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Compound Wallet Choosing Guide

Compound is a popular decentralized finance (DeFi) platform with a protocol that allows users to stake cryptocurrency and receive high interest in the process. COMP is the native token on the platform and operates on the Ethereum blockchain as an n ERC-20 token. Hence, there are a wide variety of wallets to choose from all with different hardware and software features. Therefore, we’ve put together a short Compound wallet choosing guide to help you navigate these shifty waters and find yourself a great COMP wallet. 

Key talking points:

  • Learn what a COMP wallet is and how they work
  • Understand the main features of a COMP wallet
  • Learn about COMP wallet security
  • Compare different types of COMP wallets
  • Discover what COMP wallets are best for you

What is a Compound wallet?

A Compound wallet is either a software or hardware wallet that interacts with the Ethereum blockchain to let users “store” Compound’s native token COMP. Private keys are given to every individual and to access COMP stored on a given wallet, pirate keys are needed. Without the private keys, you can’t interact with the Ethereum blockchain meaning you cannot send, receive, exchange, or do anything with your COMP wallet. 

How does a COMP wallet work?

There is no single way in which a COMP works. Sure, they all operate on the basic principle of “storing” COMP securely but how each wallet does so varies from product to product. What you really should be concerned about when picking a COMP wallet is to ensure it has a few main features. Let’s go over them now. 

Main features you need in a Compound Wallet

When researching your Compound wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom COMP transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Compound Wallet to Buy or Trade COMP?

The short answer here is “yes.” If you buy COMP on a crypto exchange, then that exchange will have a built-in COMP wallet for you to hold COMP until you decide to trade it or withdraw it. Even if you manage to buy COMP with cash from your friend, you still need a wallet to store Compound.

Are all COMP wallets secure?

Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure COMP wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).

Are all COMP Wallets Free? How Much Does It Cost to Use a Compound Wallet?

Any good Compound wallet should be free. If someone is trying to sell you a Compound wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Compound wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).

How to deposit and withdraw from Compound Wallet

The crypto industry has come a long way over the years. Nowadays, Compound wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Compound using your wallet, just open up your app and find Compound in the wallet section. You should then see buttons to deposit or withdraw Compound. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Compound can do so. If you are withdrawing Compound, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Compound there. 

Types and differences of Compound wallets - How to choose the right one for you?

Compound wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop COMP wallet

As its name suggests, a desktop COMP wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile COMP wallet

More or less, a mobile COMP wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile COMP wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are COMP wallets for all types of operating systems like Android or iOS. 

Web COMP wallet

Web COMP wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Compound Wallets

There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Compound wallet.” To be honest, there is no “best COMP wallet” for us as a collective whole. However, there is a Compound wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Compound wallet? Well, that’s for you to decide. 

Best Compound Wallet for Beginners

When asking what the best Compound wallet for beginners is, it’s important to first dissect what a beginner demands from a Compound wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Compound Wallet For Advanced Compound Users & Investors

Advanced Compound users and investors also appreciate clean simple interfaces on their Compound wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Compound Wallet  for Mobile Users

Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Compound wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Compound wallets match this quality but YouHodler tries its best to. 

Best Compound Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Compound hardware wallet to use in cooperation with your mobile or web wallets. Compound hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Compound Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Compound wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Compound Wallet For Security

The best Compound wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.

Best Compound Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Compound wallets, can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Compound Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Compound wallet functionalities for your iPhone. 

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