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how to buy cardano

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How to buy Cardano (ADA)?

Binance is widely recognized as the top cryptocurrency exchange for buying Cardano (ADA). Before purchasing Cardano, complete the identity verification process and deposit euros into your Binance account.

Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and the execution of smart contracts. Cardano has historically been a good investment. The safest storage option for Cardano is the Ledger Nano X hardware wallet.

How to Buy Cardano (ADA): A quick guide

Binance is widely recognized as the top cryptocurrency exchange for buying Cardano (ADA). The platform offers a wide range of trading pairs for ADA, including USDT, BNB, and BTC, ensuring sufficient liquidity and convenience. Binance’s user-friendly interface and mobile app make trading easy for both beginners and experienced traders.

Here’s a quick guide on how to buy Cardano (ADA) on Binance:

  1. Click on this registration link to create a new account.
  2. Complete the Know Your Customer (KYC) process by providing and verifying your personal information.
  3. Deposit euros into your Binance account using a bank transfer or debit card.
  4. Convert your euros into USDT stablecoins or other ADA trading pairs.
  5. With funds in your Binance account, navigate to the trading interface and purchase ADA coins.
  6. You have the option to store your ADA coins on Binance or withdraw them to your personal wallet for enhanced security.

This guide outlines the purchase process using euros as the fiat currency, but the process remains the same for other fiat currencies such as USD, GBP, and others.

Below is an image of the homepage of Binance.com exchange.

binance.com

Cardano trading primarily takes place on Binance, the leading exchange for this cryptocurrency. While other crypto exchanges also offers Cardano (ADA) trading pairs, we highly recommend using Binance for the best trading experience.

How to Buy Cardano (ADA): A detailed guide

Before purchasing Cardano, complete the identity verification process and deposit euros into your Binance account. For more information on the features of Binance, refer to our comprehensive Binance guide, which is particularly useful for newcomers to the world of crypto.

We will now provide a step-by-step walkthrough of buying Cardano using the Binance mobile app. You can download the app from the Google Play Store or the App Store and log in using the same credentials as the Binance.com website.

The Binance mobile app operates in Lite Mode by default, offering a user-friendly interface designed for beginners. This guide is specifically tailored to Lite Mode users to ensure easy navigation during the purchase process.

Open the trading menu

Access the trading menu by locating a distinctive yellow button within the app’s main menu, as shown in the image.

binance trading mobile appFrom the menu that appears, select the “Buy” option.

Select Cardano (ADA)

Now, you will be presented with a list of cryptocurrencies on your screen. You can either scroll through the list to locate Cardano or simply enter “ADA” into the search field, as depicted in the image below.

select cardano (ada)

Choose Dogecoin from the list to access the “Buy Crypto” form.

Buy Cardano (ADA)

Now, you should have the “Buy Crypto” page displayed on your screen. Enter the desired amount in euros or click on the ADA icon indicated by the red arrow in the image below. Clicking on the icon will switch the unit from EUR to ADA. This feature is useful if you want to purchase a specific quantity of ADA, such as exactly 100 ADA tokens.

buy cardano (ada)

To complete your purchase, click on the Buy button highlighted in yellow. This will take you to the confirmation page, where you can select your preferred payment method.

Choose the payment method

The final step is to choose the payment method for purchasing Cardano. If you have already made a deposit using fiat currency, you can use the funds in your cash balance to pay for the purchase. Alternatively, you have the option to explore different payment methods.

cardano payment method

Click the Confirm button to finalize your purchase. Please note that the price of ADA tokens will remain valid for 45 seconds. If you need more time, you will need to return to the “Buy Crypto” form to get a new quote.

What is Cardano?

Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and the execution of smart contracts. It was founded by Charles Hoskinson, one of the co-founders of Ethereum, and is developed by Input Output Hong Kong (IOHK), a blockchain research and development company.

Cardano differentiates itself through its scientific and research-driven approach, aiming to integrate peer-reviewed academic research and formal verification methods to ensure the security, scalability, and sustainability of the platform. It is built on a two-layered architecture consisting of the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL), allowing for the separation of accounting and computation functions.

Cardano utilizes a proof-of-stake consensus algorithm called Ouroboros, which relies on validators staking their ADA tokens to participate in block production and network maintenance. This approach offers energy efficiency and lower transaction fees compared to proof-of-work systems like Bitcoin.

The ADA token is the native cryptocurrency of the Cardano network, serving as a means of value transfer and payment within the ecosystem. It is used for transaction fees, staking, and participating in the governance of the Cardano platform.

Cardano has a strong focus on interoperability, aiming to enable seamless communication and collaboration between different blockchain networks. It also emphasizes sustainability and aims to address environmental concerns associated with blockchain technology by promoting energy-efficient solutions.

Read more about the project from our Cardano beginner’s guide.

Cardano as an investment

Cardano has historically been a good investment. Although the ADA token has experienced a significant decline from its peak in 2021, it is still considerably higher than it was a few years ago. Here are a few points that potential buyers of ADA tokens should consider.

  • Strong support from the founder
  • Development in the DeFi sector
  • Popularity of ADA token staking
  • Significance of Cardano’s updates

One of Cardano’s strengths lies in its founder, Charles Hoskinson. He is highly respected in the crypto community and enjoys unwavering support from Cardano fans. Hoskinson is a major reason for Cardano’s popularity.

IOHK, founded by Hoskinson, is responsible for Cardano’s technical implementation. His contribution will continue to have a significant impact in the future. If Hoskinson were to step aside one day, it would have a massive negative effect.

One of the current hurdles for Cardano is the development of its DeFi sector. This has been influenced by technical limitations that were addressed in the Vasil hard fork in the fall of 2022. Additionally, many developers have criticized Cardano’s programming environment for being overly complex.

The price of Cardano (ADA) is significantly affected by the staking of the native token, ADA. Staking is highly popular, with nearly two-thirds of Cardano’s supply being locked in staking. Each staked coin is taken out of circulation, reducing the supply and increasing the price.

Cardano’s important updates (hard forks) have historically been catalysts for significant price increases. The best example of this was the Alonzo hard fork in the fall of 2021, which introduced smart contracts to the Cardano platform. However, the most crucial updates have already been implemented, so what will drive the price of the ADA token in the future remains to be seen.

How to store Cardano (ADA) securely?

The safest storage option for Cardano is the Ledger Nano X hardware wallet. It is currently priced at around 150 euros. You can purchase the Ledger Nano X from the manufacturer’s website through this link.

A hardware wallet, also known as a cold wallet, is a device resembling a USB stick that is not connected to the internet. It is only connected to a computer (or mobile device) for the purpose of confirming transactions. The Nano X provides the ultimate security for your Cardano (ADA) investments.

If you prefer to use the official wallet for the Cardano project, it can be found at daedaluswallet.io. This is a desktop wallet available for Linux, Windows, and macOS. Popular free wallets include Exodus and Yoroi. Cardano staking can be done using any of the aforementioned wallets.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.