How to Buy Cardano (November 2022) + Get up to $200 in bonuses - Comparewise
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How to Buy Cardano (November 2022)

Want to know how to buy Cardano in Canada? There are many ways of buying Cardano, but the most popular way is by using a cryptocurrency exchange. So which exchange is the best to buy Cardano?

Find out everything you need to know about how to buy Cardano, the best apps & wallets to use, the pros & cons, what it costs, & more.

You can buy Cardano from an exchange like Bitbuy, Coinsmart, Coinbase, or Binance. All you have to do is open an account with them, add a payment method, search for Cardano on their listing and initiate the transaction. You also need to keep your Cardano safe. A good wallet to use is Ledger Nano X or Trezor Model T.

Cardano is one of the top cryptocurrencies that has been around for quite some time now. Charles Hoskinson launched Cardano as a blockchain platform in 2017. He is also the CEO of IOHK (Input Output Hong Kong) and the co-founder of Ethereum.

The project aims to be much faster than Bitcoin and more scalable than Ethereum. But to enjoy all these features, you need to own ADA coins. In this article, you’ll learn how to buy Cardano ADA coins, where to buy them, and how to keep them safe.

Let’s get started.

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What are The Pros and Cons of Buying Cardano?

Before we show you how to buy Cardano, you need to know the pros and cons of the network.

The Pros of Cardano

Cardano Features a Multi-Layered Architecture

The multi-layered architecture of this altcoin is a unique property that offers separate computational and settlement layers. This, in turn, grants it faster transaction speeds and high scalability.

Cardano Uses a Proof of Stake Algorithm

Anyone familiar with cryptocurrencies like Bitcoin and Ethereum would know that they require considerable utility power. These cryptocurrencies utilize the proof of work algorithm that validates transactions by solving cryptographic equations.

These equations are taxing on any processor and are relatively energy-intensive. The entire process increases the carbon footprint of any miner or user of these cryptocurrencies, making them harmful to the environment.

Cardano, however, utilizes the proof of stake algorithm, which requires miners to lock up their tokens as a stake. These stakes give the miners the power to make decisions in the blockchain and verify transactions. The best part is that this algorithm uses very little energy, unlike the proof of work algorithm.

Cardano Has a Transparent Roadmap

Unlike many cryptocurrencies out there that shroud themselves in layers of secrecy, Cardano is out in the open. As such, you can easily verify the authenticity of their roadmap. And affirm the capability of the project as a whole. This can help you to track the progress of the project.

Cardano Has Sufficient Academic Backing

One of the factors that this digital coin has going for it is its academic backing. This factor gives it a lot of credibility in the crypto community.

Cardano Has a Respected Team of Developers

It’s one thing to have grandiose plans for a digital currency and another to have a capable team. Many cryptocurrencies get stifled by the incapability of their team of developers. Luckily, Cardano’s team of developers are capable individuals, and they’re also well-known in the crypto space.

This means that many individuals are aware of who they are and trust their capability. Accordingly, you can also say that this cryptocurrency is in good hands since the public recognizes its team.

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Cardano Has Made Considerable Progress

Everyone that has ever thought about how to buy Cardano always looks at their roadmap. They want to know how far the project has gone or if they’re achieving their milestones.

Well, you shouldn’t worry, as this digital coin has made considerable progress since it dropped. They have also been hitting their milestones, which means they could continue to do so in the future.

Cons of Cardano

Cardano Is Still a Young Project

Although Cardano has made progress, it’s ultimately still a young project. Granted, there’s a great deal of potential behind the project. However, that doesn’t mean that it will achieve it. Most of Cardano right now is just speculation; what happens in the future might differ from these speculations.

So, if you are thinking of the benefits of buying this coin, you should also understand that it’s an investment. Like all investments, things can go both ways.

Cardano Is Still a Digital Coin

While this coin has tried to mitigate the downsides of its predecessors, it’s still a digital coin in the end. This means that its value can also rise and fall like other digital coins.

So, if you invest in this altcoin, your tokens can rise in value today and fall tomorrow. It’s best to prepare for such eventualities since they do occur.

How Much Does It Cost to Buy Cardano?

You can get 1ADA between 0.58 CAD and 0.76 CAD. The price of Cardano depends on several factors, one of them being the demand for the coin. Another factor is the supply of the coin. If the demand increases, then the price of the coin rises. However, when the supply increases, the price decreases.

However, the cost of Cardano fluctuates depending on the exchange you use to purchase it. Some exchanges charge less than others, but some charge more than others. For instance:

  • Crypto.com: 0.6103 CAD can purchase 1 ADA
  • Coinsmart: 0.603140 CAD can purchase 1 ADA
  • Binance: 0.60 CAD can buy 1 ADA
  • Coinbase: 0.60 CAD can purchase 1 ADA
  • NDAX.IO: 0.6065 CAD can buy 1 ADA

So, before purchasing any digital coin, make sure that you check their fees. Also, note that the price of Cardano may change while you’re reading this article. So, don’t forget to check the exchange for a more current price.

How to Buy Cardano on an App

The purchasing process of Cardano is easy since the exchanges and brokerages don’t want to stress their customers. Although these online platforms may have different steps for purchasing cryptocurrency, the core procedures are similar. These procedures can be summarized in the steps below:

  • Signing up for an account
  • Verifying the account
  • Funding the account
  • Making the purchase
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Signing Up for an Account

This is the first step for anyone that wants to buy Cardano. When you visit a cryptocurrency exchange or a brokerage, you can always find the signup button on their homepage. You can identify this button with phrases like Register here, Sign Up, Register, and Get Started.

The signup process only requires the customers to fill in some basic personal information such as:

  • Their full name
  • Phone number
  • Email address
  • Country/home address

After you have filled in this information, the site will be open for you to use. However, a two-step verification process is being used on online platforms these days. Sometimes, the process is even time-bound too.

So, after filling in your personal information, an email will get sent to your email address. This email will contain a one-time password for the first login or a button that you click to log in. This layer of security allows the exchanges to ensure that it’s the owners of those emails that signed up.

Verifying the Account

Cardano is a decentralized currency like most digital currencies, which means that there’s no regulatory body supervising its activities. This feature enables people to perform their transactions without the government monitoring their activities. It’s unfortunate, however, that this characteristic has allowed many individuals to launder money using Cardano and other cryptocurrencies.

As such, before some exchanges or brokerages allow customers to use their services, they’ll need to prove their identity. This can range from providing their social security number, date of birth, or even their home address. Some platforms also require their users to take a photograph of themselves or provide a valid Identification (ID) Card.

Funding the Account

After opening an account, the next step is to purchase your ADA. You’ll need to fund the account with CAD or another currency before you can complete the purchase process. This means that you need to use your credit card, bank account number, or cryptocurrency wallet to send funds.

Canadian investors should remember that transaction charges are attached to some of these transactions. The most popular transaction fee is blockchains’ gas fee for their transactions.

Making the Purchase

After funding your account at a suitable cryptocurrency exchange, the next thing is to buy your ADA. Many exchanges have simple interfaces that allow customers to make their purchases quickly.

So, you just need to input the ADA that you need, and the platform will withdraw equivalent funds for it. Some exchanges will even show you the amount of CAD or cryptocurrency required before the transaction occurs.

Although cryptocurrency exchanges are available as online platforms that Canadians can visit, some are available as apps. Others exist exclusively as apps.

Unlike the online platforms, some of these apps require you to go through varying procedures to make a purchase. The procedures on how to purchase Cardano on various crypto exchange apps are discussed below:

Bitbuy

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1.  How to Buy Cardano with Bitbuy

Exclusive to Canadians, Bitbuy is a crypto asset platform that allows people to purchase and sell digital currency. This online platform is a legitimate marketplace registered with FINTRAC, Canada’s Financial Transactions and Reports Analysis Centre. You can find out how to buy Cardano on Bitbuy using the guide below:

The first thing you’ll need to do is open an account on their app. This requires the typical personal information and shouldn’t take more than a few minutes.

Once you sign in, you’ll need to provide a payment method. This can be your bank account, credit card, or debit card.

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After adding a payment method, you can click on ‘get started’ and select ADA from the list.

You’re required to enter the amount that you would like to buy. After doing this, you can pay the required fees and have it delivered to your account.

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2.  How to Buy Cardano with CoinSmart

CoinSmart is a publicly-traded online platform that allows Canadians to trade with each other. This company obtained jurisdiction licenses from many countries worldwide, which enables them to work well with regulators. Their license from the Ontario Securities Commission (OSC) also allows them to trade as restricted dealers.

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CoinSmart allows traders to purchase various cryptocurrencies such as Dogecoin, Bitcoin, Litecoin, Ethereum, and Cardano. The procedure on how to purchase Cardano with CoinSmart is as follows:

The first step is to download the CoinSmart app on your smartphone. If you’re an iPhone user, you’ll need to visit the Apple App Store. On the other hand, Android users will need to visit the Google Play Store.

After downloading the app, you’ll need to create an account with CoinSmart.

To purchase Cardano, you’ll need to fund that account, and you can do this in many ways. You can use a credit card (this attracts a 6% transaction fee), a bank draft, wire transfer, or Interac e-transfer.

You can also obtain ADA by converting a specific amount of your cryptocurrency into ADA. The exchange rate for this is dependent on the platform.

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3.  How to Buy Cardano with Coinberry

Coinberry is a FINTRAC registered online marketplace that allows Canadians to trade their digital currencies. They are also compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA), making them trustworthy. The procedure on how to buy Cardano with Coinberry is as follows:

You’ll need to download the Coinberry app from the Google Play Store or Apple App Store. After downloading the app, you can then sign up with the crypto platform. This process mostly requires basic information like your name, email address, etc.

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After signing up, you’ll need to verify your account with some personal data. This process occurs right away, so you won’t waste time doing it.

You can log in to purchase ADA when you’ve verified your account. However, you’ll need to fund that account, and you can do this with an Interac e-transfer or a bank wire.

After funding your account, you can start with even 50 CAD to purchase Cardano.

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4.  How to Buy Cardano with Newton

Newton is a Canadian crypto platform that claims to offer some of the lowest transaction fees for its services. They even declare that Canadians can fund their accounts and trade with them for free. The procedure on how to buy Cardano with Newton is as follows:

The first step is to download the Newton app from your respective mobile app store for iOS and Android users.

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After opening the app, you’ll need to sign up with Newton. This process starts with your email address and password, after which you’ll need to provide other personal information.

After this, the next procedure is the verification process, which takes a few minutes.

After which, you can then log in to your account and fund it to purchase Cardano. You can fund your account with Interac e-transfer or connect your bank account to the platform.

You can start buying your ADA when you’ve done this, and you’ll just need 10 CAD to start. After purchasing your ADA, you can store it temporarily on Newton or transfer it to your wallet.

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5.  How to Buy Cardano with Coinbase

Coinbase is one of the most popular cryptocurrency exchanges around, and they also offer wallet services. This online platform allows Canadians to acquire, trade, and invest with various cryptocurrencies like Cardano. The procedure on how to buy Cardano with Coinbase is as follows:

You’ll need to download the Coinbase app from your app store and also create an account with them. Creating an account requires your personal information and a scan of your ID or proof of address for verification.

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After verifying your account, which could take a few minutes, you can then log in.

To make any purchases on Coinbase, you’ll need to fund your account. You can do this by tapping on the payment method box and choosing a payment method. The available options include a debit card, a wire transfer, or for you to connect your bank account.

After doing this, you can purchase Cardano by clicking on the buy icon. This brings out a list of the digital assets available on Coinbase, from which you can choose Cardano.

The number pad will then pop up to enter the amount of CAD you want to spend. When you input the amount in Canadian dollars, Coinbase shows you how much Cardano it can purchase.

After doing this, you can make your purchase or tap on the ‘preview buy’ icon to cross-check your transaction.

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6.  How to Buy Cardano with NDAX.io

NDAX.io is an online platform that allows Canadians to purchase Cardano from wherever they’re located in the country. This platform boasts that they’ve got one of the highest security standards in the FinTech industry. They protect their digital assets in cold storage by using the services of Ledger Vault.

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As such, they encourage Canadians to trade and store their investments with them. Although the NDAX.io online platform is available, individuals can download their mobile apps from their respective app stores. The procedure on how to buy Cardano with NDAX.io is as follows:

You’ll need to sign up with NDAX.io to create an account with them. This process is straightforward, easy, and non-time consuming even when using their verification process.

After opening an account, you can log in to that account. To purchase Cardano, you’ll need to fund your account. You can do this using CAD from bank drafts, wire transfers, or Interac e-transfers.

After purchasing ADA, you can trade with them on the NDAX.io platform, with a transaction fee of 0.2%.

You can transfer your funds to a wallet or store them on the NDAX.io platform when you’re done trading.

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How to Buy Cardano with a Credit Card

A credit card allows Canadians to purchase from many online platforms, with plans to pay later. You can use this payment method on a crypto exchange platform to purchase Cardano.

The first thing you’ll need to do is choose an online exchange and open an account with them. After registering with the exchange and verifying your account, you can then select the ADA you want to purchase. After which, you are to pay for them using your credit card.

When thinking about how to buy Cardano with a credit card, you should always keep the credit card’s nature in mind. A credit card allows you to make cashless purchases with plans that you’ll be paying back in the future.

As such, using a credit card to invest in Cardano is a risky affair. That’s because your investments might drop in value, leaving you to pay back a high-interest loan on your own.

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How to Buy Cardano with PayPal

Although PayPal is a universally accepted method for payment online, not all exchanges accept it for payment. So, you can visit a cryptocurrency exchange that accepts PayPal, or you can buy a universally-acceptable digital coin like Bitcoin. After purchasing Bitcoin using PayPal, you can then exchange Bitcoin for Cardano on any exchange of your choice.

The cryptocurrency exchanges that accept PayPal as a payment method include eToro and Coinbase. To purchase Cardano on any of these websites requires you to open an account with them by registering.

After registering your account and verifying it, you can fund that account via PayPal. You can use those funds to purchase Cardano when you’ve done this.

Where to Store Your Cardano

Once you’ve bought your Cardano from a reputable exchange, you’ll have to decide where to store it. The best way to store your Cardano is using a wallet. But your choice of a wallet depends on how often you’ll need to access your ADA coins. Here are some excellent options to keep your Cardano for long- and short-term storage:

Coinbase
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1.  Coinbase Wallet

Coinbase is one of the most popular cryptocurrency wallets in Canada. The wallet allows you to send, receive, and hold cryptocurrencies, including Cardano. This software wallet also allows you to access your Cardano anytime and on any device.

Furthermore, the Coinbase wallet supports staking with Cardano (ADA). Cardano staking on this wallet allows you to earn rewards by holding the coins. This is a great way to earn passive income while storing your ADA safely.

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2.  Ledger Nano S Hardware Wallet

The Ledger Nano S is a safe place to store your ADA coins because it protects against hacking attempts. In addition to being hackproof, the Ledger Nano S is easy to set up and manage. It’s also very secure, so you don’t have to worry about losing your ADA if you lose your phone.

Hardware wallets are more expensive than other types of wallets. However, they’re worth every penny. If you’re looking for a secure way to store your ADA coins, consider investing in Ledger Nano S.

Trust Wallet

  • Supports 53+ blockchains and 1 million + digital assets
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  • Stake coins to earn interest over time
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3. Trust Wallet

Another great wallet to store your Cardano for frequent use is Trust Wallet. This wallet works well for both desktop and mobile devices. It has a sleek interface and is compatible with many different platforms.

Since it has its own exchange, you can easily buy Cardano (ADA) directly from the wallet without going through another platform. The only downside is that you have to transfer your ADA back to the exchange before withdrawing or sending it to other wallets.

However, Trust wallet is a good option if you’re trading on the Binance DEX.

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  • Super easy setup & easy to use for beginners
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4.  Trezor Model One

If you’d rather save your coins for longer, Trezor is a great solution for storing your ADA. Like Ledger Nano S, Trezor is hackproof and offers robust security features. It’s also very user-friendly and comes at a reasonable price.

Although it doesn’t support Cardano staking, Trezor does allow you to generate a recovery seed. This will help you recover your coins if you ever lose your hardware wallet.

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How to Buy Cardano Final Thoughts

Knowing how to buy Cardano on different exchanges and via the best wallets for storing your cryptocurrencies is essential. It will help you avoid losing your money if something goes wrong.

Cardano is one of the top cryptocurrencies in the market today. It has been around for quite some time now, and its popularity continues to grow. If you have decided to start investing in Cardano, it’s best to know where to buy it. The exchanges listed above are reputable and trustworthy, so you shouldn’t have any problems buying Cardano.

We also added the best wallets available to store your ADA coins. You should choose a wallet based on what you plan to do with your ADA. Some people prefer hardware wallets such as Ledger Nano S and Trezor over online wallets like Coinbase. Your choice depends on your personal preferences and needs.

You might also like…

  1. How to Buy Litecoin
  2. How to Buy Solana
  3. How to Buy Ethereum

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FAQs about How to Buy Cardano

Is Cardano a Good Investment?

The crypto market is in its bearish season. The recent collapse of the Terra network has caused investors to lose faith in other projects. However, Cardano is still ranked among the top 10 most valuable cryptocurrencies. This means that it is a good investment option. However, you should speak to a financial advisor before deciding.

What Is the Best Wallet For Storing My Cardano?

There are several options available to store your Cardano. Hardware wallets like Trezor Model T and Ledger Nano S are considered safe since they don't require internet connectivity to function. On the other hand, software wallets like Binance Trust wallet and Coinbase wallet allow users to access their holdings from anywhere at any time.

What can you do with Cardano?

You can use Cardano to pay for goods and services. In addition, you can also send and receive payments between people. There are many online stores, retail outlets, merchants, and restaurant chains that accept Cardano as a form of payment. The platform recently started supporting NFTs (non-fungible tokens), allowing users to create unique items that cannot be duplicated.

What makes Cardano stand out?

One of the main reasons Cardano stands out is that it is one of the most environmentally friendly blockchain platforms. Its Proof of stake consensus mechanism uses less energy than proof of work. In addition, Cardano allows users to earn passive income just by holding their coins. Users can transfer their ADA coins to a wallet that supports staking to generate interest.

Is Cardano better than Ethereum?

Cardano aims to become the world’s leading smart contract platform. It offers more advanced features such as enhanced privacy, scalability, and security. However, Ethereum still holds more value because it is already widely used, even though some experts believe Cardano is a sleeping giant.

Will Cardano be worth more than Ethereum?

Although Cardano offers better performance compared to Ethereum, it is not guaranteed that it will outperform ETH in the long run. As mentioned earlier, Cardano is currently trading at C$0.085, while ETH is trading at over C$2,000. Thus, there is no guarantee that Cardano will eventually surpass Ethereum in terms of price.

Can I buy Cardano on Coinbase?

Coinbase is one of the biggest cryptocurrency exchanges in the world. You can easily buy Cardano using Canadian Dollars or Bitcoin. Users can deposit funds into their accounts through credit cards or bank transfers. Once this process is complete, they can purchase Cardano directly from Coinbase.

What is the safest way to buy Cardano?

The best way to buy Cardano is via an exchange. Exchanges provide safety and convenience when buying digital currencies. And they offer secure storage and instant transactions. Some popular exchanges include Binance, Coinsmart, and Bitbuy.

What is the easiest way to buy Cardano?

The easiest way to buy Cardano is using an exchange that supports multiple payment methods. These include credit card purchases, bank wire transfers, PayPal, and cryptocurrencies. Some of the most popular exchanges are Binance, Coinmama, and Changelly. But Coinbase is the easiest option if you want to buy Cardano with multiple payment options.

Can Cardano catch Ethereum?

Cardano has been gaining popularity lately. This is mainly due to its focus on improving the efficiency of smart contracts. While Ethereum focuses on building decentralized applications, Cardano focuses on developing scalable solutions. Cardan can catch up with Ethereum in the future, but it might take a few years before it becomes a significant player.

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