The guide will explain the best way to buy Cardano (ADA) in Australia. You will also understand the step-by-step method of buying ADA in a cryptocurrency exchange. Moreover, the guide offers tips on selling the asset in the exchange, how to store it, and important things you should know before buying the token.
Cardano is a proof-of-stake blockchain designed for dApps and smart contracts. It was designed to improve the feature of Ethereum and uses the native token ADA.
The network and its token have gained popularity in recent months as the price keeps surging. If you’re looking to buy Cardano in Australia, this guide will show you how to purchase ADA, the token, and sell it when you want.
What's in This Guide?
The guide offers a step-by-step process of buying Cardano in a crypto exchange. It also explains how to sell Cardano and the most secure way to store it. The guide also explains how Cardano works and the important things you need to consider before investing in the token.
- Quick Guide: How to Buy Cardano in Australia
- A Step-by-Step Guide to Buying Cardano in Australia
- How to Sell Cardano
- Which Wallets Can I Use to Hold Cardano?
- How Cardano Works
- Things to Consider Before Buying Cardano
Quick Guide: How to Buy Cardano in Australia
- Open an online account with an exchange
- Verify your account
- Deposit funds into your account
- Search for Cardano and click Buy
- Enter the amount you want to buy
- Review the transactions details
- Confirm your order
Where to Buy Cardano in Australia
As a novice in the cryptocurrency industry, you may be wondering where you can buy Cardano. Well, that is what cryptocurrency exchanges are there for.
A crypto exchange or a broker specializes in bringing buyers and sellers of cryptocurrencies together. It’s the best place to buy Cardano in Australia if you’re entering the crypto market for the first time.
A Step-by-Step Guide to Buying Cardano in Australia
If you’re looking for how to buy Cardano in Australia, there are two options available to you. It’s either you buy Cardano with fiat currency (AUD in this case) or use another cryptocurrency like Bitcoin or Ethereum.
Buying Cardano with Cryptocurrency
This is the ideal option available to you if you already have another cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) in your wallet.
It will be easier to buy Cardano with Bitcoin or Ethereum since almost all exchanges offer Cardano pairs with top major cryptocurrencies.
For instance, if you have Ethereum (ETH) in a wallet, you can register with an exchange and send your ETH tokens to the account you’ve created with the exchange. There, you can go to the ETH/ADA pair where you can buy Cardano with the Ethereum balance you have.
Buying Cardano with Cryptocurrency
If you are a novice in the world of cryptocurrencies, the obvious option for you is to buy Cardano with fiat currency (AUD).
However, you will be limited with crypto exchanges to select because some of them don’t offer a direct deposit with fiat currency. If you’ve found one that accepts fiat currency deposits, you can take the following steps to register and buy Cardano on the exchange.
Step 1. Register for an account with an exchange
To buy Cardano in a crypto exchange in Australia, the first thing you should do is to register an account with the crypto exchange that accepts fiat payments. However, most exchanges will require you to provide personal information such as your full name, proof of ID, residential address, and employment details.
Also, remember to opt-in for two-factor authentication (2FA) when registering with the exchange. This will further enhance your security and protect your account against hackers. After providing the required details, your account will be created and an email notification will be sent to you.
Step 2: Deposit funds into your account
When your account has been created and verified, you can deposit funds into the account via credit card, debit card, PayPal, bank transfer, or other payment means the exchange offers.
Remember that each payment method comes with a certain fee attached. So, it’s important to choose a payment option that is more convenient for you.
Step 3. Buy Cardano (ADA)
The next step is to buy Cardano from your available AUD balance on the exchange. Go to the “markets” section where crypto pairs are listed. Find the ADA/AUD pair and fill the order form.
Select either market order or limit order, depending on what you want. The limit strategy is ideal if you’re anticipating a decrease in Cardano and want to buy when the price has fallen to a certain level.
When you choose this option, the exchange will only execute your order when Cardano falls to the level you’ve selected.
When your order is executed, a notification email will be sent to you.
How to Sell Cardano
There may be many reasons why you would want to sell your Cardano. You may want to take profits after it has been appreciated.
You may also want to sell if you’re looking to exchange Cardano with another promising token. Go to the right Cardano pairing and enter the amount of Cardano you wish to sell.
You will be asked to review your order before it is executed. Once the order is executed, an email notification will be sent to you.
Read Also: Could Cardano Be a Millionaire-Maker Coin?
Which Wallets Can I Use to Hold Cardano?
There are two types of wallets available. After buying Cardano, you can opt to store your token in a hardware wallet (offline storage) or a software wallet (online storage) the former is better if you’re looking for a safer option. However, the latter is preferred if you’re always accessing your crypto funds.
But remember to choose the right type of wallet as several wallets are not compatible with Cardano.
How Cardano Works
The Cardano blockchain is often called the next-generation cryptocurrency. It was developed using the Haskell programming language and built on a consensus protocol known as Ouroboros.
It was designed to aid faster-processing speed s on the blockchain, which is a major deficiency with Ethereum.
Cardano does not rely on any features from other blockchains, as it was created from scratch to the top. One of its major strong points among other types of blockchains is its multi-layer design, which improves scalability.
Check Out: Is Cardano a Good Investment?
Things to Consider Before Buying Cardano
The cryptocurrency frenzy has lured many investors into the industry. But before any considers investing in crypto assets, there are certain things they need to be aware of.
1. The volatility of Cardano
Cardano and the crypto market, in general, are very volatile. The price of crypto assets can move very quickly in the opposite direction at the slightest notice. So, if you’re looking to buy Cardano, you should understand how risky it can get.
2. Level of Competition
Since Cardano was introduced in 2015, many new blockchains have sprung up to compete with it. They have similar goals with Cardano, which makes it a bit more difficult for the blockchain to expand its user base expected.
3. Consider Cardano’s project
Cardano offers an exceptional range of usefulness and features. That’s why it has gained a lot of trust among the crypto community. It also has some good projects under development, which shows signs that the future of the token is bright. However, you should still carry out personal research to find out how the blockchain is doing at the moment before investing.
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Where can I buy Cardano?
The best place you can buy Cardano is in a cryptocurrency exchange.
Can I buy Cardano with AUD?
Yes, some crypto exchanges in Australia offer the option of buying Cardano with fiat currency (AUD).
Do I need a wallet to store Cardano?
While it’s possible to keep your Cardano token in an exchange, it’s safer to have a suitable crypto wallet where you can store them.