How to Buy Cardano – Complete Guide
Is now the time to invest in Cardano (ADA)? Well, to answer that question, you first need to know the why, where and how of joining the party. In this guide, we show you how to buy Cardano safely online. By giving you an insight into what makes the project tick and the various ways you can pay, our ADA buying guide should answer the all-important question of whether Cardano is the crypto for you.
Why Buy Cardano Now?
Before the how and the where, there’s the why. Although this guide focuses on where to buy Cardano and safest ways to trade, it all counts for nothing if you don’t have a reason to invest. As a project, Cardano is an interesting one because it doesn’t have a white paper. Instead, it was founded on a list of principles designed to tackle the shortcomings of the world’s other cryptos.
Whether it does this or not is a matter for debate. However, it does have a lot going for it. So, why buy Cardano? Firstly, the price of Cardano has historically been low. Another reason buying Cardano could be a wise move is because it’s highly secure. Using the Haskell programming language, you can be confident the network is protected and anonymous.
Finally, Cardano’s Daedalus wallet is easy and accessible. In fact, using this wallet actually contributes to the Cardano ecosystem. This integral link makes everything run smoothly and that’s something other cryptos don’t have. Based on these facts, we believe it’s worth buying ADA.
What is the Best Site to Buy Cardano?
We can’t tell you exactly where to buy ADA, but we can throw some suggestions at you. Through our experience and working relationships, we believe one of the following options has a shot at being the best broker or exchange to buy Cardano.
eToro: Firstly, this isn’t an exchange and, if you read our eToro review, you’ll see why that’s the case. In technical terms, this is a broker site where you can buy contracts for difference (CFDs). Instead of buying ADA coins directly, you’re investing in the price movements of the asset. In practice, this means you can speculate on the price of Cardano going up or down.
24 Option: Like eToro, 24 Option is a broker site that allows you to invest in CFDs rather than the assets themselves. Unfortunately, you can’t buy Cardano at 24 Option. However, as per our 24 Option review, this platform allows you to trade multiple financial assets, including cryptocurrencies like BTC, ETH and LTC.
Binance: If broker sites aren’t for you, the best exchange to buy Cardano through has to be Binance. The reason we’re making that claim in our Binance review is that it’s funded, founded and run by cryptocurrencies. That in itself is a positive. On top of this, Binance has low fees when you buy Cardano, tons of liquidity and the interface is always improving.
|Coins Offered||BTC, ETH, XRP, ADA||BTC, ETH, XRP, LTC, DASH||50+ coins, including: BTC, ETH, ADA XRP, BCC, LTC, DASH and more.|
Paying for Cardano
OK, so you know why and where to buy Cardano, now let’s tackle the how. For an in-depth look at how to invest via our recommended sites, check out our step-by-step buying guides. If you haven’t got time for that, here’s the quick way to buy ADA…
- Use our eToro sign-up guide link to create an account
- Make a deposit using one of the following: Visa, MasterCard or PayPal.
- Search for Cardano/ADA.
- Decide whether you want to “buy” (if you think the price will increase) or “sell” (if you think the price will decrease).
- Input the amount you’d like to invest and execute the trade.
- Use our Binance sign-up guide to join.
- Search for a crypto.
- Choose to buy or sell.
- Input the amount you’d like to invest and make a deposit using an eWallet or credit/debit card.
- Confirm and execute the trade.
- Follow our step-by-step Binance guide and sign up.
- Send Bitcoins from your wallet to Binance.
- Search for ADA/BTC.
- Check the current ADA price and choose how many coins you want.
- Execute the trade.
Our Expert Opinion: Invest using eToro for These Reasons
At this point, you should know how to buy Cardano. On top of that, you should also know where to buy Cardano. However, we understand that too much choice can be confusing. So, if we’re pinning our colors on one option, we’d suggest buying via eToro. As we’ve said, this site allows you to invest in CFDs rather than buying ADA coins directly.
In addition to this, eToro’s main selling point is its social trading function. Yes, being regulated by two authorities is fantastic and the reason you can feel safe and secure at all times. However, if you’re a newbie, it’s nice to have some help. At eToro, you can follow traders in the same way you’d follow people via Facebook and Instagram. Once you follow someone, their trades are applied to your account at a price suitable for your bankroll. In essence, you can trade like a pro even if you’re not one.
Buying Cardano: Payment Methods
To buy ADA safely, it’s important to choose the right payment method. In general, our top-rated crypto exchanges will only let you invest using digital coins. If, however, you choose a broker like eToro, you can use one of the more familiar methods:
- Join eToro and use the deposit now option on your account page.
- Choose “credit/debit card” and enter your card details.
- Deposit at least $1,000.
- Finally, deposits are fee free at eToro.
- Follow steps 1 and 2 above.
- Deposit at least $1,000.
- Log in to PayPal once the software has redirected you.
- Choose to make a deposit using your available funds or draw money from your bank.
- Confirm the transaction and wait for the software to take you back to eToro.
How to buy Cardano in your country
Individual countries deal with the regulation and trading of cryptocurrencies in different ways and it’s always advised to read up on whether it’s possible to trade Cardano (ADA) safely in your location. For example, traders in the UK and Australia have a range of regulated exchanges and brokers to choose from for crypto trading.
How to Store Your Cardano in a Wallet
Right, we know how to buy Cardano, where to buy Cardano and if there are any restrictions in your country. With money in your pocket, you need somewhere to store it. Those that buy ADA via an exchange will need to send their money to a third-party wallet. For more on how to get one of these, check out our wallet hub. However, for now, you should use the official ADA wallet Daedalus.
If you’re a bit confused by crypto wallets, use a broker. As we’ve said, when you buy Cardano via a broker, you don’t own any coins. Because you don’t hold any tokens, you don’t have to store them anywhere. Therefore, you can simply deposit, trade and withdraw money via eToro et al.
Other Ways to Get Cardano
Those that are interested in crypto mining can read our guide. However, because Cardano isn’t a proof-of-work network, it can’t be mined. Instead, you can become a “staker” and help confirm transactions. Each staker earns ADA coins as a fee. Becoming a staker requires you to download and use the Cardano wallet Daedalus.
Now is the Time to Buy Cardano
Should you buy Cardano? Well, that’s up to you. Hopefully this guide has shown you how to buy ADA and some of the reasons it might be a good idea. In our opinion, the price is at a point now where it makes sense to invest if you’re a novice. By using eToro, you can skip the tricky parts of buying cryptocurrencies and dive straight into the action at a low price. When you combine this with the site’s social trading option, now looks like a good time to buy Cardano.
Extra Cardano Resources and News
Featured image source: Flickr