Thinking about buying Cardano?
The cryptocurrency industry is the rave of the moment in the financial sector.
Tokens like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) have attracted the interest of many retail and institutional investors because of their steady rise in value. Cardano in particular is backed by a strong network of developers who are always putting up projects for the growth of the platform.
As a result, many investors are predicting a further increase in the price of the ADA token in the coming months. If you’re looking to buy Cardano in the UK, it’s easier than you think. The following is a guide to help you invest in the token.
What's in this guide?
- QUICK GUIDE: HOW TO BUY CARDANO IN THE UK
- A Step-by-Step Guide to Buying Cardano in the UK
- How to Sell Cardano
- How Cardano Works
- Which Wallets Can I Use to Hold Cardano?
- Things to Consider When Buying Cardano in the UK
- Final Words
QUICK GUIDE: HOW TO BUY CARDANO IN THE UK
- Open an account with a cryptocurrency exchange like eToro.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Cardano.
- Enter how much you want to buy.
- Check the details and confirm your purchase.
These days, you can buy and sell Cardano (ADA) on quite few crypto exchanges, so keep reading for step-by-step instructions on how to start trading this popular crytocurrency.
There are 4 basic steps you need to follow when buying Cardano.
A Step-by-Step Guide to Buying Cardano in the UK
Step 1: Open an Online Account
The first thing you have to do when buying Cardano is to look for an exchange that can allow you to buy the token with ease. Several exchanges offer Cardano trading because the token is very popular. So, search for your favourite exchange and open an account with them. The good news is that it’s very easy to open an account.
You’ll be asked to provide your personal information, including full name, present address, phone number, and employment information. This information is to fulfill the Know-Your-Customer (KYC) policy ingrained in the UK financial laws. Once you have provided the information, you will have a smooth ride registering with the exchange.
Step 2. Deposit Funds into your Account
Many exchanges support different payment methods, so you have the option of paying with your debit card, credit card or paying directly from your bank. After choosing a payment option, you will be directed to the account opening page.
Step 3: Buy Cardano
Here comes the fun part. After registering with a broker and funding your account, the next step is to buy your Cardano. Purchasing Cardano is also very easy and straightforward. All you have to do is head over to the order page and place your order. There are two major order types on exchanges: the limit order and the market order.
The limit order is vital if you are speculating a fall in the price of Cardano. In this case, you can set up your order to trigger when the price of ADA falls to a certain level. For the market order, you buy Cardano at the present value in the market. You click the order and it executes immediately. After choosing your order type, you need to review the order before giving the final instruction.
Step 4: Store your Cardano Tokens
A Cardano wallet will be required if you’re buying ADA to store. If you’re not going to trade frequently on the exchange platform, you will need to get a crypto wallet to keep your token. That’s because storing your Cardano in a wallet is safer than keeping it in an exchange, which can be vulnerable to cyber attack. Get a cold wallet, which is the safest option for your Cardano assets.
The above are the simple steps to buy Cardano in the UK through a cryptocurrency exchange.
How to Sell Cardano
Cardano is a very popular cryptocurrency, so it is not difficult to sell. Just as you’ve bought Cardano on your preferred exchange, you can also sell Cardano on the exchange.
Log into the exchange and select the Cardano pair you wish to sell. You will see the option where you will be asked to enter the amount of Cardano you want to sell. Once the transaction is approved, you will be asked to review it before the order is executed. That’s all!
How Cardano Works
Cardano is a cryptocurrency network built based on Outboros proof-of-stake technology. The goal behind the platform is to offer a more scalable platform for developers to execute end-to-end- tests. It creates and runs a public blockchain platform for smart contract-based applications.
ADA is the underlying coin of the Cardano platform and is traded on major exchanges around the world. The token is highly popular and is among the top ten cryptocurrencies by market capitalization.
The ADA token is very easy to trade in a crypto exchange. Whether you want to buy ADA to trade or hold for a long time, you can register with your preferred broker in the UK and buy your Cardano.
Which Wallets Can I Use to Hold Cardano?
Like other cryptocurrencies, Cardano can be store in a wallet. You either store the token in an online wallet (hot wallet) or an offline wallet (cold wallet). After buying your Cardano and decide to hold it for a long time, a cold wallet is a more preferred option because it is safer.
Things to Consider When Buying Cardano in the UK
There are some things you should know before buying Cardano.
Research the project
Whatever investment you want to make, it’s important to research the investment vehicle. In the case of Cardano, you need to find out all about the project, including its core development team, user milestones, roadmap, as well as its history. Although Cardano is ranked very high within the crypto space, you still need to research the project before investing.
Review market trend
Before buying Cardano, it’s important to understand the direction of the market. Is the market heading upwards or nose-diving. If the market is in a bearish state, it will be better to wait until it starts improving, or use the buy limit option. With this option, you can allow a trade trigger when Cardano has moved below a chosen threshold.
That way, you will ensure you get into the trade when the market is likely going to move upward. So, unless you are trading a small amount of Cardano periodically, wait until the market is in a downtrend or picking up before entering the market.
Consider the exchange fees
Remember that different exchanges charge differently for transactions. This may not be very important to you if you’re not planning to trade Cardano frequently. But if you’re in the market for consistent trades, you should be looking for an exchange that charges lower fees.
Cardano cryptocurrency has grown in price and market capitalization over the past few months.
savvy investors are always trying to buy when they know the market will move in the bull direction afterward. The future of Cardano also seems bright, considering the strong development team behind the project.
If you’re looking to buy Cardano in the UK, the guide above will help you choose the right exchange and make your purchase with ease.
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Virtual currencies are highly volatile. Your capital is at risk.