How to buy Cardano ADA: Fast and cheap in 4 steps

daedalus

#21

that is precisely what I did. I had a question though, about using a Generated address:

can addresses be used more than once, after they go from WHITE to GREY?


#22

One difficulty I have had is the exchange I use Coinspot allows you to send to the wallet (which seems ok so far), but they dont take transfers back the other way.


#23

Wire your money to GDAX with caution though. If your bank name does not exactly match your GDAX/CoinBase account you will have lots of problems and with the influx of users the customer support at this time is horrible. My bank account has my middle initial, however GDAX does not ask for this. So while it took much longer (5 business days) I chose to wire transfer my funds into a bank account linked to my GDAX account and then do the transfer from there. I’ve read some horrible reviews/complaints of wire transfers gone wrong.


#24

Hm, I never had problems with that. My bank account is only my first and last name, while my Coinbase/GDAX account has my middle name too (due to the validation). Works everytime. Fast as well


#25

All addresses generated are yours alone, never expire and will always resolve to only you.
New addresses are generated automatically once you use them to protect your privacy and isolate transactions.

Best practice is to always use a new address for transactions as the blockchain is public and immutable, privacy can only be obtained if no-one can interrelate ADA transactions.


#26

Binance and Bittrex allow both directions


#27

4. Send ADA to Daedalus

In this last step, you’ll go back to your Deposit/Withdrawal page on Binance, look for your ADA and use the “Withdraw” option to send all your ADA to your Daedalus address. Confirm at least a dozen times that you have copied the right address - if you send it to a wrong one, it will be lost.

This will cost you ~30 ADA - this is normal. Wait a few minutes, and your ADA are now secure in your Daedalus wallet.

dmonn, appreciate the Bitcoin spif, however, I would not have signed up if I had known in-advance Google Authentication was required to withdraw. My life runs well w/o Google, and PayPal, and I want to keep that way.


#28

There are other apps you can use for Google Auth compatible 2FA such as Authy or the Fido U2F app on a Ledger.


#29

Hi Dmonn,

thanks for this guide.
I’ve a question regarding to:

it looks quite expensive, I mean its at least 10$ at the current rate just to transfer some Adas to a wallet… Whats the explanation behind this cost?
if we have a look to:

it is mentioned:

This means that each transaction costs at least 0.155381 ADA, with an additional cost of 0.000043946 ADA per byte of transaction size. For example, a transaction of size 200 bytes (a fairly typical size) costs:
0.155381 ADA + 0.000043946 ADA/byte × 200 byte = 0.1641702 ADA.

So why is it ±200x time expensive in this case?
thanks,
David


#30

Yes, as @chris613 said I think you can use other 2FA apps as well


#31

This is the fee that Binance gets. It’s still not changed from the time where ADA was 0.1$. Currently in progress of trying to achieve a change


#32

Bittrex is cheaper at a fixed cost of :ada:0.2, but you need to get verified.


#33

Hi. I’m newbie. I have one simple question. After doing all 4 steps described above, how do I do to get my money in cash in my hands???. Let’s say I managed to do all 4 steps purchasing ETHE with PPAL credit card.
Hope my question is clear and hope not to offend any of you guys.
Best regards


#34

Hey, not sure if I know what you mean. You mean cashing out ADA in USD again? Would be exactly the same but in the other direction. Transfer from Daedalus to Binance, Sell to ETH, Transfer ETH to Coinbase, Cash out.


#35

That’s exactly what I meant. Can clashing out be a credit to my credit card?, sorry if it is a stupid question. Thank you, happy new year to all by the way


#36

I think payouts on Coinbase only work with SEPA. Not sure though


#37

GReat job mate! But my side restricted the purchase of digital currency using credit card via coinbase. Any other good way can suggest?


#38

"4. Send ADA to Daedalus

In this last step, you’ll go back to your Deposit/Withdrawal page on Binance, look for your ADA and use the “Withdraw” option to send all your ADA to your Daedalus address. Confirm at least a dozen times that you have copied the right address - if you send it to a wrong one, it will be lost.

This will cost you ~30 ADA - this is normal. Wait a few minutes, and your ADA are now secure in your Daedalus wallet."

Why would you need to perform this last step? Is’t just buying ADA on Binance and holding the same thing?


#39

Hey! In theory yes - but as long as your stuff is on Binance, it is in Binance’s wallets. This is problematic because:

  1. Binance could run out of money and just go offline - your ADA would be gone.
  2. Binance could just run off with your money
  3. It is easier to hack your Binance account than your wallet

#40

Just wanted to share that Binance has locked Cardano withdrawals.