees for transactions.
According to the National Bank of Slovakia (NBS), crypto assets can be categorized as: Virtual assets, Utility tokens, and Investment tokens.
On our platform, the minimum amount required to buy COMP cryptocurrency is as low as $10. You are provided with different payment options to make the purchase. Once the transaction is successful, the acquired COMP units will be reflected in your cryptocurrency account. Also, our exchange charges no transaction fees for your COMP purchase.
It is estimated that over 140 thousand people, 2.57% of Slovakia’s total population, currently own cryptocurrency.
Most cryptocurrency holders are always concerned about how to keep their digital assets safe and secure. Therefore, one of the first necessary measures to enter the field of digital currencies and invest in cryptocurrencies is choosing the method of keeping digital currencies. Hardware wallets are one of the best and safest ways to store digital currencies. This method is especially recommended for people who have a lot of digital assets and want to invest and deposit them for a long time. But this method is costly; Because hardware wallets have a high cost and some users do not want to pay this much for a wallet. Another option is to use a software wallet, which is a digital wallet that you can have on your PC or cellphone. Also, in order to make trading for COMP cryptocurrency more convenient and simpler, our platform offers a secure digital wallet with additional functionality and easy access to various trading options.