How to Buy Cardano (ADA) in 2024

Cardano (ADA) is one of the biggest cryptocurrencies, with a current market cap of over $27 billion. The platform is a cryptocurrency and blockchain network, similar to Ethereum, that facilitates decentralized transactions. Since its launch, many have anticipated that Cardano will grow to become one of the largest blockchain networks, making it an appealing investment opportunity.

However, cryptocurrency is still in its early stages, and there is still a lot of progress to be made, leaving many to believe that ADA is a long-term investment proposition.

This guide will focus on the best platforms to invest in Cardano, such as Coinbase, Binance, along with some easy step-by-step guides to help you begin investing.

How to Buy Cardano (ADA): Quick Guide

If you do not have time to read through our entire article, here is a quick guide on how to buy ADA from a centralized exchange.

1. Step 1: Sign up to a reputable cryptocurrency exchange that supports Cardano. Popular options include Binance, Coinbase and eToro.
2. Step 2: Fund your account. Connect a payment method to your account or deposit funds using a debit card or bank transfer. Make sure that you deposit enough funds to cover the costs of buying Cardano including network fees.
3. Step 3: Search for Cardano. Use the explore feature to search for ADA. You will then be able to view the price chart and relevant market information. It is a good idea to spend time conducting analysis before you make a purchase.
4. Step 4: Buy Cardano. Once you are certain that now is a good time to buy Cardano, fill out the order form and confirm the transaction.
5. Step 5: Move your ADA to a crypto wallet. For safekeeping, move your tokens to a decentralized cryptocurrency wallet. This will keep your investments away from third-party interference. For maximum safety, move your tokens to a cold wallet that is not connected to the internet, such as Ledger or Trezor.

What is Cardano (ADA)

Cardano is a blockchain project that combines the best features of Bitcoin and Ethereum while improving on their downsides. It works in two layers: the first for processing transactions securely (like Bitcoin) and the second for running smart contracts that power decentralized apps (like Ethereum).

The project has a native coin, ADA, used for payments and network operations. Cardano is unique because it focuses on making blockchains operate seamlessly together. It’s currently developing a system that could easily exchange assets between layer-one chains without needing an intermediary.

Regarding its consensus, Cardano is eco-friendly as it ditches the energy-intensive Proof of Work (PoW) and implements a Proof-of-Stake (PoS) mechanism. Here, users can stake their ADA tokens to help strengthen network security and earn rewards — a faster, cheaper, and more sustainable approach.
It’s no wonder that Cardano has been resilient across numerous bull/bear cycles and continues to deliver impressive gains to loyal investors and holders.

Why Invest in Cardano?

The reasons for buying ADA tokens often differ from investor to investor. Some may want to capitalize on its growth, while others seek passive income. Regardless, here are three top reasons why investing in Cardano may be a good choice:

Support its Vision

By investing in Cardano, you support a blockchain tailor-made for a more efficient and sustainable digital future. Plus, owning ADA earns you a voice in the Cardano network operations. 

Earn Passive Income

Thanks to Cardano’s use of a crypto staking system, you can lock your purchased ADA tokens to secure the network. In return, the project rewards you with more ADA tokens, which you can sell or lock again to increase your income.

Speculate on Long-term Growth

ADA has impressed the crypto market in the past. In the 2020 bull cycle, ADA surged over 30x within a year. Although many cryptos are unpredictable in their price action, many investors eagerly bet on Cardano and are sure it could deliver more pumps in the coming years.

Before You Buy Cardano

Before you start the process of buying Cardano, it’s important to get a few things in order.

Setting Up a Cryptocurrency Wallet

Since Cardano is a distinct blockchain network, you’ll need a crypto wallet that interacts with it. Interestingly, these wallets can easily connect to your browser so you can make transactions quicker and track your assets properly.

Some of the best browser wallets for Cardano include: 

• Nami Wallet
• Flint Wallet
• EternlWallet
• GeroWallet

Hardware wallets are recommended for those who want a secure way to store their cryptos. Ledger is the leading cold storage wallet and accepts tokens from multiple chains, including Cardano.

How to Choose the Right Crypto Exchange

According to Coinranking data, Cardano is traded on 70 exchanges. Knowing where to buy Cardano can be tricky, given the number of trading platforms. So, selecting one to buy ADA involves considering the exchange’s payment options, user experience, and security features.

It’s also crucial to know the exchange’s reputation and liquidity. These considerations can assist you in determining the best platform for you.

Best Crypto Exchanges to Buy ADA

A Closer Look at The Best Ways to Buy Cardano in 2024

In the following section, we will take a most in-depth look at the best ways to buy Cardano. We will cover centralized exchanges, trading apps, decentralized exchanges, Cardano wallets and P2P marketplaces. By the end, you should have a good idea of how to buy ADA in a way that suits your needs.

Centralized Cryptocurrency Exchanges

Buying Cardano from a centralized exchange is perhaps the easiest choice (although it doesn’t come without risk!). With a centralized exchange, you can buy ADA directly with a debit card or bank transfer. These platforms also often come with native wallets which means that you can store your tokens in your account, reducing the need to send your crypto between platforms.

Our top centralized exchange are:

Coinbase

Coinbase is a top exchange that recently changed its fees to more favorable rates. Clients can purchase ADA using multiple trading pairs, and the exchange offers a private wallet to hold your coins securely.

One of the standout features of Coinbase is that you can buy crypto from just $1. This makes it an excellent option for beginners who do not have a large budget.

Binance

This crypto exchange offers an outstanding service for purchasing ADA because of its several deposit methods, trading pairs for ADA and other crypto assets, and passive investment opportunities afterward. Moreover, Binance provides trading interfaces with tools for beginners and experts.

Out of the two centralized exchanges, Binance is probably the most suitable platform for experienced traders. It offers complex charting tools for technical analysis and supports automated trading APIs.

Best Wallets to Buy and Store ADA

Cryptocurrency wallets are devices or software that will hold your coins securely. Hardware wallets are the preferred way to store your crypto assets, as leaving them on an exchange can be risky because they are targets for cyber attacks. Moreover, software wallets are free to use, and the only cost you’ll encounter is transfer fees. Therefore, we advise using them after investing in ADA or other cryptocurrencies. Hardware wallets are safer.

Also, Bitcoin wallets are often compatible with multiple coins, so you can use them to store all your investments.

Buy ADA Using CFDs – Best for Trading

Brokers have entered the cryptocurrency market by offering CFDs (Contract for Differences) to their clients. This is a derivative product, so you will not own real coins. However, cryptocurrency brokers often have an easier buying process, making them convenient for beginners. Here are the top three platforms for acquiring Cardano.

Pepperstone

Pepperstone is a useful platform for trading Cardano due to its user-friendly interfaces. Also, this broker has an in-depth learning section that teaches beginners various subjects about trading. Also, you can open a demo account to familiarize yourself with what you’ve learned before trading with real money.

Eightcap

Eightcap is a popular CFD broker that supports over 250 cryptocurrencies, including Cardano. Perhaps their best feature is social trading, which lets you look at successful portfolios and copy them. Also, their customer support is amazing, so you can receive help quickly when investing in ADA.

Best Apps to Buy ADA – Most Convenient

The most convenient way to buy Cardano is through a cryptocurrency exchange due to their simple convert pages and competitive fees. They also let you withdraw coins to a private wallet for better protection. These are our top three picks that offer the most convenience.

Buy ADA on Binance: Step-By-Step Guide

Buying ADA on a Decentralized Exchange

Decentralized exchanges are dApps that let you trade coins without revealing your identity. They work by using smart contracts, so only cryptocurrencies like Ethereum, Cardano, and Binance Coin can host them. You’ll need a crypto wallet to connect to a DEX, so you cannot trade with fiat currency.

Traders might choose to use a decentralized exchange if they are looking for instant transactions and complete anonymity. Another benefit of using a DEX is that there are very few restrictions around what you can and can’t do with your crypto.

Here are the top decentralized exchanges for buying ADA:

Buy ADA on PancakeSwap: Step-By-Step Guide

Can You Buy ADA Using P2P Services?

After thoroughly researching the top P2P platforms, they do not offer buying opportunities for ADA. However, you can find buyers or sellers through social media groups centered around your location. Afterward, you can set up the time, location, and spreads yourself. This buying method is often cheaper as you don’t have to pay exchange rates, and Cardano has low transfer fees.

Can You Buy ADA Using Other Trading Platforms?

Now we’ll go over the most popular platforms and if you can buy ADA through them. Also, the fee rates will be disclosed for full transparency.

Best Ways to Buy ADA in 2024

In 2024, it is possible to buy Cardano with a number of different payment methods. These include swapping crypto tokens for ADA, buy ADA with debit card and even using an eWallet to complete the purchase.

So, what is the best way to buy ADA?

Buy ADA instantly with online banking – the fastest way

Coinbase Pro allows clients to transfer money via online banking. They will provide their information based on the deposit method you select. For example, selecting EUR showcases SEPA transfer details. Typically, transfer speeds from your bank account take a few minutes to an hour to complete.

Buy ADA using a debit card – the cheapest way

Debit cards are widely available, and you can use them on most exchanges such as Binance, KuCoin, and Coinbase.

Buy ADA using a credit card

Perhaps the best platform to buy ADA via credit card is Crypto.com. They provide several great features for investors like staking programs, debit cards with cashback rewards, and multiple trading pairs for ADA.

Best Platforms to Buy ADA in Other Countries

The top exchanges operate in multiple regions and offer great buying opportunities in ADA. Take a look at the best options based on each individual country.

What Are the Fees When Buying ADA?

Most exchanges have fixed fee rates when purchasing ADA, making it easier to calculate the expected costs. This table shows the standard fees you’ll pay to buy $1,000 worth of ADA and hold for 30-days.

Cheapest Way to Buy ADA

The best way to buy ADA is through a large cryptocurrency exchange as they provide the best fee structures. Here’s a rundown of providers that offer ultra-low fees.

Fastest Way To Buy ADA

The fastest way to acquire ADA is with a crypto broker or exchange that provides simple buying interfaces. All of the platforms listed have simple pages for converting money to Cardano. Also, they have trading software for experienced investors.

Should You Buy or Sell ADA?

If you’re undecided if ADA is a great cryptocurrency, here are some pros and cons:

How to Make Money With Cardano in 2024

Once you have bought Cardano, you might be interested in how you can maximize your returns. Here are a few ways that you can earn money from your ADA investment.

Stake ADA using DeFi or CeFi

Cardano is available to stake on Binance through their earning programs. Also, you can use decentralized exchanges that offer Cardano staking and liquidity pools.

Buy ADA using ETPs (ETFs & ETNs)

Unfortunately, there are not many platforms that offer ADA ETPs. CoinShares is one of the only sites that issue Cardano ETPs.

Buy and sell NFTs using ADA

Cardano has NFT capabilities and currently hosts over 800,000 pieces of art. The top marketplace for Cardano NFTs is CFNT.io.

Buy stocks and shares in companies owning Cardano

There are no companies that have disclosed if they bought or are holding shares in Cardano. The only recent news is FD7 Ventures have bought $380 million worth of ADA, but they do not have tradable stocks.

Use Cardano faucets

Faucets are rewards given by a cryptocurrency exchange for completing easy tasks. The best way to earn cryptos like ADA is through Coinbase’s earn section.

Best Alternatives to ADA

Solana

Both Cardano and Solana are smart-contract-enabled projects that provide their communities with access to a variety of functionalities within their respective decentralized financial ecosystems (DeFi), which is one of their many commonalities. Solana and Cardano have been called “Ethereum killers” on numerous occasions, but Solana has supported this concept with its fast transactions, scalability, and low transaction costs.

Sandbox

Users of SAND can trade it on major exchange platforms. Creators and players have many DeFi opportunities in the virtual sandbox world, and in the Metaverse, users can buy, develop, and trade virtual land.

Polygon

MATIC is the native cryptocurrency of the Polygon blockchain and an ERC-20 token. Sandbox rewards contributors who help secure the blockchain and pay transaction fees.

What to Consider When Investing in ADA

The project’s developers have some ambitious goals in mind. By integrating Cardano technology, the team aims to restore trust in international economic systems. In particular, the platform presents an international business model that is safer, more transparent, and more sustainable.

In addition, the creators of Cardano want to make financial services accessible to people who are unbanked. It is estimated that there are currently over 1.7 billion unbanked people. With this in mind, Cardano is actively working on initiatives in Africa and other underdeveloped countries.

Cardano’s third goal is to help stabilize the dApp market. Applying security and sustainability specifically to decentralized applications, systems and society is the main focus of the platform.

Final Thoughts: Is It Still Worth Investing in ADA or Not?

ADA is definitely worth buying if you want to hold long-term because the coin has an amazing development team, a detailed roadmap, and multiple use-cases. The coin has experienced significant growth during bull runs and is often referred to as the next “Ethereum killer”. Therefore, many consider ADA a safe investment in the crypto world.

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