How to Buy Cardano (ADA): A Step-by-Step Guide for 2022

Cardano is a blockchain platform whose purpose is to create a sustainable future where there are trust and innovation. If would like to invest in Cardano’s token, read on to learn how to buy cardano (ADA) in this step-by-step guide.

Where Can You Buy Cardano?

You can buy ADA on a wide range of exchanges. In this guide, we will show you how you can use Binance to purchase Cardano token.

Below are the steps you should take when creating an account on Binance.

• Open the Binance website in a browser.
• Click the button labelled “Register.”

• Enter your mobile phone number and a secure password. Alternatively, you can register an account with an email address.
• Click “Create Account.”
• Binance will send you an activation code either to your email address or mobile number.
• Enter the code in the field provided to complete registration.
• Next, you will need to verify your personal information. To do this, click the profile icon and hit “Identification.”
• Click “Verify.”
• Choose your country and hit “Start.”
• Type in your name, date of birth, and residential address.
• Click “Go to Advanced Verification.”
• Upload or take photos of your identity document. That could be an identity card, passport, or driver’s licence.
• Click “Continue” and upload a portrait picture. You can take the portrait photo with your computer or with your phone by scanning the QR code via the Binance app.
• Click “Submit & Continue” and wait for the exchange to approve your information. Once you get approval, you can buy cardano.

Now that you have an account, you can set up a wallet to store the ADA you purchase. The cardano website offers the full node Daedalus wallet or the light Yoroi wallet. The light wallet means that users can make transactions without having to download the cardano blockchain. Alternatively, you can buy a hardware wallet like Ledger or Trezor.

How to Buy Cardano

Once you have set up your cardano wallet, you can proceed with the purchase. Users can buy cardano in two ways on Binance. Below are the step-by-step processes of each.

Through Conversion

• Log into your Binance account.
• Go to “Buy Crypto.”
• Select your local currency if it is supported.
• Choose “Cash Balance” from the drop-down menu.
• Enter the amount you want to spend.

• Choose a coin that you can convert to ADA. For instance, you can convert USDT to ADA on Binance.
• Click “Top Up” to deposit funds in your account.
• Once you are done, click “Buy USDT.”

You will receive the USDT in your wallet. After confirming receipt, follow these steps:

• Click “Trade” from the navigation menu.
• Select “Convert” from the drop-down list.
• Next, choose the coins you want to convert and enter the amounts.

• Click “Preview Conversion.” If all the details are correct, go ahead, and complete the conversion process. Binance will convert part or all of your USDT into cardano depending on the amounts you entered.

Once the ADA hits your wallet, you can move it to a mobile or cold wallet for safer storage.

Using Trading Pairs

If you are an advanced trader, you can use this method to buy ADA. Below is the procedure of trading pairs on Binance.

• Log into your account.
• Click “Markets.”
• Search for ADA trading pairs. Binance offers several crypto/crypto pairs and one crypto/fiat trading pair.
• Select a pair to trade. For example, if you choose ADA/ETH, you will need ether to buy cardano. You can transfer ether from another wallet to your Binance account. On the contrary, you can buy ethereum before you start trading.
• To buy ETH, go to “Wallet” and choose “Fiat and Spot.”
• Click “Deposit” to add funds to your account.
• Next, go to “Buy Crypto” and pick your local currency.
• Select “Cash Balance” and enter the amount.
• Choose ETH and click “Buy ETH.”
• Complete the payment process and wait to receive ETH.
• Once you get the ether, go to “Markets” and find the ADA/ETH pair.

• Click “Trade.”
• A trading interface will appear. Scroll down and choose “Market.” The exchange will execute the market order immediately at the current available price.
• Enter the amount and click “Buy ADA.”

Binance will send ADA to your wallet which you can transfer to the cardano wallet you downloaded. If you use a limit order, you will have to wait for another trader to fulfil it.

Both beginners and advanced users can find purchasing options suitable for their skill-levels on Binance. That makes the exchange appropriate for anyone that wants to buy cardano.