How to Buy Cardano ?
Cardano (denoted by ADA) is a cryptocurrency network and open-source platform. It uses the Ouroboros proof of stake technology for providing a blockchain that is less prone to any kind of tampering and therefore provides more security.
The underlying technology of this crypto helps developers to execute end-to-end tests on their programs without having to deploy the code. Cardano network’s goal is to create and also run a public blockchain platform for all kinds of applications that are derived from smart contracts. Cardano blockchain is one of the most sought-after smart contracts platforms currently in addition to Polkadot.
The system runs on ADA, the underlying digital coin of Cardano. You can trade this digital currency on any leading cryptocurrency exchange. By investing in Cardano, you can not only make significant gains in terms of return of investment (ROI) but also support the project.
Currently, (as of April 28, 2021), Cardano (ADA) is the 6th largest crypto in terms of market capitalization. Its market cap is hovering around 31,948,309,441, which is 1.52% of the US$2.10 trillion total global crypto market cap. In the first 4-months of 2021, the price of ADA has increased by around 640% and is currently hovering around US$1.29.
Diversify your token holdings beyond BTC and ETH by including leading altcoins such as Cardano (ADA). Buying and selling cryptocurrencies are easy. Now, let’s take you through the process and steps for buying cryptocurrencies, especially ADA.
Buy Cardano (ADA): But How?
The best, secure, and easiest way to purchase ADA is through cryptocurrency apps. Here are the steps involved if you want to buy crypto.
Step #1: Search for a Crypto Exchange that allows Users to Buy Cardano and Sell it as well
Almost all the crypto brokers offer ADA for purchase. To choose any one of them, you have to look for certain characteristic features such as:
- The range of cryptocurrencies that you are able to buy from the platform. More the better.
- A reliable and easy-to-use platform of the broker is preferred. If you are a beginner, you may want to use a more intuitive broker such as Coinbase. However, if you are an advanced trader/investor, you may want more charts to make the next move. In that case, you may choose Coinbase Pro.
- The assets offered by the broker are another important feature you should look into. While some brokers offer only cryptocurrencies, others provide a combination of both cryptos and stock accounts.
- Fees structure should be looked into. It includes both commissions and maintenance fees.
- Availability of two-factor authentication, encryption, and security features must also be there.
Top 4 Best Crypto Exchanges to Buy Cardano (ADA)
This is one of the leading names in the day trading circle. eToro is most known for providing its users with its revolutionary “CopyTrader” technology. It enables them to “copy” the moves of professional traders. You simply have to choose a trader from the professional trader community of eToro. Now, click the “copy” button for instantly copying the moves of the traders. This feature is a major draw for investors who are new to cryptocurrency trading and not confident enough to make trading moves confidently.
In addition, eToro provides its traders and investors with a clean and intuitive interface, which is best for newbies or beginners in cryptocurrency trading. 15 other most popular digital coins can also be traded on this platform.
It is the largest cryptocurrency exchange in the United States and also one of the biggest in the entire world. This leading exchange makes it exceptionally easy and simple to buy almost any digital currency including ADA. Almost all major cryptocurrency pairs are available for buying and selling.
Coinbase provides you with the unique feature of earning crypto rewards. If you are an advanced trader, the Coinbase Pro platform is best suited to your needs. It offers enhanced functionalities such as more order types, advanced charts, and many more.
It doesn’t have the most affordable fee structure but provides you with an easy enough platform where even a beginner can trade and invest easily.
This exchange/broker enables you to store, transfer, and exchange over 90 cryptocurrencies. Its account verification process is easy and takes less than 5 minutes. Crypto.com provides you with round-the-clock customer support.
The best thing about this platform is that it offers its customers with:
Own Visa card
Wide range of apps such as:
- Crypto Pay
- Crypto Earn
- Crypto Credit
- Crypto.com Exchange
- DeFi Wallet
Availability of this wide array of products helps users to get started on investing in digital coins easily.
This is a widely used digital currency exchange. It helps you to buy coins in fractions. The buying limit on Coinmama is higher than its peers. Every day you can purchase US$5,000 worth of cryptos. In a month the limit is up to US$20,000. However, the fee of a transaction on this exchange is 5.5%. You’ll be charged an additional 5% fee if you use a credit card for payment. It is available in over 220 countries. In the United States, Coinmama is available in almost half of the states.
Step 2: Open an Account with an Exchange
Once a brokerage/exchange is selected, open an account. It would ask for certain personal information while opening an account. Most exchanges ask for the following information about the user:
- Full Legal Name
- Phone Number
- Email Address
- Government-issued photo ID’s copy (such as passport, driver’s license, or military ID)
It takes just a few minutes to open an account. However, verification of the user identity may take a longer time in some cases.
Step 3: Fund Your Account to Buy Cardano (ADA) with it
Once an account is opened, you have to link a funding or payment method so that you can transfer the money (fiat currency) from your source of payment to the concerned brokerage account. Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to a few days for linking the payment source with the account.
Step 4: Buy a Wallet
Once you have opened a brokerage account with an exchange, it is now time to make arrangements for securely storing the Cardano ADA coins you purchased. If you are holding ADA for a longer period of time then hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
There are mainly two types of crypto wallets available for cryptocurrency traders and investors:
Hot Wallets remain connected to the internet for showing coin balance. They are easier to access and hold more coins. However, they are more susceptible to hacking and malware attacks.
Cold storage is not connected to the internet. As they are offline, they are not susceptible to hack or malware attacks. Hardware wallets and paper wallets come under this category. Hardware wallets provide the highest degree of security to cryptocurrencies.
Top 3 Best Hot Wallets to Buy Cardano (ADA)
Can be used with Windows (only Windows 8.1 and 10 versions are supported), Mac, and Linux. It works perfectly with both Ledger Nano S/X and Trezor Model T hardware wallets.
It is easy to install and use on Android and iOS devices. Extension on Chrome, Firefox, and Edge browsers are available. It works with both Ledger Nano S/X and Trezor Model T hardware wallets.
Web-based wallet, which is compatible with hardware wallets.
Top 2 Best Hardware Wallets to Buy Cardano
Ledger Nano X
Bluetooth compatible and supports more than 1,200 individual cryptocurrencies. The price is US$118.
Trezor Model T
Comes with Touch Screen Displays.
Step 5: Buy Cardano
You can place orders for buying Cardano (ADA) through your account with the exchange. You can place an order of 1 ADA coin or fractions of it known as Lovelace. Check the current price and place an order.
Step 6: Transfer Your freshly bought Cardano (ADA) Coins to a Wallet
Once an order is fulfilled, the Cardano coins are transferred to your account. If you want to hodl, you can secure the coins in a wallet by using your private keys. For long-term holding, storing ADA on a hardware wallet is recommended.
Once you are ready to invest in Cardano or buy Bitcoin through online brokerage accounts, you can do so in a legit way by investing through a cryptocurrency exchange. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your cryptocurrency trading account.
You can fund your crypto exchange account by connecting your bank account (savings accounts or checking accounts), transferring money online through bank transfer, credit cards, debit cards, and other payment options. If you need further assistance, you may consider taking help from the vibrant and helpful Ethereum community. You can trade ADA with credit cards, debit cards, or other payment options through reliable crypto trading platforms.
In case you are bullish on the future prospects of Cardano, Ripple, Bitcoin, and other digital currency, you can buy Ripple, Binance Coin, Basic Attention Token, Bitcoin Cash, Stellar Lumens, Bitcoin and Ethereum with USD and transfer them to hot wallets (including mobile app wallets) or cold wallets (including most secure hardware wallets) and hold them for a longer time period for a significant price appreciation. Keep your XRP safe with Ledger Nano S, Trezor One, or other popular ones.
This will help you get a higher return in the long run, much more than investing in stocks, mutual funds, index funds, real estates, yield savings accounts, real estate investment trusts, and others. In fact, many retirement funds or IRA accounts such as Roth IRA are allowing investors of purchasing XRP, Bitcoin, and other digital assets of investment in the portfolio so that the prospects of these funds increase due to the higher returns of XRP cryptocurrency, BTC, ETH, Ethereum Classic ETC, and other cryptos. Therefore, it can be concluded that holding Bitcoin and other cryptos can help you to build real wealth and multiply your net worth.
You can learn investing basics to buy cryptocurrency and other digital assets to make more gains. You can start going through Wall Street Journal and other investing magazines on cryptos to learn more about investing in cryptocurrencies and make better financial decisions. You can learn about valuation calculation to true bitcoin value and assess the overpriced or underpriced situations instantly. As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and others to buy Ripple with Bitcoin and other cryptocurrencies.
Defi tokens and NFTs (Non Fungible Tokens) are the next generations of crypto coins. These decentralized coins have started to become very popular. You can buy or sell them through cryptocurrency trading platforms too. Whether you buy Ethereum ETH or buy Monero, you should also invest in Cardano for better diversification of coins. To diversify your portfolio, you may also buy stocks through stock brokers.
Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors and wealth managers, especially the ones who are not averse to Bitcoin and other cryptocurrencies. While day trading, you should always try to invest only that much which you can afford to lose. Financial protection must be there in your mind always while you make cryptocurrency trades. While investing in cryptos, try to buy ADA through centralized or decentralized exchanges and reliable online brokers.
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