Do you trade crypto? If you do, you have probably heard of Compound. It's one of the most popular crypto trading platforms out there. It has several features that make it attractive to users. One of these is its line of credit feature, which allows users to borrow money from Compound to trade with. This can be a valuable tool if you want to leverage your positions or if you need some extra cash to cover margin calls. However, it can also be risky if the markets move against you.
If you no longer want to use Compound's line of credit feature, you may wonder how to close your line of credit. The process is quite simple and only takes a few steps.
Follow the instructions below to close your line of credit on the Compound website:
Go to the 'Lending' page by clicking on the 'Menu' icon in the top right-hand corner of the screen and selecting 'Lending' from the drop-down menu.
Once you are on the Lending page, you will see different tabs at the top. Click on the 'Account' tab.
Next, click the 'Close Line of Credit' button and confirm that you want to close your line of credit.
If for some reason, you are unable to close your line of credit using the Compound website, then you will need to contact Compound support, as follows:
Click on the 'Menu' icon in the top right-hand corner of the screen and select 'Support' from the drop-down menu.
On the Support page, fill out a form with your query. Be sure to include that you would like to close your line of credit in the message section of the form.
Compound will close your line of credit within a few days and notify you once it processes your request.
If you have the Compound app, you can also use it to close your line of credit. The process is similar to the one described above, as follows:
Open the Compound app on your device and log in to your account.
After you have logged in, tap on the 'Lending' tab at the bottom of the screen.
On the Lending page, tap on the 'Account' tab at the top of the screen.
At the bottom of your account information, you will see a button labeled 'Close Line of Credit.' Tap on this button, and that's it! You have now successfully closed your line of credit from Compound.
If you have any problems, contact customer support, and they will help.
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