Cardano is a blockchain platform for developing smart contracts and applications. Powered by the Proof-of-Stake consensus mechanism. Scientists and engineers had a hand in the development of Cardano in order to achieve maximum safety and stability. The native ADA coin operates on the Cardano blockchain, all transactions with it are recorded in the chain. ADA can be used for staking – delegated to a pool of shares to receive rewards.
Over the past year, the rate of this cryptocurrency has grown by more than 2000% – from $ 0.05 to $ 1.13. It also ranked third in terms of market capitalization, overtaking Tether and Binance Coin. In this regard, the question is relevant – how to buy and sell Cardano (ADA), where you can trade this asset. The editorial staff of Btcnewsweb.com offers an overview of all the safe options that are suitable for exchanging ADA for fiat money or another cryptocurrency.
Cryptocurrency exchanges for Cardano trading (ADA)
The main way to buy or sell Cardano is through a cryptocurrency exchange. The asset is supported by a large number of different platforms, here are the most popular ones:
- Official site: binance.com
- Established: 2017
- Trading volumes in 24 hours: $ 16,418,611,724
- Supported coins: 285
- Functionality: spot, margin, futures trading, deposits, loans, buying cryptocurrency from cards, mining pool, trading through a liquidity pool.
Binance allows you to exchange ADA in pairs with the following digital assets: BTC, BUSD, ETH, USDT, as well as with euros. Users trade ADA / USDT most actively (daily trading volume – $ 631,086,352, which is 11.76% of all ADA trading operations on major exchanges). In addition, the exchange supports perpetual swaps ADAUSDT (daily volume $ 995,050,450) and ADAUSD_PERP ($ 138,280,962).
- Official website: exmo.me
- Established: 2013
- Trading volumes in 24 hours: $ 40,429,533
- Supported coins: 54
- Functionality: spot trading, cashback, quick exchange, buying cryptocurrency from a card.
As part of EXMO, Cardano’s cryptocurrency is traded in pairs with BTC, ETH and USD. The ADA / USD market is most in demand among traders, $ 680,305 passes through it per day, which is less than 0.01% of all ADA trading operations. The exchange requires mandatory identity verification for any transactions, in accordance with the requirements of British and European regulators.
- Official site: huobi.com
- Established: 2011
- Trading volumes in 24 hours: $ 1 120 201 055
- Supported coins: 310
- Functionality: spot, margin trading, OTC, trading bot, futures, options, interest accounts, p2p lending.
On Huobi, the user can trade Cardano in relation to assets such as BTC and USDT. In terms of demand, USDT is in the lead, in this trading pair in 24 hours there is a volume of about $ 164,205,001 (3.12% of the total ADA turnover on well-known crypto exchanges). Perpetual swaps are available ADA-USD ($ 49,805,091 per day) and ADA-USDT ($ 241,892,291).
- Official site: kraken.com
- Established: 2013
- Trading volumes in 24 hours: $ 5,623,334,205
- Supported coins: 55
- Functionality: spot, margin, futures trading, OTC, staking, indices, training system, business solutions.
One of the oldest cryptocurrency exchanges provides the following directions for exchanging ADA: XBT (bitcoin), ETH, USDT, USD, EUR, GBP. The largest trading volumes are observed in the ADA / USD pair ($ 66,248,056, 1.26% of the entire Cardano market). There are no derivatives with Cardano on the exchange yet.
Buying, selling, exchanging Cardano (ADA) through exchangers
Services that will also help you buy or sell Cardano cryptocurrency (ADA) are exchangers. To find a suitable one, as well as to choose options with the best rate, the monitoring will help or use the list on our website.
How to work with the exchanger when buying or selling cryptocurrencies:
- Go to the service website and select the required currencies for sale / purchase. Exchangers usually provide a wide range of different types of destinations, in particular cards and popular e-wallets.
- Register. If you do not do this, you will still have to specify an email address, and an account will be created for it automatically.
- Specify the exchange amount.
- Specify the requisites. For example, in the case of exchanging Cardano for QIWI, you will need to specify the qiwi wallet number, and in a situation when you change QIWI to Cardano – the address of the receiving wallet and the qiwi wallet number from which the transfer will be made.
- Insert a coupon or promotional code for a discount, if available.
- Create an application and fulfill its conditions.
You will need to transfer cryptocurrency or fiat money to the specified details, and then wait until the service receives the payment and sends you a response. It usually doesn’t take long if done correctly.
Telegram bot for exchange
Many exchangers work not only through the website, but also through the bot in the Telegram application. Official links to such bots can be found on exchanger websites. For example, Nice Change’s bot is called PandaBot and can be found by the name @NiceChange_bot. Working with it is carried out by pressing the buttons in the chat window and choosing the desired payment / receiving options, as well as entering the amounts and details. The bot takes information from the official site, so exactly the same currencies and directions are supported there.
Cardano Storage Wallets
Of the software wallets for storing ADA, the native wallet of this blockchain is best suited: Daedalus. Supported platforms: Windows 8.1 or Windows 10 (64-bit), MacOS 10.13 – 11.2, Linux (Ubuntu, Fedora). Daedalus is a full-node wallet, meaning it downloads a full copy of the Cardano blockchain to work. Supports HD technology, powerful backup and restore functions.
Another officially recommended wallet is Yoroi Wallet. From light, multi-currency wallets with ADA, Atomic Wallet, Exodus, Infinito Wallet, Guardo work. For long term storage, consider hardware wallet options: Ledger and Trezor support this asset. When trading, it is allowed to store Cardano cryptocurrency (ADA) on exchanges.
Prospects for the Cardano cryptocurrency (ADA)
The Cardano blockchain platform was launched in 2017 as a competitor to Ethereum. To date, both Ethereum and many of its competitors that enable smart contracts have made significant strides with decentralized financial applications (DeFi).
Most recently, on March 1, 2021, Mary’s hard fork happened, which turned Cardano into a full-fledged multi-asset blockchain protocol, where users can create their own tokens and work with the ADA cryptocurrency. The generated assets can be received and sent using the Daedalus wallet by updating it to the latest version.
At the end of last year, the developers of Cardano (IOHK company) announced that they would implement support for different programming languages in the long term. And in February, a new development environment with support for the Glow language was introduced. Thus, developers can now create decentralized applications and run them on their network on the Ethereum Virtual Machine (EVM).
All of the above in the aggregate influenced the fact that the demand for the ADA coin began to increase sharply. According to the online forecasting service Wallet Investor, during the year the coin rate will rise to $ 1.6, and within five years – to $ 3, that is, almost three times from the current price. There are also more daring forecasts, in particular, growth to $ 10 during 2021.
Given its huge following and ever-growing network, it’s safe to say that Cardano is a significant product in the blockchain sector, and intends to remain so. A serious scientific approach and technical innovation is what the industry needs now, and what makes the project one of the most demanded and capitalized cryptocurrencies. Using the methods described above, you can buy, sell or trade ADA at any time using both digital and fiat money for this purpose.