Best Places to Buy Cardano for 2021
The first thing to look for when buying Cardano is a top cryptocurrency app, exchange, or brokerage that trades the ADA coin. Most exchanges and apps offer Cardano, as the token is well established and has been in the...
The first thing to look for when buying Cardano is a top cryptocurrency app, exchange, or brokerage that trades the ADA coin. Most exchanges and apps offer Cardano, as the token is well established and has been in the top 10 cryptos by market cap for some time.
When hunting for the best place to buy Cardano, it’s also good to consider the following.
Security
There have been several high-profile crypto exchange hacks over the years, so it’s important to find an exchange that prioritizes security. Look for exchanges that keep the majority of their assets offline in cold storage. Some have external security audits and others have third-party insurance against hacking, which gives an additional layer of protection.
Fees
You may pay a fee to deposit money, trade, and/or make withdrawals. Fees can eat into your profits, and cryptocurrency platforms are not always transparent about how fees are calculated. This can make it difficult to compare apples to apples.
Before you deposit any money on a cryptocurrency exchange, it’s important to understand each of these costs. It’s also a good idea to test out what exchange rate you’re offered on various platforms to make sure you’re getting the best deal.
Ease of use
Some people want a site where it’s simple to convert fiat (traditional) currency into Cardano. Others look for more complex crypto trading functionality. When searching for the best place to buy Cardano, explore individual platforms as much as you can before you deposit money. Don’t be afraid to set up more than one account and experiment.
If you want to manage your crypto on the go, make sure there’s a good mobile app. And look at the educational resources to see how accessible the platforms are — you’ll find some have a host of useful information. And if you want to be able to move your Cardano cryptocurrency to an external crypto wallet, make sure this functionality is available.
Crypto selection
If you’re only interested in buying Cardano, you won’t need a wide selection of tokens. However, if you plan to also explore Bitcoin (BTC) or other cryptocurrencies, look at what coins are available. One way to be sure the platform has a good mix is to check that the top 20 coins by market cap are on the list. You can also look at how often the brokerage, exchange, or app lists new coins and what criteria it uses.
Bonuses, local availability, staking, and more
Only a few cryptocurrency platforms are available in every U.S. state, so it’s a good idea to check the coverage before you go too far. If you’re an American, the best place to buy Cardano is through an exchange that’s licensed to operate in the U.S.
Several crypto exchanges and brokers offer sign-up bonuses for new customers. This may give your initial Cardano investment a nice boost. Don’t let it overly sway your decision-making though — if an exchange has a good bonus but charges high fees, it may cost more in the long run.
Cardano uses a proof-of-stake model to keep itself secure. For investors, this means they can tie up their tokens for a set period of time to contribute to the network security and earn interest. If this might interest you, take the time to understand the ins and outs of staking and look for a platform that offers Cardano staking.
Check out our cryptocurrency reviews for more crypto apps, exchanges, and brokerages.
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