How To Buy Cardano In The UK

A beginner’s guide to buying and trading Cardano ADA cryptocurrency in the UK

Last Updated September 6th 2021
15 Min Read

The cryptocurrency industry is the rave of the moment in the financial sector.

Cardano is a third-generation cryptocurrency project that aims to solve some fundamental problems in blockchain technology by creating decentralized applications and protocols. It's also the third-largest cryptocurrency in terms of market capitalization, following only Bitcoin and Ethereum. Still, Cardano claims to be faster, more secure, and environmentally-friendly, than Bitcoin, Ethereum, and any other digital asset. 

Cardano has a native token that has the ticker symbol ADA. It has recently become a popular investment among those who are looking for good long-term projects. So, if you are also aiming to buy Cardano in the UK, this guide is for you. Here, we will cover what Cardano is, what it seeks to build, where and how to start investing in ADA, and other related topics. 

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.

QUICK GUIDE: HOW TO BUY CARDANO IN THE UK

  1. Open an account with a UK cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select Cardano.
  5. Enter how much Cardano coins you want to buy.
  6. Check the details and confirm your purchase.

Where to Buy Cardano in The UK

Are you searching for how to buy Cardano in the UK? Well there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you. 

List of the best Exchanges to buy Cardano in the UK:

Looking where to buy Cardano in the UK right now? Below you will find 4 of the best brokers that allow you to buy Cardano ADA in the UK. 

  • eToro - Best broker to buy Cardano (ADA) in the UK
  • Binance - Best exchange to buy Cardano UK for asset diversity
  • Coinbase - Best exchange to buy Cardano (ADA) for beginners
  • OKEx - Best broker to buy ADA UK for low-cost

 

What is Cardano?

Cardano is a blockchain platform founded by Charles Hoskinson, who is also the co-founder of the Ethereum project. In 2014, Hoskinson left Etherum because of the disagreement with Vitalik Buterin and started his own cryptocurrency project. The development of the Cardano project began in 2015, and it was eventually launched in 2017. 

If we try to compare it to other cryptocurrency projects, Cardano is more similar to Ethereum. It aims to build a platform that users can use to create decentralized apps, which is the same as Ethereum does. Plus, Cardano uses smart contracts, which is an inseparable part of Ethereum's blockchain. Still, Cardano considers itself an approved version of Ethereum.

Cardano is the part of the ecosystem that is often referred to as the third generation blockchain technology. On the whole, it aims to solve three big problems within the blockchain technology that Bitcoin and Ethereum couldn't tackle. These are scalability, sustainability, and interoperability. 

While saying scalability issue, we basically mean the number of transactions that can be conducted per second. It is a big problem as long as blockchain technologies developed by major cryptos can process a very small number of transactions. To compare, Bitcoin processes only five transactions per second, Ethereum 15, while Cardano can process more than 250 now. Further, Cardano aims to develop a technology allowing it to process up to 1 million transactions per second. 

Another great thing about Cardano is its ambitious plans to build interoperability between cryptocurrencies. There are thousands of crypto assets, but they can work only within their own blockchain. Cardano aims to create an ecosystem where all cryptocurrencies can interact while keeping their rules and protocols. 

And finally, Cardano declares itself as an eco-friendly and energy-efficient cryptocurrency. Its energy-efficient nature is based on the Proof of Stake protocol that its blockchain uses to approve contracts and mine new blocks. Unlike the Proof of Work protocol that Bitcoin and Ethereum use, PoS does not require too many hardware devices to work for the network. Hence, the process consumes less electricity and is more friendly for the environment.

Proof of Stake requires miners to stake their Cardano coins and get the right to verify transactions to be rewarded with new coins. The native cryptocurrency Cardano uses within its blockchain is called ADA. 

ASDA coin is traded at $2.58 at the time of writing and has a market cap of $83 billion. 

Should You Buy Cardano

Many long-term investors consider Cardano a good cryptocurrency to buy and hold. One reason for this is its ambitious and risky plans to tackle the most complex problems of the blockchain industry. The project has significantly succeeded by now, but it still has a very challenging way to go to accomplish all its plans.

Investing in Cardano is also an excellent way to diversify your portfolio. The cryptocurrency competes with Ethereum; hence, you will lower the risk of losing money by buying both assets ETH and ADA. If Ethereum succeeds in launching its Ethereum 2.0 upgrade, you will gain capital by this investment. At the same time, if Cardano outperforms Ethereum, its prices will likely increase in value and bring good returns. 

In general, ADA's value is hugely associated with the successful launch of Cardano's improvements. When the project was launched, ADA was traded at a shallow value of $0.02. But its price quickly went up in 2018. In January, it hit the all-time maximum of the year, crossing the line of $1. But this success was followed by a significant decrease, and it dropped back to $0.07.

By 2021, ADA price history charts looked pretty monotonous. Its value increased in January following the whole crypto market. By the recent crypto crash, it hit another maximum, this time crossing $2. ADA value suffered a bit from Bitcoin's recent drop, but it started to recover soon after announcing its new projects, including Alonzo. 

On August 23, ADA hit its all-time maximum, being traded at $2.9. One of the reasons why Cardano has become so popular is its eco-friendliness. The discussions about this characteristic of cryptocurrencies are becoming hotter and hotter. So, crypto owners are trying to upgrade their projects in order to make their protocols work, causing less environmental damage. 

Check Out: 11 Reasons Why You Should Invest in Cardano ADA Today

How to Buy Cardano in the UK - A Step-by-Step Guide

Now, when you have got more information about the Cardano cryptocurrency and decided to invest in it, we will introduce a complete guide to show you how to buy Cardano in the UK. 

Step 1: Open an Online Account

First, you need to start by selecting a broker or a cryptocurrency exchange that supports Cardano. As Cardano is one of the most trending cryptocurrencies, you will find several platforms to buy this asset. On the other hand, it may be confusing to decide which exchange would be the right one to buy Cardano. With that in mind, here is of the best crypto exchange in the UK to consider. 

eToro: eToro is an FCA-regulated trading platform that allows you to buy Cardano with fiat currency. The broker is best known for its social trading tools, including CopyTrader that enables you to mirror the trades of an expert trader. eToro is a zero-commission platform that charges only buy-and-sell spreads for cryptocurrencies. 

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

Once your account is funded, you can search for Cardano under the ticker symbol ADA, fill in how many coins you want to buy, and complete your purchase. Within seconds or minutes, you will see the amount of ADA coins on your brokerage account. It means that you succeeded with your buy order. 

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.

Read Also: Is Now The Right Time to Buy Cardano?

How to Trade Cardano in the UK - A Step by Step Guide

Due to their volatility, cryptocurrencies can bring good rewards as a short-term investment. As such, you can also play on Cardano's price movements to get profit. In this part of the guide, we will cover how to trade Cardano in the UK. 

1. Find an Online Trading Platform that Supports Cardano

Several cryptocurrency brokers support Cardano. Still, this does not mean you can pick any of them as they can have serious issues regarding pricing, safety, transaction speed, etc. So, you need to select the one that best meets your requirements. The crucial factors to consider are whether they charge reasonable fees and how trustworthy they are regarding your data security. 

2. Fund Your Account

All the steps that come after selecting the broker are much easier and quicker. You need to open an account on the platform, which is a matter of minutes. Next, you must verify your account to be allowed to trade. Verification speed differs depending on the broker, but it does not take too long with top brokers. 

Eventually, you can deposit funds into your account to start trading. Good brokers usually offer multiple payment methods, including credit or debit card linking, bank transfers, e-wallets, etc. 

3. Develop a Trading Strategy

Now, you are technically ready to start trading, but it's recommended to adopt a trading strategy before you begin. You can pick a trading strategy according to your investment goals: how much money you can afford to invest, how much return you expect to get, how much time you are ready to spend on research, and so on. 

In terms of these factors, trading strategies fall into two large groups - active and passive. Active strategies are for those who can be more involved in trading to research the market, buy and sell frequently, profit from small price movements. Among these strategies are scalping, day trading, etc. Passive strategies are for retail investors who want to invest capital and wait for the perfect time to sell the assets. 

4. Start Trading Cardano

When you created and funded your account and decided how you will trade, you can start trading Cardano. Note that not all platforms accept fiat currencies, so on some platforms, you will first need to buy BTC or ETH and then swap it with Cardano.

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!

Cardano Pros and Cons

If you are still hesitating about investing in Cardano, here is what you need to consider to be able to make the final decision.

Pros of Cardano:

Cardano is more eco-friendly than Bitcoin and Ethereum.

It was built by one of the co-founders of Ethereum.

It’s the third-largest cryptocurrency by market cap.

Cardano struggles to solve such long-lasting problems as interoperability, scalability, and sustainability.

Its supply is deflationary. 

Cardano is an inexpensive investment and can be a good start for newbies. 

Cons of Cardano:

Cardano has not yet become as mainstream as BTC and ETH.

There is still a long way to go for Cardano to bring its ambitious goals into reality.

Is Cardano a Good Long-Term Investment?

Over the last few years, Cardano has become a very attractive cryptocurrency for investors who are looking for long-term crypto projects. After all, it's the third-largest crypto asset by market cap and struggles to bring innovative ideas to solve such long-standing problems as scalability and interoperability. Plus, Cardano is an energy-efficient crypto, a feature that is highly taken into account while investing in crypto recently. 

All the ambitious goals and plans that Cardano developers set for the project have the potential to bring high traffic within its network. But, we should also note that there is enormous work for Cardano’s team to do to get these goals done and bring those innovations to the blockchain industry.

Nonetheless, all things considered, Cardano seems to be a good long term investment right now.

Read Also: Will Cardano Make Me Rich in 10 Years?

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.

What’s the Purpose of Cardano?

Cardano is a third-generation blockchain platform that aims to solve the three biggest problems in this industry - make transactions faster, build an ecosystem where all cryptocurrencies can interact easily, and become eco-friendly cryptocurrency. It uses the same technologies that leading cryptocurrencies - Ethereum and Bitcoin use, but Cardano aims to upgrade these technologies bringing lots of innovations within the ecosystem. 

Is Cardano Mining Profitable?

Cardano's protocol to mine new blocks is called Ouroboros proof of stake, which works very similar to the Proof of Stake mechanism. It means that to mine new blocks, users must stake their coins to get the voting right within the network and be rewarded with new coins. Cardano's native cryptocurrency ADA has the maximum supply of 45 billion coins, from which more than 32 billion coins are in circulation. 

What Will Be Cardano Worth in 2025?

The algorithms designed to predict the future of cryptocurrency by their market research have positive reviews about Cardano price movements. They show different numbers, but on the whole, they forecast that Cardano's value will increase in the future. 

Perhaps, the highest prices are in the Wallet Investor forecast, according to which Cardano price will increase up to $12 in five years. Digital Coin Price has almost the exact predictions. It shows that Cardano will be traded at $7.62 in 2025 and hit $10 in 2027. 

The Long Forecast has less optimistic predictions about Cardano prices. It forecasts that Cardano will fluctuate between $3-5 by the year 2024. But then, the ADA coin will drop even to $0.98. All in all, according to Wallet Investor, Cardano will be traded $1-2.5 in 2025. 

Don't Miss: Cardano Price Prediction Forecast

Buying or Trading Cardano - Things to Take Into Consideration

Cardano belongs to the group of cryptocurrencies that don't rise as a joke or just a copy of another cryptocurrency. The latter is created for fun and becomes popular only for a particular period. Due to their high volatility, all the cryptocurrencies, including Cardano, can bring high returns with short-term trading.

But Cardano is more like an excellent long-term investment. Apart from being a crypto asset, it's a third-generation blockchain project that seeks innovations. It's a relatively new cryptocurrency and has announced several projects to launch in the future, which can bring it a huge success. If this happens, it will positively affect Cardano's price, and its value will increase. If you are ready to invest in Cardano, you can pick a broker and learn how to buy Cardano in the UK from our guide. 

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.

Final Words

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 afterwards. 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.

eToro – Best Platform to Buy Cardano in The UK

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Virtual currencies are highly volatile. Your capital is at risk.

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