Buy Cardano (ADA) with US Dollars or Euros. A step-by-step guide to buying Cardano’s ADA using Cryptocurrency exchanges Changelly and Binance.
Cardano, home to Ada, which can be used to send and receive digital funds, has recently captured the imagination of cryptocurrency investors and has reached a market capitalisation of $13,060,243,242 USD.
Cardano is more than just a cryptocurrency. It is an open source technological platform that claims to be capable of running financial applications currently used every day by individuals, organisations and governments all around the world.
So with the recent surge of interest to buy Cardano (ADA) cryptocurrency, I thought it best I invested in a small piece of the quite substantial pie.
This is a step-by-step beginners guide to buy Cardano (ADA) using these cryptocurrency exchanges and cryptocurrency wallets.
- Changelly – Used to buy Bitcoin (BTC) with US Dollars
- Binance – Used to exchange the Bitcoin (BTC) to Cardano’s ADA
- Daedalus Wallet – Used to store my newly acquired ADA coins
At time of writing you can sell and buy Cardano (ADA) on the following cryptocurrency exchanges:
- Bitt and Cryptopia coming soon
STEP 1 – Buy Bitcoin Using Changelly Cryptocurrency Exchange
Before we can buy Cardano ADA, we first need to get our foot in the cryptocurrency door and purchase ourselves some Bitcoin using a bank card and US dollars.
You can buy in Euros however, the platform that I use seems to offer better exchange rates on dollars.
Changelly is a very user-friendly cryptocurrency exchange. They may not be the cheapest but for beginner crypto enthusiasts, it is pretty straightforward to navigate.
There are 2 parts to step 1 so bear with!
Firstly, in order to buy Bitcoin, you need a Bitcoin wallet and this is where using an exchange like Binance helps.
So as part of step 1, you will need to open up the Binance exchange website and create an account.
Once you have a Binance account and are signed in, you will navigate to ‘Funds’ in the top right-hand menu bar and click on ‘Deposits Withdrawals’.
From there you type in BTC in the search box and you’ll see a line with Bitcoin and a link to select deposit – which you click.
Once clicked, you will be presented with a long Bitcoin address like this: 12oMUa84LM83VbTEoSmnwR2jZCcSr32xnQ
Highlight and copy this address as this is where we will be sending our newly purchased Bitcoin to.
Moving on to stage 2 of Step 1 – you now have a Bitcoin address which we are going to tell Changelly to send to.
So, now head over to Changelly cryptocurrency exchange and start the buying process.
Using the fields on the exchange, enter the required amount of US dollars and the exchange will calculate the amount of Bitcoin you can buy.
If you are happy with this, proceed to entering that Bitcoin address you just copied from Binance. Confirm you are not a robot (if you are, just leave it unticked – that’s a joke) and click to continue!
You will then proceed through the Changelly checkout process which is all pretty self-explanatory.
NOTE: You’ll see that for the pleasure of purchasing these Bitcoins, Changelly are charging me a $25-dollar transaction fee.
You then simply confirm your billing information, payment details and hey presto!
You have just bought your first Bitcoin!
If this is your first cryptocurrency purchase, at this point, you may start to panic. You don’t need to… just sit back or go and make yourself a cuppa as the transaction could take up to 2 – 3 hours to process. Mine have never taken more than 30 minutes.
You will shortly receive an email from Simplex (the changelly payment provider) saying that the transaction has completed.
STEP 2 – Exchange Bitcoin to Buy Cardano ADA using Binance
I have chosen to use the cryptocurrency exchange Binance as I am now quite familiar with it and I like the transaction process using their platform. It is likely that you will end up using many more cryptocurrency exchanges if you are to become a real cryptocurrency enthusiast.
First of all, you will need to create an account on Binance.
I am going to skip this step as it is pretty straightforward – name, email, password etc.
Once you have an account on Binance, you can sign in.
As you can see in the top right-hand side of the screen shot, my newly acquired Bitcoin has arrived in my Binance Bitcoin Wallet!
Next you click on the top left-hand side of the screen that says ‘Exchange’. This will give you a screen that looks like this – but don’t worry – it might look daunting at first however, it is relatively straightforward.
To the Right of the graph you will see a list of cryptocurrency pairs – you need to type in ADA in the little search box and it will filter the ADA/BTC exchange – click on that.
Then, you’ll be presented with a green Buy ADA and a pink Sell ADA box – we are going to focus on the Buy ADA option.
I personally just select the tab that says Market – this just means that I am willing to pay now for the market rate of ADA and not bet on it dropping or going up. So, if you are in a hurry and just want to buy Cardano ADA now, click the Market tab.
Beneath the Amount field you’ll see percentages 25%, 50%, 75% and 100%. If you click on these boxes, the system will then apportion the appropriate percentage of your Bitcoin wallet. So in my case, I clicked on the 100%.
Then click Buy ADA.
Congratulations, you’ve just bought your very own Cardano ADA coins!
STEP 3 – Create a wallet to store Cardano ADA Cryptocurrency
At time of writing, the Daedalus wallet is the only wallet that supports ADA, featuring the only provably secure and peer-reviewed proof-of-stake protocol.
As taken directly form the Daedalus website:
“Daedalus is a highly secure wallet for the Ada cryptocurrency. Download and install it so you can use it to safely store your Ada. Daedalus will add more cryptocurrencies and be developed over time along with Cardano, to become a universal wallet, blockchain application platform and an app store.”
So, let’s go ahead and download the Daedalus to store our ADA coins.
Head over to https://daedaluswallet.io/#download and click the button that represents your PC’s operating system. I am a MAC user So I will go ahead and click on the Apple logo.
When I click on the logo, the software, which is around 79MB in size, starts downloading and a few seconds later, I am able to click on the downloaded packet and run the installation which is all very straightforward.
I am then able to click on the newly installed Daedalus application and I am presented with the set-up screen. Follow the set-up steps, agree to the terms (after you have read them thoroughly).
You’ll see on the bottom of the screen that Daedelous is ‘Syncing Blocs’… this may run for a few minutes so it may be time to make another cuppa….
10 minutes later….
Okay, so my Daedelous wallet is syncing to around 2.4% so this installation may take a little longer than expected… just hold tight. Time to check other cryptocurrency rates…. TRON (TRX) is looking good – up 86% today!
After a couple of hours the Daedelous wallet is finally synced and is looking great! I’m guessing that with the sudden surge of interest in ADA coins, the wallet may have been experiencing some load delays.
Now that we are in the Daedelous application, we need to create our own crypto wallet, so, go ahead and click + Create wallet.
You are prompted to write down a recovery phrase. This is very important to make a note of.
Unfortunately, you cannot highlight, copy and paste so open up a text editor or get out a pen and jot down your phrase. Make sure to keep this very safe as it will be the only way you will be able to access your wallet and ADA coin.
After you have confirmed that you have made a note of your recovery phrase, you click to proceed and are then prompted to enter your passphrase to continue.
Congratulations – you are now the owner of a Daedalus wallet!
STEP 4 – Transfer Cardano ADA coin to Daedalus wallet
Click on the menu tab that says ‘Receive’.
Here you will be presented with a wallet address which you can click on ‘copy address’.
This is the address of your new Daedelous wallet and you will need this to deposit ADA coins to from the Binance exchange.
With the Daedalus wallet address copied, head back over to Binance, log in, and navigate to the deposits and Withdrawals tab.
You will see your ADA coin in the list – click on withdraw and you are presented with a set of fields to be completed:
- Paste in your Dadelous wallet address.
- For the Label field, I just entered Cordana.
- Click the MAX link to select all of your ADA coins to transfer
- Check over the details and when you are happy, click Submit
Once you have clicked submit, you will receive an email only moment later requesting you to confirm your withdrawal request.
Click the button to confirm withdraw and this will take you back to the Binance website where you will be able to see your transaction in Processing status.
Depending on the amount of traffic, this should only take up to 30 minutes to show as completed.
A few minutes later and I can see the recently transferred Cardano ADA coins in my new Daedalus wallet! Done and dusted!
Summary: To buy Cardano ADA cryptocurrency follow these steps:
- Sign up to Changelly to purchase Bitcoin with a debit / credit card
- Sign up to Binance to Exchange Bitcoin to buy Cardano ADA
- Download the Daedalus wallet
- Transfer the ADA coin to your Daedelous wallet from Binance.
I hope you have enjoyed this step-by-step guide to buying Cardano ADA cryptocurrency as much as we’ve enjoyed creating it.
If you would prefer to secure your cryptocurrency in a hardware wallet, be sure to check out our review of the Ledger Nano S
If you have any comments, questions or anecdotes about how to buy Cardano (ADA) or the Daedalus wallet, please share them here with our readers.
All investments are subject to high market risk. This is a beginners guide on how to buy Cardano ADA and create a Daedalus wallet. Decryptology are by no means offering financial or investment advice. If you do decide to invest in Cryptocurrency, please make sure you read all the terms and conditions of the respective exchanges and currencies. Cryptocurrency is a volatile market place. You may be at risk of losing your money just as much as you can gain. Invest responsibly.