Sometimes it can be a little complicated to buy a particular cryptocurrency of your choice. It is most certainly the case with Cardano’s cryptocurrency ADA. But if you are looking to own ADA, you have come to the right place. In this article, we will provide you a complete guide on how to buy Cardano ADA safely and securely.
What is Cardano?
Charles Hoskinson founded Cardano in 2017, who also co-founded Ethereum and BitShares. Hoskinson aimed to create a blockchain platform that was capable of outperforming older blockchains like Bitcoin and Ethereum. Cardano blockchain was created to act as a global payment system and DApp network by processing cheap and scalable transactions.
Where to buy Cardano?
There are several crypto exchanges where you can buy Cardano Coin. We have reviewed the most secure and well-known exchanges where you can buy ADA. Each platform has its own list of pros and cons, so pick the one that is most suitable for you.
Buy Cardano on Binance
Binance is the leading crypto exchange in terms of the daily trading volume. The Chinese based exchange lists over 100 different cryptocurrencies. The platform recently enabled users to buy cryptocurrencies using WeChat and Alipay. However, you will need bitcoin or Etherum in your Binance account in order to buy ADA. How to transfer ETH or BTC into your Bianance account is described below. Trading fees on the platform for ADA is just 0.1% for each trade.
Buy Cardano on HitBTC Exchange
HitBTC exchange lists more than 200 cryptocurrencies on its platform, including ADA. Unlike Binance, you can buy a coin on HitBTC using fiat money. The platform accepts debit/credit card and bank account for deposits. However, if you decide to buy ADA using fiat money, you will have to provide personal details to the exchange and then wait for verification. The interface of the exchange is also quite complicated. The exchange suffered a major hack back in 2015, which allegedly caused $300 million worth of damage. Users of this platform have reported high fees for withdrawal.
Buy Cardano on Bittrex Exchange
Bittrex is also one of the leading crypto exchanges when it comes to daily trading volume. However, you can not buy ADA on Bittrex using payment methods like credit/debit card or bank account. You will have to fund your account with BTC or ETH in order to buy ADA. Bittrex is known for its security features. Withdrawals on the exchange are free.
How to buy Cardano
The first step in order to buy ADA would be to own some BTC or ETH. If you don’t have any BTC, you can easily buy it from Coinbase or any other exchange. In this example, we will use Binance to buy Cardano. Go on to the official Binance website and create an account. This process is pretty simple, and it would not require you to give personal details except email ID.
Now, after creating a binance account, you will require to transfer your BTC or ETH from your wallet to the binance account. Go to the main page of Binance and click on funds, and you will see a long list of cryptocurrencies that exchange support. Search Etherum or Bitcoin in the search box, depending on which coin you want to transfer. Now click on deposit, and you will see your unique Binance wallet address for BTC deposit. Copy that address by clicking on Copy address.
Now go to your crypto wallet where you have your BTC or ETH stored. Click on send, and then you will see an option to paste the address that you copied previously. After pasting the address, click on confirm. It might take 10-20 minutes to receive crypto in your Binance account.
If you have successfully completed the above steps, you now have funds in your Binance account that you can use to buy ADA. Now go to the main page of the Binance website and click on exchange and then select basic. Now you have the option to search for ADA trading pair. Select the trading pair that you used to fund your account. If you have BTC select ADA/BTC and if you have ETH select ADA/ETH.
After selecting the correct pair, you will land on the trading page of Cardano. Scroll down and locate the Buy ADA option and click on the market. Now you will have the option to put in the number of coins you wish to buy. After filling in the amount, click on buy ADA. You have successfully bought Cardano ADA.
Store your ADA in Cardano wallet
It is always best to avoid storing your coins in an exchange. There are several wallets in which you can store cryptocurrencies like bitcoin and Ethereum, but there is only one wallet in which you can store ADA coins. The name of the wallet is Daedalus, and it is the official wallet created by the Cardano team.
Download the wallet by visiting the official website of Daedalus. Follow the instructions on the website to safely download the wallet and transfer your ADA coins. Currently, the wallet is not available on all types of devices.
If you follow all the above steps correctly, you should not have any problem purchasing Cardano Coin from Binance or any exchange mentioned above. It is highly advised to proceed with safety while dealing with cryptocurrencies and always make sure that you are using an official website before making any transaction.