How to Buy Cardano (ADA) in the UK 2024

Among the top 10 cryptocurrencies by market capitalization, Cardano (ADA) is ranked 8th with a valuation of $20.6 billion, trailing only Bitcoin, Ethereum, Solana, and XRP.

Here is a guide on how to buy Cardano in 2024 in the UK. For more information about the potential price of the token, take a look at our Cardano price prediction article.

What is Cardano?

Cardano is a blockchain platform that was founded in 2015 and began trading publicly on crypto exchanges in October 2017. Its primary cryptocurrency or individual unit is called “ADA” named after Ada Lovelace, a 19th-century mathematician who is recognised as the first computer programmer and is also the daughter of the poet Lord Byron.

ADA is the digital currency of Cardano, a decentralised blockchain that uses a proof of stake (POS) consensus. Any user, located anywhere in the world, can use ADA as a secure exchange of value – without requiring a third party to mediate the exchange. Every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.

Cardano’s goal is to be the most environmentally sustainable blockchain platform and one of the fastest in the market. The Cardano blockchain is quite efficient and can process around 250 transactions per second, in comparison to just 7 transactions per second that Bitcoin can process. ADA transaction typically take between 20-40 seconds depending on how congested the chain is and how many pending confirmations are in the queue. However, in some instances Bitcoin can take several hours for a transaction to process.

Why Buy Cardano?

Cardano occupies the 8th spot on the global crypto rankings differing from other cryptocurrencies in several ways. One primary feature is that Cardano is an eco-conscious blockchain project and is committed to becoming one of the most efficient and carbon neutral crypto projects. Unlike proof of work blockchains, Cardano functions without the need for miners to validate transactions making it an environmentally friendly option which requires much less energy output and computational power to operate.

Cardano is a project that was in developmental phase for many years. It is one of the first blockchain projects that was founded on peer-based reviewed research and used evidence based methods in its development. Cardano’s technical architecture is unique in that it operates a two layer framework. The first is the Cardano Settlement Layer where ADA is transacted upon, and was built to facilitate a scalable digital currency economy. The second layer is called the Cardano Computational Layer which supports the deployment of smart contracts and dApps.

Cardano is among several projects aiming to carry out a range of complex transactions without the help of a middleman such as a bank or a broker improving both the speed and transaction time processing. If Cardano can grab a significant share of this market, demand for ADA cryptocurrency could rise potentially increasing its value.

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

How to Buy Cardano in the UK

Users wishing to buy Cardano can do so using one of the above reviewed cryptocurrency trading platforms. Our experts have chosen Coinbase as the most convenient platform. This is due to their user-friendliness and uncomplicated trading interfaces. These platform is suitable for users of any experience level. Coinbase supports buying and selling into fiat currency, and crypto-to-crypto swaps.

Step 1: Open an Account

Create an account on Coinbase’s website. It is also possible to sign up using a Facebook or Google account.

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

Step 2: Upload Identity Documents for KYC

New users will need to provide some documentation as part of the identity verification process. New users will be required to provide full name (first and last name), home address, date of birth, and contact details. In order to validate the know your customer procedure users will need to send an official identity document, either a passport copy or ID card such as a driving licence. As a supporting document for proof of address customers can submit a recent bank statement, tax letter, or utility bill.

Step 3: Deposit Funds

In order to buy Cardano, users will need to have funds in their broker account. New users must make a minimum deposit of $50 equivalent, and can select their payment method for depositing funds.

Step 4: Buy Cardano

On Coinbase, it is possible to buy crypto directly with your debit card. Simple navigate to ‘buy and sell’ and search for ADA.

Here, select the amount, in GBP, of Cardano that you would like to buy. Then, click ‘buy’. You will need to verify the transaction with your mobile banking app.

It is also possible to buy Cardano by depositing crypto from an external wallet. It is important to be aware of network fees that may be applicable when doing this. Connect your wallet to the Coinbase platform and then send your cryptos as normal to your Coinbase address.

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

How Much Does It Cost to Buy Cardano

Currently the price of ADA sits around £0.25. During 2023 the price of ADA has been £0.19 at its lowest and 0.37 at its highest peak.

How to Buy Cardano with Low Fees

Users in the UK are able to deposit fiat currency onto Coinbase without any fees. A small currency conversion charge applies when depositing in a currency which is not USD. Coinbase charges fees of 0.05% to 0.60% when buying or selling crypto assets. With these factors in mind, our expert review selects Coinbase as a preferred brokerage to use when trading cryptocurrencies. Here is a brief guide of how to use the exchange to buy crypto.

• Register an account with Coinbase: To open an account, users will need to go to the Coinbase website and follow the registration instructions.
• Upload a valid ID: Coinbase requires users to verify their identity. Users will have to submit a valid identification like a driver’s license or passport as part of the registration process. If using an ID card which isn’t a passport an extra utility bill will be required to match details.
• Make an initial deposit: Before trading, users must fund their account using a credit or debit card (Visa, MasterCard, etc.). Coinbase also supports bank transfer deposits as well as deposits from crypto wallets.
• Buy Cardano Coin: Within the trading interface, the categories of assets will be shown at the top. Users can select the Crypto tab and will find all the listed coins on the platform. Users can search for the ticker symbol “ADA” and see all market information related to Cardano. Users can directly buy Cardano from the exchange interface.

How to Buy Cardano with Bitcoin

For users who own Bitcoin and wish to trade crypto-to-crypto, Coinbase is a viable solution. The platform enables crypto to crypto trading and is a secure custodian when it comes to storing cryptocurrencies. Bitcoin can be transferred to Coinbase and the platform has several BTC trading pairs, with Cardano being one of them.

Security Measures when Purchasing Cryptocurrencies

Traders must take security precautions when dealing with cryptocurrencies. When buying crypto assets such as Cardano, a good practice is to use a credible cryptocurrency exchange. It is also crucial to ensure that the exchange being interacted with stores the brokerage holdings offline in cold storage. Most of the popular exchanges also conduct external security audits, and some may also have third party insurance in case of hacking exploits.

Key factors to consider:

• Using platforms that charge lower fees and display real-time market prices.
• Buy a wallet (optional): For users purchasing Cardano, and not planning on frequently trading the asset, its always good practice to protect crypto assets by storing them offline in cold storage.
• There are many mobile and desktop cold wallets such as Best Wallet, Trust Wallet and Exodus Wallet that enable users to retain full custody of crypto assets.
• The most secure method of storing crypto assets is by buying a cold storage device (hardware wallet), such as Trezor or Ledger, which does not interact with the internet.

It is crucial to ensure that the chosen digital wallet chosen is compatible with the Cardano network. Some popular cold wallets such as MetaMask are not compatible with Cardano and only support Ethereum Virtual Machine (EVM) compatible blockchains.

Risk Management Practices When Buying Cardano

The cryptocurrency market has historically been prone to rapid shifts in value, and Cardano is no exception. Generally, a rule of thumb when investing in cryptocurrencies is never invest more than you can afford to lose.

When finding a suitable platform, it is important to understand each of the costs involved when buying cryptocurrencies. Some platforms may charge lower fees than others, while some will have fixed rate exchange fees. Users can explore each platform and check what rate of exchange is offered, while factoring in other associated costs to evaluate which is giving the best rate of exchange. Other associated fees include deposit fees (debit card deposits), currency conversion fees (when depositing), trading fees (maker/taker percentage), and withdrawal fees.

Thus, it is essential to conduct thorough research to investigate which is the most cost efficient platform that gives the optimum remaining net value after considering the costs that will be incurred.

Many trading platforms support deposits with debit card. It is crucial to highlight that investing in cryptocurrencies using high-interest debt is a very high-risk endeavour. Cryptocurrency markets are volatile and price changes can occur more frequently and quicker than that of traditional asset classes. If the cryptocurrency looses value, then a person could be left with significant interest payments that can potentially outweigh any positive price action.

Cardano (ADA) Price Prediction

The cryptocurrency market is receiving more global acceptance with countries and regulators worldwide creating new frameworks for this asset class. A number of factors are affecting the market and creating positive bullish sentiment for cryptocurrencies. These factors include global financial asset management firms applying for crypto ETFs, high-profile individuals giving attention to crypto and economic uncertainty with declining purchasing power of fiat currencies due to inflation.

Recent analysis by Coinpedia states that price predictions for Cardano can reach $0.669 by 2023 year-end if it stays on a bullish trajectory. With a low of $0.235 the price of Cardano has seen a reversal recently, however, if there is a consolidation breakdown the downside price forecast is expected to be $0.20.

According to the source, the price of Cardano could see potential highs of $2.02 in 2024. This price action could be stimulated by the 4th Bitcoin halving which is expected to take place in April 2024. This factor paired with the entrance of centralised finance institutions into the cryptocurrency markets can see the price of ADA potentially seeing positive price action. Historically, Bitcoin halving events have stirred up global interest in crypto assets, igniting a bullish market. Coinpedia explains that if the market settles by 2024 end, then Cardano could see a low price of $1.37 in 2024.

Top Cardano Exchanges Reviewed

Right now there are some options in order to get Cardano in the UK by using trading platforms like:

1. Coinbase – The best place to buy Cardano for beginners

Coinbase is a US-based cryptocurrency exchange where users can buy, sell and trade cryptocurrencies. The exchange is based in San Francisco and was established in 2012 by Brian Armstrong and Fred Ehrsam. It has since grown to be the largest publicly traded crypto company and supports clients from over 100 countries worldwide.

For beginners looking to trade or acquire cryptocurrencies, Coinbase exchange is a viable brokerage. It has a sleek and simplistic user-friendly interface and provides users with a dedicated Coinbase Learn section with educational content surrounding crypto basics, advanced trading, beginner guides and practical tips.

Users have access to over 250 crypto tokens including Cardano, and the platform provides competitive spreads and low trading fees. When placing an order at market price for immediate fulfilment, taker fees will be charged ranging between 0.05% – 0.6%. When placing a limit order to be fulfilled by matching another traders bid/ask from the order book, maker fee will be charged ranging from 0% – 0.4% when placing order at market price.

For traders based in the UK, depositing GBP from a bank account is free with Coinbase. When using Faster Payments method to withdraw Coinbase also does not charge any fees. There is a €0.15 charge when withdrawing using SEPA transfer for GBP.

Coinbase fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

2. OKX – Reputable crypto exchange with excellent staking features

OKX is a popular crypto exchange for both novice and experienced investors. It presents an intuitive user interface with sleek trading platform. Users have access to advanced charting customisation and can apply over 100 technical indicators for limitless chart analysis.

OKX provides access to trade 40 different cryptocurrencies for clients in the UK. It offers 3 different ways to buy cryptocurrencies, the simplest is using the Express Buy function. Although, trading is only permitted for 40 crypto tokens, OKX allows users to buy over 80 different cryptocurrencies including Cardano when using the Express Buy function.

OKX provides a wide range of educational materials from beginner guides, trading tips, tutorials and a glossary of common terms. For beginner users who do not know how to employ advanced trading strategies, this platform has a wide range of educational materials that can help to expand trading knowledge, while also providing insights and updates on market trends. Its main objective is to eliminate barriers and help users who want to buy and trade with Cardano to do so on a safe and innovative platform such as OKX.

Regarding commissions, the platform may apply a commission of 0.10% for each transaction made. However, it is also necessary to know that depending on the deposit method, a commission may or may not be applied.

OKX fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

3. Crypto.com – The best mobile app to buy Cardano in the UK

Since its founding in 2016, Crypto.com has become one of the fastest and most secure cryptocurrency exchanges. Over the past few years, Crypto.com has grown thanks to several developers and a strong marketing team rapidly. As a result, Crypto.com’s token (CRO) can be exchanged for more than 250 different currencies, and those who own significant amounts of it are eligible for reasonable fees and discounts.

In addition to being connected to multiple digital wallets simultaneously, Crypto.com offers several ways to store digital assets, making it an ideal place to invest in cryptocurrencies. One of the best examples of this is the DeFi wallet. This app also has a staking feature within the app, allowing users to lock tokens in liquidity pools without having to connect to external DeFi protocols.

Crypto.com is among the most accessible cryptocurrency trading platforms because it only requires a deposit of $1 to open a crypto position. In addition to crypto trading, the platform provides derivative products so that anyone looking to leverage their position can do so.

Crypto.com fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

4. Revolut -The best all-in-one banking and crypto investment app

Revolut is a digital neobank that provides its customer base with a convenient mobile banking application with various money management features. The platform was established in 2015 and quickly grew to become a leading challenger bank which supports over 35 million customers from 150+ countries worldwide.

Revolut has been providing crypto trading services in the EEA region since 2017. The platform now supports 120+ cryptocurrencies, including Cardano, and provides a straightforward way to swap between crypto and fiat currency. The platform has a unique fee structure which is quite reasonable, especially for users who are not frequently trading and approaching a more long term holding strategy. Fees for exchanging between fiat and crypto tokens is fixed at £1.49 or 1.49%, whichever is higher.

The platform does not have advanced charting features, and chart viewing is quite simple with candlestick representation over daily, weekly, monthly or yearly time frames. Therefore, for technical analysis and use of charting indicators users will need to opt for a tool like TradingView.

Uniquely the platform allows recurring buys, therefore, users who want to build a portfolio gradually, at set times or at certain prices can do so without constant tracking of the markets. When selecting a coin within the app to view details about, Revolut presents a news sections where the latest news articles are aggregated and displayed in a news feed.

All-in-all Revolut is not a professional level crypto exchange, but it does offer a simple and swift way to access cryptocurrencies, especially for beginners who may find difficulty in navigating crypto exchanges and wallets. Being a fully regulated mobile banking platform with electronic money licensing it offers a convenient method of swapping between crypto and fiat currency.

Revolut fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

5. Gemini –The best platform for active traders who want to trade ADA

Gemini is a US based cryptocurrency exchange and custodian bank, officially categorised as a New York trust company under the supervision of the New York State Department of Financial Services (NYSDFS). The platform was founded with a security-first mentality and is one of the most trusted crypto native finance platforms due to its numerous regulatory licenses and compliance commitments. It is a unique platform in that it is a fiduciary and qualified custodian bank subject to capital reserve and cybersecurity requirements.

Gemini offers clients in the UK access to over 70 cryptocurrencies including Cardano. Being a secure and authorised custodian it allows users to store over 100 different tokens on the platform with full secure storage. Gemini is known for its high security storage of crypto assets, with its storage system being built by world-class security engineers. Assets are held offline in cold storage and users will need to use 2FA to access their wallets. Any assets held on the platform in the hot wallet are fully insured.

Asides from being an exchange that provides cryptocurrency trading services, Gemini provides a full suite of crypto products. These include Gemini Mobile app which provides institutional grade security for trading on the go, Gemini Wallet which is the platform’s secure wallet infrastructure, Gemini Custody the platform’s compliant custodian solution, Gemini Clearing which allows two parties to settle pre-arranged transactions with Gemini acting as a secure escrow and Gemini Dollar (GUSD) which is one of the first regulated stablecoins.

Gemini fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

6. Binance – The largest crypto exchange by volume with over 350 cryptos available

Binance is the largest cryptocurrency exchange in the world according to trading volume. It is among the fastest platforms in the crypto market and provides a full suite of products to investors and traders. Binance was founded in 2017 by Changpeng Zhao the platform integrates its native coin BNB for fees. Binance also launched its own blockchain ecosystem called the BNB Smart Chain.

They offer a wide array of trading features as an impressive selection of market charts of hundreds of cryptocurrencies to compare. Users can also access a variety of trading options including futures and margin trading, allowing users to trade with leverage.

Binance provides a full suite of crypto trading services and one key feature which is noteworthy to mention is Binance Learn. Over the years Binance has put out several articles, quizzes, tutorials and a variety of other educational resources surrounding cryptocurrency, blockchain and Web3.

Binance fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

7. CoinJar – The best platform for long-term investors

CoinJar was founded by Asher Tan (CEO) and Ryan Zhou (COO) in 2013. This platform is an Australian based crypto exchange that has expanded to the UK since 2014. It is a fully FCA regulated Crypto Asset and Wallet Custodian Provider in the UK.

CoinJar allows clients to buy, sell and store cryptocurrency, and users can also opt for a CoinJar card that allows crypto spending which is powered by MasterCard. Being an authorised custodian CoinJar users can store their tokens on the platforms native cryptocurrency wallet.

The platform’s crypto exchange panel is sleek and simplistic, with fully functional technical analysis and charting tools that are powered by TradingView. A unique thing about CoinJar’s trading interface is that users are able to trade crypto directly for fiat currencies without the need trading into stablecoins as an intermediary. The platform supports 4 global fiat currencies, AUD, EUR, GBP and USD.

For users wishing to buy Cardano or other crypto tokens, the platform allows instant buy directly with a credit/debit card. Alternatively, users have the option to process the payment using ApplePay or GooglePay. Other payment methods include Visa, Mastercard, Sepa transfer and Faster Payments. While fiat deposits into CoinJar are free, using the Instant Buy function to buy crypto directly with card will incur a 2% fee. However, withdrawing GBP balances to a linked bank account is free of charge, making CoinJar a fee-friendly platform to exchange fiat to crypto and vice-versa.

Coinjar fees

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

Best Cardano Platforms UK – Fee Comparison

Conclusion

In light of its strong fundamentals and sharp development, Cardano has risen to the eighth-most popular cryptocurrency in the world. However much or how little you may agree with its model, its current specifications demonstrate that it has a very solid base of users and has a strong community that supports it.

Cardano is a cryptocurrency that has been in existence for quite some time having acquired a significant market cap. It’s hard to find a cryptocurrency exchange where ADA is not listed as it is among the top market cap coins.

As the web3 industry grows, so will the number of investors into the crypto markets. Among them centralised finance institutions, hedge funds and asset managers. This increase of interest will create more demand for ADA, as it is a top market cap coin, and will likely create an influx of retail investors flocking to the crypto markets.

Cryptoassets are highly volatile. Please make sure that you can afford to lose your investment.

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