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Disclaimer: This is not financial/investment advice, merely a tutorial on how to purchase Cardano (ADA). As always, conduct your own research, consult with a financial advisor, and/or conduct your due diligence before making any investment in cryptocurrencies.
Crypto Exchanges offer investors the opportunity to trade their fiat currency (USD, etc) for cryptocurrencies. By taking small fees per transaction, companies offer you the ability to turn your fiat currency into cryptocurrencies for a value at current market price.
Signing Onto A Crypto Exchange:
- Now that we have completed our download and verification with our Cardano Wallet , it is now time to choose a Crypto Exchange . A Crypto Exchange is a marketplace where you can buy cryptocurrencies with fiat currency (such as the U.S. Dollar and the U.K. Pound) and/or other cryptocurrencies. Find a Crypto Exchnage that supports Cardano on the platform. Please conduct your own research and make sure that the exchange you choose puts you at ease and has viable security so you can trust putting your funds into the exchange.
Here are a list of Crypto Exchanges that support Cardano from CoinMarketCap.
- Once you have found the Crypto Exchange you are comfortable with, create an account with the exchange. Typically you will have to verify your identity and you will need to possibly produce the following information:
- Full Name
- Email Address
- Phone Number
- Payment Method
- Address of Residence and/or Business
- Personal Identification Documents (Driver’s License, SSN, etc)
- Once you have created an account and verified your personal information and/or account, one of the best ways to add extra security to your account is setting up 2-Factor-Authorization ; which provides enhanced security and safety for your funds, by providing an extra layer of resistance should someone obtain your account information.
- Crypto Exchanges typically may take anywhere from minutes, to hours, to even days to verify your account, so please be patient for this process! *
Exchanging Fiat Currency To Cardano:
Now that we have set up both our Cardano Wallet and our Crypto Exchange Account ; it is time to finally buy some Cardano! It is now time to finally turn your fiat money into cryptocurrency.
- Just a friendly disclaimer to always conduct your own research, due diligence, and if need be, consult with a financial advisor before investing in any cryptocurrency. Cryptocurrency is a highly volatile market and just as many people lose money as people make money.*
Purchasing Cardano On A Crypto Exchange:
- We now have both our Cardano Wallet and our Crypto Exchange Account , sign in to your Crypto Exchange Account .
- Select the Buy option, located in most exchanges somewhere in the top menu.
Now that we have selected the buy option, choose the amount of Cardano you want to buy (either in Cardano amount or Fiat amount).
Now select the payment method you used to sign up and verify your Crypto Exchange Wallet , this should be either through a wire transfer, credit card, and/or debit card .
Confirm your purchase, typically the exchange will ask for confirmation either through email, SMS code, and/or 2-Factor-Authorization to confirm the purchase.
You have now completed your very first Cardano transaction on a Crypto Exchange! Congratulations!
If you are interested in learning how to store your Cardano and funds in a Cryptocurrency Wallet , click the article here from our team at The Cardano Times.
- It is highly not recommended by Cardano to store any cryptocurrency in an exchange after making the purchase. The safest place your cryptocurrency can be is a legitimate Crypto Wallet ***