How to Buy Cardano in 5 Minutes

How to Buy Cardano in 5 Minutes
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Created in 2017, Cardano (ADA) shocked the cryptocurrency market by climbing up to the 11th place among the top coins by market capitalization. Being the surprise coin of 2017, Cardano managed to increase its value almost 30 times in just a little over a month, generating investors and traders huge amounts of profit.

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How to buy Cardano in 5 minutes

  1. Start by registering an account on Binance, or any other validated plaform that Binance has confirmed support for their coin
  2. When applicable, verify your identity
  3. Deposit funds to your account
  4. Select Cardano and how much ADA you want to trade
  5. Execute the trade by finding the order section and pressing “Buy”
  6. Decide how much you want to purchase and press “Buy Now”
  7. You should now have “ADA” available in your “Portfolio” section

You can find a list of all the crypto trading platforms by clicking here.

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You can find out more and compare the brokers and exchanges that offer to Buy or Sell Cryptocurrencies in our list below, or you can skip through directly to our step-by-step guides and tutorials
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What is Cardano?

Cardano is a smart contract platform with a layered architecture. The developers have put the main focus on the platform’s security, and they have used a robust programming language (Haskell) that has a high degree of fault tolerance along with their in-house developed programming language, Plutus. The developers and academics who created Cardano describe the platform as “one of its kind” as it has been built from scientific philosophy based on peer-reviewed academic research.

Cardano’s main goal is to find common ground between privacy as well as decentralization and regulation. The team behind the platform seeks to offer access to the unbanked in developing countries – where banking systems have been previously too expensive to implement.

As Cardano is the 11th large coin by market cap, it is widely accepted in the crypto community. That means that many services – including cryptocurrency exchanges and brokers – are offering trading services for the coin.

Since we know that testing numerous cryptocurrency exchanges and brokers can be tiring, we have compiled a list for you with the best of the best service providers where you can buy ADA. Furthermore, we added a step-by-step guide for each, so you do not just know where to buy Cardano, but you also know how. First, we’ll show you what’s the difference between buying and trading ADA; then we’ll guide you through the steps from creating an account to buying the coin at each service.

Differences between buying and trading Cardano

While the two phrases are used sometimes as synonyms for purchasing an asset, there is a major difference between buying and trading Cardano. When you buy and hold a coin, it is a mid to long-term investment. You could do that for different reasons. For example, because you believe that the cryptocurrency is innovative and you are hoping that it will make you big profits. Or you just want to support the ecosystem of the coin. There are also cases when you have to hold a coin for a certain time to get access to different services. In case you are in for the profits, you want to gain a huge profit in the mid and long-term. After you are satisfied with the price of the coin, you may decide to sell it for profits.

On the other hand, trading Cardano is a short-term activity. Unlike the buy and hold method, you are not after one or two big profits in the long-term, but the opposite. When trading a digital currency, you are making numerous short-term trades that will potentially net you small profits (big ones are also possible; however, these positions are not so frequent). One big benefit of trading Cardano is that you are able to short the coin. If you can short a coin at a trading platform, you are able to make profits in a downtrending crypto market. That is really great when there’s a continuous bear market, and everyone is struggling with making profits using the buy and hold method.

On the flip side, you need a certain trading knowledge as well as experience to have success in trading Cardano. To determine the best entry and exit positions for a trade, traders usually conduct both fundamental and technical analysis. While you don’t need much experience for fundamental analysis (you just have to read the news and draw the right conclusions from it), technical analysis can be a bit difficult for an inexperienced trader. You need to know how to use different technical indicators and – similarly as with fundamental analysis – draw the right conclusions from deploying the indicators to the Cardano price chart.

Summarizing all this, if you are in for the mid to long-term, then your safest bet is to buy and hold Cardano. However, if you prefer short-term trades and you have the required knowledge (or you are willing to gain that knowledge and experience), then trading ADA is the best option for you

Best Platforms to Buy Cardano

Binance

Binance is one of the most popular crypto to crypto exchange on the Cardano market. The Cardano converter was founded in 2017 in China. However, as the country’s government imposed a ban on cryptocurrencies, Binance has moved to Japan and Malta. The Cardano exchange features a great variety of coins (including ADA) with four base currencies (BNB, ETH, BTC, USDT) to choose from. Binance also has two different trading views (basic and advanced). While the user interface could seem hard-to-use at first glance, it is worth to inspect the platform more thoroughly as it provides great insights and functions.

Pros:

  • Many coins supported with four base currencies
  • Registration is easy and fast
  • High limits without verification
  • You can choose between advanced and basic trading views

Cons:

  • You need a Cardano wallet
  • No fiat trades, withdrawals, and deposits
  • Verification can be slow (in case you decide to raise your limits)

Good Cardano news! You don’t need to verify your account on Binance if you are withdrawing up to 10 BTC daily. So, we’ve left out the verification step from our guide. Now, let’s see how you can buy Cardano on Binance!

Step 1: registering

You need an email account and a strong, but memorable password to create an account on Binance. Head to the homepage of the website and click “Register” in the top right corner of the page. Fill in the details and proceed to the next step. Don’t forget to check your inbox to verify your email after you have created your account.

Step 2: 2-factor authentication (2FA)

2-factor authentication or 2FA is crucial for financial accounts, such as Binance. After you set up 2FA, the service will ask you every time you try to log in on the platform to type in a code you’ve received on another device. This will provide you with additional security as, in case a hacker acquires your login details, they have to access your device too in order to steal your funds from your exchange account. Binance offers two options for 2FA: text messages or Google Authenticator. If you choose the latter, download the app for either Android or iOS and connect it with Binance.

Step 3: deposit funds

If you are ready with setting up 2FA, log in to your account. Head to “Funds,” then “Deposits” on the top bar of the page. Choose a cryptocurrency you want to use to add funds to your accounts. It is advised to select a coin that is one of the four base currencies (BNB, BTC, ETH, USDT) on Binance. If you deposit a coin other than that, it is no problem – though you’ll have to convert that crypto to a base currency first, before you can start trading Cardano.

Step 4: trading

As soon as your funds have arrived on your account (cryptocurrency transfers usually take up to 1-2 hours), you can start trading. Find the base currency you deposited (or converted your currencies to) on the “Exchange” tab of Binance. Under the base currency, you’ll find a trading pair for ADA. Select that. Binance will show you the trading page for that coin where you can see a chart as well as three order types: limit, market, and stop-limit order.

Let us explain these. If you want to get the best Cardano USD rate, go for the limit order as it allows you to set the Cardano price you are willing to buy the coin at. If you set a price higher than the Cardano market rate, it could take some time for your trade to execute. On the flip side, market orders execute your trade fast as this trade type uses the actual Cardano market rate. However, market orders can become more expensive than limit orders as they do not guarantee you the best Cardano rate. Stop-limit orders are mainly for short-term traders who want to minimize their losses by putting stops on their positions. If a stop price is reached, the position will execute automatically.

Now, choose the order type that best suits your interests and goals, and execute your trade to buy Cardano.

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Changelly

Changelly features a near-instant Cardano exchange. The service allows its users to select from a wide-range of cryptocurrencies, and swap the coins for a reasonable fee, or buy digital currency using fiat. If you are looking for the fastest option to buy ADA, Changelly is a no-brainer. On the flip side, if you are exchanging ADA to USD, it could be expensive as credit card processing fees on the service are quite high (10%).

Pros:

  • Almost instant transactions without the need to deposit funds
  • Reasonable trading fees
  • User-friendly platform with great design
  • Many coins supported

Cons:

  • You need a Cardano wallet
  • Credit card transactions are expensive
  • Cardano exchange rate is not fixed
  • You can’t sell coins for fiat (only buy)

Similarly to Binance, it is not mandatory to verify your account to be able to buy ADA on Changelly. Furthermore, we’ve replaced the depositing step in our step-by-step guide with setting up 2FA as you don’t need to add funds to your exchange account – you can start trading right ahead. Now let’s see how you can buy Cardano on Changelly!

Step 1: registering

You only need an email address and a strong – but also memorable – password to create an account on Changelly. Head to the website of the service and click the “Join” button on the top right corner of the homepage. Fill in the details and proceed with creating your account.

Step 2: verify your email

After you have registered an account on the service, you’ll shortly receive an email with a link inside to verify your account. Check your inbox, find that email, and click the link inside. If you can’t find the message, try checking your spam folder (in some cases, email service providers place messages in the spam folder from reputable companies due to different reasons).

Step 3: 2-factor authentication (2FA)

Setting up 2-factor authentication or 2FA on payment services is crucial for your own security. Therefore, we have included this step in our guide. Changelly supports 2FA via Google Authenticator. To set up 2-factor authentication on the service, head to the “Settings” tab. You’ll see the instructions there to set up 2FA. Use the links or head to either the Play Store on Android or the App Store on iOS to download Google Authenticator. As per the instructions on the page, connect the app with your Changelly account by scanning the QR code.

Step 4: trading

As soon as you set up 2FA, you can start trading on Changelly. Head to the homepage of the service and select both ADA and the currency you want to use to buy Cardano from the list. When you are done, select the amount of ADA you want to purchase and proceed with providing your credit card details on the next page. You can expect your transaction to arrive between 10 and 30 minutes.

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IQ Option

Founded in 2013 and headquartered (as well as regulated) in Cyprus, IQ Option offers a great selection of assets to its users, which includes stocks, binary options, CFDs (including crypto CFDs), and forex trading pairs. The service features a user-friendly platform where you can buy Cardano without the need to hold the cryptocurrency on an ADA wallet. Analyzing the service, IQ Option seems like a provider that focuses on being as transparent as possible for its 25 million customers.

Pros:

  • No need for a Cardano wallet
  • User-friendly platform
  • You can trade on the IQ Option mobile app
  • Regulated broker

Cons:

  • Slow customer support
  • You don’t actually own the ADA you buy on the platform

As IQ Option is a regulated broker, we can’t leave out the verification step from this guide. Therefore, to be able to trade assets on the platform, you need to verify both your identity and residence.

Step 1: registering

To create an account on IQ Option, head to the website of the service first. If you are there, check the top right corner of the page to find the “Sign Up” button. Fill in the details or use your Facebook or Google+ account to register an account on the service.

Step 2: verification

As mentioned before, you need to verify your account before you can buy Cardano on IQ Option. The platform will ask you to fill in a questionnaire to test your skills as well as to ensure that you know the risks related to options and CFD trading. You’re also required to upload documents that will be used to verify both your identity and residence. To get the best results, ensure that the images of the documents you are uploading are of good quality.

Step 3: deposit funds

After your account is verified on IQ Option, the next step is to fund your account. As a broker, IQ Option accepts plenty of payment methods, including credit and debit cards, Skrill, Neteller, WebMoney, bank transfers, as well as Sofort/Klarna. According to the broker, the service provider does not charge a fee for depositing funds.

Step 4: trading

As soon as your funds have arrived on your account, you can start trading. Use the search bar on the top of the page to search for Cardano or ADA. If you’ve found the cryptocurrency, click on it for the site to take you to the trading page of the coin. Check for the Cardano rate to ensure you are buying the ADA to USD trading pair at the best market rate. If you are ready, click buy and select the amount of ADA you want to purchase. Execute the trade.

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Coinbase

The San Francisco-based Coinbase is one of the top cryptocurrency exchanges of the world. In addition to that, Coinbase is one of the most newbie-friendly services in the space, featuring an easy to use platform. The crypto exchange is best suited for not only beginners but for expert traders as the service has a platform – Coinbase Pro – for more experienced users. You can choose between bank transfers and credit card payments on the platform. If you select to pay via credit card, you can cut out the deposit process as your coins will be credited almost instantly onto your account. Furthermore, Coinbase has one of the lowest credit card payment fees (about 1.5%) among cryptocurrency exchanges.

One major downside of Coinbase though is the limited support of cryptocurrencies. And, unfortunately, Cardano is not on the list of coins that can be traded on the crypto exchange’s platform. Therefore, we recommend you to read back, and use one of the services to buy ADA earlier in this article.

How to trade Cardano with a trading robot

In a section earlier in this article, we’ve specified the main differences between buying and trading Cardano. For the trading part, we have stated that traders conduct multiple short-term trades quite often, and you need certain expertise as well as experience to trade coins for profits successfully. However, that’s not the case for using trading robot platforms.

These services utilize cryptocurrency robots that are algorithm-based – the bots are using the same indicators as in “manual” trading like the moving average and the Fibonacci retracement – and will do all the trading for you fully automatically. The main benefit lies in the time-efficiency of using crypto trading robots. Instead of sitting in front of your computer all day to deploy both fundamental and technical analysis to find the best entry and exit points for your trades, you only need to register an account at a service, set up your robots, and they will do all the trading for you. After you set them up, you only need to monitor their performance.

As mentioned before, most automated trading platforms do not require any trading knowledge or experience from you. Since most of these solutions use their own strategies and indicators, there’s no requirement to deploy your own strategies before you can set up a robot for trading. Due to the bots entering and exiting trades based on algorithms, automated cryptocurrency trading eliminates any chance for human error.

If you are interested in trading Cardano via crypto robots, then feel free to check out our page dedicated to such services.

How to buy Cardano with Credit Card

As ADA is accepted on many platforms, it is possible to buy ADA via credit card. This means great Cardano news! Buying coins with credit or debit cards are one of the quickest and most convenient options. You don’t need to wait days for your funds to arrive (some of the service providers, such as Changelly, don’t even need you to deposit via credit card to start trading), credit card transactions are usually processed within a few minutes.

On the flip side, purchasing crypto via credit card can be expensive as transaction fees can go up to 10 percent (or even more). If you are moving large amounts of funds through cryptocurrency exchanges, we don’t recommend this option for you. However, for normal trading, credit cards can be convenient.

If you don’t want to hold crypto on a wallet, we recommend using brokers, such as Binance and IQ Option, to buy ADA with credit cards. Funding your account is free at both Binance and IQ Option. Therefore, using a cryptocurrency broker to buy Cardano via credit card is the cheapest option.

In case you want actually to own the cryptocurrency you trade, we recommend using Changelly as the platform offers almost-instant transactions without the need to deposit funds. Just fill in the details with your credit card info and choose the amount of ADA you want to buy to execute trades on Changelly.

How to buy Cardano with Paypal

You can’t directly buy Cardano with PayPal as the service provider is not a big fan of crypto transactions. As PayPal is one of the largest internet-based payment services, the company has to focus on the security of the funds of its users. Therefore, PayPal screens user accounts on a regular basis and implements strict rules, which includes not allowing direct cryptocurrency trading and transfers.

However, there is a method you can use to convert Cardano to PayPal funds. Some brokers, such as Binance, support PayPal deposits. So, firstly check if the broker you want to buy ADA at accepts both PayPal deposits and Cardano trading (Binance accepts both). If it allows both, deposit funds into your account using your PayPal account, then buy ADA using your account balance.

How to buy Cardano with Bitcoin

You don’t always need fiat currencies to buy a coin. If you have some BTC in your crypto wallet and you seek to exchange it to ADA, then your best bet would be to buy Cardano with your Bitcoin balance. There would be no point for converting your BTC balance to fiat, withdrawing your funds into your bank account, then using either bank transfers or a credit card to purchase ADA. It would not only cost you time, but the fees would also be higher than simply buying Cardano with Bitcoin.

Now, let’s see our cryptocurrency exchange of choice for buying Cardano with Bitcoin as well as a brief tutorial for the process. We’ve chosen Binance to show you this as the service features a wide variety of coins (including BTC and ADA), high account limits, and reasonable trading fees.

If you have not done yet, create an account at the cryptocurrency exchange. The next step is to set up 2FA, a security measure that is absolutely necessary for all crypto exchanges where your funds are stored in digital currency wallets. When you are ready with that, head to the deposit section inside your account, and select BTC. The page will show you a wallet address, which you have to use to fund your account by sending Bitcoin into your Binance wallet. After you have initiated the transaction, it shouldn’t take more than 1-2 hours for your funds to arrive. When they are credited on your account, go to the trading page, choose Bitcoin from the four base currencies, and then the ADA/BTC trading pair. Select the amount of coins you seek to exchange as well as your preferred order type, then execute the trade.

Do you need a Cardano Wallet

Before buying Cardano, there’s an important question to discuss: whether to have a Cardano wallet. While cryptocurrency exchanges, such as Binance and Changelly, require you to hold your coins on a wallet, brokers, such as IQ Option, allow you to trade ADA without the need to store the digital currencies on a crypto wallet.

Both options have their upsides and downsides. Buying and holding Cardano in a wallet allows you to be the actual owner of the coin. Therefore, you can keep it whenever and wherever you want; you can even transfer Cardano between different services. Furthermore, you contribute to the network of the cryptocurrency by being a user. On the flip side, your coins can be stolen by hackers who often target crypto users.

Cryptocurrency brokers do not require you to have a wallet. Service providers, such as Binance and IQ Option, offer digital currency trading via CFDs and binary options, so you don’t need to hold your ADA on crypto wallets. So, your Cardano is safe from hackers, but you are not the owner of your coins.

If you are worried about the security of your Cardano, consider buying a hardware wallet (try the Ledger and Trezor brands, they are trusted). If a hacker manages to hack the software side of your wallet, he has to steal your hardware device too (as well as your PIN) to steal your funds. While this is not completely impossible, the attacker has to be a mastermind to conduct this action.

How to create a Cardano wallet?

Now that you the pros and cons of creating a Cardano wallet, you may decide to go for getting one. Creating a Cardano wallet is essential when you are using a cryptocurrency exchange. As the aforementioned service is storing your coins inside the exchange wallet (after you buy some ADA), you’d need a better solutions where you don’t need to worry about the safety of your coins (exchange wallets are usually not that secure) – while the service is also being convenient and easy to use.

We’ve chosen a secure and convenient solution for you, which is the Infinito Wallet that supports over 1,000 digital currencies, including Cardano. Infinito is mobile-based, so you don’t have to carry your laptop everywhere you go to access your coins. To create a Cardano wallet via Infinito, you have to download and install the application for your preferred mobile operating system (Infinito supports both Android and iOS). Head to either the App Store or Google Play, and install the app to your smartphone. You can also use the links on Infinito’s official website to download the wallet application.

How to buy Cardano in the UK

As Europe is one of the two top crypto-friendly continents, UK citizens are becoming increasingly interested in cryptocurrencies like Cardano. As there are many services where you can purchase the digital currency, it can become hard to choose the best solution for the citizens of the European country. However, here we are to help you with that! We’ve tested and analyzed numerous cryptocurrency platforms and brokers in the space, and selected the best solution for people who are living in the UK.

And this service is Binance. The main reason for choosing the broker as the best solution to buy Cardano in the UK is the fact that the service is regulated in the country via the FCA. Therefore, it provides added security and trust for the users of the broker in the United Kingdom. Furthermore, Binance features an easy to use platform that is also newbie and user-friendly. You can select to fund your account using different payment methods (including credit cards and PayPal), and you can utilize the social trading features of the platform, such as copy trading.

How to buy Cardano in the USA and Canada

Canadians and US citizens are among the top crypto investors and traders in the world, and Cardano is highly favored in the aforementioned countries. Although – due to the strict regulations in both the United States and Canada -, some services are denying access from the citizens of the two countries. Therefore, you need to spend valuable time to search for the best cryptocurrency exchange or broker in the North American region. But – fortunately for you -, this is not the case now as we’ve selected the best service to buy Cardano in the USA and Canada.

And this service is the near-instant cryptocurrency exchange Changelly. Fortunately for US and Canadian citizens, Changelly has no geographical restrictions. Therefore, the operators of the exchange accept users from all over the world, including the United States and Canada. To buy Cardano using Changelly, you need to first create an account using your email address (or social media login). Then you need to verify your email and set up 2FA for security reasons. To buy Cardano on Changelly, head to the homepage of the service, and select ADA and the currency you want to use to purchase the coin.

How to buy Cardano in Australia

While most of the cryptocurrency exchanges and brokers are focusing on mainly North America and Europe, a part of the aforementioned services tends to forget about Australia. Despite the interest of many Aussies in cryptocurrencies – including Cardano -, sometimes the citizens of the Oceanic country have to struggle with finding a great service where they can buy ADA. But fear no more – we are here to find the solution for that problem.

And that solution is Binance, a crypto exchange that allows Australian users (along with citizens of other countries) to buy and sell a wide variety of coins, including ADA. Binance features reasonable trading fees, four base currencies (ETH, BTC, BNB, and stablecoins) as well as different order options and trading views to choose from. For a detailed guide on how to buy Cardano in Australia via Binance, read back to check out our tutorial for the cryptocurrency exchange.

How to sell Cardano

When you have been holding ADA for a while with the coin’s price increasing over your hold period, you may want to sell it for a profit. In other – less fortunate – cases, you may decide to sell Cardano to minimize your losses. However, how you can you sell the cryptocurrency and what is the best service to do that? Let us show you both in the next paragraph.

We’ve chosen Binance for selling Cardano. As mentioned before, the service features low trading fees and a trader as well as a user-friendly platform. Since Binance supports a wide variety of coins (including ADA), you can choose from the four base currencies (BTC, ETH, BNB, and stablecoins) to exchange your Cardano to.

If you don’t have a Binance account, then head to the homepage of the service and create one using the signup form. Set up 2FA, then proceed with depositing your ADA into your account using the wallet address provided by the exchange in the deposits section. When your coins have arrived, then head to the trading page and select one of the four base currencies, then the relevant trading pair with ADA in it. Select the amount of coins you want to sell, the order type, then execute the trade when you find it appropriate.

Conclusion

Now you know how to buy Cardano on the best services with different payment methods, and you also have some knowledge on whether you should be using a wallet to buy ADA. Now, it’s your time to set your goals, choose your service provider and payment method, and trade!

As we’ve tested the different service providers, Binance has come out as the winner as the platform offers a fast account opening process, a great and trusted service, as well as a wide range of payment methods (including PayPal).

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  • High Liquidity

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FAQs

Bitcoin vs Cardano: what’s the difference?
Both Bitcoin and Cardano are among the top cryptocurrencies – BTC is the number one coin, while ADA stands at the 12th place (by market capitalization). To be absolutely honest, we can’t say that the two coins are very similar, but the opposite. Now, let’s see how Bitcoin differs from Cardano and vice versa. Bitcoin, the first digital currency ever created, was born in 2009 as the brainchild of the mysterious Satoshi Nakamoto. Powered by blockchain technology, Bitcoin features a decentralized peer-to-peer electronic payment system – as described in the original whitepaper of the coin – where users can hold, send, and receive funds to each other without anyone interfering in the process. Unlike most corporate companies that are operating electronic payment systems, Bitcoin is not using central servers to store data. Instead of that, the cryptocurrency is owned and supported by millions of users from all over the world – the miners – who take small fees from each transaction as well as block rewards for processing transactions and supporting the ecosystem. Bitcoin is both the name of the blockchain and the cryptocurrency (BTC) with a sole purpose to maintain a system where decentralized peer-to-peer payments are possible without any central authority or geographical restrictions in the network. On the other hand, Cardano serves a totally different purpose. Cardano – which was built on scientific research and peer-reviewed academic research, is considered as a third generation blockchain by its creators. Firstly, let’s see what the first two layers are. The first is Bitcoin where it was made possible by Satoshi Nakamoto as well as other developers to send funds to other users without a middleman in a decentralized peer-to-peer network. The second is Ethereum and smart contracts – that help users exchange anything of value, including money property, and shares in a transparent and conflict-free way (avoiding the middleman like in the case of Bitcoin) – where developers can deploy decentralized applications (DApps), and users can use these DApps on the Ethereum blockchain. While a second generation blockchain like Ethereum increases the use-cases of both cryptocurrencies and blockchain technology, it also has limitations regarding its scalability. And here comes Cardano in the picture. The project seeks to fix the scalability, interoperability, and sustainability issues of previous generation blockchains while finding common ground between decentralization, privacy, and regulation with a goal to offer access to the system for the unbanked.
What are the main differences between Cardano and Ethereum?
Did you know that the creators of Ethereum and Cardano, Vitalik Buterin and Charles Hoskinson respectively, have worked together on Ethereum? Met through the Bitcoin Education Project, Hoskinson was one of the first to receive Buterin’s first draft of the Ethereum whitepaper. Soon later, Hoskinson joined Ethereum as a co-founder. However, he’s left due to differences in the business plan (he wanted to make Ethereum a for-profit while Buterin was supporting the idea of a non-profit) of the cryptocurrency. After a time, he created Cardano. Let’s see what are those differences, comparing Ethereum vs Cardano. But first, let’s start with things that are the same or similar with the two coins. And this is the core function of facilitating DApp development and operating a smart contract platform. However, all similarities end here. If you have checked the previous FAQ question, you may have known by now that Ethereum is considered as a second, while Cardano’s founders state that their cryptocurrency features a third generation blockchain. While Ethereum is more than a payment system (like Bitcoin), it has scalability issues – and Cardano is here to fix those along with things like interoperability and sustainability. Ethereum at the moment is in a transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS). During this transition between the two algorithms, the developers of the cryptocurrency decided to implement a hybrid of PoS and PoW. After the PoS system is stable, Ethereum devs will initiate a “difficulty time bomb” that will make ETH impossible to mine. On the other hand, Cardano already has a working PoS system called the Ouroboros algorithm. There are also other differences. Ethereum uses Solidity as its primary programming language that is used to build smart contracts that run on the Ethereum Virtual Machine (EVM). Instead of Solidity, Cardano is utilizing a combination of Haskell and Plutus. Furthermore, Ethereum currently has one layer, while Cardano utilizes two layers, an account value ledger and one that handles the “why” of the network’s transactions. The coin supply is also different; Cardano has a maximum supply of 45 billion ADA, while Ethereum has no limits on the total supply.
What’s next on the Cardano roadmap?
While Cardano has plenty of completed items on its roadmap, a bunch of upcoming upgrades is still on the shelves of the developers. These include the upgrades of optimized block storage, the Cardano Rust Project, the Shelley Update, multisignature transactions along with other things. To know more about the future upgrades of the cryptocurrency, head to the official site of Cardano to check the roadmap of the project.
The safety of my coins is very important to me. What’s the most secure Cardano wallet?
When you are holding coins in a cryptocurrency wallet, security becomes the single, most important factor. Why? Because – unlike in the fiat world -, your funds that are held in your wallet are not guaranteed by anyone. Therefore, if they are stolen, you can be almost sure that you’ve lost your digital currencies. But worry no more. There’s no need to fear that your ADA will be lost or stolen if you use a secure wallet. So, we are here to show you the most secure Cardano wallet solutions along with some other good wallet services. According to experts, hardware wallets are considered as the most secure solutions for storing cryptocurrencies like ADA. These services come with a physical device, which you have to use to type in your PIN every time you try to either log in or send an outgoing transaction from your wallet. This creates added security as the hacker who is after your coins have to steal your physical device, acquire your PIN as well as breach the software side of your wallet in order to succeed in stealing your cryptocurrency. It is an extremely hard operation only mastermind hackers can conduct (if they are willing to spend plenty of resources and time). Good, trusted hardware wallet brands we recommend for storing ADA are Trezor and Ledger. While Trezor has already implemented Cardano support on one of its devices, Ledger is planning to add ADA at any moment. However, if you seek to use a software wallet instead, we recommend the multi-coin mobile wallet Infinito.
What’s your Cardano price prediction for 2019?
No one, including experts and us, can provide you with a precise Cardano price prediction for 2019 or any other year. Why? Because cryptocurrencies like ADA can become highly volatile. Therefore, their price can increase by 10% in an hour, then down by the same percentage in the next. However, what we know is that Cardano is a highly innovative coin, so if the developers keep with rolling out new upgrades for ADA, then the price of the digital currency will likely increase in the long term.
How can I buy Cardano anonymously?
A part of the cryptocurrency community prefers to stay private when they are buying a coin. And, honestly, we can understand that. So, how can you buy Cardano anonymously? There is two way for that. The first is to use a cryptocurrency exchange that supports ADA and has high initial account limits. Therefore, you don’t have to send any documents or answer any personal questions when you are buying the coin. The second option is to buy Cardano locally using either an ATM that supports the cryptocurrency or find a local seller who does not request any documents from you.
How can I buy Cardano with cash?
You have two options for buying Cardano with cash. Firstly, you can use a cryptocurrency ATM near you that supports the coin. You just have to insert the cash, set the amount of ADA you seek to purchase, then initiate the transaction. The coin will be sent to your wallet almost instantly – though you’ll have to wait for a few confirmations though. The other option is to use an intermediary service – like Localbitcoins is for BTC – that will connect you with Cardano sellers in your area. After you are connected with a vendor, then you need to meet him or her to exchange Cardano for cash.
What is the best way to buy Cardano?
The best way to buy Cardano is determined your goals and priorities. Some people prefer to buy the cryptocurrency as quickly and conveniently as possible, others need to stay as cost-efficient as they can, while another group of persons wants to stay anonymous before, after, and during initiating the transaction. Let’s see the best way to buy Cardano for each. If you prefer speed and convenience, the best solution for you is to buy ADA using a credit or debit card. At service providers who accept the payment method, your transaction will be processed in a few seconds. Therefore, your newly bought Cardano will be credit onto your account really quick. On the flip side, credit card payments usually cost a lot more in fees than other payment methods, such as bank transfers. However, it varies by service, so if you find a good one where credit card payments are cheap or free, then you can not only get your ADA fast but with low fees. In case you want to remain as cost-efficient as possible, then your best option to buy ADA would be to use bank transfers – especially if you are residing in the EU where you have access to low-cost SEPA transactions. While this payment method is usually the cheapest, it can take at least a few working days for your payment to arrive onto your account. Furthermore, you can’t cut out the deposit process (like in most cases when you are using credit cards) when purchasing a coin. Staying as anonymous as possible when buying a coin can be hard at sometimes. Due to the regulations, most service providers have to comply; you’ll be unable to buy Cardano anonymously if you use bank transfers or credit cards. However, if you are using a cryptocurrency exchange (paying via a coin) where the initial account limits are high (like Binance and Changelly), you can stay relatively anonymous during the buying process. Furthermore, if you buy ADA locally, then – in most cases – you don’t have to provide any documents to the seller.
Is Cardano a scam?
No, Cardano is certainly not a scam. It’s the opposite; actually, the project is among the most innovative products and services in the crypto space.
Should I invest in Cardano?
This is a question you have to answer for yourself. Do you have the necessary financial background to invest in the coin? Can you afford a long-term investment? Have you done a thorough analysis of Cardano? If yes, did you find the coin a worthwhile investment? If you have answered yes to all of the aforementioned questions, then you may go for investing in ADA.
Should I buy Cardano this year?
When you plan to buy Cardano this year, then you may consider that we are still having a bear market. It means that coin prices will more likely go down than up. Therefore, you may buy ADA in 2019 if you believe that the digital currency’s price will certainly rise throughout the year.

10 thoughts on “How to Buy Cardano in 5 Minutes

  1. Thanks for the useful info, but I’m confused about which platform to use still. Should I use eToro or should I use Binance? or Coinmama? In terms of security, fees, etc which one is best for buying ADA?

    1. Hello Asim61, we have reviewed a lot of the world’s most popular cryptocurrency exchanges. We test each exchange’s security, user-friendliness of its interface, its transaction and withdrawal fees, its minimum deposit constraint, and a lot more aspect before finalizing our opinion. According to our extensive tests, eToro is the better option between the 3 for buying cardano.

  2. I bought some cardano on Binance and it was an absolute nightmare!! I was asked to verify my account and that took over 3 weeks. I would not recommend it at all. For me, Changelly or Changenow are much better services. I didn’t know you could buy cardano with etoro. Is it an exchange? and is it open to US customers? I want to buy some cardano from the USA so some help would be appreciated. Thx

    1. Hello Giffany90, there are a lot of digital wallets that you can use for Cardano ADA. However, we would recommend what Cardano officially recommends, which is Daedalus wallet. Daedalus is a secure, multi-platform, HD wallet which supports ADA. We also recommend the eToro platform where you can purchase and store Cardano with low fees and which is 100% regulated by financial authorities, making it a safer choice.

    1. Hello Rachel, the process of buying any cryptocurrency from a crypto trading platform is the same. You can use eToro to buy Cardano ADA as its interface is very user-friendly. Check out this detailed guide on how to buy and sell cryptocurrencies on eToro.

    1. Hello Harold, Cardano is a form of a technology platform and not a cryptocurrency broker or exchange. Cardano’s primary cryptocurrency is ADA, you can use a cryptocurrency platform to buy Cardano ADA if you wish to. Check out our eToro review to find out how you can buy cryptocurrencies easily.

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