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

daedalus

#81

New here and purchased some ADA on Bittrex. Now, I don’t want to waste any of my ADA moving it unless there is a very good reason. So, if I move 5k to a secure wallet on my computer, what are the advantages? What are the disadvantages? One disadvantage I can see is the cost to move my crpto around. Another is I don’t understand how small investors will get a share in the stakes. Anyway, please let me know.
thanks,
Rick


#82

Cost of withdrawing from Bittrex is 0.2 ADA, which is $0.02 currently. That’s negligible. When withdrawing a large amount, I recommend sending a small transaction to your Daedalus address first and seeing if it arrives. If it does, you can send the rest to the exact same address.

Storing it yourself means you actually own the wallet private key instead of trusting an exchange with it.

Advantages:

  • You alone are in full control of your funds.
    • Your funds won’t get lost in case the exchange is fraudulent or gets hacked (see Mt. Gox).

Disadvantages:

  • You are responsible for keeping backups of your private keys. There’s no customer support or email password reset, if you lose your key, your funds are gone forever.
  • It’s a bit more technically involved, as you need to use special software instead of just logging into a website.

As for staking, you’ll probably need to store your ADA in your own wallet (e.g. Daedalus regular wallet, Daedalus paper wallet, Yoroi, Ledger, Trezor), as exchanges are planned to be excluded from the staking process. You can stake even small amounts of ADA, there is no minimum. You’ll want to delegate your stake to a staking pool, because it gives you more even payouts in exchange for a small percentage of your profits, similar to a mining pool. Also you won’t have to keep your computer running all the time that way.

Hardware wallet integration will come to desktop wallets before EOY, which is a more secure storage method, protecting you even if your computer gets hacked.


#83

Now HODL lol


#84

Hello dmonn, I have agreed with all the steps you described but there is a way easy way to buy ADA it is through Bittrix.com, you can buy with fiat money then if you want you can send it to your Daedalus wallet address by paying just 0.2 ADA vs 30 :slight_smile: just the only thing with Bittrix is you should make wire transfer and the minimum is $1000, but I have bough already there it it works perfectly


#85

Bittrex.com


#86

Since a few weeks you can buy ADA directly with EUR, CHF, GBP and USD at Bitpanda.com.
Bitpanda is the biggest retail broker in europe. It’s very easy for beginners. Fees are about 1,5%.

But at the moment you can’t transfer your ADA’s to your personal Adress this should be possible in the next weeks


#87

Let’s not forget Kraken. You can transfer FIAT (CAD, EUR, USD) quite fast and without fees. I think the minimum for EUR is 1€. The trading fees are very reasonable (0.16% for maker, 0.26% for taker, less if you trade in a larger scale). Withdrawal fee is 0.3 ADA.
Kraken looks a bit different from the other exchanges but it’s quite easy to handle. What I like very much is that you can whitelist withdrawal adresses so any attempt to withdraw somwhere else will be impossible. Together with the Daedalus Paper Wallet this should be a very cheap and secure way to accumulate ADA.


#90

Binance now allows direct purchase through credit or debit cards, so coinbase fees are not necessary. Also, the fees finance charges seem to be about half of what coinbase charges.
Cheers and HODLE on


#91
  1. Make Bitvavo account.
  2. deposit euro ( for Dutch ppl use Ideal for free and almost instand deposit )
  3. buy cardano 10.000 ADA trading fee 1,02 euro
  4. transfer ada to yoroi or Dadalus