Guess what, ‘ALT Season’ has just arrived and you don’t want to miss out this time on this massive buying opportunity. As a result, you’re feeling strong FOMO pressure and are willing to learn how to buy Cardano in a fast way. No need to worry: In this ultimate guide for crypto beginners everything will be explained!
Cardano(ADA) is a young decentralized Blockchain project released in September 2017. Since then, the core developers have shown a lot of effort in the Daedelus wallet. Also, they transferred the ADA coin to their Ouroboros mining proof of stake mechanism.
Since its launch, Cardano reached Rank 11 on CoinMarketCap.com. More than 25 billion ADA is in circulation from a 31+ billion total. Since the initial launch of the project, the coin’s seen a more than 13k+% increase and makes it one of the most promising altcoins to buy.
Ultimate Beginners Guide To Buy Cardano on Binance
Cardano(ADA) is a form of cryptocurrency, which is a market still being in its infancy. Nowadays most digital payments occur with fiat-currency and are controlled by banks. Cryptocurrencies aren’t very popular at these banks and they are even trying to block it. As a result, buying alt coins like Cardano is still a little bit of a difficult operation. In this guide, I will show you the easiest and fastest way to do so which is buying Cardano at Binance.
What is Cardano Cryptocurrency
Before we get into buying this fancy cryptocurrency, some deeper insight into this exciting decentralized Blockchain project. Cardano was first launched in 2015 by a foundation called Input-Output Hong Kong (IOHK), led by Charles Hoskinson.
They wanted to create a Blockchain that was capable of outperforming older Blockchain projects like Bitcoin and Ethereum. These projects have a different nature with Bitcoin being the first generation and Ethereum the second generation of Blockchains.
The ultimate objective is to create a platform that can act as a global payment system. Besides that, there will be a dApp network by processing really fast, cheap and scalable transactions. The team is developing a protocol that will have the ability to process cross-chain smart contracts and build a bridge between the crypto-finance and traditional-finance worlds.
People sometimes get confused about the difference between Cardano and ADA, so let me clear it up. The name of the Blockchain that processes and stores transactions are Cardano, whilst the name of the cryptocurrency is ADA. It’s just that simple!
What are the Benefits of the Binance Exchange
Binance is one of the biggest cryptocurrency exchanges out there and because of this, it makes them very trustworthy to start out with. They are also a very young exchange which got launched back in 2017. Since then, the exchange has witnessed massive growth and gained a lot of popularity among cryptocurrency traders. Nowadays Binance is one of the largest exchanges with a 24 hour trading volume of more than 1 billion USD!
Below I have listed the overall advantages and disadvantages of buying Cardano from Binance.
|✓ More than 140 different coins listed||✗ Buying alt-coins with fiat is not possible|
|✓ Low trading fees||✗ Customer support help-section poorly translated|
|✓ Large liquidity|
|✓ Perfect to trade for beginners as more advanced traders|
|✓ Free deposits and cheap fee to withdraw ADA|
|✓ Excellent security|
|✓ Live chat functionality|
Ultimate Guide: How to Buy ADA coin on Binance
Starting to buy Cardano Crypto on Binance is quite easy, but before you can do this you have to sign up and perform some steps for setting up your account the right way.
|Take attention if you are a US customer!|
|Since September 2019, US residents aren’t allowed to trade on the regular Binance Exchange. To be able to trade altcoins, Binance has created a new exchange which is approved by the Financial Crimes Enforcement Network(FinCen). Use the link below instead.|
1.Register and sign up
First you have to go to the Binance website and perform a sign up process here. Like any other registration an email address and password is needed. After signing up a confirmation email will be sent to you.
Solve the very easy puzzle, this to verify you are not a bot.
The confirmation email which has been sent to you contains a link to confirm your account. Click this link to continue the sign-up process.
And after clicking submit button in your email :
Log in to your Binance account.
After loggin in for the first time, Binance comes with a warning screen which you have to read carefully. This Safety risk notice screen comes up with 5 questions which you have to answer before continuing.
Click continue button
2.Continue setting up your Binance account
After logging in you will be taken to your start-up screen within the Binance trading portal. It’s highly recommend that you enable 2-Factor Authentication (2FA) on any exchange you use to trade cryptocurrency to improve your account security. Specifically, I recommend using the Google Authenticator app, as SMS 2FA has a variety of security vulnerabilities. Google Authenticator is free to use from both the Google Play Store and Apple IOS Store.
Initially your account withdrawal limits will be set to a 2 BTC equivalent every 24 hours, but you can raise these limits by completing “Submit verification documents”.
Optional(Guide: Buy Cardano on Binance)
Personal or Business depends on what you are interested in. The next screens needs your personal information like passport, driver license or identity paper and submitting a selfie. These are all optional and only needed if you want to trade with large amounts of BTC( > 100 BTC pro day).
3.Buy Cardano Crypto on Binance
After installing and setting up your personal account it’s time to buy ADA or any other cryptocurrency at this trading platform. To do so, there are currently two ways of doing this and it depends whether you already own some cryptocurrency or not. If not, don’t panic, because Binance also makes it possible to buy Bitcoin with credit card. For buying ADA you have to buy Bitcoin or Ethereum first and purchase ADA with it later on. Later on In this guide, I will show you how to do this on Binance exchange.
3.1 Use a credit card
To buy Bitcoin with credit card you have to choose “Funds” on the left and then click “Buy with creditcard”.
After this screen you have to give the details about your creditcard company and you’re ready to go. Next in this guide: How to deposit and buy Cardano.
3.2 Deposit cryptocurrency to Binance
There’s a large number(more than 140 coins) of cryptocurrencies available to deposit onto Binance, although trading pairs are denominated in BTC, ETH, USDT, XRP, USDC, USD, PAX, TUSD and USDS.
Whatever crypto coin you choose, click deposit then send funds to the given address.
It takes some time for the blockchain to handle the transaction, but you can check this in a separate screen on Binance:
After the transaction has been confirmed by the blockchain network, the amount of Bitcoin will be added to your available balance as shown below:
4. Buy Cardano Crypto with Bitcoin
Once your deposit has been completed, it’s time to trade your deposited cryptocurrency for Cardano. Click the “Exchange” button in the menu and choose “Advanced”. Now you see the window which shows the current chart and price of several cryptocurrencies.
For buying Cardano with Bitcoin you have to search in the menu for the ADA symbol. In the menu chose “BTC” and give the ADA(this is the symbol for ADA).
Place a buy ADA order using either a limit or market order. Binance charges a .1% fee for trades. To keep it simple, I purchased 45 ADA using a market order. If you’re placing a market order, you can choose the percentage of your Bitcoin balance you wish to use to buy ADA.
A market order will purchase the maximum amount of ADA available for the Bitcoin amount you’ve chosen to spend. It will purchase the cheapest available ADA until it has filled this amount.
After the market order has been completed, you will receive the amount of ADA in your ADA crypto wallet on the exchange. This wallet will automatically be generated for you by the Binance exchange.
ADA is one of the most promising altcoins, which has a lot of potentials to grow in the future. Currently, there is some serious interest from bigger companies which are willing to implement the ADA technology. With this ultimate guide I hope starting crypto investors are more willing to invest in this promising coin with USD dollars or just Bitcoin, Binance offers a quick but simple way to buy Cardano crypto on their trading platform.
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