A Beginner’s Guide to Buying and Selling Cardano Cryptocurrency in Ireland
If you’re based in Ireland and wish to buy Cardano – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Cardano tokens you want to buy.
Cardano is a blockchain and smart contracts platforms featuring the ADA cryptocurrency. The Cardano exchange has its native token known as ADA. This governance token allows holders to table proposals that will create change on the Cardano platform.
What is this guide?
This guide focuses on educating beginners about Cardano and how one can buy or sell the token. The guide has been well detailed to ensure that even the freshest minds in the crypto space can understand what the token is and derive value from it.
Before reading this guide, you need to understand that cryptocurrencies are very risky and volatile. As such, you can lose all your investment by trading with cryptocurrencies. On the other hand, investing in crypto can also be very lucrative. The best way for you to understand this market as a beginner is to consult with a professional and follow renowned investors on Twitter to gain trading insights.
- QUICK GUIDE: HOW TO BUY CARDANO IN IRELAND
- A step-by-step guide to buying Cardano in Ireland
- How to Sell ADA tokens
- Which wallets can I use to hold ADA tokens?
- How does Cardano work?
- Key things to consider if you are thinking about buying ADA tokens in Ireland
QUICK GUIDE: HOW TO BUY CARDANO IN IRELAND
- 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 details of the transaction
- Confirm your order
A Step-by-step Guide to Buying Cardano in Ireland
Buying Cardano is a very easy process that will only take you a few minutes. Cardano is only offered on select exchanges to research some of the exchanges in Ireland that support the token. Once you have found your ideal exchange, the process of purchasing ADA tokens entails:
Step 1: Open an account on a crypto exchange
You can only buy ADA tokens if you have an account on a crypto exchange. Opening an account is an easy process. All you need to provide is your name and contact information. However, for exchanges to comply with the set regulations, you will also be asked to verify your identity. The exchange can ask for your government-issued ID, proof of address, or both.
You also need to follow safe internet practices when opening your exchange account. Safety, in this case, involves setting a two-factor authentication process that will protect your account and prevent chances of someone else impersonating you.
Step 2: Fund your exchange account
After setting up your account, you will need to add funds to it. You can use either your debit card or credit card to fund your account. You can add any funds to your account and buy your tokens depending on ADA’s market value.
Step 3: Buy ADA tokens
Once your exchange has funds, you can buy ADA tokens. The number of ADA tokens that you buy will be displayed on your exchange account. If you do not want to buy the tokens using fiat currencies, you can also buy them using cryptocurrencies. For example, you can exchange ADA tokens for other well-performing cryptocurrencies such as Bitcoin and Ethereum. To do this, you can select the pair that you want to trade. A pair can be written as ADA/BTC or ADA/ETH.
As soon as you have bought your crypto tokens, you can either hold them in the exchange or transfer them to another wallet.
How to Sell ADA tokens
Selling ADA tokens is also quite easy. All you have to do is go to your exchange and select the number of tokens you want to sell. Moreover, you do not have to sell all your tokens at once. Instead, you can select a proportion of the tokens and have some left for further speculation. Besides, you also do not have to sell your tokens for fiat currencies. Instead, you can sell them to receive Bitcoin or other digital currencies in return. Most time, people sell cryptocurrencies to receive returns. However, one may incur losses if they sold their crypto at a lower value than those they purchased because of market volatility.
Which wallets can I use to hold ADA tokens?
There are two broad categories of wallets, cold wallets and hot wallets. Institutional investors who buy large amounts of ADA tokens use a cold wallet. The ideal feature of a cold wallet is that it stores your cryptocurrencies offline, and they are hence less susceptible to lose and hacking.
The other category of wallets is a hot wallet. A hot wallet is like the one where you hold your crypto at an exchange. With a hot wallet, your will store your ADA tokens online. However, hot wallets are not recommended if you hold large amounts of crypto for a long time. They are suitable for regular trading.
How does Cardano work?
Cardano is a decentralized exchange. It is different from other exchanges because a single entity does not control it. 2015 marked the year for launching the Cardano exchange on the Ethereum blockchain.
ADA tokens allow holders to have governance rights that enable them to be part of the decision-making process for the company. At the time of its creation, Cardano developed $600 million ADA tokens. The ADA tokens are different from the normal currencies. The tokens are decentralized as central banks and governments do not monitor them. They are also convenient because foreign exchange rates do not disrupt them. In addition, ADA tokens can be easily be exchanged for any cryptocurrency.
Key things to consider if you are thinking about buying ADA tokens in Ireland
Some factors that you need to consider before buying ADA tokens include the following:
You also need to check the volatility of the ADA token before making a purchase decision. While volatility is unavoidable in the crypto sector, you can use the token’s price history to find its lowest values, highest values, and price fluctuations.
You also need to assess whether ADA tokens are usable. You can gauge usability by checking whether you can use the token in developing DeFi projects and not just be used for speculation.
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Where can I buy Cardano?
You can buy Cardano from a crypto exchange. There are several crypto exchanges in Ireland, so look for the ones that support ADA tokens.
Can I buy Cardano using a credit card?
Yes, it is possible to buy ADA tokens using a credit card. Just link your credit card details to your exchange account.
Is investing in Cardano risky?
Just like with other cryptocurrencies, investing in Cardano is highly risky because of price volatility.