How to Buy Cardano (ADA) Tokens

In Walkthroughs by CryptoWalkthrough Team

Trade ADA with Lowest Fees

Cardano (ADA) tokens are best bought and sold on Binance

[crypto coins=”cardano” columns=”1″]

Cardano (ADA) is an open-source blockchain platform started in 2015 with the goal of revolutionizing how cryptocurrencies are designed and developed. Similar to Ethereum, Cardano will offer Dapps and Smart Contracts. Unlike Ethereum, Cardano promises to utilize an academic peer review system to determine how the ecosystem is enhanced over time. Cardano has a current market cap of [crypto coins=”cardano” type=”text” show=”market_cap”]. This guide will walk you through how to quickly and safely buy, store or sell Cardano tokens.

How to Buy Cardano Tokens

Cardano tokens are tradable on over a number of exchanges including Binance, Upbit, Bittrex, Gate.io and Coinnest. Our favorite is Binance, as they have the highest volume (other than Korean-market Upbit), the lowest 0.1% trading fees, fun trading competitions with great prizes, and easy to set up accounts.

To buy Cardano, follow these simple steps:

  1. Open a new account with Binance. It is free and easy to setup. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to buy ADA immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. Ensure that you have some Bitcoin (BTC) or Ethereum (ETH) to use to purchase Cardano. Binance does not accept fiat currency deposits. If you need BTC or ETH, read our quick guide to buying cryptocurrencies with Bitcoin or Ethereum.
  4. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  5. On this page, enter either BTC or ETH on the right and click the Bitcoin or Ethereum link displayed. Next, click the Copy Address button to copy the Deposit Address that is shown. It is very important that you select the correct currency deposit address. Be careful to not send BTC to your ETH deposit address for example. We recommend using ETH currently since confirmation times are much faster (meaning your ETH will be ready to be used to purchase ADA more quickly than a BTC deposit).
  6. Utilizing your wallet or exchange where you hold BTC or ETH, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  7. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab. For ETH deposits, assuming there are no issues with the Ethereum network, they will typically be confirmed in 10-15 minutes. For BTC, the wait can be considerably longer currently!
  8. Once confirmed, navigate to the Exchange>Basic, enter ADA into the search box on the top right and click either the small BTC or ETH button as appropriate. This will display the ADA/BTC or ADA/ETH trading pair. Click the pair you want to trade. If you like, also click the star icon next to the pair to mark it as a Favorite for easy access in the future.
  9. You will now see the trading view for either ADA/BTC or ADA/ETH. Look for the “Buy ADA” box that is below the chart of recent trade activity. The default order type is a “Limit” buy, letting you set the price you would like to pay for ADA. If you prefer a “Market” buy (at the current price), click the Market tab. For a Limit buy, enter in the price you would like to pay, and the number of ADA you would like to purchase and click the green “Buy ADA” button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price lower than the market.
  10. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of ADA you have purchased and their price in BTC or ETH. Congratulations, you are now the proud owner of Cardano tokens!

How to Safely Store Cardano Tokens

Cardano can be stored in the official Daedalus wallet. Hardware wallet support, specifically for the Ledger Nano S, is in progress and will be released soon. We very strongly recommend that you purchase and utilize a hardware wallet such as the Ledger Nano S to greatly improve your security and reduce the chance that your tokens can be stolen or lost through human error. The Ledger Nano S is easy to set up, supports hundreds of cryptocurrencies including ADA, and makes managing your holdings quite simple while giving you great peace of mind. Be sure to only purchase the Ledger Nano S directly from Ledger. Do not purchase from Amazon, eBay or another reseller, since it is possible the security of the device could be compromised before you even receive it. Purchasing directly from Ledger ensures that nobody has accessed your device other than you.

How to Sell Cardano Tokens

This section assumes you already own some Cardano tokens and have them stored on another exchange or the official wallet. To sell Cardano follow these simple steps:

  1. If you do not already have one, open a new account with Binance. It is free and easy to setup. On Binance, click the Create Account link to get started. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to sell ADA immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  4. On this page, click the Deposit link for ADA and copy the Deposit Address that is shown. Note that is very important that you select the correct currency deposit address. Be careful to not send ADA to your BTC deposit address for example.
  5. Utilizing your wallet or exchange where you hold Cardano tokens, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  6. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab.
  7. Once confirmed, navigate to the Exchange>Basic, enter ADAO into the search box on the top right and click either the small BTC or ETH button based on what currency you would like to receive. This will display the ADA/BTC or ADA/ETH trading pair. Click the pair. If you like, also click the star icon next to the pair to mark it as a Favorite for easy access in the future.
  8. You will now see the trading view for either ADA/BTC or ADA/ETH. Look for the “Sell ADA” box that is below the chart of recent trade activity. Enter in the price you would like to sell for, and the number of ADA you would like to sell and click the red “Sell ADA” button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price higher than the market.
  9. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of ADA you have sold and their price in BTC or ETH. Congratulations, you have sold your Cardano tokens!

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