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Cardano is one of the hottest crypto assets of 2022. It was launched in 2017 by Charles Hoskinson, one of the founders of the Ethereum blockchain. Charles designed it to be a better alternative to Ethereum, a blockchain that ensures more scalable, sustainable, and flexible DeFi transactions.
There are many reasons to buy Cardano tokens today, and we will address them before this article runs out. For now, let us address why you are really here - how you can buy Cardano.
Quick steps
- Create an account with a platform that supports the exchange and purchase of ADA tokens.
- Verify your identity.
- Select your preferred payment method (bank cards, bank transfers, PayPal, etc.)
- Deposit funds and buy, or buy directly if supported by the platform.
Before you invest in crypto
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Bitcompare is not responsible for any losses you may incur.
Where you can buy Cardano
Bit.com
Bit.com was founded in 2020 by the founders of Matrixport, an all-in-one crypto platform. The two platforms are still connected, so you can use the Matrixport app to make fiat deposits on your Bit.com account.
How to Buy Cardano On Bit.com With Bank Transfer
- Sign up on Bit.com and complete KYC verification.
- Open the Matrixport app. You may need to create an account with them too.
- Select 'Wire Transfer' on the homepage of the app.
- Enter your bank account information and verify (you only verify once).
- Make your USD deposit according to the details provided.
- Your USD is deposited as USDC at a 1:1 ratio.
- Send USDC over to your Bit.com account through the 'Wallet' function of the Matrixport app.
- Lastly, convert USDC to ADA via the 'Trade' function of your Bit.com account.
How to Buy Cardano On Bit.com With a Credit Or Debit Card
- Sign up on Bit.com and complete KYC verification.
- Open the Matrixport app. You may need to create an account with them too.
- Click on 'Buy Crypto' and select USDT as the asset you want to buy.
- Enter your card details and proceed with the card verification procedures.
- After verifying your card and completing your payment, send the USDT to your Bit.com account by clicking on 'Wallet' in the app.
- Convert USDT to ADA through the 'Spot' function of your Bit.com account.
CoinLoan
Launched the same year as the Cardano network, CoinLoan is a crypto lending platform with a difference. It offers low-interest crypto loans along with the ability to earn up to 12.3% APY on deposited assets. It also allows users to buy or swap various crypto assets, including ADA.
Buy Cardano On CoinLoan With Bank Transfer
- Sign up on CoinLoan and verify your identity.
- Select the 'Wallet' button and click on 'Deposit.'
- Select 'Fiat' and then the currency you want to deposit.
- CoinLoan supports SWIFT (for GBP and EUR), SEPA (for EUR), and Wire Transfer (for USD) deposit options.
- After depositing, select 'Crypto Exchange' on the web app or 'Exchange' on the mobile app.
- Select ADA as the asset you want to buy and select the purchase currency.
- Click on the 'Exchange' button and enjoy your ADA tokens.
Please note that your bank transfer may take up to three days to reflect in your CoinLoan account.
YouHodler
Ilya Volkov and his team launched YouHodler in Switzerland in 2018. Even though it is principally a crypto lending and borrowing platform, it also offers trade functionalities for over 50 coins, including Cardano.
Buy Cardano On YouHodler With Credit Or Debit Card
- Sign up on the platform, create an account, and complete KYC verification.
- Click the 'Buy Crypto' widget on your YouHodler account page.
- Select your fiat currency and the amount, and select ADA as the asset you want to buy.
- Click 'Exchange,' enter your ADA address, then click 'Continue.'
- This connects you to Changelly, YouHodler's payment processing partner, which takes care of the rest of the process.
- Your ADA tokens will be deposited immediately to your YouHodler account when you're done.
Buy Cardano On YouHodler With AdvCash
- Sign up on the platform and verify yourself.
- Click on 'Wallets' and select 'Fiat Wallet.'
- Choose 'AdvCash' as your deposit method.
- Enter the purchase amount and press 'Continue.'
- You can deposit directly from your AdvCash wallet or use your credit or debit card.
- After depositing fiat on YouHodler, you can convert it to ADA on the 'Exchange' function.
Buy Cardano On YouHodler With Bank Transfer
- Create an account with YouHodler and complete verification procedures.
- Click on 'Wallets' and select 'Fiat Wallet.'
- Choose 'Bank wire' as your deposit method.
- Make your deposit to the bank account provided for you.
- Include your YouHodler account information in the 'Description' field.
- After making your deposit, use the 'Exchange' function to convert your fiat currency to ADA.
What is Cardano?
Cardano is a proof-of-stake blockchain network backed by intensive peer-reviewed scientific research. The blockchain is divided into two distinct layers - the Cardano Settlement Layer (which handles account ledgers and transaction validations) and the Cardano Computing Layer (which runs the operations of smart contracts). This dual-layer mechanism allows Cardano to scale seamlessly, unlike Ethereum.
Cardano (ADA) is the native token of the Cardano network and is on all the major crypto exchanges. It follows a detailed roadmap, divided into five phases, with each phase adding new functionality to the mix. It is currently in the smart contract phase, with the scaling and governance phases later to follow.
Why should you buy Cardano?
As we mentioned in the introduction, there are many reasons to buy Cardano. However, even though Cardano is one of the best options for crypto investors, it still comes with risks. Cryptocurrencies generally are volatile assets and can lose value in the twinkling of an eye. Therefore, there is a need for caution and adequate research when considering whether or not to include Cardano as an investment option.
That being said, let's highlight some benefits of buying Cardano:
Security And Stability
When we wrote this article, the market capitalization of Cardano was about $15.2 billion. So, Cardano is not a shitcoin; neither is it a pump-and-dump scheme. In addition, the Cardano network is backed by some big-name investors from some of the world's most esteemed companies. Therefore, Cardano is one of the solid options that should be a part of every crypto portfolio.
Use Cases
You can use the Cardano token in a variety of ways. You can stake, lend, spend, or trade Cardano. You can also use it as collateral for crypto loans or use it in other DeFi functions. When used to pay transaction fees on smart contract platforms, you pay much less than you would if you used ETH.
In the future, the Cardano token's functions will grow to include governance features and a treasury fund function to fuel the future progress of the network.
Fast Transactions
Due to Cardano's dual-layer operating mechanism, it can scale transactions up to a speed of a million transactions per second. So, Cardano is unlikely to develop network congestion or total blackouts, as is common in some other blockchains.
Support For Developers
If you are a blockchain developer, the Cardano blockchain is one of the best destinations for your Blockchain artistry. You can integrate Cardano into your website, create smart contracts from scratch, and mint Cardano-native tokens. Cardano also has a community forum for developers where you can get help from like-minded peers.
Where can you store your ADA asset?
After buying Cardano tokens, you need to keep them safe. One of the best wallet options for Cardano is the Daedelus wallet, designed by the Cardano team. Daedalus is only available as a desktop wallet on Windows, Linux, and macOS systems. You can't buy ADA on this Cardano wallet; you can only send, receive and store your Cardano tokens on it.
If you want a wallet with more functionalities, you can go for hot wallets, which allow you to store your tokens, swap them with other digital assets, and use them in DeFi capabilities. These wallets may also allow you to purchase ADA through integration with crypto payment partners.
If you are not using your ADA tokens for a while, we recommend storing them in hardware wallets. These wallets are the peak standards of blockchain asset security because they do not interact with the online world. Even if you go for a software wallet, it would be best to choose one that you can integrate with a hardware wallet.
What you can do with Cardano
Stake
Since Cardano is a proof-of-stake blockchain, you can stake ADA directly on the network to earn rewards. The Daedulus wallet is one of the best options for staking ADA directly as a validator. If you do not want to bother yourself with the technicalities of being a Cardano validator, you can delegate your tokens to a validator and reap the rewards. Check here for the latest Cardano staking rates.
Lend
If you do not want to stake your tokens but still want to earn interest, you can lend them to crypto loan borrowers and benefit from the interest payments. To do this, you must find a reputable crypto lending platform, perform the appropriate registration and verification procedures, and start lending. Check this page to see how you can earn up to 8% APY by lending out your Cardano tokens.
Use As Collateral
Many crypto lending platforms will allow you to use your Cardano tokens as collateral to get a crypto loan. You can take out your loan proceeds in fiat, stablecoins, or other cryptocurrencies. That way, you can fill an urgent need without selling your ADA tokens.
Hold
You can simply hold your Cardano as a store of value. Due to its many use cases and solid backing, Cardano will likely become more valuable in the future. This is not investment advice, though. Count the cost well before making any cryptocurrency investment decision.
Trade
If you are a day trader, you will agree with me that trading crypto is not easy. Still, it becomes easier when you trade a digital asset that has deep liquidity to draw on. Cardano is one such asset. About $15 billion worth of ADA is traded on all the major exchanges, bringing arbitrage and trading opportunities on a daily basis.
Conclusion
Cardano is one of the coins that will likely lead the way as cryptocurrencies gain mainstream adoption. Therefore, if you can get your hands on some ADA tokens, why not do that? This article has shown you where and how to buy Cardano (ADA). We hope you will put this information to good use.
