How to Buy Cardano in Australia 2022
As mining power consumption was rising to unprecedented highs, so much so that it was literally melting the planet down, it became clearly evident the proof-of-work blockchain technology system wasn’t something that can be sustained in the long run. In fact, not even for a couple of years.
The answer came in the form of a new proof-of-stake protocol that is much more ergonomic and environmentally friendly. Cardano is at the spear of this open-source blockchain network industry overturn. It runs on decentralized applications and deals in smart contracts. It provides a native ADA token that can be applied and utilized in different ways. Users are able to purchase Cardano through their bank accounts, with their debit and credit cards, or in exchange for cash at a Bitcoin ATM.
Let’s take a closer look at all available methods so that you know exactly what you’re getting with each of them and how they differ from one to the other.
Cardano stands as one of the hottest new currencies built on the Ethereum blockchain that allows traders to run and execute smart contracts. These smart contracts can be utilized in a plethora of ways, from decentralized finance apps to video games.
Cardano’s native cryptocurrency, ADA, is available for purchase through numerous crypto exchange platforms. Traders are able to hold their ADA assets, use them as a means of sending and receiving funds, as well as settle their trading fees within Cardano’s/Ethereum’s blockchain network.
How to Purchase Cardano
Buying Cardano Through a Bank Account
In order to purchase Cardano through a bank account, users need to register for an account at a trading platform that supports the ADA token. Different trading platforms will have different parameters for registering a trading account. However, most of the time they will ask you to provide a valid email address and then verify it along with your identity. This can usually be done by submitting a copy of your passport, national ID card, driver’s license, or sometimes, electricity or rent bills.
Once you select your preferred payment method and activate the platform’s security features and utilities, such as the two-factor authentication (2FA) and allow the platform to notify you of login attempts and withdrawals you simply need to select the amount of desired ADA tokens from the order ledger and transfer them to your balance by executing a trade.
Most traders in Australia like to buy Cardano through the crypto trading giant eToro. The trading platform is considered one of the very best in the world with features apt for anyone and everyone. They even offer a CopyTrader feature that allows you to copy the trading strategies of a more experienced trader and scale the amounts and investments to fit their agenda.
Buying Cardano With Credit Card and Debit Cards
Credit and debit purchases come at higher fees but with instant processing, so more times than not, those fees are justified. The crypto market and orders are moving at a breakneck pace, so what good are low fees for a deal that you don’t want?
Even though most crypto trading platforms will feature credit card purchases as part of their offering, when it comes to the Australian market, you won’t go wrong if you choose Swyftx. This platform allows users to deposit funds and purchase digital currency directly with Australian dollars (AUD) by utilizing their debit and credit cards. The trading platform also features various instant payment methods like POLi and PayID.
Buying Cardano With Cash
The most straightforward and convenient way to get a hold of some Cardano is the old school way, with cash. Users can exchange their fiat for ADA at Bitcoin ATMs. They just need to select Cardano (ADA) from the list, press the Buy button, scan the unique QR code that will connect them to their wallet address and add the required sum of cash to the ATM. That’s it, as simple as that. Upon completion, users are notified of their new purchase by e-mail or SMS.
Buying Cardano on Peer-to-Peer Exchanges
Peer-to-peer exchanges are a great way to equip yourself with some Cardano ADA directly from someone that has some spare coins to sell. Here, trades are done without the interference of a third party. The prices are never fixed and are totally negotiable. You just need to find a seller that is willing to part with some ADA and strike a deal.
Even though this method is super quick and easy to execute, the lack of third parties means that users have to be extremely vigilant, so they do not fall prey to scams or illegitimate coins.
Buying Cardano With PayPal
Even though PayPal isn’t featured as a payment method on native Australian trading platforms, if you take a slight detour to Coinbase, you will be able to patch things up just fine. You see, sometimes the road less travelled is the way to go. This makes sense if you don’t plan on running multiple conversions after or before the Cardano purchase. If you are, then you should either bypass PayPal as an option altogether or turn to eToro, for some CFDs. This way you’ll still be playing with the currency and value of the ADA token, but you won’t have it in your pocket.
Buy Cardano With Another Crypto
Users can get a hold of Cardano by exchanging it with a different cryptocurrency that they already own. The most popular ones, of course, are Bitcoin (BTC) and Ethereum (ETH). You should have no problem finding trading platforms that offer ADA/BTC or ADA/ETH trading pairs.
However, if you happen to have a more obscure digital asset, you will have to lose a bit of interest on conversion fees and trade that obscure currency for a popular one such as Bitcoin, and then trade the newly acquired Bitcoin for some Cardano.
Users can also purchase Cardano directly by using fiat currencies such as AUD. Nevertheless, this is not something that users can count on, as not all trading platforms support AUD or fiat deposits as a whole.
How to Store Cardano
Cardano offers a dedicated crypto wallet for its ADA currency called Daedalus, a multi-functional wallet that is available on Linux, Windows, as well as macOS devices. The wallet can also double as a paper wallet when needed. The downside is that it doesn’t support any other currency other than ADA, so most users might find it inconvenient to have a separate wallet just for one currency. The folks at Cardano are aware of this and have reported that they will upgrade their native wallet to store different types of currencies in the near future.
The Daedalus crypto wallet compensates users that hold their ADA funds in the form of monthly interest rates. This is an excellent feature for high stake users, as they can just kick back and watch their balance go up. The wallet features an advanced security protocol that features multiple passwords and state of the art encryption, so users can feel that their earnings are completely safe.
There is also the option of combining the Daedalus wallet with another, third-party hardware wallet where users will be able to store their private keys offline.
frequently asked questions
The answer to the question completely comes down to the crypto exchange that the user will choose to do business through. Users should be on the lookout for a reputable Australian exchange like Swyftx that is known and recognized for its security, encryption protocols, and that is audited and regulated by third-party institutions, such as AUSTRAC. This way, they don’t need to worry about protecting their ADA tokens themselves as the exchange will take care of that for them.
The best cryptocurrency exchange that deals in ADA tokens is completely based on need and preference. That being said, one of the most popular ADA exchanges across Australia seems to be the crypto trading platform, Swyftx. Through Swyftx, users are able to seamlessly engage and execute Cardano trades. They are covered with around-the-clock customer support, high liquidity, competitive fees, and lower spreads.
Coinspot is another exchange that deserves your attention as it doesn’t employ any fees whatsoever on AUD withdrawals as long as you withdraw the money to an Australian bank account. It offers a multitude of deposit methods including instant deposits through BPAY, POLi, OSKO, or PayID, cryptocurrency deposits, or bank transfers.
The trading fees are also very affordable as they come at 1% on instant buys and 0.1% for users that opt for OTC or market order trades. The trading platform also supports a multitude of cryptocurrencies and crypto assets that include BTC, ETH, ADA, LTC, XRP, BCH, BSV, EOS, TRX, GRT, etc.
Users can choose to download the Yoroi Cardano ADA wallet and take care of everything through their mobile device. The app is compact and is able to store, encrypt and manage private user keys. Or, they can choose to use The Cardano Mobile App that will give them an overview of all things Cardano and ADA.