Co-founder of BearTax
Cardano is home to the ADA cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.
Cardano is more than just a cryptocurrency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organizations and governments all around the world.
To begin with, we need to buy either Bitcoin or Ethereum to buy any cryptocurrency on exchanges. So follow the link below to buy Ethereum on Coinbase and then follow the next steps to buy ADA on Binance. If you already have Ethereum with you — you can skip this step and go on to Binance registration
ADA can be bought with Bitcoin too — just that it takes more time to transfer to another exchange, I am suggesting to go with Ethereum as it takes only few minutes.
Binance is a cryptocurrency exchange with relatively less transaction fees and been faring good so far without any issues and good support response. There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.
Once you’ve registered on Binance and logged in, you can see few menu items on top right corner. One of the is “Funds” which has a sub menu item named “Deposits Withdrawals”. This is the place where you can see all your coins(purchased on Binance and received from other addresses).
Once you receive Ethereum on Binance, Click on Basic submenu item under Exchange on top left corner.
Now we need to find ADA coin with Ethereum trading pair on list of currencies. Check out following screenshot and instructions beside to do this.
Click on required green price on left side to populate your price for ADA in ETH (currently showing as 0.00032018 in above screen shot). Once you click, it changes to 0.00031555. Now you need to select how much of your ETH you would like to invest in ADA. Click on 25|50|75|100% to populate the amount of ADA you can buy at that price.
You are free to choose the price from those green numbers- they are basically different offers by others — this is also called Limit purchase.
Since you are beginner, you can also click on Market tab beside Limit and select the ETH amount and click on Buy ADA — this basically buys at the market price.
Once it shows success, you can go to Funds -> Deposits & Withdrawals from the top right menu and search for ADA.
Congrats on purchasing ADA. Here are few more guides on helping you purchase other crypto-currencies
While you learn to buy cryptocurrency, you also need to be responsible and pay taxes on cryptocurrency trading. Here’s an article which tries to reduce confusion and provide clarifications on taxes on gains from crypto trading.
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