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Investing in Cardano – Is ADA a Good Investment?

Known as the ‘Ethereum killer’, Cardano rose by more than 2000% to a price of over $3 before correcting in late 2021. With massive returns expected in the coming years, should you invest in Cardano as it is backed by strong fundamentals and newer technology such as smart contracts? In this guide we'll answer these questions as well as review where to invest in Cardano in the UK.
Invest in Cardano UK
Invest in Cardano UK

Cardano price UK

Cardano price chart on Coinbase

Cardano (ADA) was created in 2017. Known as the ‘Ethereum killer’, it was founded on peer-reviewed research and claims to offer unmatched security and sustainability.

Cardano is ranked 6th by market capitalization, behind only Bitcoin, Ethereum, Binance Coin and Solana. As of 2022, the Cardano Blockchain is making rapid strides in smart contracts and the ADA price is holding the $1 level.

Considering all this, should you invest in Cardano, as it has undergone a correction in the past few months? Read ahead to get answers to such questions as we talk about how to buy Cardano in the UK.

Where to Invest in Cardano – Best UK Exchanges

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How to Invest in Cardano in the UK – Full Guide

If you wish to buy the dip and invest in Cardano, we recommend eToro which is regulated by the FCA in the United Kingdom. Follow these steps:

  1. Open an Account and upload your documents with eToro
  2. Deposit your Funds
  3. Look for Cardano (ADA)
  4. Buy Cardano (ADA)

Open an Account and upload your documents with eToro

eToro is a top-rated platform that is Financial Conduct Authority (FCA) regulated. You can open an account with eToro by providing your necessary personal details. eToro is a 0% commission fee brokerage platform.

etoro signup account

You need to enter details like Your Name, Date of Birth, National Insurance Number, Address, and Contact Details (mobile and email).

  • Select a username and a password.
  • Enter a unique code sent to your mobile phone to verify user authenticity.

For a successful registration with eToro, upload the following documents:

  • Your passport or driving license.
  • Your bank account statement/ utility bill. This is needed to verify your home address.
  • You may proceed without uploading documents if you deposit less than $2,250 (around £1,600).
  • Uploading of documents is required for smooth withdrawals.
  • For your investment, eToro will not charge any commission fee.

Deposit your Funds

Upon creating an account successfully with eToro, deposit funds before you can start investing. When you use a bank transfer option, the platform will credit your deposits instantly. Other deposit methods include-

  • Debit/ Credit card
  • Paypal
  • Neteller
  • Skrill
  • International bank wire
  • Local bank transfer (country-specific)

Look for Cardano

  • Type Cardano in the search box.
  • Make sure that you study the price trends and carefully analyze where it stands currently. Observe the value patterns across days/ weeks/ months/ years.
  • Given the volatile nature of the crypto market, Cardano’s price fluctuates frequently. Your study must be thorough and investing in Cardano demands observing the crypto market with consistency.

Buy Cardano

Invest in Cardano

  • Decide the ADA quantity you wish to buy and select it to confirm your order.
  • Before moving ahead with the purchase, verify that the amount required to make the purchase is available in your wallet to avoid any hassle.

Invest in Cardano

Your capital is at risk

Is Cardano a good investment

If you are thinking “why to invest in Cardano?”, then you need to keep a few things in mind. Since the launch of cryptocurrencies, many investors didn’t predict the unbelievable rise in their value. Like other cryptos, Cardano is now making its way up the ladder, and starting early will probably help you reap better profits in the future.

Below are some reasons to keep in mind if you are wondering why investing in Cardano would be a good choice-

You do not have to shell out a lot of money

The current price of Cardano is just around $1. while the value of other popular coins like BTC and ETH has multiplied at an unimaginable rate. Buying Cardano right now will mean that you do not have to spend a huge amount from your investment budget.

Also, you can buy complete assets as against buying fractions of other cryptocurrencies that are very expensive. So, investing in Cardano now will ensure less investment but greater holdings.

The rise in its price is noteworthy

The Cardano price started in 2017 at $0.02 and it is now about $2. With the kind of shift in the price cryptocurrencies are witnessing, many are predicting a positive rise in value for ADA. It is a great option especially for beginners who are either entering the crypto market right now or are planning on making the entry.

Cardano Value

It witnessed potential growth in 2021. In the beginning, it was trading at $0.17 and had gone up by $2.45 in May. The value jumped over 1,300% during this timeline. It then witnessed a drop in value. Since August, investors have made a profit of 60.5% by investing in ADA. It is a valuable cryptocurrency worldwide and many are hoping for an interesting rise in the asset. According to Coin Market Cap, it is presently at the 6th position.

Where can you buy Cardano in the UK?

You can go for the top online exchanges and brokers for buying Cardano in the UK. While there are several platforms such as Coinbase, Binance & eToro, it is advised that you choose a UK regulated broker to make sure that the experience is smooth with no unwanted risks involved.

eToro is regulated in the United Kingdom by the FCA and licensed by the FSCS. It has a simple interface for investing in Cardano, either by yourself or through copytrading winning investors who have a positive ROI. Review their past performance in terms of annual returns and choose one or several to copy trade.

Etoro buy Cardano

CopyTrader feature on eToro for better investment decisions

Why do traders prefer eToro for buying Cardano in the UK?

  • Easy registration process
  • Easy fund deposits, trading, and withdrawals
  • The minimum deposit is $50
  • No commission fee
  • 20 million active traders
  • CFD markets
  • Offers various financial markets
  • No stamp duty tax on UK shares
  • Over 2,400 global shares and 250 ETFs
  • 17 international exchanges
  • Social network with copy trading

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Is Cardano Staking a Good Investment

Many people ask the question, “Should I invest in Cardano?” Well, for those looking to engage in the crypto world, ADA definitely has potential. It has had an impressive year so far. Priced at $0.17 at the beginning of the year, the coin hit as high as $2.45 within just a few months. The 1,300% jump has made it quite popular among investors since the start of the year. But, the downturn hit ADA pretty hard. The value of the crypto dropped after that. However, with a boost in market cap to nearly $82 billion, it had once surpassed the position of the Binance coin.

ADA is among the most popular cryptocurrencies in the crypto market. With its price going up by 80.3% in the past quarter, it has become quite an impressive asset. Developers are working tirelessly to build on the chain. Sources suggest that Cardano has already created 2,000 smart contracts since Alonzo’s announcement.

Cardano Staking is a way to earn steady rewards. Many investors are going for a steady passive income concerning Cardano investment. As an ADA holder, you can engage in holding and staking your ADA tokens to validate the network blocks. However, Cardano does not offer Solo staking. You can either start your staking pool to invite participants to join or delegate your tokens to others’ pools. You can earn rewards on a cyclical basis (every five days).

eToro supports ADA staking. You can read more about staking here.

Stake Cardano

Your capital is at risk

Cardano (ADA) price predictions

2021

Cardano’s price at the beginning of 2021 was $0.17. It went up to $1.38 in just six months. Thereafter, it experienced a dip and came down to $1.05. Since then, its value has gradually increased.

The price of Cardano went up to $2.85 in the month of August 2021. The price remained steady for some time till the first half of September. With some dip in its value after September, it is now priced at around $2.

Prediction for 2022- 2025

While predicting price movement for the next few years, the price of ADA is expected to increase towards the end of 2022 by 6%. Experts predict that 2023 will see consistent growth in its value. Although the rise is not humongous, many claim that the value would not go down.

Investing in Cardano right now will yield positive results towards the end of 2023. The return is expected to be around 3 times.

Cardano could maintain its value at the beginning of 2024. As per predictions by data, it would increase around 15%, and the value would rise to $7.79. This means that by the end of 2024, its value will grow at 6.24% and it would be priced at $8.17. In the next three years, you can witness a growth of your investment up to 4 times if you buy Cardano now.

Cardano’s price could potentially be $9 by mid-2025. Cardano might be priced at $10, by the end of 2025.

Cardano Investment Strategy

If you wish to be investment-ready with Cardano, then you must study the market and its trends extensively. Here are some simple points to consider before while you strategize on your Cardano investment –

Know the Fundamentals

When investing in any cryptocurrency it must have strong fundamentals. Since the crypto markets are volatile, you must be aware of the underlying dynamics. Also, there is a fundamental idea behind each cryptocurrency and Cardano is not an exception. Hence, studying crypto extensively will help you to move ahead in your investment with clarity.

Having said that, you will note that many cryptos are being favored by expert investors even though they continuously experience a dip in their values.

Know what Expert Investors Have to Say

For your investment strategy to work, you must analyze the crypto’s performance for the past few years. Many investors are optimistic about ADA. For amateur investors looking forward to investing in Cardano, you must be aware of what expert investors are saying. Understand their investment patterns well and plan as per the strategies of the successful ADA community members. Reach out to experts whenever you need any investment advice.

To add to the existing craze for Cardano, DJ Paul Oakenfold confirmed his next album to be launched as an NFT token on the Cardano blockchain. The Grammy Award nominee choosing Cardano as his platform for his music release means something to crypto enthusiasts.

Such developments indicate that Cardano is steadily growing!

Best alternatives to Cardano

Buy cryptocurrency UK

Let us learn about some of the best alternatives of Cardano (ADA) with their features in brief:

Bitcoin

  • Launched in 2009
  • Risen exponentially since then
  • Was $13.45 in 2012
  • Now priced more than $62,000
  • Supply is limited to 21 million coins
  • Some treat it as digital gold

Invest in Bitcoin

Your capital is at risk

Ethereum

  • Second most valuable crypto coin after BTC
  • The Ethereum (ETH) price reached over $2,500 in this year
  • $11 to $3,000 in just 5 years
  • 27,000% increase in price; Market cap of over $357 Billion

Invest in Ethereum

Your capital is at risk

Monero

  • An untraceable cryptocurrency
  • Functions through the blockchain
  • No online address sharing with the public ledger
  • As of November 2021, it is priced at $238.79
  • The price was around $47 in 2020
  • More than fivefold increase in a year

Invest in Monero

Your capital is at risk

Tron

  • Current market cap of more than $8.6 billion
  • Started as part of Ethereum
  • Became a crypto in 2018
  • As of March 2021, the price was around $0.097
  • Ninefold price increase in a year

Invest in Tron

Your capital is at risk

Binance Coin

  • Market cap of $47 billion
  • 25-fold increase in one year

Invest in Binance Coin

Your capital is at risk

Dogecoin

  • The most famous “memecoin”
  • As of November 2021, it was trading at $0.22
  • Market cap: $7 billion

Invest in Dogecoin

Your capital is at risk

How to store your ADA investment in a secure wallet

To store your Cardano investment, you will need to go through the available wallet options to select one that suits you the best. It is important that the wallet you choose is safe and regulated to conveniently store your digital currency. Cardano wallets can be assessed via a mobile app, software, etc.

eToro is among the best options available for purchasing and storing your Cardano coins. To store your digital funds securely, you have two options with eToro. One, you can store your Cardano tokens on the platform and sell them instantly whenever you wish.

Alternatively, eToro also offers a cryptocurrency wallet for your ease. You can download it via an Android/ iOS mobile app. Supporting more than 120 cryptocurrencies, it is quite popular among investors. It also offers investment services and enables you to exchange currencies through the wallet.

Some other top wallets include-

  • Binance (software)
  • Coinbase (software)
  • Gemini (software)
  • Kraken (software)
  • Trezor (hardware)

Security and risks of Cardano investing

Investing in cryptocurrencies comes with its share of risks and so as investing in Cardano. As an investor, you must engage in trading only after thoroughly understanding these risks. Some of these risks while investing in Cardano are listed below:

Issues while selling

Like many other cryptocurrencies, you might face some issues while attempting to sell your Cardano coins. If there is an outrage in the market owing to a price rise, you may not be able to sell your coins in the amount you’re targeting due to constant fluctuation in price.

Hackers

Cryptocurrencies always are potential targets of hackers. Although they operate on blockchain technology which makes it very difficult for hackers to find their way into the chain. However, it is not impossible given the fact that hackers are always keen on finding out new ways to hack into systems that could bring them huge financial gains.

Cardano Value

Like other cryptocurrencies, Cardano is also an immensely volatile asset. Speculating its value is a dynamic process for investors. You must know that Alonzo hard-fork and smart contracts make most of the real value of Cardano. The progress is still on and the entire exercise is not risk-free. The project indicates a rise in market price taking into consideration its market cap of roughly $70 billion.

Selling your Cardano investment

Selling your Cardano investment involves a convenient process. Simply go to your holdings on the crypto exchange/ brokerage platform. Select the amount you wish to sell and execute the process. eToro enables you to store and sell your Cardano investment without any hassle. In your eToro portfolio, all you have to do is click on the Sell’ button.

  • If you have moved your Cardano holdings to a different exchange, make sure to move it back to the desired exchange from where you wish to sell your holdings.
  • Selling the currency for which you want to sell your ADA holdings.
  • Sell your Cardano investment by placing a market order or a limit order. Placing a market order would mean selling the holdings at the prevailing market price and a limit order would mean selling them at a specific price.
  • For market orders, the selling time is a matter of seconds as it takes place in the prevailing market rate.
  • The limit orders get executed upon the value reaching the specified price. Hence, limit orders should be placed only after carefully assessing the price movement.

Sell Cardano

Your capital is at risk

Responsible investing

Responsible investing calls for thorough research and careful study of the crypto market. To invest in the right way, you must focus on minimizing your losses and not invest in an impulsive manner. The possibilities of short-term and long-term returns need to be analyzed well.

Not everyone can trade cryptocurrencies with a bullet-proof strategy. It demands caution, patience, and constant knowledge of events that can possibly have an impact on crypto’s price movement. Even when the trend is up, there are chances of losing all your money due to the occurrence of some unfavorable events.

Taking advice from experts is a must in case one cannot manage time for proper technical analysis. Your efforts will multiply when you have the insights of people who have already engaged in the crypto market substantially.

It is a wise idea to reinvest your gains instead of withdrawing them instantly. If you are looking for steady returns, this will help you go a long way. The notion of “invest and forget” does not work in today’s investment world. The traditional methods are not what you should adopt in the fast-changing crypto market.

Know exactly what the market trends are and make the right choices. If you take examples of Bitcoin and Ethereum, which are the two most valuable cryptocurrencies in the world right now, you know exactly how the trends have transformed. In just a matter of some years, their values have increased in an unthinkable manner. This gives hope for many investors who are speculating the potential of coins like Cardano. Whatever is said and done, investing responsibly is the key to sustainable returns.

Taxes and regulations regarding Cardano in the UK

HMRC (Her Majesty’s Revenue and Customs), the UK’s tax authority has laid down guidelines on crypto taxation. HMRC does not consider crypto assets as currency/ money. However, the taxation policies are mentioned as under-

  • Crypto holdings for personal investment are subject to the Capital Gains Tax rules.
  • If crypto assets are held for business activity, then the income is subject to income tax rules.
  • HMRC identifies a business activity on a case-to-case basis.
  • Cardano sold for fiat currency is subject to taxation.
  • Cardano exchanged for another cryptocurrency is subject to taxation.
  • Taxation is applicable on using Cardano for payment of goods/ services.
  • Gifting/ paying Cardano to another person will attract taxation.
  • In terms of staking that does not translate to trade, crypto assets’ pound sterling value will be taxable as miscellaneous income

Conclusion

Investors all over the world consider Cardano (ADA) as a promising investment opportunity. Only time will tell the kind of returns one will witness from investing in Cardano. Since its creation in 2017, it has been known for being founded on peer-reviewed research offering unmatched security and sustainability. Its value has evidently increased with time.

Cardano holds the 6th position right now as per market capitalization. The launch of smart contracts is a step ahead and one can surely look into the future with optimism when it comes to investing in Cardano.

Network with and copytrade other ADA investors on social trading platform eToro – all users have their own news feed on that exchange where you can ask is Cardano a good investment and hear the thoughts of other traders.

eToro: Our Recommended UK Cryptocurrency Platform

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FAQs

What is Cardano?

Cardano (ADA) is a cryptocurrency that was created in 2017. It was created on peer-reviewed research. Cardano is currently placed at 6th position by market capitalization and its price is presently around $2. As of 2021, it has introduced smart contract support.

How to mine Cardano?

You cannot mine Cardano as it uses the Proof of Stake (PoS) algorithm. You can only stake it and let your profits grow.

Where to store Cardano?

There are several wallets available on the internet where you could store Cardano such as • eToro (software) • Binance (software) • Coinbase (software) • Gemini (software) • Kraken (software) • Trezor (hardware)

How to stake Cardano?

With eToro, users are paid staking rewards every month, in ADA and/ or TRX respectively. eToro executes the staking process for users with safety. Users do not have to carry out any process on their own. eToro helps users to avoid additional risks and complications of staking.

How high can Cardano go?

Although predicting the future of cryptocurrencies is not a cakewalk, many assume that the value of Cardano would reach $10 in the near future.

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eToro - UK Crypto Broker

eToro - UK Crypto Broker

eToro - UK Crypto Broker

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Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

eToro - UK Crypto Broker
Visit eToro

Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

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