Cardano (ADA) is one of the most popular long-term investment options for crypto traders – Cardano’s underlying project has great potential.
Step-by-step guide for buying Cardano (ADA)
In this guide, we will delve into the steps required to buy Cardano tokens and how to buy it.
1. Choose Cardano wallet
Storing your cryptocurrency is of crucial importance for your trading and investing decisions in the crypto world. Find below the best Cardano wallets on the market
Physical (hardware) wallets are the safest type of cryptocurrency wallets. Some of the best physical wallets to store Cardano include Ledger Nano S, Ledger Nano X, and Trezor Model T. In terms of reliability, there is hardly much to differentiate between the 3 wallets.
All 3 wallets support over 1,000 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Tether (USDT) and offer support for all ERC20 tokens.
That said, you must use MyEtherWallet for ERC20 token support on Ledger Nano S and Ledger Nano X while Trezor Model T offers native support for these tokens. In terms of price, Ledger Nano S costs $59, Ledger Nano X costs $119 and Trezor Model T costs $164 – take your pick!
Desktop wallets are not as safe as hardware wallets but are safer than mobile wallets and web wallets. That said, desktop wallets are hot wallets (connected to the internet) and come with a fair share of risk. Desktop wallets are free of cost – download a wallet of your choice and complete the setup process to begin.
Daedalus wallet is a desktop, full-node HD wallet for Cardano. The wallet runs on Windows, Mac, and Linux and is considered to be one of the best Cardano wallets for Mac users. Guarda is a decentralized, non-custodial ADA desktop wallet that runs on Windows, Mac and Linux. Guarda is available as a web wallet and a mobile wallet as well.
Atomic wallet is widely considered to be the best ADA desktop wallet. It is available in the form of a mobile app as well.
Mobile wallets are the least secure of the three mentioned wallet categories and the easiest to use. All you have to do is download a mobile wallet (app) of your choice via Google Play Store (Android users) or Apple App Store (iOS users), register and start crypto trading!
As mentioned in the previous section, Guarda and Atomic wallet are good mobile wallet options to store Cardano.
Yoroi is a lightweight Cardano ADA wallet that is perfect for Cardano traders looking for a quick, secure and simple mobile wallet. Exodus mobile wallet is another excellent option.
How can I locate my Cardano address?
You can check the history of all the Cardano transactions that have taken place on the Cardano blockchain platform by accessing the Cardano Block Explorer.
The Cardano Block Explorer is a useful tool that allows you to search the history of all ADA transactions, including the amount of ADA cryptocurrency sent, the exact time and date of a transaction and most importantly, the public address of the sender and the receiver.
If you look at the history of a transaction, you may see multiple input (sender) addresses on the left-hand side of your screen (your wallet is a collection of input addresses) and 2 output addresses on the right-hand side of your screen (receiver address and change address).
For example, let’s say:
Input address 1 – 2 ADA
Input address 2 – 20 ADA
Input address 3 – 90 ADA
If you want to send 100 ADA, your wallet will choose input address 2 and input address 3 as inputs and send back 10 ADA to your change address.
If you are transacting for the first time or have just installed a new cryptocurrency wallet, you can easily find your Cardano address – cryptocurrency wallets come with a conveniently accessible option to view/copy your wallet address. You will find it with minimal effort.
2. Where to buy Cardano?
Here are the best cryptocurrency exchanges to purchase Cardano (ADA):
With over 2.4 million users from over 150 countries, Coinmama is one of the most trusted and secure cryptocurrency exchanges out there. You can buy Cardano on Coinmama quite easily. To purchase Cardano, create a Cardano account and verify it by uploading a copy of your national ID, passport, driving license or other accepted documents.
As soon as your documents are processed and verified, you can buy ADA with your credit card or debit card for up to $15,000. You can also purchase ADA by transferring funds from your bank account (SEPA/SWIFT) – you can purchase ADA for up to $15,000 per business day!
You cannot purchase Cardano via PayPal at the time of writing.
Presently, Coinbase does not support Cardano cryptocurrency trading.
Binance does not support the direct purchase of Cardano at the moment. There are 3 ways you can purchase Cardano on Binance:
-> If you own other cryptocurrencies (Bitcoins, Ethereum tokens, etc.) that can be traded on Binance for ADA, go ahead!
-> You can purchase stable coins that are listed on the cryptocurrency trading platform via wire transfer and trade these stable coins for Cardano
-> Finally, you can purchase listed cryptocurrencies via credit card and trade your purchase for ADA at low fees and among the best liquidity in the cryptocurrency trading business.
Much like Binance, you cannot directly purchase ADA on Bittrex. You can trade listed cryptocurrencies that you already own for ADA (Bitcoin, Ethereum, etc.). You can also make a USD deposit (wire transfer only) or a EUR deposit (international wire transfer, SEPA credit transfer, debit card and credit card only).
Once you have made a deposit, you can purchase a listed crypto coin and trade it for ADA. we recommend buying Bitcoin and trading it for Cardano.
Other crypto exchanges of repute include eToro and Kraken. If you are a predominant PayPal user, eToro is your best bet – eToro allows you to purchase ADA via PayPal. Kraken allows you to purchase ADA via a made fiat currency deposit (bank transfer, debit card, in-person cash, etc.).
3. Withdraw Cardano coin to your wallet
Once you have purchased ADA on a cryptocurrency exchange using a fiat currency and payment method of your choice, the final step of the process is to withdraw your purchased ADA to your chosen wallet. While some exchanges permit you to store your bought cryptocurrencies on the exchange itself, refrain from doing so.
Click on the withdraw button, specify the wallet address you want to send your ADA tokens to and enter the amount of ADA cryptocurrency you want to send. You should receive the ADA tokens within 10-15 minutes.
How to buy Cardano with USD?
It is fairly easy to buy ADA with USD. Most of the major cryptocurrency trading platforms mentioned so far (Coinmama, eToro, Kraken, etc.) allow you to deposit funds in USD via payment methods like bank transfer, debit card, PayPal, etc. Choose a payment method that best suits you, deposit funds in USD, and purchase ADA tokens accordingly.
Binance does not allow you to buy ADA directly with USD deposits. You can buy listed crypto-currencies like Bitcoin, Ethereum, etc. via wire transfer in USD or via credit card and trade these tokens for Cardano.
How to buy Cardano with PayPal?
The first way to buy Cardano with PayPal is on eToro. Click on the ‘Deposit Funds’ option, followed by the ‘PayPal’ option and the ‘Continue’ option. You will be redirected to PayPal – enter your login details, review the transaction, and click on the ‘Pay’ button. Your account should be credited almost immediately.
Once you receive the deposited funds, you can go on to purchase Cardano. Your second option is to purchase Bitcoin, Ethereum, or Tether via PayPal (peer-to-peer (P2P) trading) on Binance and trade your purchased cryptocurrencies for Cardano (Bitcoin is recommended).
Priced at $0.166 at the time of writing, it is safe to say that Cardano is one for the present and the future. The open-source blockchain network’s unique smart contract platform should see Cardano’s stock rise over time.
Buy ADA on a crypto-currency exchange of your choice and transfer your ADA tokens to a good crypto wallet. When choosing a crypto exchange, gauge payment methods, trading fees, security, and convenience. When choosing a crypto wallet, prioritize security, and functionality.