Cardano is a decentralized public blockchain and cryptocurrency project that is fully open-source. The Cardano team is developing a smart contract platform which seeks to deliver more advanced features than any other protocol. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
Where can I buy Cardano?
Cardano is traded for Bitcoin and Ethereum on several exchanges. Here are the three that we recommend:
Binance and Bittrex are limited to cryptocurrency, so we can’t directly purchase Cardano/ADA with USD/Euros. We must first purchase Bitcoin or Ethereum on a fiat exchange like Coinbase.
To learn more on purchasing Bitcoin or Ethereum, check out our guides on purchasing Bitcoin and Ethereum. If you have these currencies already, or know the process, keep reading to learn how to buy Cardano!
Cardano can directly be purchased from Coinmama using a credit or debit card although this method has higher fees.
Buying Cardano on Binance
Depositing Funds into Binance
Once logged in, locate the ‘Funds’ tab along the top right side of you screen, and select ‘Deposits”.
From here, you can find every single coin on Binance’s deposit address. We need to send either Bitcoin or Ethereum to Binance, so search either and you should see something like this:
Copy the address of the coin you are sending, and save it for the next step where we will demonstrate how to send cryptocurrency from Coinbase.
Sending From Coinbase
Depending on where you bought or store your Bitcoin or Ethereum this step might be different. From your Coinbase home/dashboard page, select Accounts. After click send on the cryptocurrency that you would like to send to Binance.
For example, if I initially purchased Bitcoin, I would click the send Bitcoin button in order to send to Binance.
Paste the deposit address found in the previous step and click confirm.
Select Confirm. You will receive a ‘Send Complete’ message with a big green checkmark indicating that your transaction is on the way to an external address. You will receive an email from the Binance team when your cryptocurrency has been successfully transferred.
Buying Cardano on Binance
After your currency arrives to Binance, go to the correct exchange pairing of the currency you sent. For example, if I sent Bitcoin, and want to purchase Bitcoin, I would go to the BTC/ADA pair.
To find the different pairing Binance has, go to the main page and use the search bar.
Once you have gotten to the correct page, you should see something like this:
Scroll down to the Buy ADA, Sell ADA box directly under the chart. This is where we are entering our order.
In this section you can choose to buy a custom amount or one of the pre-designated 25%/50%/75%/100% available balance options. For easy order entry, go to the market tab seen above to buy Cardano/ADA at the going rate.
If you want to use the order book to make your own price, enter the price you want to pay in the Price field. To get a good idea of a price, you can use the chart for historical price action, or the order book for current bids and asks. When you have entered the terms of your order, click the green buy ADA option.
As soon as your order is filled by the marketplace you will have ADA added to your Binance custodial wallet account.
To see this balance go to the top right side of the Binance Homepage, then put your mouse arrow over the “Funds” option. A drop-down box will appear that looks like this:
Select the “Balances” option. Under the “Deposits & Withdrawals” on the right side of the screen, enter ADA into the field with the magnifying glass as shown below:
All of the other coin options will disappear and only your ADA total balance will appear displaying your Total Balance, Available Balance, Amount in Order, and Total in BTC Value.
Congrats! You have successfully purchased Cardano/ADA. Learn more about ADA and Cardano below.
It is not recommended to keep cryptocurrencies on exchanges. Download the official Cardano wallet here.
Buying Cardano on Bittrex
Before you can purchase Cardano on Bittrex, you will need to create an account on Bittrex. Bittrex’s fees are not as low as Binance’s, but it is an option. Bittrex has a decent amount of cryptocurrencies available so it always helps to have an account on it.
After creating an account, click the wallets tab on the navigation bar.
This will take you to the next screen where you will need to locate your deposit address. If you are sending Bitcoin to Bittrex then find your Bittrex Bitcoin deposit address. Do the same if you are sending Ethereum.
To find these addresses, click the green circle with the downward arrow.
After clicking the deposit button, you will be shown your deposit address of the selected currency. Click the copy button to copy your address, which we will need for the next step.
Sending from Coinbase
Depending on where you bought your Bitcoin or Ethereum, you will need to send it to Bittrex where we are purchasing Cardano. In this example we will show you how to send cryptocurrency from Coinbase, to your Bittrex account.
Once on Coinbase, click the accounts tab and press send.
Paste the address into the recipients box, click confirm and wait for your Bitcoin or Ethereum to arrive to Bittrex!
Once your cryptocurrency arrives to Bittrex, you will want to go to the corresponding pairing of your currency. Here are links to Bittrex Bitcoin and Ethereum Cardano pairs.
How to Buy Cardano with Credit Card
Cardano is most easily traded on the exchanges listed above. On each exchange, Cardano is mostly traded on Bitcoin and Ethereum pairs, so you will need to get one of those to get Cardano. That means to get Cardano with credit card, you would need to buy Bitcoin or Ethereum with a credit card on an exchange like Coinbase, and then send it to a secondary exchange like Binance, where Cardano is sold.
How to Buy Cardano with Debit Card
Cardano is only available on crypto to crypto exchanges. So just like if were to buy with a credit card, we need to first buy Bitcoin or Ethereum on a fiat exchange like Coinbase using our debit card and then send the purchased cryptocurrency to an exchange like Binance where Cardano is sold on Bitcoin and Ethereum pairs.
How to Buy Cardano with a Bank Transfer or Wire
To get Cardano by a bank transfer or wire, we need to first purchase Bitcoin or Ethereum using our bank account on an exchange like Coinbase, and then send the Bitcoin or Ethereum to an exchange where Cardano is sold. The exchanges listed above work great. Binance is the best as it has the lowest fees.
How to Buy Cardano with Skrill
The best way to purchase Cardano with Skrill is to get Bitcoin or Ethereum with Skrill on Bitpanda. After purchasing on Bitpanda, you can send it to any exchange listed above like Binance. Bitpanda is limited to European countries, so make sure your country is supported.
How to Buy Cardano with Paypal
The best way to get Cardano with Paypal is to first purchase Bitcoin on Virwox. Here is a guide to purchasing Bitcoin on Virwox using Paypal. This method will cost you almost 10% in fees but is still the best way to get Cardano with Paypal.
More on Cardano
Cardano began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices and avenues for exploration.
Proof of Stake
Using proof of stake (PoS) for a cryptocurrency adds a mechanism to introduce secure voting, more capacity to scale, and permits more exotic incentive schemes.
Cardano’s PoS protocol is called Ouroboros and it has been designed by an extremely talented team of cryptographers from five academic institutions. The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality.
This modularity allows for features such as delegation, side-chains, subscribable checkpoints, better data structures for light clients, different forms of random number generation and even different synchronization assumptions.
As a network develops from having thousands to millions and even billions of users, the requirements of its consensus algorithm will also change. Thus, it is vital to have enough flexibility to accommodate these changes and thereby future-proof the heart of a cryptocurrency.