Buy Cardano or ADA cryptocurrecny by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about how to Buy Cardano or ADA Cryptocurrency.
How To Buy Cardano or ADA Cryptocurrency?
Cardano is a project that began in 2015, in which are involved several companies: engineering and research firm IOHK, Swiss non-profit Cardano Foundation and Emurgo.
Cardano is scalable and is designed in separate layers, to easily allow for future software upgrades. It is a home of the ADA cryptocurrency that operates on its own blockchain, while a second layer will run smart contracts. The plans is that the blockchain will be capable of running financial applications that are currently used by individuals, organisations and governments worldwide on a day-to-day basis. Besides, it has a proof of stake mining algorithm, called Ouroboros.
By the time of writing this Cardano (ADA) is the fifth largest cryptocurrency by market cap (and steady in the top 10), and it was launched only several months ago.
How to buy Cardano (ADA)
Ada was first listed on major US exchange, Bittrex in October 2017, and shortly after on Chinese platform Binance, followed by two Korean exchanges – UpBit and Coinnest.
Unfortunately, ADA currently cannot be purchased with popular fiat currencies, such as USD, and EUR via your credit card or bank account. You can only buy it with KRW (Korean Republic Won) on the two Korean exchanges mentioned above.
That is why the most popular way to buy some Cardano (ADA) is a bit roundabout. Here are the exact steps:
1. First, you buy Bitcoin (BTC) or Ethereum (ETH). You can do that on a bunch of exchanges, yet we suggest Coinbase – a major reputable platform that supports bank transfers as well as debit / credit card payments with comparatively low transfer fees. Besides, it holds a NY BitLicense and of course, accepts US residents as clients.
We suggest that you buy Ethereum, as the fees are lower.
2. As Coinbase supports only BTC/ETH/LTC, you need to register with some of the exchanges that allows you to exchange your newly acquired ETH for ADA – Bittrex or Binance. Inter-crypto trading usually involves significantly lower trading fees and ID verification is not always required. We suggest that you use Binance, as it charges only 0.1% per trade.
3. Transfer your ETH from Coinbase to the other exchange. In order to do that, you simply need to copy the address and paste it for deposit into Binance (or Bittrex).
4. Search for ETH/ADA on this platform and proceed with the trades.
5. After you already have some Cardano, you might want to store it in a wallet, instead on the exchange. As you have probably heard, it is not uncommon for exchanges to get hacked. Cardano has developed their own secure multi-platform wallet Daedalus that is the official and legit wallet to keep your ADAs.
6. In case you want to sell your ADA coins and withdraw them in USD dollars or other fiat, you have to undergo the process described above the other way around.
If you don’t want all that digital wallet and private keys hassle, going from one exchange to another, you can try out trading in digital assets such as Bitcoin with a forex broker. Unlike the majority of exchanges, most brokers are regulated, and many of them offer trading in Bitcoin, as well as other cryptocurrency CFDs.
How to buy Buy Cardano or ADA Cryptocurrency Conclusion
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