Cardano (denoted by ADA) is a cryptocurrency network and open-source platform. It uses the Outboros 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 smart contract-derived.
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.
Buy Cardano (ADA): But How?
The best, secure, and easiest way to purchase ADA is through a cryptocurrency exchange. Here are the steps involved.
Step #1: Search for a Crypto Exchange that allows Users to Buy and Sell Cardano
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 Exchanges to Buy Cardano (ADA)
This is one of the leading most 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 most 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
Once an account is opened, you have to link a funding or payment method so that you can transfer the money 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 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 wallets available for crypto users:
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 for 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
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 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.
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: