Beginners Guide: How to Buy Cardano in 2023

9:29 am, Wed, 14 June 23

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Cryptocurrencies have gained immense popularity in recent years, with Cardano (ADA) emerging as one of the leading digital assets in the market with a market capitalization of $9,295,481,505.

Created by blockchain development firm IOHK, Cardano aims to provide a secure and scalable platform for developing decentralized applications (dApps) and smart contracts.

Currently priced at $0.27, Cardano has experienced a more than -91% dump in its value. This massive sell-off has lasted for months now, pushing the ADA price to pre-historic lows we might never see again once this crypto-bearish market is over.

If you’re interested in investing in Cardano, this article will guide you through buying ADA and its associated fees.

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Where Can I Buy Cardano?

Before diving into the buying process, it’s crucial to know where you can purchase Cardano from. Here are four popular cryptocurrency exchanges where you can buy ADA:

1. Binance Spot:

Binance is one of the largest and most well-known cryptocurrency exchanges globally. It offers a wide range of cryptocurrencies, including Cardano. To buy ADA on Binance, you need to create an account and complete the necessary verification process. Binance Review: Is Binance Safe Exchange? Crypto Trading Fees

2. Coinbase:

Coinbase is a user-friendly platform that caters to both beginners and experienced traders. It supports Cardano and provides a seamless buying experience. Registering an account on Coinbase is straightforward, and once verified, you can purchase ADA using various payment methods. Coinbase Review: Is Coinbase Legit Exchange? Trading Fees

3. Kraken:

Kraken is a reputable cryptocurrency exchange known for its robust security measures. It supports Cardano and offers a range of trading options. Opening an account on Kraken and undergoing the verification process will enable you to buy ADA. Kraken Review – Is Kraken Exchange Safe? Leverage Trading Fees

4. Gemini:

Gemini is a regulated cryptocurrency exchange in the United States that prioritizes security and compliance. It offers Cardano trading for US residents and selects international customers. To purchase ADA on Gemini, you must create an account and complete the necessary verification steps. Gemini Review: Is it Safe Crypto Exchange? Supported Countries

How to Buy Cardano (ADA)

Now that you know where to buy Cardano, let’s explore the step-by-step process of purchasing ADA:

1. Decide Whether to Invest in Cardano

Before investing in any cryptocurrency, it’s crucial to conduct thorough research and understand the underlying technology, potential risks, and market trends.

Evaluate Cardano’s roadmap, partnerships, and community to make an informed decision. Also investigate the current SEC regulations on ADA and decide if this added risk is acceptable.

2. Choose Your Crypto Exchange

Select one of the exchanges mentioned earlier based on your location, preferences, and security features. Consider supported payment methods, trading features, and user reviews.

3. Decide How to Pay

Once you’ve chosen an exchange, determine how you want to fund your purchase. Most crypto exchanges offer multiple payment options, including bank transfers, credit/debit cards, and cryptocurrency deposits.

Compare fees, transaction times, and availability to choose the most suitable method.

4. Buy ADA

Navigate to the ADA trading pair and place a buy order after depositing funds into your exchange account.

Specify the amount of ADA you want to purchase and review the order details before finalizing the transaction. Ensure you have enough funds to cover the purchase and consider setting stop-loss and take-profit levels if you trade.

5. Store Your ADA

After buying ADA, storing it securely in a wallet is crucial. Exchanges are susceptible to hacking and other security breaches, so transferring your ADA to a personal wallet is advisable.

Below, we break down the wallets to consider when it comes to storing your ADA:

How To Store Your ADA?


1. Hardware Wallets:

Hardware wallets are physical devices that store cryptocurrencies securely offline.

They generate and store your private keys within the device, making it nearly impossible for hackers to access them.

Popular hardware wallets for storing ADA include Ledger and Trezor. These wallets require a physical connection to your computer or mobile device to authorize transactions, adding an extra layer of security.

They offer high security since they are not vulnerable to online threats such as hacking or malware. Cold wallets can take the form of paper wallets or other physical mediums that store your private keys offline.

2. Hot wallets:

In addition to hardware wallets and cold wallets, another option for storing your Cardano (ADA) is using hot wallets.

Hot wallets are software-based wallets connected to the internet and can be accessed via desktop, mobile, or web applications.

While they are more convenient for frequent access and transactions, they generally have lower security than hardware or cold wallets.

Fees Associated with Buying Cardano

When purchasing Cardano, keep in mind the following fees that may apply:

1. Deposit Fees: Some exchanges impose deposit fees, especially for specific payment methods like credit/debit cards or wire transfers. These fees vary depending on the exchange and the specific payment method used. It is essential to review the fee structure of your chosen exchange to understand any potential deposit fees and factor them into your purchasing decision.

2. Trading Fees: Most cryptocurrency exchanges charge trading fees for executing buy or sell orders. These fees are usually calculated as a percentage of the transaction amount or based on a tiered fee structure, which decreases as your trading volume increases. The trading fees vary between exchanges, so comparing the fee structures and choosing an exchange that aligns with your trading needs is advisable.

3. Withdrawal Fees: If you plan to move your ADA from the exchange to a personal wallet, you may encounter withdrawal fees. These fees cover the cost of processing and transferring your ADA to an external wallet address. Unlike deposit fees, withdrawal fees can vary among exchanges, so checking the fee schedule before initiating a withdrawal is essential.

Futures Trading: Trading ADA With Leverage

Buying and storing Cradano is one thing, trading Cardano with leverage on a crypto Futures exchange is something entirely different.

For one, when you buy Cardano, you are doing so without leverage, not only that you are buying, owning, and in charge of storing this ADA you have bought.

However, when it comes to trading cardano on the futures market, you are not buying the asset, instead, you are trading (longing/shorting) the asset with leverage on a futures exchange.

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In Conclusion

Cardano (ADA) presents an exciting investment opportunity in the cryptocurrency market, offering a secure and scalable platform for decentralized applications.

By following the steps outlined in this comprehensive guide, you can confidently navigate the process of buying Cardano.

  • First, evaluate whether investing in Cardano aligns with your investment goals and thoroughly research its technology and potential growth.
  • Then select a reputable cryptocurrency exchange that supports the purchase of Cardano. Each exchange has its features, fees, and user experiences, so take the time to research and choose the one that aligns with your requirements.
  • Once you’ve funded your account, navigate to the ADA trading pair and place a buy order, specifying the amount of ADA you want to purchase. Review the order details and ensure you have sufficient funds for the transaction and any associated fees.
  • Decide if you just want to buy and hold ADA or if you would like to day trade it too on a futures exchange.

After buying ADA, transfer your tokens to a secure wallet for enhanced security. Consider using hardware wallets like Ledger, or Trezor or software wallets like Daedalus or Yoroi. Follow best practices for wallet security to protect your investment.

For a full break down of our Cardano Technical analysis and price predictions, check out our weekly Cardano TA Cardano (ADA) Price Prediction in 2023, 2024, 2025 & 2030

Cardano (ADA) Price Prediction in 2023, 2024, 2025 & 2030