How to Buy Cardano ADA | Step-by-Step Guide

Cardano

Cardano (ADA) is currently listed on only two major cryptocurrency exchanges, Binance and Bittrex. Both of these exchanges allow you to trade cryptocurrencies for one another. In this guide, we’ll show you exactly how to buy Cardano ADA cryptocurrency with Bitcoin or Ethereum.

Exchange Trading Fees Withdrawal Limits Review Visit

Binance

0.1% 2 BTC equivalent / 24 hours w/ no verification

100 BTC equivalent / 24 hours w/ "Level 2" Verifcation

Binance Review

Visit Binance

bittrex altcoin exchange logo SMALL

Bittrex

0.25% .04 BTC equivalent / 24 hours w/ "Basic" verification

100 BTC equivalent / 24 hours w/ "Enhanced" Verification

Bittrex Review

Visit Bittrex

(If you don’t already own Bitcoin or Ethereum, you can learn how to buy them here.)

How to Buy Cardano on Binance

Binance offers Cardano trading pairs in Bitcoin and Ethereum. Account creation is simple, only requiring an email address to sign up. Binance allows you to withdrawal up to the equivalent of 2 BTC / 24 hours without needing any further account verification.

See our Binance Review for more info on this cryptocurrency exchange.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made.??Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

Step 4) Buy Cardano ADA on Binance with Bitcoin or Ethereum

Once your deposit has been credited to your account, locate the exchange (1). On the right side of the exchange page, you can view all trading pair Binance offers. Locate the ADA pair for either Bitcoin or Ethereum (2).

Place your order on the “Buy ADA” form (3). Using a market order, Binance will automatically buy the amount of ADA you’ve entered at the best possible price offered by sellers.

Binance Buy Cardano ADA

Note: Prior to this ADA purchase order, this Binance account had been used for other trades. As a result, the account’s ETH balance is different that the amount deposited in the image above.

After placing your order, the ADA you purchased will be available to withdrawal. Binance’s 0.1% fee will be subtracted from the amount you purchased. In this 10 ADA order example, we received 9.99 ADA

Binance Cardano ADA Balance and Withdrawal

The ADA you purchased will immediately be available for withdrawal after your order has been completed.

Buy ADA on Binance

How to Buy Cardano on Bittrex

The process for purchasing Cardano on Bittrex is very similar to the process used on Binance. One major difference is that you’ll be required to provide your name, date of birth, and address to withdrawal from Bittrex. This information will also only afford you 0.04 BTC equivalent limits.

Step 1) Register for a Bittrex Account

To start creating a Bittrex account, provide your email and create a password.

Bittrex Sign Up

Step 2) Verify and Secure Your Account

After logging into your Bittrex account, locate “Two-Factor Authentication” in your account settings. Bittrex recommends enabling Google Authenticator to increase account security.

Bittrex 2FA

You should also take time to complete at least the “Basic Verification” tier for your account. This can also be found under your account settings. You’ll need to fill out the following form:

Bittrex Basic Verification

This process should be completed very quickly, as your information will be automatically checked for accuracy against public records.

Step 3) Deposit Bitcoin or Ethereum onto Bittrex

You can deposit Bitcoin or Ethereum to your Bittrex account from your account’s “Wallet” page. Find the cryptocurrency you want to deposit using the search bar, then click the “+” icon. Send the chosen cryptocurrency to the address shown to make a deposit.

Bittrex Deposit

Step 4) Buy Cardona ADA on Bittrex With Bitcoin or Ethereum

You can find all available Bittrex markets by clicking on the Bittrex logo in the upper left-hand corner.

Search for Cardano ADA in either Bitcoin or Ethereum markets, depending on which cryptocurrency you plan to trade. When you find your trading pair, click it to be brought to that page of the exchange.

Bittrex Cardova ADA Markets

On the BTC-ADA or ETH-ADA trading pages you can place your order through the “Buy ADA” form. Unlike Binance, Bittrex does not offer the option to place a market order. Instead you’ll need to place a limit order.

This means that you’ll have to enter both the amount of ADA you want to purchase (Units) and the price per ADA you’re willing to pay (Bid). You can view what other users on Bittrex are bidding and asking for in the order book.

Bittrex Buy Cardano ADA

With a limit order, there’s no guarantee your order will fill. Someone on the exchange needs to be willing to sell you ADA at the price you specified. You can however cancel your order at any time before it’s filled and place a new order with a changed Bid.

When your order has been completed, your ADA will be available for withdrawal (assuming you’ve verified your account) from your ADA wallet. Bittrex charges a 0.25% trade fee, which is taken out of your BTC or ETH balance.

Bittrex Cardova ADA Balance

Buy ADA on Bittrex

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