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How to Buy Cardano in 2020: Buy, Sell & Trade

Cardano is an open-source decentralised public blockchain and cryptocurrency. Traders looking for new and lesser-known coins have had their eye on this one recently. This guide will show you how to buy and trade Cardano (ADA) in 2020.

Where to buy Cardano

Read on to find out about Cardano and how it works or jump ahead to our step-by-step buyers guide if you’re ready to start investing. 

Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
1€
Russian Federation
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • BTC
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Bitpanda
Key Features
Fully automated platform with instant transactions
A wide variety of payment options
Good for beginners
Min Deposit
1€
Russian Federation
Start Trading View key features
Key Features
Fully automated platform with instant transactions
A wide variety of payment options
Good for beginners
Top Coins
Payment Methods
Visa, Mastercard, Neteller, Skrill, Sofort, Giropay, EPS, Credit Card
BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and has good prices.
Coinbase
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Min Deposit
2€
Russian Federation
Start Trading View key features
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Top Coins
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
Coinmama
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Min Deposit
60€
Russian Federation
Start Trading View key features
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Top Coins
  • BTC
Payment Methods
Debit Card
Coinmama is a bitcoin broker based in Israel. They specialize in selling bitcoins for credit card to nearly anyone in the world.
eToro
Key Features
Access the world’s most popular Crypto assets including Bitcoin
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options available
Min Deposit
200€
Russian Federation
Start Trading View key features
Key Features
Access the world’s most popular Crypto assets including Bitcoin
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options available
Top Coins
  • ADA
  • BTC
  • XLM
  • XRP
  • LTC
Payment Methods
Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, UnionPay, MoneyGram
eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices and commodities. eToro offers a wide range of stocks, such as Amazon, Apple, Microsoft and others. eToro users can connect with, learn from, and copy or get copied by other users.
eToro is a multi-asset platform which offers CFD and non CFD products. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What is Cardano?

Cardano is both a platform and a cryptocurrency (ADA). Once launched, the platform will be used by individuals, private companies and even governments to run smart contracts and other financial applications. The Cardano team are working on ADA. They then hope to complete the part that will handle smart contracts. The platform will also be able to run decentralised apps (dApps), which will operate on a blockchain. 

How does Cardano work?

Cardano ADA uses a Proof-of-Stake algorithm to mitigate the problems associated with energy inefficient Proof-of-Work algorithms. 

The Cardano coin, ADA, was created for users of the Cardano network to send and receive funds without the need for third parties, such as banks and other traditional centralised financial institutions. This way, transactions are more private and secure.  

How to buy Cardano online – step-by-step guide

Step 1. Get a suitable wallet

There are loads of ADA-compatible wallets to choose from, so we’ve listed our top three to narrow down your search: 

  • Ledger Nano S: If you’re into security, you should take a look at the Nano S. It’s not the cheapest storage option out there, but if you’re serious about keeping your funds safe, it’s a worthwhile investment. 
  • Daedalus Wallet: if you’re not looking for a hardware wallet right now, the next best option is a desktop wallet, and Daedalus is a dependable pick.
  • AdaLite Wallet: We also like the Adalite web-based wallet for its convenience and ease of use. 

Step 2. Find a Cardano exchange

Looking to buy ADA? You’ll need to find a good exchange. Here are a couple of our favourites:   

  • Binance: One of the biggest players in the game, Binance is usually the first place we check when looking for cryptocurrency. 
  • Coinex: If you need an alternative to Binance when looking for ADA, we can recommend Coinex. Once you’ve signed up and logged in, this popular exchange is easy to use.

Step 3. Withdraw your Cardano

It’s important to protect your funds. With that in mind, it’s a good idea to withdraw your cryptocurrencies from the exchange once you’ve acquired them. It’s much safer to keep them in a wallet. 

How to trade Cardano – step-by-step guide

There’s no need to download and set up a digital wallet if you’re only interested in trading. You’ll be speculating on the value of your cryptocurrency rather than buying and owning it. 

Step 1. Find a broker 

When you are on the lookout for somewhere to trade cryptocurrency, make sure you pick a reputable and trustworthy broker. When it comes to trading Cardano, you have a few options. We like Avatrade, which is especially good for new traders thanks to their low spreads and great customer support.

Step 2. Deposit money

When you’ve chosen your broker and decided you’re ready to trade, you’ll need to put down a deposit. Typically, minimum deposits won’t break the bank if you’re serious about trading.

Step 3. Decide how you’d like to trade

There are two ways to speculate on cryptocurrencies – spread betting and CFDs (contracts for difference). Whichever one you pick, you’re effectively predicting whether the value of your cryptocurrency will go up or down. If you’re not sure which route you want to take, it might be worth doing some more research and finding out a bit more about spreads and CFDs. 

Step 4. Start trading

If you’re a complete beginner, it’s worth setting up a demo account with your broker before you start trading for real. This will give you a good feel for the way trading works as it can take a while to get used to the way cryptocurrency values fluctuate. As you’ll see, cryptocurrencies are highly volatile and difficult to predict so it’s easy to win and lose money quickly.

Whether you’re on your live account or still in practice mode, trading involves taking a position on the price of your chosen cryptocurrency – essentially betting whether it will rise or fall in value. If you think it will rise, take a long position (buy), if you think it will fall, take a short position (sell).

Depending on the type of broker you choose, you may also be able to add leveraged trading to your strategy, but you should proceed with caution as this is a high risk move. Leveraged trading allows you to lay a fraction of the value of your trade in the form of a ‘margin’.

Still undecided?

Pros
  • Cardano was built on open source code to make it more accessible
  • The proof-of-Stake algorithm is more sustainable than Proof-of-Work models
  • Cardano has a great team behind it
Cons
  • Proof-of-Stake algorithm is seen as less secure than Proof-of-Work
  • Proof-of-Stake can be less democratic and therefore more centralised
  • Cardano uses its own programming language
By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
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