Cryptocurrencies like Cardano (ADA) have become very popular in the market due to the project behind the token. While Bitcoin is easier to buy, those who want to buy Cardano (ADA) in the USA are required to take additional conversion steps. But just like Bitcoin, you can buy ADA on a crypto exchange.
Virtually all cryptocurrency exchanges offer the Cardano (ADA) token, so it will not be difficult to choose an exchange where you can buy ADA. Whether you want to buy the token for storage or want to trade with it, the following is a guide to buy Cardano in the USA on a crypto exchange.
A Step-by-Step Guide to Buying Cardano in The USA
Step 1: Open an Online Account
The first thing you need to do when buying Cardano is to open an account with a cryptocurrency broker that offers the Cardano token. So, you need to do a little research. This won’t take up much of your time as there are so many exchanges in the USA that support the token. Once you’ve completed the account opening, you can order the Cardano token from the broker’s platform and pay with fiat currency.
Most major crypto exchanges support both direct bank transfers and credit cards, so you have options when funding your account.
To open an account with a crypto broker, you will need to submit your personal information like your name, current residential address, phone number, and email address.
Step 2: Get a Wallet
After opening your account with the exchange, you will need to store your Cardano funds in a wallet. Although you can store your ADA on the exchange’s trading platform, it’s always better to keep your funds safe in a wallet where only you have the private key. This way, should the exchange be hacked, your ADA funds will still be safe. But this step is not compulsory, especially if you intend to trade regularly on the broker platform.
Step 3: Buy Cardano
Here is where it gets interesting. After opening an online account with the crypto exchange of your choice, you can make your Cardano (ADA) purchases. You can do this by placing a purchase order on the platform. Several brokers have different order types, which will determine how much you will be spending for each ADA token you buy.
The two major order types are limit order and market order. By placing a limit order, you are telling the broker to execute a buy order only when the price of ADA reaches a particular price. However, a market order tells the broker that you intend to buy Cardano at the latest market price.
These two approaches serve different purposes, so you need to understand them. If you want to buy ADA right away, the market order is the right option for you. However, the limit order comes in handy when you’re anticipating a dip in price.
Once the price falls to the level you want to buy, the buy order is triggered automatically. Once the order is executed, the number of Cardano you ordered will be visible in your exchange account.
The above are the 3 basic steps to take when buying Cardano (ADA) in the USA.
How to Sell Cardano
After buying Cardano, selling the token is pretty straightforward. Just like selling Bitcoin, you can go over to the “Sell Cardano” link in your account. Once you’re entered the number of Cardano you intend to sell, you will be asked to review your order before it completes. After going through the order, you click the execute button to get the fiat currency equivalent of your Cardano.
Which Wallets Can I Use to Hold Cardano?
Cryptocurrency wallets come in either cold or hot wallets.
Cold storage wallets are crypto wallets that are not connected to the internet. They are usually kept in hardware or a storage device and kept safe. On the other hand, hot storage wallets are usually connected to the internet to show you your coin balance.
You can either use the hot or cold wallet to store your Cardano, depending on your investment goal. If you want to hold your Cardano token for a long time, a cold wallet for your token will be preferred.
That’s because it is safer to store your wallet out of an internet connection when you’re not trading with the tokens. So, if you’re concerned about the safety of your Cardano tokens, a cold wallet will be the better option for you.
Read Also: Could Cardano Be a Millionaire-Maker Coin?
Key Factors to Consider When Buying Cardano in The USA
Before you jump into the Cardano market, it’s necessary to consider certain things.
Cardano is highly speculative
The Cardano asset is speculative, which means several factors can impact the price movement. You need to accept the risk in the market before investing. Sometimes, the market can go extremely bad, and sometimes it can be unbelievably profitable.
Cardano is widely available
The availability of a cryptocurrency can affect its popularity. Thankfully, Cardano is widely available on several cryptocurrency exchanges in the USA. As a result, you will have no shortage of options when trading the token consistently.
Strong community support
The Cardano community is a huge one, as it is supported by a wide network of enthusiastic users.
A solid platform: One of the strengths of a token is the strength of the platform backing the token. The Cardano platform is a platform that uses proof-of-stake technology, which tends to make transactions scalable and timely. The company has entered into various upgrades and partnerships with top tech providers, and this has started yielding results in the value of the token.
When you want to invest in a cryptocurrency, it’s important to look at the token’s future outlook. It will tell you whether your investment in the token can yield a respectable return for the long term. Thankfully, the future outlook of Cardano is a good one, based on recent upgrade activities by the developers.
Cardano has no doubt grown in popularity while its ADA token keeps breaking now grounds. If you’re looking to invest in cryptocurrency in the USA, there are lots of exchanges available to you. As long as you can link your account and submit the basic requirements, it will be very easy to buy Cardano.
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Virtual currencies are highly volatile. Your capital is at risk.