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How to Buy Cardano (ADA) in the UK

Cardano
Cardano

Created in 2017, Cardano (ADA) shocked the cryptocurrency market by climbing up to 11th place among the top coins by market capitalisation. Fast forward to 2021 and ADA has launched smart contracts and continues to rise in price, and the coin has jumped from 30 cents to over $2. In this how to buy Cardano UK guide, we explain everything you need to learn about this project and the platforms to purchase ADA.

Contents [show]

    Where to Buy ADA – Quick Guide

    1. Choose a Cardano exchange – we recommend eToro which is licensed and regulated in the UK
    2. Create an account
    3. Deposit funds into your account
    4. Search ‘Cardano’ in the drop-down menu
    5. Click ‘Open Trade’ and select an amount of ADA to buy

    Where to Buy Cardano in the UK in July 2022

    The top places to buy Cardano include well-known regulated cryptocurrency exchange eToro (which also pays automatic staking rewards for holding ADA in your wallet), ByBitBinanceKuCoinCoinbase and Bitfinex.

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    for £1000 you get2581.8738 ADA
    Features
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    for £1000 you get2581.8738 ADA
    68% of retail CFD accounts lose money.
    Features
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    Compare UK Cryptocurrency Exchanges

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    68% of retail CFD accounts lose money.
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    Mobile App
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    Number of Coins
    1402253345913
    Trading Fees
    Spreads0.1%0.1%0.1%0.50%0.1%
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    N/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $50.0005 BTCN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCAN/AFCAN/AFCAN/A
    Min. Deposit
    $50N/A$10N/A$2$10
    Leveraged Trading
    N/A1 - 100x1 - 100x1 - 100xN/A1 - 10x
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    £42.08N/A£83.06£82.98£82.98N/A
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    £87.74N/A£224.68£385.38£224.55N/A
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    £5.20N/A£11.18£10.85£11.16N/A
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    £0.39N/A£0.63£0.63£0.63N/A
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    £0.23£0.22£0.22N/A£0.22£0.53
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    £44.45N/AN/A£138.88N/AN/A
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    £0.84N/AN/A£0.76N/AN/A
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    £0.82£0.79£1.57£1.57£1.56£1.57
    Monero
    £102.71£101.77N/AN/AN/AN/A
    Giropay
    Neteller
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    Sepa Transfer
    Skrill
    Sofort

    The brokers above were selected and carefully reviewed as the best platforms to buy Cardano or margin trade Cardano on leverage. They all have a good combination of instant-buying options, low fees and broad payment options.

    How to Buy Cardano in the UK – eToro Tutorial

    This section examines a comprehensive walkthrough on how to purchase ADA online most safely and cost-effectively possible using eToro.

    Step 1: Open an Account

    The first and most obvious step is to open an account on eToro. This process takes less than 10 minutes to do. First, visit the eToro website and look for the ‘Join Now’ button. You’ll see a signup box similar to the image below. From there, you’ll enter your details, including your first and last name, email address, phone number, and username and password.     

    eToro sign up

    Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

    You will then be asked for additional personal information on the next page, such as your country of residence, home address, date of birth, and national tax number. eToro will then send an SMS to your mobile phone. To complete your registration, enter the code that eToro sends you when prompted.

    Step 2: Upload ID

    eToro is regulated by several authorities including the FCA in the UK. As such, you have to pass through the know-your-customer (KYC) protocol. This means your identity would be verified before you’re allowed to trade on the platform. You can complete this step at a later date – but it does need to be done before you can:

    • Deposit more than $2,250
    • Make a withdrawal

    With this in mind, it’s best to quickly upload the required documents now to avoid any delays in the future.

    This requires a copy of your:

    • Passport, driver’s license, or national ID card
    • Utility bill or bank account statement issued within the last three months

    In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions.

    Step 3: Make a Deposit

    You will first need to deposit some funds (e.g. GBP) before you can buy ADA. The platform provides instant crediting of deposits into your account except when you use a bank transfer option.

    You can choose from:

    • Debit card (Visa, MasterCard, Maestro)
    • Paypal
    • Skrill
    • Neteller
    • Local bank transfer (country-specific)
    • International bank wire

    In terms of fees, eToro doesn’t charge a deposit fee. This is much cheaper than some of its main competitors, with the likes of Coinbase charging 3.99% to buy Bitcoin with a debit card.

    Step 4: Search for Cardano

    Now it’s time to buy ADA. Head over to the search bar and type ‘ADA’ into the search box at the top of the page.

    Then, you’ll need to click on the ‘Trade’ button to open up an order box.

    Step 5: Buy ADA

    You can now buy ADA by entering the size of your stake into the ‘Amount’ box($25 minimum).

    Finally, click on the ‘Open Trade’ button to complete your investment.

    Buy Cardano (ADA) in the UK – eToro Tutorial

    As the price of Cardano rises, so does the number of options where you can buy ADA. This is in contrast with what was applicable years back. With so many options, it might be difficult to choose. To save you from the headaches, we’ve profiled some of the best platforms where you can buy Cardano.

    1. eToro Overall Best UK Broker to Buy Cardano

    etoro logo

    eToro is arguably the world’s top brokerage service. The service is popular for several reasons, primarily its support for multiple asset classes. You can trade almost anything on eToro – stocks, commodities, exchange-traded funds (ETFs), and even cryptocurrencies.

    The exchange was founded in 2006 in the United Kingdom before expanding worldwide. eToro has its main office HQ in Canary Wharf, London.

    The platform supports over 50 cryptocurrencies, including ADA. So, you can buy and sell the asset easily, and you can even trade it and make price speculations.

    buy bitcoin

    eToro also has a user-friendly interface to ease trading. You can trade commission-free on the platform, and there are no fees for making deposits. All you have to pay is a $5 withdrawal fee, and you’re ready to roll with eToro.

    Besides the trading capabilities, eToro offers Cardano staking for customers. This service is in full-auto mode, and eToro spares the user of all the complex stuff. In exchange, the exchange receives a cut of your monthly rewards to cover the costs of staking. The fee charged by eToro depends on the level your account is on eToro membership.

    eToro’s minimum deposit of $50 is pretty low, and the platform offers several payment methods for you to choose from. Other impressive features include Copy Trading, which allows you to copy the trades of some of the most popular traders on eToro. Its security is also top-notch.

    Pros

    • Offers copy trading
    • A beginner-friendly interface
    • Low minimum balance

    Cons

    • Charges an inactivity fee
    • Not available in all U.S. states

    Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

    2. Capital.com – Trade Cardano CFDs Commission-Free

    Capital.com Logo

    Capital.com is one of the most notable platforms for trading contracts for difference (CFDs) globally. A CFD is an agreement to pay the difference between the current price of an asset and its value when the contract expires. It doesn’t offer direct exposure to ADA, but it allows you to trade on its price nonetheless.

    Capital.com is regulated by the FCA and the Cyprus Securities and Exchange Commission (CySEC). You can use the platform to trade ADA CFDs, speculating on the asset’s price in the medium or long term.

    capital.com Bitcoin CFDs

    The exchange has a minimum deposit of $20, which is even lesser than eToro’s. But, note that you need to pay at least $250 for bank transfers. The service doesn’t have any inactivity fees or other hidden fees, and its platform is relatively easy to use. Account opening on Capital.com is pretty efficient – you can get set up in just a few minutes if you have all your details.

    Pros

    • Various payment and deposit options are available
    • Quick account opening process
    • Impressive customer support

    Cons

    • Only offers CFD products

    71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

    3. Libertex – Industry-Leader Broker for Stocks and CFDs

    Libertex logo

    Libertex is another service that offers exposure to cryptocurrencies via CFDs. The only difference here is that, unlike Capital.com, Libertex offers exposure to other financial instruments as well. Libertex has a long history of operating, with the platform launching in 1997. The CySEC regulates it and allows the platform to trade assets like bonds, ETFs, and cryptocurrencies.

    Margin traders especially love Libertex as it offers up to 1:600 leverage for their trading activities, increasing their profitability chances significantly. However, it also puts them at higher risk.

    With Libertex, users get access to a proprietary, web-based trading platform that is quite sleek. Its user-friendliness is impressive, and it operates completely online without a need for downloads. Of course, you could always choose from MetaTrader 4 or MetaTrader 5 if you want to go with the old-but-gold.

    Libertex has eliminated all deposit and withdrawal fees. There are no hidden costs, although the minimum deposit of $100 seems a bit high. You can make deposits and withdrawals through several channels, so feel free to explore your options. Just keep in mind that many of these channels have fees of their own.

    Pros

    • Offers high leverage
    • Regulated broker service
    • Withdrawals processed in about 24 hours
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    Cons

    • Relatively clunky interface

    Your Capital is at risk.

    4. Plus500 – Regulated Platform Offering Different Asset Classes

    Plus500 logo

    Plus500 is a CFD broker that has been operating since 2008. The platform has grown over the years, with licenses from agencies like the FCA and the Australian Securities and Investments Commission (ASIC). Plus500 is even listed on the London Stock Exchange. Like Capital.com, Plus500 allows you to trade just cryptocurrency CFDs and has an expansive range to choose from. There are over 2,000 financial instruments here, including a broad range of cryptocurrency CFDs for you to trade with.

    Plus500 offers features like an intuitive user interface, no fees for deposits or trading, and even negative balance protection for your account. The platform also has some of the most extensive research and educational tools of any brokerage platform.

    Minimum deposits on Plus500 stand at $100, which is a bit high. The exchange charges an inactivity fee of $10 after three months of no usage. You should also note that Plus500 doesn’t serve users in every U.S. state.

    Pros

    • Impressive regulatory credentials
    • Intuitive user interface
    • Negative balance protection

    Cons

    • Charges an inactivity fee

    Your Capital is at risk.

    5. Coinbase – Top US Crypto Exchange

    Coinbase is the most popular cryptocurrency exchange in North America. Started in 2012, the company has grown to be the second most widely used globally, with billions in daily trading volumes per CoinMarketCap. Its operations span most of the developed world, and the company is even listed on the NASDAQ exchange.

    As a top crypto exchange, Coinbase supports trading in over 100 digital assets – including ADA. You can trade ADA against several fiat and digital currencies on the platform, taking advantage of its impressive layout and user interface. Besides trading, Coinbase also offers several remarkable benefits. You can stake your coins to earn more over time, and there’s even a Coinbase Card that allows you to spend your cryptocurrency at retail outlets.

    coinbase website

    Coinbase offers a low minimum account balance of just $2. Compared with many crypto exchanges, this is very competitive. The exchange is available to new and sophisticated traders alike, and you unsurprisingly get a broad range of deposit and withdrawal methods.

    However, the platform has a complex fee structure, with transaction costs ranging between 1.5% and 4.5% based on several factors – including your desired platform, the currency type and others.

    Pros

    • Broad currency portfolio
    • Impressive suite of services
    • User-friendly interface

    Cons

    • Complex fee structure

    Your Capital is at risk.

    6. Binance – World’s Largest Crypto Exchange Binance Logo

    Binance is the world’s largest cryptocurrency exchange by daily trading volumes. It is also the most popular in the world, offering services in over 150 countries.

    While it doesn’t offer exposure to other asset classes, Binance is impressive when it comes to crypto. The exchange offers a low minimum balance of $1, and trading commissions are charged at a flat rate of 0.1% on your gains. So, Binance doesn’t make money until you do. If you’re a professional trader, you can also access cryptocurrency futures and options on Binance as well.

    Binance Cardano

    Deposit and withdrawal options are very broad on Binance, as expected. You don’t pay any deposit fees, although withdrawal fees can be pretty high – especially for card-based transactions. Binance is also not regulated in the United States, and while it has a U.S.-facing arm, even that isn’t available in all states.

    Pros

    • High liquidity
    • Broad transaction channels
    • Advanced trading options available

    Cons

    • Not available across the U.S.
    • Pretty clunky interface

    Your Capital is at risk.

    7. AvaTrade – Legacy Crypto Trading Platform for Investors

    AvaTrade

    AvaTrade is a forex and CFD broker. The service has been operating since 2006, and it is part of the Australia-based financial conglomerate Ava Group. AvaTrade is incorporated in the Republic of Ireland. But, it also has outlets in Japan, Australia, South Africa, Canada, and the British Virgin Islands.

    While it isn’t the most popular for crypto, AvaTrade offers several benefits. You get a broad collection of cousins, as well as outstanding education and research tools. The platform offers a quick and fully digital account opening process that shouldn’t take you more than a few minutes. Plus, you get a top-notch user experience and compatibility with different platforms.

    AvaTrade-Home-scaled-1

    Then, there is AvaOptions – a proprietary platform for retail forex and CFD options trading. Options are getting more popular in the crypto market, and AvaTrade offers a simple way to get into these instruments.

    But, it’s not all good. AvaTrade offers a minimum deposit of $100, which is quite high. The platform’s fee structure is also quite complex, especially if you’d like to trade cryptocurrency CFDs. The platform also charges a pretty high inactivity fee of $50 quarterly after your first three months of no usage. After a year of non-use, AvaTrade will charge an annual administration fee of $100.

    Pros

    • A regulated broker service
    • Great for beginner traders
    • Dedicated options trading platform

     

    Cons

    • Complex fee structure
    • High inactivity fee

    Your Capital is at risk.

    8. Revolut – Personal Financial Banker with Crypto Support

    Revolut is one of the most popular financial services providers globally, offering top-notch transactions and currency services. You don’t get the usual trading services with Revolut. When it comes to crypto, the service gives you the basics – transactions and payments. The company has a history dating back to 2015, and FCA now registers it.

    Revolut’s primary benefit is its impressive interface which allows you to get used to it pretty quickly. The service has exposure to several currency pairs, and it offers a debit card that will enable users to spend cryptocurrencies at merchants worldwide. There’s even a savings vault that allows you to save your money and earn interest on it. When it comes to banking, only a few FinTechs match Revolut.

    Revolut website

    As for its drawbacks, the lack of trading services is the most striking. Revolut also imposes many fees – transaction fees, card maintenance fees, SWIFT transfer fees, etc. With different pricing tiers available, the fee structure is as complex as you’d imagine.

    But, note that withdrawals are free for up to €200/£200 a month. From there, the service charges a 2% fee for every withdrawal.

    Pros

    • Supports different currencies
    • Impressive banking features
    • Offers a debit card for payments

    Cons

    • Too many fees to deal with

    Your Capital is at risk.

    9. CryptoRocket – New Crypto Trading Platform and Exchange

    Launched in 2018, CryptoRocket is quite an interesting service. As the name suggests, it started with a focus on cryptocurrencies alone. But, it has since expanded and now supports trading in different asset classes – from stocks to ETFs and bonds. CryptoRocket is based in St. Vincent and the Grenadines. As you would expect, the service offers the basic benefits – broad asset exposure, no fees on deposits and withdrawals, and even commission-free trading when you use its LiveTrader feature.

    CryptoRocket website

    Margin trading is also available for sophisticated traders on CrytoRocket. The service offers up to 1:1,500 leverage for margin traders, improving their profitability chances – and also their risk exposure. There are no minimum deposits on CryptoRocket, although the service has a minimum withdrawal of 0.01 BTC – or its equivalent.

    Trading commissions on the normal interface start from $6 per lot, which seems a bit high. Also, many investors have issues with CryptoRocket’s limited regulatory information.

    Pros

    • Impressive educational tools
    • Commission-free trading available
    • High leverage for margin traders

    Cons

    • Not available in the U.S.
    • Not registered with any tier-1 jurisdiction

    Your Capital is at risk.

    10. Changelly – Nifty Exchange for Instant Cardano Purchases

    Based in Hong Kong, Changelly has become popular for being an instant cryptocurrency exchange. It has been operating since 2013, although it isn’t regulated by any tier-1 jurisdiction just yet. With Changelly, you will have access to over 170 cryptocurrencies and trading pairs. The platform is simple to use, and you get support for some minor currencies as well. So, regardless of where you are, you’re welcome to try it.

    changelly website

    The primary benefit of Changelly is its instant exchange service, which lets you move from one coin to another in seconds. The platform also offers some amazing educational and research tools, and you can make deposits and withdrawals using different channels.

    As for fees, you’ll find Changelly’s offering to be quite competitive. Crypto swaps on the exchange go for a flat rate of 0.25%, while crypto-to-fiat conversions carry a 5% charge. Trading fees vary between assets, but Changelly doesn’t charge any deposit fees. As for withdrawal fees, everyone pays a flat rate of 0.0004 BTC or its equivalent.

    Pros

    • A non-custodial exchange
    • Impressive user interface
    • Quick transactions

    Cons

    • No margin trading
    • Non-regulated exchange

    Your Capital is at risk.

    What is Cardano?

    Cardano is a high-performance blockchain platform that has become incredibly popular in 2021. The blockchain has positioned itself as one of the most prominent “Ethereum killers” – essentially, blockchains that look to steal Ethereum’s market share and become bigger than the blockchain behemoth.

    Cardano operates as a decentralised proof of stake (PoS) blockchain that offers higher efficiency in processing and app development.

    The platform looks to improve the interoperability, scalability, and sustainability of proof of work (PoW) blockchains like Bitcoin and – for now – Ethereum.

    The Cardano blockchain was developed by Input Output Hong Kong (IOHK) – a Hong Kong-based blockchain firm founded by Ethereum co-founder Charles Hoskinson.

    During his time at Ethereum, Hoskinson had gotten a proper grasp of the challenges facing blockchain platforms all over the industry. He started developing Cardano and its ADA cryptocurrency in 2015; the platform and token were eventually launched in 2017.

    Cardano home

    Since its launch, Cardano has positioned itself as a much better alternative to Ethereum. Both platforms are very similar, and they look to build an interconnected, decentralised system. But, as IOKH puts it, Cardano is more advanced than its predecessor.

    Amongst other things, Cardano’s primary function is identity management and traceability. The former function allows Cardano to streamline and simplify the processes that require multi-source data collection.

    As for the latter, Cardano allows users to track and audit product movements across supply chains. This way, the blockchain helps to reduce the use of counterfeit products across the world.

    Cardano has also stepped up its efficiency thanks to the launch of smart contracts. The blockchain launched its Alonzo hard fork in September 2021, bringing smart contracts to its features; this means that developers can now build decentralised applications (dApps) on Cardano – much like they do on Ethereum and other chains.

    Should UK Citizens Buy Cardano?

    ADA already is one of the most popular cryptocurrencies in the market. The asset has delivered impressive results recently, with its price up by 80.3% in the past quarter alone.

    As expected, ADA’s move is tied to growth in the Cardano blockchain. Thanks to Alonzo’s implementation, developers have been quick to build on the chain. Data from the Vercel app shows that over 2,000 smart contracts have already been created on Cardano in less than a month since Alonzo was announced.

    Source: Coinmarketcap

    Last month, renowned DJ Paul Oakenfold even confirmed that his next album – titled “Zombie Lobster” – will be launched as a non-fungible token (NFT) on the Cardano blockchain. The Grammy Award nominee will be looking to tap into some of the benefits of NFTs for musicians, and he has chosen Cardano to be his platform of choice.

    Increased adoption like this only serves optimism that Cardano will be ready for a push soon enough. Once the market gets back to its bullish ways, ADA will be one of the top coins to look out for.

    Is it Worth Buying Cardano in 2022?

    ADA has had quite an impressive year. The asset has always been a large-cap coin, but 2021 saw massive growth for it. After start