Cardano (ADA) is one of the most promising cryptocurrencies. In this article you will learn how to buy Cardano step by step.
Buying Cardano is very simple. In short, you need to have Bitcoin (BTC) balance in Binance exchange. Click on the ADA/BTC option, enter the amount of ADAs you wish to purchase and click on the buy button. We will show below the illustrations of this process:
First, you need to transfer Bitcoin to Binance, which is one of the largest exchanges in the world and has over 200 cryptocurrencies available for purchase, including – of course – Cardano! Check out the process below to create a Binance account, transfer your Bitcoins and buy Cardano:
1) Create an account on Binance:
By clicking here, you will see this screen:
In the upper right corner, click “Register” as shown in the figure above. After clicking there, you will see this screen:
Fill in your email, create a password (with at least 8 characters and a capital letter), click the box saying you accept the terms and conditions, then click “register” to create the account. This box will appear on your screen asking you to solve a puzzle:
It’s very simple, just drag the button to the right and fit the part in the right position:
Try to do it fast, because if you take too long, it will ask you to do it again. Try to drag and drop very fast fitting the piece to be able to move forward. After you’ve completed this step, you’ll see this message saying that you’ve received a verification email:
Access the email you registered, search for an email sent by Binance (check your spam box) and after you open the email, click “Verify Email”:
After clicking on “Verify Email”, you will be directed to this screen telling you that everything is ok, so just click on “login”:
And that’s it, you’ll be inside the platform and your account will already be created! The first message you will see inside Binance is:
This message suggests that you authenticate in two-factor. If you click “Google Auth”, it will start the two-factor authentication process to make your account more secure. The process is simple, just download the Google Auth application to your phone and read the code that will appear on the screen. Then, whenever you log into that account again, it will ask for an authentication code, which will be in the Google Auth application that you have installed on your phone. If you don’t want to register at this time, just click “Skip for now”. We recommend that at some point you do this to make your account even more secure.
2) Transfer your Bitcoins (BTC) to Binance:
Very well, your account at exchange Binance is already created and you can transfer your Bitcoins to buy Cardano. To transfer your Bitcoins to Binance, click on the top right menu where it says “Funds” and then click on “Deposits Withdrawals”:
You will enter this screen where you’ll see all the cryptocurrencies that you can buy at Binance:
Look for Bitcoin (“BTC”) and click on “Deposit” in the right corner of the screen, so Binance will create an address for your wallet:
Now that you have this address, you just need to go to your exchange where you bought your bitcoins and request a transfer to that address. Note: the address above is just a demonstration, you need to generate your own address. Before transferring all the amount you want, do a test by sending a very small amount, to check if everything is right and if your Binance account will receive the bitcoins correctly.
This transfer can take 20 minutes or more depending on network congestion. The exchanges usually wait for two or three block confirmations to complete the transfer, so have a little patience, it will work out.
3) Click on the ADA/BTC option:
After you finish the transfer of the total amount you want to invest in Cardano (for example, it could be $ 2,000.00, which is equivalent to 0.4 BTC if BTC price is $ 5.000,00), you can select the “exchange” option within Binance and click on ADA/BTC, which means the Cardano market (ADA) exchanged for Bitcoin (BTC), in the right corner of the page (or use the search field to facilitate the search):
This way, you will exchange your Bitcoins for ADA. If the price were 0.00001802 BTC/ADA, for example, your 0.4 BTC would result in approximately 22197 ADAs. To make this math, simply divide the amount of BTC you have by the price of the ADA currency (related to BTC). We recommend that you make this math to check at the time of purchase if everything is fine. You can check the current price in the red circled area as the figure below:
Note: The pink rectangle in the figure above shows the best current sell orders and the green rectangle shows the best current buy orders. Notice that prices are changing all the time, because the market is always active! But don’t be alarmed.
4) Create a Cardano Purchase Order:
Let’s show you two different ways to create a buy order:
1) To create a buy order by entering a specific price, use the “Buy ADA” area (ignore the “Sell” area), put the price (in BTC) in the field written “Price”, the amount of ADA you want to buy in the “Amount” field and check if the total is correct (*in the figure below, instead of “ETC” it should be “ADA”):
In the example we showed, you would put Price 0.00001802; Amount 22197; and the total would appear 0.4 (which is the total amount of Bitcoins you planned to invest in that cryptocurrency. Important: don’t use comma (0,00001802), but dot (0.00001802) for the decimal places.
Check the information before clicking on “Buy” in the green button! This type of order is ideal for those who want to buy at a specific price or want to try to buy cheaper than the current price, leaving the order and waiting to see if it will be executed at some point (there is the risk of never being executed and you end up not buying).
2) If you prefer to buy at the current price right now without having to set the price, just click on the “Market” tab and enter the amount of ADA you want to buy, then click on “Buy” on the green button. Immediately the order will be executed at the current market price (at the best available offer at the moment):
In this modality, you just need to enter the amount (22197 in this example we are using) and then click on “Buy”.
Congratulations! You bought Cardano! Now it’s time to store these ADAs in a safe place, as it’s not recommended to leave coins in exchanges.
5) Store Cardano in a secure wallet:
Download an official Cardano wallet here, create an address and transfer your Binance ADAs to your Cardano Wallet. These coins will then be safely stored with you.
Now that you know where to buy Cardano, the process of buying other cryptocurrencies will be easier as it is very similar.
Don’t forget to write down in a safe place the passwords and keys to access your Wallet, and never share this information on the Internet.
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