With its low current valuation of just over $1, Cardano – trading symbol ADA – is rapidly emerging as one of the most popular cryptocurrencies. It’s sometimes referred to as the “Ethereum of Japan”, but it’s become popular worldwide.
Not all trading platforms accommodate cryptocurrency and even those that do – not all trade Cardano. But we’ve put together a list of companies where you can buy and sell Cardano.
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What is ADA?
Cardano was launched in 2017 as an alternative to Bitcoin. It’s considered a second-generation crypto because it attempts to overcome some of the limitations and glitches associated with Bitcoin and some other cryptos. For example, it attempts to facilitate a more secure blockchain, while providing a better balance between user privacy and regulation by authorities.
In addition to its low price, much of the attraction of this crypto is the dramatic price activity in the past 12 months.
With the price at just over $0.18 at the end of 2020, it peaked at $2.46 in May, before retreating down to $1.12 more recently. Even with its recent decline, Cardano is still up about 600% so far in 2021.
The kind of price action Cardano has provided makes it a popular choice among traders. And it’s still very low price holds the potential for explosive future growth.
How to Buy ADA
Just as is the case with other cryptocurrencies, you won’t be able to buy or sell Cardano through banks or investment brokers (though we will list a couple of investment brokers that do accommodate crypto trading later in this guide). If you’re interested in trading or holding ADA, you’ll need to work with one of the very limited number of platforms that can accommodate this crypto.
You’ll need to open an account with a crypto exchange – or an investment broker that allows crypto trading and includes ADA – then follow the procedures they outline for that investment.
Once you create an account you’ll need to fund it, most typically by linking a bank account to the exchange or brokerage. However, most exchanges will allow you to transfer crypto from other exchanges, or any that you hold on a digital wallet. Most will also enable you to exchange one crypto for another. For example, you may be able to exchange Bitcoin for an equivalent amount of ADA.
Where to Buy Cardano (ADA)
The most popular place to buy Cardano, or any other cryptocurrency, is through a cryptocurrency exchange. But in researching the various exchanges, not all offer trading in Cardano. For example, some popular exchanges, like Gemini and Binance, don’t offer trading in this crypto.
But below is a list of cryptocurrency exchanges where you can trade this digital currency. We’ve also included two investment apps where you can not only trade Cardano, but also hold other, more conventional investments on the same platform.
We do need to advise that one of the consistent limitations of crypto exchanges, and even brokerages where you can trade crypto, is limited customer service access. Most offer only email or live chat, but no phone contact. It seems to be an industry standard.
Coinbase
Coinbase is one of the most popular cryptocurrency exchanges. It has more than 56 million verified users and supports crypto trading in over 100 countries. Quarterly volume of crypto trading has reached an incredible $335 billion.
It’s an excellent choice for trading ADA or other cryptocurrencies, especially for large volume traders who will get the benefit of some of the lowest trading fees in the industry. And for crypto investors at all levels, Coinbase enables you to trade in almost 70 different cryptos, which is one of the largest selections in the industry.
But one of the biggest advantages with Coinbase is the access you’ll have to your crypto funds. The account comes with a Visa debit card that allows you to spend against your crypto balance. They also offer a stablecoin, equal to $1. Meanwhile, you can take advantage of a digital wallet on the platform, or provide your own. (Digital wallets give you the ability to store crypto, then easily transfer it to and from other exchanges.)
Coinbase even offers you an opportunity to earn crypto on your crypto. This is done through a process known as crypto staking. By participating in the process, which involves helping to secure transactions on the network, you can earn up to 5% APR on staking of Ether (ETH) (but not ADA or other cryptocurrencies).
Minimum Initial Investment: $2
Number of cryptocurrencies offered: 69
Digital wallet provided: Yes, or you can use your own
Fees: $0.99 or 0.05% to 4.00%, based on the dollar amount of the transaction
Funding options: Linked bank account ACH or wire transfer; PayPal; direct deposit/transfer of cryptocurrency
Debit card access: Yes
Mobile app: Yes
Customer service: Webmail only, no phone access
eToro
eToro is fast rising as another very popular crypto exchange. The platform has been around since 2007, which makes it one of the better-established crypto exchanges in the industry. Much like Coinbase, eToro has a large international presence, offering its services in 140 countries.
What may best distinguish eToro as a crypto trading platform is its CopyTrader technology. This is a social trading platform, which enables you to copy the trading activities of some of the most popular crypto traders on the eToro network. That’s an excellent option for new crypto traders, looking to “learn the ropes” of crypto trading.
They even offer several “CopyPortfolios”, which is something like a robo-advisor for crypto investing. It similarly takes advantage of copy trading to get the best investment results.
But if you’re already an experienced and successful trader, you can be paid to allow others to copy your trading activity.
eToro has another important benefit for new crypto traders, and those looking to improve their results. They offer their virtual portfolio, which enables you to paper trade up to $100,000 before committing real money to trading.
Minimum Initial Investment: $50, with a minimum trade of $25
Number of cryptocurrencies offered: 17, including ADA
Digital wallet provided: Yes
Fees: 1.00%
Funding options: Online banking and wire transfers.
Debit card access: Yes
Mobile app: Yes
Customer service: Open a ticket on the app (response time up to seven days), plus live chat 24 hours a day, Monday through Friday; no phone support is offered.
Here is our full eToro Review.
Kraken
Kraken is another fast-rising crypto exchange. Not only do they offer their services to traders in the US, but also to investors in more than 170 countries globally. You can trade more than 50 different cryptos, including ADA. And like Coinbase, Kraken offers crypto staking, give you an opportunity to earn income from participation on the exchange. They claim you can earn rewards of up to 7% on your staking activity.
What might separate Kraken from other crypto exchanges is that they offer margin trading. That includes leverage of up to five times your equity. That can give you – for example – the ability to make a $1,000 crypto investment with just $200 in cash.
Kraken is one of the few crypto exchanges that doesn’t offer investors a digital wallet. That means you’ll need to use your own digital wallet to store your cryptos. Other than the modest cost of the digital wallet, that’s really not a disadvantage. Having your own digital wallet is the most secure way of holding cryptos, in addition to being completely portable between crypto exchanges.
Minimum Initial Investment: $10, but trades based on crypto have a minimum order size, which is 25 ADA
Number of cryptocurrencies offered: Over 50
Digital wallet provided: No
Fees: Using Kraken Pro: Maker fees, 0.00% to 0.16%; taker fees, 0.10% to 0.26%
Funding options: Bank transfers and wires from a linked bank account; direct deposit/transfer of cryptocurrency
Debit card access: No
Mobile app: Yes
Customer service: 24/7 live chat; no phone support offered
Here’s our full review of Kraken.
Webull
Webull is an investment app where you can engage in commission-free trading of stocks, options, and ETFs. But you can also trade cryptos, including ADA. They offer a spread on crypto trading, based on a flat basis point format, making pricing simple. You can begin investing in crypto with as little as $1.
Webull is a trading app, designed for experienced traders looking to execute fast, simple trades on the go. It doesn’t offer a digital wallet, or the ability to connect one. That means you won’t be able to transfer crypto to and from your account.
Minimum Initial Investment: $1 for cryptos; $0 for all other investments
Number of cryptocurrencies offered: 8, including ADA
Digital wallet provided: No
Fees: 100-basis point spread for both purchases and sales of cryptos; commission-free trades of stocks, options, and ETFs
Funding options: Transfers and wires from linked bank accounts
Debit card access: No
Mobile app: Yes
Customer service: Email + 24/7 online help
Here’s our full Webull review.
Final Thoughts
This is a good time to remind readers that investing of any sort does involve risk. That’s especially true when it comes to investing in cryptocurrency, which is generally believed that have a higher level of risk than more conventional investments, like stocks, bonds, and funds.
Cryptocurrencies are a new investment, only having arrived in the past decade or so. And it’s only recently that they’ve been gaining mainstream acceptance from the financial community as investments at all.
The biggest risk is the wide fluctuations in price. A crypto that trades at $10 today, can rocket to $100 in three months, then drop to $20 one month later.
But if you can handle the massive price risk inherent in cryptocurrency trading, Cardano (ADA) may be one of your better options. Its low price, in combination with its recent popularity as an investment, have the potential to make this crypto a big winner in the future.
