How to Buy Cardano UK -Step-by-Step Guide

Cardano is a decentralized blockchain-based cryptocurrency project that offers a proof-of-stake system with less expended power than others. Cardano was introduced in 2015 and was available for trading 2 years later.

Founded by Charlie Hoskinson, co-founder of the Ethereum project who left due to differences in decision making, Cardano uses the ADA token as its currency for transactions.

Cardano currently houses the biggest proof-of-stake system, which differs completely from other cryptocurrencies that utilise proof-of-work (Bitcoin and Ethereum).

Currently, Cardano holds a market cap of £13 billion and is among the top 10 cryptocurrencies by market capitalisation.

Here is our guide on how to buy Cardano in the UK.

A quick guide on how to buy Cardano in the UK instantly on eToro

  1. Open an AccountRegister on eToro and complete their user verification process.
  2. Deposit Funds – UK residents are only required to deposit a minimum of $10 (approximately £7). Choose from a debit card, Paypal, or Skrill to have your deposit credited instantly.
  3. Search for Cardano – You’ll see a search bar at the top of the page. Simply enter ‘Cardano’ and click on ‘Trade’.
  4. Buy Cardano UK – Input on eToro how much money you want to invest in Cardano (ADA). Confirm the purchase by clicking the button saying ‘Open Trade’.

Where to Buy Cardano UK?

Cardano has become a digital asset with a multi-billion dollar valuation. Because of this, you can now buy Cardano in the UK from a large selection of platforms. 

We’ve reviewed the best places to invest in Cardano (ADA) in the UK below.

1. eToroOverall Best Place to Buy Cardano UK

eToro is the best platform to buy Cardano in the UK. It allows users to invest long or short term and also supports other forms of investment assets besides cryptocurrency (stocks, ETFs, forex, etc).

Due to its high liquidity, eToro is a platform where you can execute trades at any time quickly, especially during periods of high volatility.

Purchasing Cardano with eToro.
ProsCons
Straightforward account registrationSmall conversion fee for GBP users
Large crypto listings of over 50 cryptocurrencies
Social trading and copy trading function
Low deposit and withdrawal threshold
Offer access to non-crypto investments like ETF, commodities,
stock, and forex trading

Another perk of using eToro is its high security. Cryptocurrency investment involves a lot of patience, and many people involved invest for a long period of time.

eToro’s secure in-built wallet offers protection of your assets for as long as you need it. Security is paramount, and eToro ensures it takes the best cybersecurity measures.

The platform is also regulated by the following bodies; FCA, ASIC, CySEC, FinCEN, and FINRA.

eToro is regarded as one of the best social trading cryptocurrency platforms due to its unique ‘CopyTrader’ feature. It allows users to passively copy the trades placed by eToro users, some of whom are professional traders.

Therefore, if you’re looking for a hands-off approach to crypto trading, eToro’s social investing can help you completely automate the trading process.

To round up, the platform has an easy-to-use interface allowing for easy trading, a diverse number and variety of crypto pairs to trade, numerous transaction types and low transaction fees, making it a difficult platform to beat.

2. Binance – Largest Crypto Exchange to Buy Cardano UK 

Binance is the world’s biggest cryptocurrency exchange and hence a solid option for buying Cardano in the UK. One of its remarkable features is the swiftness in transactions.

It executes your trades quickly due to the large number of users and liquidity on the platform.

Buying Cardano on Binance.
ProsCons
Swift and free account fundingAlthough the trading commission is cheap, other exchange
platforms do not include these fees
Extremely wide range of coin listings, the largest in the
crypto market
Complicated UI is mainly designed for experienced users
A wide range of supported transaction types

Another reason Binance is a good platform to purchase Cardano is the low transaction fee of 0.1%, making it the cheapest way to buy Cardano. Any transaction performed (large or small) incurs the same small fee which is affordable and suitable for active traders.

Along with most platforms, Binance offers a wide variety of transaction types.

What sets Binance apart from its competitors is the number of coins available, which is currently around 80.

The only downside to Binance is its user interface which is quite complex and can be quite overwhelming for new traders.

3. Kraken – Most Secure Place to Buy Cardano in the UK

Kraken is also a suitable platform to buy Cardano in the UK.

One notable feature for UK users is that it supports multiple fiat currencies, meaning that you can buy Cardano with GBP directly, avoiding any potential conversion fees.

Buy Cardano UK using Kraken.
ProsCons
Excellent for all traders of different experience levelComplicated fee structure. However, the fee decreases as trading volume increases
Good numbers of coin listings
Very secure platform

Kraken features a top-notch secured wallet to keep your coins safe after purchase. The platform has always placed an emphasis on security and is one of the few platforms able to claim to have no major security breaches.

The user interface is simple and suitable for beginners, making it a great overall platform to buy Cardano in the UK for the security-conscious user.

How to Buy Cardano in the UK Using Our Preferred Trading Platform: eToro

1. Sign up with eToro

Creating your account on eToro requires you to sign up via their website, eToro. Click the JOIN NOW button on the homepage and fill in the registration form.

How to buy Cardano UK using eToro. Sign up page.

2. Account Verification

Verification of your account is essential to give you access to the platform’s full features.

Complete your profile with the necessary details and provide proof of identity. ID card or driver’s license and proof of address (account statement or internet bills).

eToro account verification UK.

3. Deposit fiat currency

To buy Cardano, you need to first deposit fiat currency into your account. Link your bank or e-wallet accounts to the platform and fund your eToro account.

eToro payment methods for buying Cardano in the UK.

4. Navigate to Cardano and make a purchase

Once your account is funded, search for Cardano and make your purchase. Input the preferred amount and complete the transaction.

How to buy Cardano UK using eToro.

5. Cardano is added to your eToro portfolio 

The equivalent amount of Cardano will reflect in your portfolio after purchase.

Cardano in an eToro portfolio.

What is Cardano?

Cardano is a smart contract platform that uses the proof-of-stake protocol, different from Ethereum and Bitcoin’s proof-of-work system.

Due to this enhancement, it’s regarded as the third-gen crypto as it corrects the ‘flaws’ of the first 2 major cryptocurrencies (Bitcoin and Ethereum). The founder, Charles Hoskinson, was a co-founder of Ethereum but left the project to create what he sees as a more advanced project.

The token adopted for this project is ADA, named after the first computer programmer Ada Lovelace.

To reward effort inputs, Cardano uses a proof-of-stake mechanism called Ouroborus, which uses random selection to select leaders to approve blocks.

So unlike the traditional proof-of-work which requires miners and lots of energy, proof-of-stake only requires staking with no energy input or specialized hardware. About 0.01% of the energy expended by Bitcoin, see here.

Cardano aims to ensure scalability, interoperability, and sustainability. Scalability allows for thousands and even up to a million transactions to be performed within a second.

Interoperability refers to the upgraded protocols and the capability of the project, while sustainability involves the maintenance of the project by ensuring security, privacy and decentralization.

Cardano Price Analysis and Prediction

At the time of writing this article, Cardano remains the largest proof-of-stake system and the 9th largest cryptocurrency.

ADA reached an all-time high of £2 per coin in September 2021. At present, it is trading at £0.35 per coin. However, the current dip has affected the crypto market as a whole and not just Cardano.

Analysts have predicted that the coin will hit £2 per coin in due time.

The project is currently planning innovation and development to boost the company’s growth.

Other analysts are against this, pointing out the ineffectiveness surrounding proof-of-stake and how it may lead to lost transactions.

Despite disagreement between analysts, they both conclude that if Cardano hits £2 per coin, it should continue its uptrend even further.

Why Buy Cardano?

Cardano, as said earlier, is built to offer solutions to many difficulties faced in the crypto market, and it is yet to show off its true potential. The total supply of the coin is limited. This gives the coin an edge over others.

In addition, the company has eliminated some major world problems, such as the problem of opening a bank account by offering microcredits to those in need.

A book called “Banker to the Poor” was released to show how microfinance can help the less privileged. It’s also valuable for special use cases and applications such as computerized IDs.

The platform also stated how it would incorporate decentralized monetary services, which allows decentralized applications built into this platform. This gives more reputation to the platform and enhances its usage.

Risks of Buying Cardano

When it comes to cryptocurrency, there are always risks involved. This is especially true when it comes to buying Cardano (ADA). Here are some of the potential risks you should be aware of before making any ADA purchases:

  • The price of ADA could drop significantly, leaving you with a loss.
  • You could get scammed by a fake ADA seller, losing your money altogether.
  • There’s always the possibility that the Cardano network could fail, rendering your coins worthless.

Of course, these are just some of the risks associated with buying ADA. So before making any purchase, be sure to do your research and understand all the potential risks involved.

Only then can you make an informed decision about whether or not buying Cardano is right for you.

Things to Remember Before Buying Cardano

Don’t invest what you can’t afford to lose: Just like other cryptocurrencies, Cardano’s price is unpredictable. So to avoid liquidation or unwanted loss, fund your wallet only with what you can afford to lose.

Resist ‘fear of missing out: This is one of the banes and failures of most traders and investors. Don’t trade or invest based on emotions, but rather on proper analysis.

Understand tax consequences: Don’t try to avoid taxes incurred with cryptocurrency. Like everything, cryptocurrency is taxed and it’s wise to stay on the right side of the law.

Long vs. short-term investment: Try to understand which investment strategy suits your risk preference. Don’t follow the crowd in choosing your strategy. Do your analysis and stick to it.

Where to Store Cardano After Purchasing?

There are a few different ways to store your Cardano (ADA). The most popular option is to use a software wallet, which can be either a desktop wallet or a mobile wallet.

Desktop wallets are installed on your computer, and they give you full control over your private keys. Mobile wallets are convenient because you can access them anywhere, but they are generally less secure than desktop wallets.

Another option is to use a hardware wallet, which stores your private keys on a physical device. Hardware wallets are considered to be the most secure type of cryptocurrency wallet, but they can be expensive and require some technical knowledge to set up.

Finally, you can also store your ADA on an exchange, but this is generally not recommended because exchanges are vulnerable to hacking.

FAQs

Is Cardano legal in the UK?

Although cryptocurrency has been banned in some countries, purchasing Cardano is legal in the UK.

Will Cardano become the most valuable cryptocurrency?

Cryptocurrency price action is speculative and unpredictable. However, the chances of Cardano being the most valuable cryptocurrency are unlikely.

Can you buy less than 1 Cardano?

Yes, you can buy less than 1 Cardano coin with fractional trading.

Is it too late to buy Cardano?

Buying Cardano in this current situation isn’t too late as the general crypto market is in a dip. Also, new developments and plans concerning this project are appealing, making it potentially a good investment.

Is Cardano better than Ethereum?

It’s no secret that Ethereum has been struggling as of late. The network is overloaded, transaction fees are skyrocketing, and users are starting to look for alternatives.

One such alternative is Cardano, a platform that promises to solve many of Ethereum’s scalability issues. Cardano uses a unique proof-of-stake algorithm that is more energy-efficient than Ethereum’s proof-of-work algorithm.

In addition, Cardano plans to introduce sidechains, which would allow developers to launch complex decentralized applications without clogging up the main network.

Cardano also has a strong team of developers and academics behind it, which gives it an edge over other Ethereum alternatives. Only time will tell if Cardano can live up to its hype, but it is certainly a platform to watch.

Is Cardano better than Bitcoin?

When it comes to cryptocurrencies, there are a lot of options to choose from. However, two of the most popular choices are Bitcoin and Cardano. So, which is better?

Bitcoin is the original cryptocurrency, and it remains the most well-known option. It is also one of the most valuable.

Cardano, on the other hand, is a newer option that was only launched in 2017. However, it has already gained a lot of traction and is now the seventh-largest cryptocurrency by market capitalization.

Cardano also has a lot of potential advantages over Bitcoin. For instance, it uses a more sophisticated consensus algorithm, which makes it more secure and efficient.

Cardano also has plans to launch a decentralised applications platform, which could make it a more attractive choice for developers.

So, which is better? Ultimately, it depends on your own preferences and goals. If you’re looking for a well-established option with a solid track record, then Bitcoin is a good choice. However, if you’re interested in a newer option with lots of potential upside, then Cardano might be a better option for you.

How high can Cardano go?

Many investors are wondering how high in price Cardano can go? Cardano is a cryptocurrency that is similar to Ethereum. It is a decentralized platform that allows for smart contracts and token transactions.

Cardano is also scalable, meaning that it can handle more transactions than Ethereum. This may make it a good investment for those who are looking to invest in cryptocurrencies. Cardano is currently trading at £0.48, and many experts believe that it has the potential to reach £10.

However, it is important to remember that cryptocurrency prices are volatile, and Cardano could just as easily drop in price as it could go up.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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