How To Buy Cardano (ADA) in 2021 [Step-by-Step Buyers Guide]

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If you're ever browsing through the cryptocurrency markets, and are perhaps thinking of sinking your teeth into something new, then you may have heard of this little thing called Cardano. You're probably thinking about how to buy Cardano, given how much people have been talking about it recently.

Already the 6th-largest cryptocurrency, Cardano and its native ADA tokens have garnered an immense amount of attention. That may be unsurprising, given its big promises and ambitions. Cardano offers a public, decentralized blockchain that is capable of running large-scale processes and infrastructure.

Moreover, Cardano's blockchain can be easily be adapted just as readily by technologists and hobbyists that want security, decentralization, speed, and scale. So, read along to know more about how to buy Cardano, quick and easy.

How To Buy Cardano Logo Blockchain Cryptocurrency ADA

QUICK GUIDE: How to Buy Cardano

1. Create an account on Binance.
2. Complete account setup, verification, and set 2-factor authentication (2FA).
3. Deposit fiat currency or other cryptocurrencies into your Binance wallet.
4. If you're depositing with fiat, click on the ‘Buy Crypto' tab, select your fiat currency of choice, and see available deposit options to buy cryptocurrencies.
5. If you're depositing with cryptocurrencies, then go to the ‘Trade' tab, and select ‘Convert.'
6. Now, convert from the cryptocurrency that you have (including those purchased with fiat) into Cardano (ADA).
7. Or, click ‘Trade', and then ‘Classic' for a more comprehensive trading set-up, where you can see the prices, trading pairs, and set your own market details.

Where To Buy Cardano ADA – Top 5 Exchanges

Although a top market-cap cryptocurrency, Cardano is relatively new to the market, and as such, it doesn't yet have the exposure of some of its peers, such as Ethereum. Consequently, its listings are missing from some top exchanges, such as Coinbase, but are readily available in other major marketplaces such as Binance, Kraken, Huobi, and elsewhere.

We've listed 5 top cryptocurrency exchanges here that are listing ADA to help you, along with our how to buy Cardano guide. You can always use sites like CoinMarketCap or CoinGecko to find a more comprehensive list of all the exchanges that support Cardano's ADA or any other cryptocurrency token.

NameDeposit MethodBuy
Binance
binance exchange
  • Bank transfer (ACH)
  • Bank transfer
  • Cryptocurrency
  • Debit card
  • Wire transfer
Rating: 5

Kraken


  • Crypto
  • Credit Card
  • Bank Transfer
Rating: 5

Huobi
  • Credit Card
  • PayPal
  • TransferWise
  • Crypto
Rating: 5

KuCoin

  • Crypto
  • Credit Card
  • Debit Card
  • Paypal
Rating: 5

OKEX


  • Crypto
  • Credit Card
  • Bank Transfer
  • Debit Card
Rating: 5

A Step-by-Step Guide On How To Buy Cardano

There are many ways on how to buy Cardano and its ADA cryptocurrencies. These step-by-step methods depend entirely on which exchange you're choosing, what deposit methods you're using, and so on. For now, we will take Binance as an example and walk you through the step-by-step on how to buy Cardano's ADA there.

Step 1: Create an account on Binance

Of course, this will be the first step into buying any cryptocurrency, on Binance or elsewhere. It begins quite simply by setting up an account over on the Binance exchange. Make sure you are logged onto the correct URL for Binance, as there are many malicious platforms that try to emulate legitimate sites.

For example, if the URL has a spelling error, such as “binnance.com,” then you know that this site is not real. You can easily use the links we've provided above. Simply click on the yellow ‘Register' button along the top-right, and then follow the on-screen instructions using your email or mobile number. It's fairly easy, and be sure to use a strong password.

You can register and open up an account on Binance on either their website here or using their mobile application available for iOS or Android. Unlike setting up a bank account that requires you to deposit a small sum of money first, Binance or any other cryptocurrency exchanges are free to set up an account.

How To Buy Cardano Binance Set Up Register Account Crypto

Step 2: Complete account setup on Binance

In order to ensure maximal security, Binance will require you to verify your identity simply by sending over an authentication link to your email address. This should complete the main setup for your account. We recommend you go to your account settings, have 2-factor authentication turned on, and have that setup.

You can use mobile apps such as Google's Authenticator service to quickly set up 2-factor authentication (2FA). Although an optional step, this is essential in protecting your account and locking it down to ensure that it's harder for malicious actors to break into and steal your funds. You'll be required to use 2FA for actions such as logging into your Binance account, buying, selling, or withdrawing funds.

This makes sure that only you can approve these actions to take place. Optionally, you can also get your account verified by sending over personal details, such as your personal ID or driver's license, over to Binance. This is an optional step and is only required if you're planning to gain more access to other services within the Binance exchange or if you're planning to trade more volumes beyond its default limit.

Step 3: Deposit funds into your Binance account

This is just as easy as trying to deposit money into your ordinary bank account. Binance offers a wide variety of deposit options, from bank transfers, using your credit or debit card, PayPal, Western Union, or simply depositing other cryptocurrencies. We'll be taking a look at some examples below.

Step 4: Depositing fiat currency into Binance

As of the time of writing this, Binance does not support directly buying Cardano's ADA cryptocurrency tokens using fiat currencies. So, what this means is that you'll have to first buy another cryptocurrency using the available fiat-compatible options. Then, you can trade or exchange those newly-bought cryptocurrencies into Cardano.

First, once you've already logged into your Binance account, hover your cursor over the ‘Buy Crypto' tab on the top left. Under the option that says, ‘Pay with,' you can cycle between the various fiat currencies that are supported for use on Binance. This is important, as the type of currency you choose will then determine what options are available to deposit it. You can also do this from your ‘Wallet' page on Binance.

For instance, if you choose to deposit US Dollars (USD), then you'll be given options such as a bank transfer using SWIFT. Or, you could use your VISA or Mastercard compatible credit or debit card. There is a myriad of other options. Binance also facilitates peer-to-peer cryptocurrency trading. This means that you will be trading directly with other persons on the Binance network.

Those options stated above will allow you to use fiat currencies to directly buy a select number of cryptocurrency tokens. This includes well-known tokens such as Bitcoin, Ethereum, Binance Coin, or stablecoins like Tether. If your intentions are to immediately exchange all those tokens for Cardano's ADA, then it's safer to use a non-volatile stablecoin such as Tether (USDT).

Binance Account Exchange Deposit Fiat Buy Cryptocurrencies

Step 5: Depositing cryptocurrencies into Binance

Instead of using fiat currencies, maybe you'd instead like to buy Cardano's ADA tokens using other cryptocurrencies instead. Since Binance doesn't allow for direct purchasing of ADA with fiat, this is a less complex solution. Once you've logged into your Binance account, scroll over to the ‘Wallet' tab on the top right, and click ‘Overview.' This will show you the overall look at your wallet.

At the top, you might notice a yellow tab that says, ‘Deposit.' Click that, and it will ask you to choose which cryptocurrency you might want to deposit into your wallet. You can also deposit through fiat-compatible options here as well. There are a few things to note here while depositing; the type of cryptocurrency, the address, and additional tags. Let's say we take Bitcoin to be an example.

If you'd like to deposit Bitcoin into your Binance wallet, you'll be required to select ‘Bitcoin' under the options of currencies. Please double-check this. To receive a Bitcoin deposit into your Binance account, you will have to withdraw Bitcoin from another wallet elsewhere. If, for example, you withdraw Ethereum and deposit it into a Bitcoin address, that Ethereum might be lost and cannot be retrieved.

Next, you'll need to get the address right. You can easily copy and paste the deposit address on Binance to your withdrawal process elsewhere. Cryptocurrency addresses are always long and comprise of a mix of letters, numbers, and symbols. Double-check once you've copied the address over, as a single missing character could risk you losing your transfer.

You could say that to save on time, opt to check just the first and last 5 characters. Or, to make things easier, you can use the QR code. For instance, if you are trying to deposit Bitcoin using a mobile wallet app on your phone, simply choose to withdraw using a QR code, and scan the one you see on Binance. You could also choose which network you might want to transfer to happen, and it will vary in terms of how much fees you have to pay depending on congestion on those networks.

There is some other information that you need to get right, too. Depending on the cryptocurrency token, you might need additional tags, such as a ‘MEMO' or Payment ID. Whenever you're trying to withdraw said cryptocurrency from another wallet, it will prompt you, just as well as Binance, through its depositing process. The same applies; simply copy over the corresponding information and double-check. Now, wait until the transaction has been confirmed.

Binance Exchange Cryptocurrencies Wallet Overview Binance Exchange Cryptocurrencies Wallet Overview Deposit

Step 6: Buying Cardano using cryptocurrencies

Right, so now you've already had some cryptocurrencies on your Binance account and are planning to buy some ADA. The process here is simple enough, and there are multiple options for you to do it. Go back to the Binance homepage once you've logged in, and hover over the ‘Trade' tab on the upper left-middle. You can see five distinct options; Convert, Classic, Advanced, Margin, and P2P.

The easiest is to ‘Convert' from one cryptocurrency to the next through an over-the-counter (OTC) service. This is the simplest way to convert, or swap tokens on Binance, although it is only available to a select number of cryptocurrency pairs. You don't have to worry about trading fees or matching with the order books. However, you also do not have any control, as the whole process is done automatically.

Alternatively, ‘Classic' will take you to a more traditional marketplace, where you can see graphs, an active order book, and a list of options that you can choose and set. If your currency pair is not available through the OTC ‘Convert' option, or if you'd like more control, such as setting your preferred buying price relative to the market, then using the ‘Classic' trading marketplace is your best bet.

Best Wallets to Hold Cardano ADA

Right, so by now, you would've figured out how to buy Cardano. You're probably looking for ways to store them more safely instead of keeping them on your exchange wallet. Cardano officially lists two recommended wallets on its site, the Daedalus and Yoroi wallets.

Daedelus is a full-node Cardano wallet for the desktop. It is unique in that it downloads a full copy of the Cardano blockchain, thus being able to verify every transaction, which further improves security. Or, you can use the Yoroi wallet for more lightweight computing and easy installation. Unlike Daedalus, Yoroi can be installed quickly as a browser extension, or you can download it as an app on iOS or Android.

Using a wallet application has been touted to be a much safer way of keeping your cryptocurrencies secure instead of keeping them online on your exchange. Cardano's official Daedalus and Yoroi apps aren't the only external wallets that support secure storage of ADA, however, as you can also use solutions from well-known wallet providers such as Exodus or Ledger.

NameTypeGet
TREZOR One
trezor one
  • Hardware
Rating: 5

Ledger Nano S

  • Hardware
Rating: 5

Exodus Wallet

  • Mobile
Rating: 5

Atomic Wallet

  • Desktop Client
Rating: 4

Daedalus

  • Desktop Client
Rating: 4

More Information About Cardano

What Is ADA?

ADA is the native cryptocurrency token of the Cardano blockchain. ADA can be used as a store of value, be staked in Cardano's wide network of staking pools to earn rewards for securing and powering the network, or for taking part in the community-centric ‘federated' governance of the chain. ADA is named after the 19th-century mathematician Ada Lovelace, who has also been credited as the world's first computer programmer.

At the time of writing (February 4th, 2021), ADA is priced at $0.429130. Owing to Cardano's growing adoption, it is the 6th-largest cryptocurrency, with a market capitalization of $13,351,291,465. This has further fuelled institutional investor appetite for Cardano's ADA tokens, proven by Grayscale's upcoming launch of a new trust for ADA, among other altcoins.

Cardano's ADA has a total supply capped at 45-billion ADA (45,000,000,000), with around 31-billion ADA currently within the circulation and the remainder 14-billion ADA being used for network incentives. Owing to the Ouroboros consensus protocol, network participants are greatly incentivized for healthy contributions to powering Cardano. It has been programmed that the amount of ADA incentives distributed will further increase as network usage increases.

Cardano ADA Logo Blue Official Ada Lovelace Computer Programmer

What Is Cardano?

Cardano is a decentralized, open-source, and public blockchain network that aims to help develop decentralized applications (dApps) through its multi-asset ledger and with verifiable smart-contract functionality. Founded in 2015, Cardano is powered by a specialized ‘Ouroboros‘ Proof-of-Stake (PoS) blockchain that has adopted some Proof-of-Work-like (PoW) features. It is built on a modified version of the UTXO (unspent transaction output) model that is used by Bitcoin, called ‘EUTXO.'

Cardano is also claimed to be the world's first peer-reviewed blockchain. Instead of having a whitepaper, Cardano's technology has been supported by extensive scientific and academic research from universities around the world. As such, Cardano's blockchain has been built to achieve the scalability, interoperability, speed, security, and sustainability that is needed to power real-world applications at the enterprise and industrial scale.

Cardano is regarded to be a 3rd-generation blockchain, an upgrade over 1st-generation decentralized blockchains such as Bitcoin, and 2nd-generation smart-contract capable blockchains such as Ethereum. In essence, it means that Cardano's blockchain technology is highly scalable, with speedy transaction and processing speeds, while also being more energy-efficient and environmentally sustainable.

Cardano ADA Blockchain Network Statistics

Is Cardano A Good Investment?

We can see that Cardano's blockchain is incredibly modular and versatile, thus being adaptable to a wide variety of different applications. Its speed, scalability, and security allow it to easily power large enterprise solutions. It can create powerful decentralized apps (dApps) while also (soon, with the upcoming Goguen update slated for March 2021) being able to integrate a host of smart-contract functionality into its expansive ecosystem.

It can already manage 1,000 transactions-per-second (TPS) at a block-time of just 20-seconds. But with future updates, this could increase stratospherically to support the ability to process 1,000,000 TPS without sacrificing decentralization or network security. Moreover, it is highly energy-efficient, making it more welcoming to be adopted at scale, helping the world become more sustainable while also helping enterprises cut down on their carbon footprint.

Although still a relatively nascent project, we can say that Cardano is a very good investment proposition. Altogether, Cardano makes for an incredibly capable blockchain network for both regular users and large enterprises. We can hope that as more institutions are beginning to accept the idea of blockchain and decentralization, Cardano will become a key player in this space.

Cardano ADA Blockchain Network Goals

Conclusion

As we conclude us how to buy Cardano guide, we hope that you've not only learned how to buy Cardano but also how to safely store it and have a greater understanding of Cardano's project as a whole. It's an incredibly exciting time to be alive, having seen the world finally pay heed to blockchain projects and accepting the values of decentralization, along with the myriad of equitable benefits for all.

Cardano is one of the most impactful blockchains to date, which has also had appreciative effects on its cryptocurrency tokens. We can never truly centralize the world if most of the world's governing and controlling institutions do not wholly accept the idea of decentralization and bringing it to the masses. With projects like Cardano on the rise, we've taken one giant leap forward in progress.

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