If you’re part of the millions of people still in the dark on how to buy cryptocurrencies like Cardano, then this article is for you. We’ll explore what Cardano is, exchanges that support ADA and other crypto assets like Bitcoin, and walk you through the steps to buy any crypto of your choice.
What is Cardano?
Cardano (ADA) is a third-generation blockchain that solves the problems of its previous ones, such as Bitcoin and Ethereum, in terms of scalability, sustainability, and security. Based on the Ouroboros consensus mechanism, Cardano uses Proof of Stake (PoS) to validate transactions, which is much more energy-efficient than Proof of Work (PoW) blockchains. This allows Cardano to process transactions faster and use less energy.
As of October 26, 2024, Cardano (ADA) ranks #11 in the global cryptocurrency market, with a market capitalization of approximately $11.63 billion. Cardano (ADA) is catching the attention of long-term investors. Thanks to its expanding DeFi ecosystem, its upcoming Hydra upgrade for faster transactions, and its unique approach to research-backed development. Whether you’re interested in earning rewards through staking or exploring various DeFi projects, Cardano offers several ways to get involved and grow within the crypto space.
Top Exchange Platforms to Buy Cardano
1. Binance
Launched in 2017, Binance quickly became one of the world’s leading cryptocurrency exchanges. It now supports over 600 coins, making it a go-to platform for both beginners and experienced traders. Whether you’re looking to buy Cardano (ADA) or other digital assets, Binance offers an easy and secure way to trade.
Fees
- Deposits: Good news—deposits are free for most payment methods, so you won’t lose out when funding your account.
- Withdrawals: The fees vary depending on the crypto, but for Cardano, the withdrawal fee is approximately 1 ADA, which is fairly low compared to others.
- Trading fees:
- Spot Trading Fees: Binance uses a tiered fee system, which starts at a 0.1% trading fee for both makers (users who add liquidity by placing limit orders) and takers (users who take liquidity by matching existing orders). This base rate can go lower if the amount of your trading increases over time.
- Discount feature: If you pay your fees using Binance’s native cryptocurrency, BNB, you get a 25% discount, reducing the trading fee to just 0.075%. It’s a smart way to save on trading costs.
- Futures Trading Fees: Binance also charges for futures trading. These start at 0.018% for makers and 0.036% for takers, with potential discounts available if you pay using BNB.
Prominent Supported Features
One of Binance’s standout features is its low trading fees, which makes it cost-effective for frequent traders. The platform also offers Binance Earn, where you can stake your Cardano and earn rewards, and Binance Futures for those interested in more advanced trading.
Payment Methods
Binance offers multiple payment options, including ACH, ApplePay, GooglePay, credit/debit cards, and bank transfers, making it easy to fund your account regardless of your preferred method.
2. Coinbase
Launched in 2012, Coinbase is one of the most trusted and user-friendly cryptocurrency exchanges in the world. If you’re just getting started with crypto, Coinbase’s simple interface makes it easy to buy and manage over 250 different coins, including Cardano (ADA).
Fees
- Deposits: Depositing via ACH (bank transfer) is completely free, making it a convenient option for U.S. users.
- Withdrawals: The withdrawal fees vary depending on the method you choose. While ACH is free, using credit cards or PayPal may incur additional fees.
- Trading fees:
- Spot Trading Fees: Coinbase’s fee structure can vary based on factors like the payment method you use and your trading volume. Typically, fees for spot trades range from 0.5% to 1.49%, depending on the amount of the transaction and the specific trading pair. For credit or debit card purchases, the fee can be slightly higher, reflecting the convenience of instant transactions.
- Fee Structure for Beginners: If you’re just starting out, expect a simple flat fee for small trades—usually between $0.99 and $2.99, depending on the amount of transaction. This structure is designed to make it easy for beginners to understand exactly what they’re paying.
- Advanced Trading Fees: For more experienced users, Coinbase offers a Pro platform with a tiered fee system, similar to Binance – Coinbase Pro.
- Maker Fees (for adding liquidity) start at around 0.4%, and Taker Fees (for matching existing orders) start at 0.6%.
As your 30-day trading volume increases, these fees can drop, rewarding frequent traders with lower costs.
- No Discount Options: Unlike Binance, Coinbase does not offer fee discounts for using a native token, so you’ll pay the standard rate regardless of the cryptocurrency you use for trading.
Prominent Supported Features
Coinbase is perfect for beginners due to its easy-to-navigate interface. It also features Coinbase Earn, which allows you to earn rewards by learning about different cryptocurrencies, including Cardano. You also get access to their secure crypto wallet for easy transfers and storage.
Payment Methods
Coinbase also offers multiple ways to fund your account, including ACH, ApplePay, GooglePay, PayPal, credit cards, and bank transfers. This wide range of options makes it accessible for users with different preferences.
3. Kraken
Launched in 2011, Kraken is one of the oldest and most reputable cryptocurrency exchanges in the world. With support for over 220 coins, including Cardano (ADA), Kraken is a favorite among users who prioritize security and advanced trading options.
Fees
- Deposits: Most deposit methods are free, depending on your location and payment method.
- Withdrawals: Withdrawing Cardano will cost you a low fee of 0.80 ADA, making it affordable compared to some other platforms.
- Trading fees:
- Spot Trading Fees: Kraken operates with a tiered fee structure for both beginners and experienced traders. For spot trades, the base fees are:
- 0.26% for Takers (those who match existing orders, taking liquidity from the market).
- 0.16% for Makers (those who add liquidity by placing new limit orders).
As your trading volume increases over 30 days, these fees can decrease, rewarding active traders with lower rates. For higher volumes, fees can drop to as low as 0.10% for takers and 0.00% for makers, making it cost-efficient for those who trade frequently.
- Advanced Trading Fees: Kraken’s fee structure shines for users interested in margin trading and futures. For futures trading, the starting fees are:
- 0.02% for Makers
- 0.05% for Takers
- No native discount: Kraken does not offer a native token for fee discounts. However, its tiered system ensures that active traders benefit from discounted fees as their trading volume increases.
Prominent Supported Features
Kraken is known for its advanced security features, which make it one of the safest places to trade crypto. In addition to regular buying and selling, Kraken offers margin trading for more experienced traders and staking options for Cardano, allowing users to earn rewards by holding ADA on the platform.
Payment Methods
Kraken also supports a variety of payment methods, including bank transfers, ACH, and credit/debit cards, giving you flexibility when funding your account.
4. OKX
Launched in 2017, OKX has quickly gained a reputation as a versatile exchange, supporting over 350+ cryptocurrencies, including Cardano (ADA). Whether you’re looking for simple spot trading or more advanced features like futures and DeFi staking, OKX is an excellent choice.
Fees
- Deposits: For most fiat currencies, OKX offers free deposits, making it convenient for users who want to fund their accounts without any extra cost.
- Withdrawals: If you’re withdrawing Cardano, the fee is approximately 1 ADA, which is competitive among exchanges.
- Trading fees:
– Spot Trading Fees: OKX has a simple tiered fee system designed to encourage active trading. For spot trades:
- Maker Fees (for adding liquidity to the market) start at 0.08%.
- Taker Fees (for removing liquidity by matching existing orders) start at 0.10%.
If you’re trading larger amounts, the fee structure becomes even more attractive. As your 30-day trading volume increases, OKX rewards you with lower fees, which makes it great for traders who plan to be more active on the platform.
OKX does not offer discounts for paying fees with a native token. Instead, the platform focuses on rewarding loyalty and trading activity. This means you can still benefit from reduced costs as your trading habits grow, without needing to hold a specific token.
Prominent Supported Features
OKX stands out due to its wide variety of trading options. It offers spot trading for quick and easy crypto purchases, futures for more advanced traders, and even DeFi staking, where you can earn rewards by staking coins like Cardano. This flexibility makes it a great choice whether you’re a beginner or a more experienced trader.
Payment Methods
OKX makes funding your account easy by accepting popular payment methods like ApplePay, GooglePay, credit/debit cards, and bank transfers, so you can pick the option that suits you best.
5. BYBIT
Established in 2018, Bybit has become a popular platform for crypto traders, especially those interested in derivatives and high liquidity trading. Supporting over 200+ coins, including Cardano (ADA), Bybit offers a seamless trading experience with some of the lowest fees in the industry.
Fees
- Deposits: Bybit offers free deposits, making it easy to fund your account without worrying about extra charges.
- Withdrawals: Withdrawing Cardano comes with a small fee of just 1 ADA, making it affordable for users.
- Trading fees:
- Spot Trading Fees: Bybit offers a simple and transparent fee structure for spot trading. The fees start at:
- Maker Fees (for adding liquidity to the order book) are set at a flat 0.1%.
- Taker Fees (for matching existing orders) are also 0.1%, making it easy to understand without any surprises. This straightforward approach ensures that new traders can quickly get comfortable with Bybit’s fee structure.
Unlike other exchanges, Bybit does not have a native token discount. However, its base fees are already quite competitive, particularly given the platform’s focus on high liquidity, which ensures fast and efficient trades even during peak market activity.
Prominent Supported Features
Bybit is particularly known for its derivatives trading, allowing more experienced traders to take advantage of futures and leverage. However, it’s also beginner-friendly with its low fees and high liquidity, ensuring fast, smooth transactions even in high-demand markets.
Payment Methods
Bybit supports multiple payment options, including bank transfers, credit/debit cards, ApplePay, and GooglePay, so you can easily deposit and start trading in just a few clicks.
6. HTX
Launched in 2013, HTX (formerly Huobi) is a popular platform in the crypto exchange space, supporting over 300+ coins including Cardano (ADA). Whether you’re a beginner or an experienced trader looking for excellent exchange options, HTX is an option to consider, due to its user-friendly interface and diverse trading features.
Fees
HTX makes it easy for beginners with a simple fee structure.
- Deposits: Deposits are free so you can get started without any extra costs.
- Withdrawals: If you want to withdraw your Cardano, the fee is around 1 ADA which is competitive compared to other exchanges.
- Trading fee:
- Spot Trading Fees: HTX has a simple fee structure for both beginners and experienced traders. It starts with a low trading fee of just 0.1% for makers and takers. This clear approach allows you to see exactly what you’re paying while you trade.
- Discount Options: HTX provides a smart way to reduce your trading costs. If you opt to pay your fees using HTX’s native token, you can benefit from a 25% discount. This effectively reduces your trading fee to just 0.075% on standard transactions, helping you retain more of your earnings.
- Futures Trading Fees: For futures trading, The fees start at 0.018% for makers and 0.036% for takers. Additionally, similar to spot trading, using HTX tokens to pay your fees can unlock further discounts, improving your trading efficiency.
Prominent Supported Features
One of the best things about HTX is its high liquidity so your trades can be executed quickly and smoothly. The platform also has many trading options, from standard spot trading to staking where you can earn rewards by staking your Cardano. This gives both beginners and experienced traders to find the best strategy for their investment goals.
Payment Methods
Making payments with your HTX account is easy, with multiple payment methods to choose from. You can use credit and debit cards, bank transfers, or even GooglePay to manage your transactions according to your preference.
How to Buy Cardano: Step-by-Step Guide
Ready to buy Cardano (ADA) on exchange platforms, such as Binance but not sure where to start? Follow these simple steps to purchase ADA, and you’ll be trading quickly. For an even smoother experience, make sure you have your Binance account ready and funded before proceeding:
Step 1: Create an Account
- Navigate to the Binance homepage and click on “Register”.
- Enter your email and create a strong password. Complete the registration process by verifying your email through a confirmation link.
- You may be prompted to complete KYC (Know Your Customer) verification by providing ID documents for security purposes.
Step 2: Deposit Funds
- Once your account is set up, log in and go to the “Wallet” section.
- Select “Deposit”, then choose your preferred currency (like USD, EUR) and payment method (bank transfer, credit card, ACH, etc.).
- Complete the transaction, and the funds will appear in your Binance account
Step 3: Navigate to the ADA Market
- Go to the “Markets” tab in the top menu.
- In the search bar, type “ADA” to find trading pairs like ADA/USDT or ADA/BTC.
- Click on the pair that matches the currency you deposited (for example, ADA/USDT if you deposited USDT).
Step 4: Place an Order (Market or Limit)
- In the trading interface, decide whether to place a Market Order (buy ADA instantly at the current market price) or a Limit Order (set a specific price you’re willing to pay and wait for it to be filled).
- For beginners, Market Orders are usually the easiest.
- Enter the amount of ADA you want to buy, review the transaction details, and hit the “Buy ADA” button.
Step 5: Confirm Purchase and View ADA in Your Wallet
- After confirming your order, the ADA will appear in your Binance wallet.
To check your balance, go to “Wallet”, then “Fiat and Spot”. Here, you can view your ADA holdings
Why Should You Buy Cardano?
If you’re new to crypto and looking for a promising investment, Cardano (ADA) is worth considering. Here are a few reasons why:
- Strong Brand Recognition
Cardano has built a solid reputation since its launch in 2017. Created by Charles Hoskinson, one of the co-founders of Ethereum, Cardano quickly became a well-known name in the crypto space. Many people trust Cardano, thanks to the work of the Cardano Foundation and its development teams, IOHK (Input Output Hong Kong) and EMURGO which stands for Emerging Global. As more people learn about cryptocurrencies, Cardano’s name keeps coming up, making it a reliable option for beginners. When you invest in a well-recognized brand like Cardano, you’re joining a community that values trust and innovation.
- High-End Technology (Ouroboros PoS)
One of the standout features of Cardano is its technology, particularly its unique way of confirming transactions called Ouroboros Proof of Stake (PoS). Unlike some cryptocurrencies that use a lot of electricity to operate (like Bitcoin), Cardano is designed to be energy-efficient. This means it uses less energy while still keeping transactions safe and secure. Because it’s scalable, Cardano can handle more transactions as it grows. For anyone concerned about the environmental impact of cryptocurrencies, this makes Cardano an excellent option.
- Growing DeFi Ecosystem
Another exciting reason to buy Cardano is its growing ecosystem of decentralized finance (DeFi) applications. Cardano is becoming a hub for innovative projects where people can do more with their cryptocurrencies. For example, platforms like SundaeSwap and Minswap allow users to trade and swap tokens easily without relying on traditional banks. SundaeSwap, in particular, is popular for its simple way of exchanging tokens directly on the Cardano blockchain. Minswap offers user-friendly features that help you earn rewards by providing liquidity. As more people join these platforms, Cardano’s value and utility continue to grow.
Conclusion
Overall, Cardano is an excellent investment option, with its energy-efficient Proof of Stake system, and growing DeFi ecosystem, Cardano has multiple avenues for both new and experienced investors.
Investing in Cardano (ADA) is more than just a financial decision, it’s a chance to be part of a community that is advancing the technology behind crypto. Whether you’re interested in staking rewards or DeFi projects, Cardano has a lot to offer.
As you enter the crypto space, keep an eye on Cardano’s developments and innovations. With its great market position and growing adoption, Cardano could be a big player in the future of blockchain. Nonetheless, make sure that you store your ADA funds safely in a hardware wallet instead of an exchange’s hot wallet. This increases the safety of your funds as you control your private keys.
