Cardano is a blockchain, also called 3rd generation blockchain because of its scientific philosophy, designed and developed by a team of scientists and engineers from all over the world. The ADA Coin is the fuel for the Cardano Blockchain and plays a central role in implementing the “Vision of Cardano 2020”. In this respect, the ADA Coin can be an interesting investment. If you would like to check the current Cardano (ADA) price before investing, check out our Cardano price index.
We will therefore introduce you to various ways in which you can invest in Cardano/ the ADA Coin very easily, quickly and securely and then keep it safe. Before you read the individual instructions for the different exchanges and brokers, you should make an important decision about the storage of your Cardanos.
Depending on your decision we will give you a recommendation where to buy ADA.
Guide: Choosing the best exchange or broker
Do you want to keep Cardano (ADA) yourself and thus have full control over your asset, the cryptocurrency, or are you looking for a simple solution and hand over the management responsibility to a broker? Then you also have the opportunity to invest in Cardano CFDs.
When answering this important question you should consider the following: Cryptocurrencies like Cardano are anxious to revolutionize the current financial system for the better! The aim is to create a financial system that does without third parties and middlemen. Therefore, from our point of view, it is generally better to manage Cardano yourself, since only you have access to your assets via your Private Key. If you deposit your ADA Coins on a exchange or broker, you give control of the private key to a third party. Since exchanges and brokers are popular targets for hacker attacks, we believe it is safer to manage your Cardano by yourself. For beginners, however, it can be complicated to set up and operate a wallet.
Another special third solution is cryptocurrency CFDs. Very important to know with CFDs is however that you do not possess the cryptocurrency, like Cardano, but only hold the certificate (CFD) on a rising (Long) or falling (Short) price. Therefore we would like to make the following recommendation:
**Risk Warning: 80.6% of retail CFD accounts lose money.
**= Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Below you will find the corresponding instructions for Kriptomat, Litebit, Coinmerce, eToro and Plus500.We have also created a guide for the popular crypto exchange Binance, where you can trade Cardano against Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and other cryptocurrencies.
Buy Cardano on eToro
The biggest and best known broker to buy Cardano (ADA) is eToro. The platform offers the great advantage that the company guarantees a deposit guarantee per customer up to a value of 20,000 euros. Even with a hack, your assets (up to 20,000 EUR) are safe with eToro. The first step is to go to the official website etoro.com (click on this link!)* Then click on the green button “Register now”. Then a new window will open where you have to enter your first and last name, e-mail, password, telephone number and a user name.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Limits for buying Cardano from eToro
After successfully completing these steps, you will be automatically logged into your account. Your current account is subject to the lowest deposit limits as you have not yet fully verified your identity. Your deposit limit is 2.000 Euro. Only after your account has been fully verified will you be able to use the limits listed below, which vary by deposit method:
|Method of payment||Countries||Time of transfer||Maximum par transaction|
|Giropay, SOFORT||Germany||up to 1 working day||$30.000|
|Neteller||UK (Great Britain)||Immediately||$10.000|
|Skrill Limited UK||UK (Great Britain)||Immediately||$10.000|
|WebMoney||UK (Great Britain)||Immediately||$50.000|
|Virement bancaire||worldwide||Bank wire||Unlimited|
In order to use the full functionality of eToro, you need to prove your identity and address, as well as a tax number. This process is necessary in connection with the strict provisions of EU law and is already an integral part of the secure operation of the platforms on many other exchanges. The verification can be carried out in a few minutes. To do this, you have to click on the “Edit” button in your profile. There the necessary documents are listed, which have to be submitted in order to activate the full range of functions.
Then you’re ready to deposit money. All you have to do is select “Deposit” in the lower left corner and then enter your preferred payment method. Depending on the type of deposit (see table above), the credit will be either slightly faster or slower. Now you can go directly to purchase Cardano (ADA).
Buy ADA from eToro
As already described in the introduction, eToro has the special feature that the platform is both a exchange and a broker. This means that both “real” ADA can be bought, as well as Cardano (ADA) CFDs.
Buy “Real” Cardano (ADA)
EToro currently offers 15 different cryptocurrencies for trading, including Cardano. To buy “real” ADA, you have to click on “Trade Markets” and then on “Crypto” and then on ADA (Cardano). The following overview is then relatively self-explanatory.
The letter “B” stands for buy Cardano and “S” for sell Cardano. Click on the “B” in the ADA line to start the purchase. Then you only have to enter the amount of ADA you want to buy. Then click on “Buy” (without changing any other setting) and your transaction will be completed within a few seconds. Now you have already bought Cardano (ADA) easily and quickly.
Buy Cardano CFDs
Buying ADA CFDs on eToro is very similar to “real” ADA buying. But you have to remember the following at eToro: When you open a new BUY position for a cryptocurrency without a leverage, you have the cryptocurrency and no Cardano CFD. Your investment in eToro is then secured with the real asset. This means that eToro buys the cryptocurrency in your name and stores it in a separate account under your name.
To buy Cardano (ADA) CFD you have to click on “B” to buy Cardano. After that you get to the usual overview:
Here you set the amount of money you want to invest in this trade as usual. Afterwards you have to adjust the leverage multiplier “X2”. For cryptocurrencies, eToro does not currently offer any bigger leverage. You should then check your Stop Loss and Take Profit settings. A stop-loss limit is very important to limit the possible risk. Then you can open the trade. This is executed immediately when the market is open.
Stop Loss means that you close a trade if the ADA price reaches a fixed market price or an amount of money that you can set. Take Profit determines when your trade is automatically closed when the profit of your trade reaches the amount you have chosen. It is also important to know that overnight fees (also called rollover fees) are charged by eToro. These will appear in the pop-up window before you place your order (see screenshot).
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
The eToro Wallet
Since March 2019 eToro offers the possibility to manage single cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP – on a mobile wallet (an app). The app makes it possible to withdraw your own “real” cryptocurrencies from the exchange and send them to an external wallet.
Unfortunately, Cardano cannot yet be managed via the eToro Wallet (as of June 2019). But we will inform you as soon as possible!
Minimum deposits and fees
When trading on eToro, you need to be aware of the following:
- All trading accounts are in US dollars (and not euros). That’s why your deposit will be converted into US dollars immediately. This is done at the current exchange rate, but please note that there is a conversion fee.
- The minimum deposit for all deposits other than the first deposit has to be at least USD 50. A minimum of 500 USD is required for deposits made by bank transfer.
- A withdrawal handling fee will be charged for withdrawals. You will see the respective withdrawal fee in the cashier area after you have entered the withdrawal amount. For payouts greater than 50 USD, this is 25 USD.
Is eToro safe and recommendable?
From our point of view, this question is very important because the management of private keys is delegated to a broker. The user gives the control over his own assets to a third party, here: eToro! This makes it all the more important that the broker is reputable and trustworthy.
From our point of view, this is clearly the case with eToro. As a rule, customer deposits are always well secured when the respective broker is supervised by a regulatory authority. EToro is immediately controlled by supervisory authorities that are considered very accurate and strict in flare trips:
- CySEC: As eToro has part of its registered office in Cyprus, the Cypriot CySEC is responsible for monitoring.
- FCA: As eToro has also established a subsidiary in the UK, FCA in the UK is also responsible for the control of eToro.
The broker also actively protects customer deposits by keeping them separate from the company’s assets. Even if the broker were to become insolvent, the customer’s money would not flow into the insolvency estate.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Cardano on Kriptomat
Although Kriptomat is by far not yet as well known as eToro, the comparatively young crypto exchange is in our opinion a very good option to buy cryptocurrencies and therefore also ranked second in our ranking. On the website there are currently over 30 cryptocurrencies available for purchase, directly per Euro, USD, etc. You can also send them directly to an external wallet (unlike eToro).
Following the exchange’s motto “Crypto for everyone”, the focus is on a user interface that is simple and modern in design to allow really anyone, regardless of experience level, to buy cryptocurrencies. From our point of view, this is not just a promise, but is actually implemented, which is why Kriptomat is our top recommendation for crypto investors with little to no experience.
However, this is not to say that Kriptomat is only suitable for beginners. In our opinion, there are good reasons for long-term investors to use the website. As far as seriousness is concerned, Kriptomat can convince with two licenses granted by the government in Estonia. If this does not convince you, perhaps the argument of fees does.
In contrast to other exchanges and brokers, Kriptomat does not charge a price premium, the so-called “spread”. At Kriptomat, the purchase price corresponds to the spot price of Cardano (ADA). The exchange charges only a transaction fee, which you can see in the table below.
|SEPA (Euro to crypto)||1.45%||1,45 EUR|
|SEPA sell (crypto to Euro)||1,45%||1,45 EUR|
|Credit card >100 EUR||3,65 %|
|Credit card <100 EUR||variable|
Registration and verification
As it is a European platform, which is primarily aimed at European customers, the exchange is subject to the strict anti-money laundering and anti-terrorist financing regulations of the European Union. Because of this, Kriptomat requires a very extensive verification of its customers (as with a bank account or even eToro).
Therefore, before buying only one ADA, you have to register and fully verify your account. To do so, go to the official website kriptomat.io* and click on the orange “Register” button. A pop-up window will then open in which you can enter your first and last name, an e-mail address and a password. After submitting your data, you will receive an e-mail from Kriptomat containing an activation link for your Kriptomat account. After confirmation, you can log in with the access data you just entered.
This was just the beginning of the registration process. Before you can buy Cardano (ADA), you will need to enter some additional information and upload some proofs. Start with your telephone number. After entering it on the website, Kriptomat will send you an SMS containing a verification code. You have to enter this code on the website. Afterwards, step 3 of 4 asks for your personal data (see screenshot).
In the new window, enter your address (street, house number, city, country). You will also need to upload a photo or scan of your passport or ID card to Kriptomat. Usually this process is annoying and cumbersome. However, Kriptomat has developed a solution that allows you to continue the registration process on your smartphone (if you do the registration on your desktop PC). This allows you to simply take a picture of your ID and upload it to Kriptomat. The same applies to the last step, a selfie from you. The registration is now (basically) complete. The following purchase limits are now available to you:
|Daily deposit and withdrawal via SEPA||25,000.00 EUR|
|Monthly deposit and withdrawal via SEPA||200,000.00 EUR|
|Deposit and withdrawal in cryptocurrencies||no limit|
|Daily limit for other payment methods||500.00 EUR|
|Monthly limit for other payment methods||5,000.00 EUR|
As you can see from the table, there is no way around paying by SEPA Bank Transfer if you want to buy higher amounts (> 500 euros a day) and benefit from the lowest fees. However, there is a fourth step in the verification process. It is necessary that you link your Kriptomat account with your bank account. Only then can you deposit money via SEPA and use this “credit” to buy ADA. By the way, this step is the same for the other payment methods: Neteller, Skrill and credit card not required. A good overview of the whole verification process can be found in the following tutorial by Kriptomat:
Buy Cardano (ADA) on Kriptomat
The purchase process for Cardano (ADA) basically does not need much guidance, as the purchase process is really very simple. When you are on your account overview page, click on the tab “Buy/Sell” (step 1) and then select the tab “Buy” (step 2). You can then select Cardano (ADA).
Afterwards, the payment options mentioned above are available (step 3). In the fourth step (see screenshot) you only need to specify the purchase amount. If you now click on “Buy Cardano”, you will see the transaction fees for the order and can finally complete the purchase in the following window (“Confirm transaction”).
You have now successfully completed your purchase. Kriptomat will confirm the purchase and forward you to the “My Wallet” area. If the exchange is not very busy, the ADA should appear on your account within a few seconds. If you would like to watch the process again in moving pictures, we recommend the following tutorial by Kriptomat:
Buy Cardano (ADA) on Litebit
Guide: How to buy Cardano
The dutch exchange Litebit.eu is a very reliable and customer-friendly exchange, which is somewhat less well-known, but no less good. We have been a Litebit customer for several years and have had very good experiences with customer support. In addition, the safety standards are qualitatively very high and very satisfactory. Litebit.eu is therefore from our point of view the first choice to buy Cardano by SEPA bank transfer, SOFORT, Credit Card or Giropay. Step number one is to create a new account at the exchange. You have to visit the website of litebit.eu (click!)*. To register, simply click on the “Register” button.
As you will carry out Fiat money transactions on your account, Litebit is legally obliged to request in advance some data necessary for the Know Your Customer process (to implement the European Union directive on anti-money laundering and anti-terror financing laws). These are so far self-explanatory.
Once you have entered all the details (see screenshot), click on “Create account“. You will then receive an email containing a confirmation code. You have to enter the code on the website to verify your email.
In the next step Litebit will ask you for your phone number and afterwards for confirmation of this phone number – also by code. If you click “next step” Litebit will send you a text message to the registered phone number. This text message contains a code. You have to enter this again on the website to verify your phone number.
Finally, you need to set up two-factor authentication. The default setting for LiteBit is two-factor authentication via SMS. The exchange also offers you the possibility to secure your account with the Google Authenticator (if you already use the app somewhere else). We have had very good experiences with both solutions. Litebit will then automatically redirect you to the homepage of the exchange. Now you can log into your account again. Click on “Login” and log in with your access data.
Purchase limits for Cardano
Litebit has different levels of verification and associated limits on how much you can buy daily, weekly or monthly in cryptocurrencies. Through the registration process described above, you already meet the requirements for the first level. “Tier 1” allows you to invest 350 Euro per day, 1,050 Euro per week and 4,200 Euro per month. If you want to increase these limits, you have to unlock additional levels (“Tiers”). The following table shows an overview of the verification levels and the maximum investment amounts:
Depending on the payment method, the maximum amounts also differ:
|Unverified||Tier 1||Tier 2||Tier 3|
|iDeal||0.00 €||350.00 €||500.00 €||20,000.00 €|
|SEPA||0.00 €||250.00 €||500.00 €||35,000.00 €|
|Credits||0.00 €||350.00 €||500.00 €||10,000.00 €|
|Sofort||0.00 €||100.00 €||500.00 €||1,000.00 €|
|GiroPay||0.00 €||100.00 €||500.00 €||1,000.00 €|
|Bancontact||0.00 €||350.00 €||500.00 €||10,000.00 €|
Level 2 (“Tier 2”) is the address verification. Level 2 requires you to scan and upload the front and back of your ID card. You have to also prove your place of residence, for example by uploading an electricity or mobile phone bill to Litebit.eu as evidence.
Level 3 (“Tier 3”) is ID verification. At this level, a Litebit representative will contact you via Skype in a video call so that you can confirm your identity with your ID card. In “Tier 3” you can buy cryptocurrencies up to a limit of 500.000 Euro per month.
Buy Cardano by SEPA, SOFORT or Credit Card
The actual purchase of Cardano (ADA) is very easy and fast done. You simply click on the “Buy” tab in the upper menu and then select Cardano in the dropdown (step 1 in the picture).
Then you can choose the amount in Euro you want to buy (step 2). The “Receive Address” is your Cardano Wallet address to which your ADA should be sent. If you are using an “external wallet“, enter the reception address of the wallet in this field. If you want to use the wallet of Litebit, click on “Litebit Wallet” (step 3 in the picture). Litebit then automatically fills the field with your Cardano Wallet address from Litebit. If you set up an external wallet later, as explained in our instructions, you can also send the Cardano to the wallet later. So you don’t have to worry about your Cardano being “trapped” on the exchange.
In our opinion, the Litebit wallet is secure as long as you have activated SMS or 2-factor authentication via Google Authenticator and change your password regularly. However, exchanges and brokers have been hacked in the past and large amounts of cryptocurrencies have been stolen. As a better alternative we recommend a desktop or a hardware wallet, like the Ledger Nano X or a Trezor Hardware Wallet. In the next step, we explain how to install the official Daedalus Wallet for Cardano.
Either way, all you have to donow is to choose the payment method that suits you best. We recommend “Sepa Bankwire”, as the fees are the lowest. If you choose SEPA, you have to transfer the corresponding amount in euros to Litebit’s bank account for a specific purpose. It usually only takes up to 24 hours for Litebit to receive the transaction and send the Cardano to your Litebit Wallet.
Buy Cardano on Coinmerce
How to buy: Cardano via SEPA, SOFORT, GiroPay
The Coinmerce.io cryptocurrency exchange, which is also based in the Netherlands, is a young exchange that has grown very rapidly. Coinmerce was founded by cryptocurrency enthusiasts to make buying and selling cryptos as easy and quick as possible for everyone. This is aldo the motto for the All-in-One smartphone app for iOS and Android. To make it as easy as possible for the customer, Coinmerce also offers a wallet (as well as Litebit) on which the purchased cryptocurrencies can be stored.
The following video of Coinmerce offers a good overview of all features of the exchange:
In order to purchase Cardano, you have to create a new account. Go to the homepage of coinmerce.io (click here!*) and click the red “Create account” button. Afterwards you have to enter your personal data correctly. Make sure that your details match your passport (which you will need for Level 2 verification). You will be asked to enter your name, e-mail address, gender, nationality, date of birth, e-mail address and telephone number. After you have also entered a password, you can click “Register“. You will then receive a message that a verification link has been sent to you by e-mail.
You have to confirm this via the received e-mail. Now you can register with Coinmerce for the first time. As you will be making Fiat money transactions on your account, Coinmerce is also legally obliged to request in advance some personal information from you that is necessary as part of the Know Your Customer process.
Limits for the purchase of Cardano
Depending on how much you want to invest, you will need to provide other personal information and documents. The verification levels determine the maximum limits on how much you can buy daily, weekly or monthly.
- Level 1 (bank verification)
For level 1 you need to verify your bank account. This is mandatory for the purchase and sale of cryptocurrencies at Coinmerce in order to buy a maximum of 500 euros. You can verify your bank account with iDeal or Sepa. You can do this via “Settings” -> “Security settings” -> “Bank“:
- Level 2 (identity check)
For Level 2 you will need to upload a valid ID card such as ID card, passport or driver’s license to Coinmerce. With a Level 2 account you can trade up to € 20,000 per day and € 60,000 per week.
- Level 3 (contact support)
If the aforementioned limits are not sufficient for you, you can apply for Level 3. Coinmerce requires a source of funds, proof of residence and a Skype call. To apply for Level 3, you need to contact the customer support team. The table below provides an overview of the verification levels, processing times, transaction fees by payment method, and limits by level:
|Payment method||Fees||Deposit||Withdrawal||Countries||Level 1 Limit (24h)||Level 2 Limit (24h)|
|Coinmerce Coins||0.00 EUR||immediately||immediately||worldwide||500 EUR||Unlimited|
|iDeal||0.30 EUR||immediately||immediately||Netherlands||500 EUR||20.000 EUR|
|SEPA||0.00 EUR||1-2 working days||1-2 working days||Europe||500 EUR||20.000 EUR|
|Giropay||1,8% + 0.30 EUR||immediately||3-5 working days||Germany||500 EUR||2.000 EUR|
|SOFORT||2% + 0.30 EUR||immediately||1-3 working days||Austria, Belgium, Switzerland, Germany, Spain, France||500 EUR||10.000 EUR|
|Bancontact||1,3% + 0.40 EUR||immediately||1-3 working days||Belgium||500 EUR||5.000 EUR|
|EPS||1,8% + 0.30 EUR||immediately||1-3 working days||Austria||500 EUR||20.000 EUR|
The Coinmerce Coin is a special feature of the exchange and always equals 1 Euro. The coin is intended to give traders the opportunity to secure their returns. In addition, transactions with the Coinmerce Coin are completely free of charge. No transaction fee is charged and the transaction time is also shortened.
The simple and fast purchase process
The actual purchase of Cardano on Coinmerce is done very quickly and very easy to complete. You go to the homepage of Coinmerce and select Cardano from the dropdown. After the purchase the ADA will be credited to your Coinmerce Wallet. In the Wallet you also have the possibility to send the Cardano to an external Wallet (like the Daedalus Wallet).
The wallet from Coinmerce is from our point of view a good, but not optimal solution for the storage of ADA coins. A better alternative is mobile or desktop or hardware wallets.
Buy and sell Cardano CFDs on Plus500
Another serious Cardano (ADA) broker where you can buy (or sell) CFDs is, in our experience, Plus500. The user interface is very simple and clearly arranged. Furthermore there is a multinational customer support, which will help you very well if you need advice.
The first step to buy or sell Cardano CFDs on Plus500 is to visit the official website plus500.com (click on this link)* (Risk warning: 80.5% of retail CFD accounts lose money). Enter the email address you wish to use for your account now and enter a password. Then you can create an account.
You will now be logged in automatically and will be taken to the user interface. To buy (or sell) cryptocurrencies, especially Cardano, click in the left bar on “Crypto Currencies” and then on “Buy” (or “Sell”) Cardano.
You will now be taken to a new menu where you will need to enter and confirm some personal information. Fill in the required fields and click on the “Enter” button in the lower left corner.
Afterwards you have to answer some questions about your investment experience. Don’t worry, even if you can’t answer all these questions correctly, you can still buy (or sell) Cardano (ADA). Once you have successfully answered the questions, you will be taken to the next step to set up your account. You need to upload the following documents to Plus500 and verify the following information:
- Front and back of your passport
- Proof of residence (e.g. a telephone or electricity bill)
- Verify phone number
- Verify email address
Risk Warning: 80.6% of retail CFD accounts lose money.
To deposit money into your account, click on “Funds” in the left bar and then on “Deposit” – both are framed in red in the screenshot.
You will then be taken to a new page where you can select different payment methods. The following payment options are available to you:
- Deposit via Credit Card or Debit Card
- Bank transfer
The following table shows the respective deposit method, as well as the minimum and maximum deposit amount.
|Credit / Debit card||PayPal||SEPA bankwire||Giropay||SOFORT|
|Minimun||100 €||100 €||500 €||100 €||100 €|
|Maximum||40.000 €||40.000 €||60.000 €||18.000 €||18.000 €|
Once you have decided which payment method is best for you and deposited the money, you can proceed to purchase (or sell) Cardano. Click again on the tab “Crypto currencies” and then on “Buy” (or “Sell) in the line of Cardano. Now you have to enter in the free field how many Cardano contracts you want to buy (or sell). If you click on “Buy” (or “Sell”), you will immediately receive your selected amount credited to your account.
Risk Warning: 80.6% of retail CFD accounts lose money.
Trading Cardano on Binance
Binance is one of the world’s largest and most popular exchanges, which is not only very secure, but also particularly user-friendly. Until recently (May 2019) it was not possible to buy cryptocurrencies with Euro (or US Dollar) on Binance. This has changed. Besides trading you now have the possibility to buy Bitcoin, Bitcoin Cash, XRP, Ethereum and Litecoin by credit card. As you have probably just noticed, ADA is not included in this list at the moment, so you only have the possibility to exchange Cardano for another cryptocurrency on Binance.
But first you have to register on Binance. To do this, click on this link (Binance.com) and register*. Unlike many other exchanges, you can verify your identity with Binance, but this is not mandatory. The limits per day are 2 Bitcoin, which corresponds to an approximate value of almost 14,000 euros at present. You can therefore use all functions of Binance without verification. However, it may be advisable to submit the necessary documents to reach a higher limit of 100 BTC.
Step 1: Buy Bitcoin with credit card
Once you are registered, you can buy Bitcoin by credit card on Binance and trade against Cardano. The menu item for the purchase of Bitcoin by credit card can be found in the right part of the menu under “Funds” and “Buy with Credit Card“. Then you will see the following view. Here you have to select “BTC“.
It is important to know that Binance uses the third-party provider “Simplex” to process the purchase. In addition, verification of your identity is required (as opposed to when you “only” use the Exchange).
The purchase process is relatively self-explanatory. In the following we have written a short summary of the individual steps:
- Choose “BTC” and the currency you want to pay in (Euro or USD).
- Fill in the fields with the personal data.
- Verify your email and phone number with a code.
- Go back to the website and click “Next” .
- Enter your credit card information.
- Upload your documents to verify your identity (front and back of your passport).
Before and after the purchase there are some things to keep in mind:
- The given Bitcoin amount is based on the current price and is not final, but will be calculated later! However, if the rate changes by more than +/-2.5%, you will be asked to reconfirm the transaction by email from Simplex.
- Once the payment is complete, you can check your payment status and deposit history on Simplex.
- The Simplex fee is 3.5% per transaction or USD 10, whichever is higher.
- The daily limit is 20,000 USD per user. The monthly limit is 50,000 USD per user.
- The minimum amount (the minimum) for a transaction is currently USD 50.
Step 2: Instructions for the ADA Trade
After you see the Bitcoin on your Binance account, you can start the trade against ADA. We will show you exemplary how you can exchange Bitcoin (BTC) for Cardano (ADA).
Alternatively, you can of course also transfer Bitcoin from another exchange or wallet to Binance. Then you can send them directly to the wallet address of Binance. If you don’t own a Bitcoin yet, you can also buy BTC on Litebit with SEPA or SOFORT. During the purchase process, you simply enter the Bitcoin Wallet address of Binance so that Litebit can transfer the BTC to Binance immediately after the transaction has been successfully completed.
To find out the “Receive Address”, click on “Funds” in the navigation bar and then on “Deposits“. You can then enter BTC in the search field and select Bitcoin.
In the following field you will be shown a Bitcoin deposit address. You have to enter this in the “Receive address” field on Litebit during the purchase process if you want to buy BTC on Litebit and then transfer it to Binance.
Either way, you should now have Bitcoin on your Binance Wallet. Now there are only two small steps left to purchase Cardano on Binance. Next to the Binance logo in the top left-hand corner, there is the menu item “Exchange” and below it “Basic“. Select this menu item. Afterwards you get to the following overview (see screenshot below). First you need to make sure that BTC is selected as your trading partner (step 1). In the search field (next to the red arrow (2.)) enter “ADA” and click on ADA/BTC (step 3).
The view below the price chart then changes. Now you see the following view (below the price chart):
First you have to decide what kind of purchase you want to make. You can choose between “Limit“, “Market” and “Stop-Limit“.
A limit order is an order placed in the order book at a limit price you specify. This means that the trade will only be executed when the market price reaches your limit price. If the market price does not reach the price you set, the limit order remains open. You can delete them at any time. A “limit” order should therefore always be used when you are not in a hurry to buy or sell or want to achieve a certain price.
In contrast, a market order is executed immediately at the current market price (see arrow number 4.). Accordingly, the market order is particularly suitable for beginners and investors who want to sell or buy quickly.
Since you want to sell your Bitcoin and get Cardano for it, you have to use the left field “Buy ADA”. In the line “Amount” you enter how much ADA you want to buy. The line “Price” is preset with “Market Price”, which indicates that you are buying at the market price. When you have entered everything, you can click on “Buy ADA”.
Normally you will see the ADA on your Binance Wallet within a few seconds. As with Litebit, we recommend transferring the Cardano to an external wallet. A corresponding manual for the Daedalus Wallet by Cardano can be found above.
Best Cardano (ADA) wallet: Daedalus
When using a Desktop Wallet we have very good experiences with the official Desktop Wallet of Cardano, the Daedalus Wallet. We will show you briefly how to download and use it.
First you have to go to the official site and download the wallet. If you click on this link (click!), you will get to the homepage of Daedalus Wallet, where you can download it. There is a version for all three common PC operating systems: Windows, Apple and Linux. Once the download is complete, you will need to run the downloaded file. Afterwards the following window opens:
Here you can enter the path where you want to save the wallet. You need at least 556 MB disk space for this. The wallet will then be installed on your computer. After the process is finished and the message “Setup was completed succesfully” appears, you can close the window (“Close”).
Once the process is completed, you can create your wallet. All you have to do is click on “Create a new wallet”.
Then assign any name for the wallet and set a password to secure access to the wallet.
After that you have to create a 12 words passphrase. This serves practically as a backup. If you change your PC or it breaks down, you can restore the wallet with this passphrase. Therefore it is very important to write down these 12 words and keep them safe!
Once you have completed the steps described, you can create as many wallets as you want.
Sending and receiving ADA is very easy and intuitive with the Daedalus wallet. You select “send” or “receive” in the tab, depending on whether you want to send or receive ADA. If you want to send ADA, all you have to do is enter the destination Wallet address and the amount. If you want to receive ADA with the wallet, you can share your wallet address by barcode. The wallet also offers the possibility to generate a new address. You should do this on a every new transaction.
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