Want to buy a Cardano coin and do not know where to start? Don’t worry, we got you covered. In this article, we will show you how to buy Cardano (ADA) in few simple steps. So let’s dive in.
Contents [hide]
- 1 What is Cardano?
- 2 Where to buy Cardano? Exchange Overview
- 3 How To Buy Cardano (ADA)
- 4 Conclusion
What is Cardano?
Cardano (ADA) is an open-source, decentralized cryptocurrency. It launched in 2015 but only became available for trading in 2017. Similar to Ethereum, Cardano is a smart contract platform however, it offers scalability and security through a layered architecture.
The Cardano blockchain can be used to build smart contracts, and in turn, create decentralized applications and protocols. In addition, it helps to send and receive funds almost instantly, with minimal fees. It is widely used in the finance and business industry.
Where to buy Cardano? Exchange Overview
Considering the fact that ADA is still a young project it is not available on most exchanges. Therefore, we chose the 3 most competent platforms where you can buy Cardano cryptocurrency. After we review the Crypto exchanges, we will guide you through every single step so you can add ADA to your Cryptocurrency portfolio.
Binance
- PROS
- Very fast, easy to use interface.
- Binance ensures assets in case of security breaches. Except for breaches from personal security issues
- Best-in-class features with everything an advanced trader could want
- One of the most trusted brands in crypto
- Binance offers extremely low transaction fees, particularly when using with their native BNB tokens
- CONS
- Can be overwhelming for people who are new to crypto or trading
- The platform doesn’t support most traditional payment methods
- Binance does not give comprehensive daily market analysis
- Currently, Binance US does not offer services in New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas due to missing regulatory requirements
Binance is one of the largest exchanges which offers a variety of 400+ different Cryptocurrencies.
Binance is really advanced exchange with numerous features such as Staking, Liquid Swap, Margin Trading, Crypto Loans and etc. If you are a beginner who is just getting their feet wet standard Binance’s UI (User Interface) might seem a bit overwhelming and hard to manage.
However, they recently released Binance Lite. You can switch to Lite mode in the Binance app. The user-friendly interface makes it easy to buy and trade crypto with some of the lowest fees on the market.
Kraken
- PROS
- When it comes to security, no exchange can outdo Kraken.
- Users who are new to the crypto world will find it quite easy to start trading on Kraken as it is beginner-friendly.
- Regulated in the US and they have a US banking license.
- Kraken supports trading in six different fiat currencies, which gives Kraken an advantage over many other cryptocurrency exchanges that only supports 1-3 fiat currencies.
- Kraken is one of the most liquid crypto exchanges today as it is quite popular among both professional traders and crypto enthusiasts.
- CONS
- There have been many complaints from Kraken users about the slow verification process of new users for intermediate and pro-level accounts.
- Kraken is suffering from the same issue that many multi-exchange platforms suffer from – sluggish customer support. But we have to give credit to Kraken as the company is trying its best to improve its customer support.
- No credit/debit card deposits.
Kraken has high levels of safety and security for digital assets and personal client information. They have designed a mobile app to make trading easy on the go, even though their website is very mobile-friendly.
Kraken exchange orients mostly towards more experienced traders. Therefore, many specific terms and abbreviations could pose a problem for beginner traders. If you don’t have a problem with a little bit of a hassle Kraken is a really solid choice to go with.
CEX
- PROS
- Established exchange with good levels of security.
- Simple, intuitive, and minimalistic interface.
- Perfect for both beginners as well as advanced level traders, CEX.IO is easy to use & navigate.
- Unlimited withdrawals once suitably verified.
- Various payment methods.
- Almost instant verification.
- CONS
- Relatively high fees.
- A limited number of currencies supported.
No matter whether you are a beginner or a pro you are going to be highly satisfied with the CEX platform. You can easily navigate through the platform, buy/sell, send/receive Cryptocurrencies. Above all CEX has one of the best staking features. So if you are looking forward to buying and holding a Cryptocurrency for a certain period of time CEX is an option to go with.
How To Buy Cardano (ADA)
Okay now, let’s dive into the technical side. Before you buy Cardano on an exchange there are a couple of steps you need to take.
Verifying an account under your name is very important. Without proper verification, you will not be able to buy any Cryptocurrency on an exchange. However, it’s nothing hard to manage. Here’s a couple of things you will need to provide:
- Your legal first and last name. The name provided must match your name on ID.
- Email address and phone number.
- Picture of government-issued ID (Passport or Driving License will also work).
- Proof of residence (Utility Bill, Bank Statement, or Rental Agreement).
Now since you already know the requirements for verification, let's advance to the buying process on each exchange.
Buy Cardano on Binance
- Register on Binance, verify yourself with the documents we have mentioned above, and get to the dashboard.
- If you click on “Buy Crypto” then “Bank Deposit” it gives you various preferable ways to top up the balance.
3. However we suggest you to click on “Credit/Debit Card” since it allows you to directly buy Cardano.
4. First submit the amount of purchase. After that below click on coin selection (By default it should show BTC) and search for “ADA”.
5. After choosing all details click on “Buy ADA” and finalize the payment.
There you go with how to buy Cardano on Binance.
Buy Cardano on Kraken
- After you register on Kraken and get your account verified, on the top of dashboard click “Funding”
2. Choose the currency you want to fund your account with and click “Deposit”. Choose the transfer option. (Remember that Kraken doesn’t offer direct card payments). However, their instructions on how to fund your account are very clear and comprehensive.
3. After the funds are added to your Kraken balance click “Buy Crypto” on top of the dashboard. In the “Amount” section fill in how much you want to spend and in “Buy” search for Cardano (ADA). Below that choose “Pay With Kraken USD Balance” just like in the image below and click on “Preview Buy”
There you go, you have learned how to buy Cardano (ADA) on Kraken.
Buy Cardano on CEX
- Register on the CEX, verify yourself, and go to the dashboard.
- Click on “Deposit” in the green box. Do not click on the “Buy/Sell” section on the top left corner because buying from there will result in higher fees.
3. Choose the payment method and amount you want to deposit.
4. After funds have been added to your balance, click on “Trade” on top left corner and search box type “ADA”
5. After choosing the pair, scroll down, click on “Market” to buy Cardano at the current price. Submit amount you want spend and click on “Buy Now”
Conclusion
Where you will buy Cardano from is totally up to you. All 3 of the reviewed exchanges are highly professional and reliable. It’s a matter of personal choice.
- Binance has a wide choice of Cryptocurrencies and many features – Register on Binance today.
- Kraken supports trading in 6 different currencies and is the most liquid Crypto exchange – Register on Kraken today.
- CEX has the most beginner-friendly UI (User Interface) and offers one of the best staking options for ADA & other Cryptos – Register on CEX today.
