How to buy Cardano (ADA) with Local Currency?

The Cardano blockchain and its native cryptocurrency (ADA) were launched in 2017 by one of the co-founders of Ethereum. Cardano ADA’s price has significantly fluctuated like most cryptocurrencies since its creation.

Cardano ADA’s value peaked at $3.10 in September of 2021 before falling to around $0.48 today (correct at the time of publication) as the crypto market is the most volatile.

After knowing the risks, if you still want to buy Cardano (ADA) but do not know where or how to buy it? Then here’s how to go about it.

Select an exchange

There are two kinds of cryptocurrency exchanges present in the market, and they are:

  • Centralized exchange (CEX).
  • Decentralized exchange (DEX).

To buy Cardano (ADA) for the first time, you need to use your local currency, for which you would need a centralized exchange as they are the ones where you can swap your local currency and buy crypto. Whereas on a decentralized exchange, you can trade crypto with crypto.

There are many centralized exchanges, including big names like Coinbase and Binance, and smaller exchanges like Kucoin. There are a few points that you need to consider before selecting a crypto exchange and they are:

  • What are the accepted payment methods? Most exchanges allow you to make deposits with credit and debit cards and bank transfers. Some also offer P2P services.
  • What are the commissions? Some payment methods have commissions. Credit card deposits, for example, are subject to it.
  • Where is ADA being traded? You can check this list to find out whether Cardano (ADA) is being sold on your favourite exchange.
  • Does it allow instant transfer to an external wallet? While most exchanges allow their users to transfer their crypto assets to third-party wallets or so-called “cold” offline storage devices, there are a few that do not.
  • What are the withdrawal fees? A user will incur a fee to withdraw cryptocurrency to an external wallet.

Decide a payment method

Next, you will need to decide how to buy Cardano (ADA). We mean the method you will use to pay for your purchase, such as debit/credit cards, bank transfer, Paypal, and P2P service.

Check if any fees are associated with the payment method you want to use. For Coinbase, you can visit the getting >> started page and check >> add a payment method.

For Binance, visit >> What Are The Different Fiat or Payment Channels Available?

Place a buy order

Once the account has been created and funded, you need to access the Cardano (ADA) page in the exchange app or website and enter the amount to buy ADA.

We do not recommend our readers to invest using borrowed money.

Choose a personal wallet

Most exchanges have built-in wallets, a user can store their Cardano (ADA). We do not recommend our readers to use an exchange wallet as exchanges have complete control over them and you do not.

As an owner, you have the option to keep your assets in a third party or a personal wallet by withdrawing your purchase Cardano (ADA) to a wallet that supports the Cardano blockchain.

Personal wallets are of two kinds, and they are:

  • Cold wallets (completely offline until you allow it).
  • Hot wallets (always online, can go offline depending on the user).

We recommend our users always to use Cold wallets, but they are not free. Cold wallets are external devices such as flash or hard drives. They are very secure as they are not connected to the internet, so they are not prone to hacking.

Whereas hot wallets (software wallets) are free to use and download, they are not secure as the devices where it has been downloaded can get hacked due to a user/owner’s negligence and being online.

Recommended Exchanges

Coinbase:

coinbase

Coinbase is headquartered in San Francisco. Coinbase allows users to buy and sell digital currencies such as Bitcoin, Ethereum, and Litecoin. The company has over 25 million users in over 32 countries.

Coinbase is one of that exchanges, compared to other big exchanges, which is more secure and safe. To date, there has not been a report of a hack or scam on it. It is one of the few exchanges that allow crypto trading in the US. They operate in countries where stringent regulations exist.

It is one of the most popular cryptocurrency exchanges and allows the trading of many popular cryptocurrencies with a large market cap. It is an excellent exchange for those looking to invest in cryptocurrencies.

Binance:

Binance

Binance offers a wide range of features and services that make it one of the most popular exchanges in the cryptocurrency space. Some of these features include:

  • A wide variety of supported cryptocurrencies
  • A user-friendly interface
  • Low fees
  • A mobile app
  • A referral program
  • A large and active community

Binance is an excellent choice for a reliable and user-friendly cryptocurrency exchange.

Kucoin:

kucoin

Kucoin was founded in 2017 to become a leading global cryptocurrency exchange. The platform has since grown to offer a wide variety of features and services, making it one of the most popular exchanges in the world.

Kucoin offers various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Some of the features provided by the Kucoin exchange are:

  • Variety of trading options: In addition to basic spot trading, KuCoin also offers margin trading, futures trading, and P2P trading.
  • User-friendly interface: The KuCoin platform is user-friendly and easy to use.
  • Mobile app: KuCoin offers a mobile app for both iOS and Android, making it easy to trade on the go.
  • Commitment to customer service: KuCoin offers 24/7 customer support via live chat, email, and social media.

KuCoin is an excellent choice for both beginner and experienced traders looking for a secure and user-friendly platform to trade cryptocurrencies.

Important information

While there is no guarantee that Cardano will be a profitable investment in the future, experts suggest that it could offer value and a solid return on investment over the long term. Cryptocurrency is volatile, and anything could happen, so never invest more than you can afford to lose.

About The Author: Shounak

I have been a crypto enthusiast from 2015 to date. I have written all articles published on this website. I hope you guys enjoy reading them.