ADA is a fast-rising, eco-friendly cryptocurrency with the third-largest market cap in the world, right after Bitcoin and Ethereum. If you’re enthusiastic about crypto and its environment, you must have considered buying ADA. Due to experts’ projections of the success of the currency, it has seen a lot of investors since September 2020. If you’re yet to jump on it and wondering how to buy Cardano without fees, here’s the simple answer:
Most crypto brokers charge between 3-5% commission whenever users want to buy crypto, having an eToro account allows you to avoid those charges and buy Cardano without fees. With eToro, you are not charged any fees for trading ADA or other cryptocurrencies. Also, you don't need to pay any deposit fees as well. Instead, all you have to do is cover the market spread which is often below 0.75%.
Easier than you thought? Stay with me as I break the steps into smaller chunks to make it even easier.
What is Cardano? What is ADA?
Both terms get used interchangeably, but do they mean the same thing? It’s a major point of confusion for newer crypto investors so it’s necessary to clear the air before we proceed.
Cardano is a public blockchain environment available to anyone who wants to create a blockchain. While ADA is the native cryptocurrency of the Cardano environment.
Simply put, Cardano is the tech, the community while ADA is the cryptocurrency that’s used to pay contributors to this community. So when you place an order to buy this crypto to trade or HODL, you’re not buying Cardano, you’re buying ADA.
While they are slightly different, you can see how interrelated they are. When the price of ADA goes up, it attracts more developers to the Cardano environment, who get paid in ADA. This increases the demand for ADA and gets the price to shoot further up. Having this two-part growth potential is one of the numerous reasons why investors are so optimistic about the currency. Now, let’s get to how you buy some ADA for yourself.
5 Easy Steps to Buy ADA
Choose a Crypto Exchange that Sells ADA
Since ADA is one of the most popular cryptocurrencies, you’re spoilt for options here. To save you the stress of going through so many options, I’ve listed the top 5 based on fee, user-friendliness, and safety.
|EXCHANGE||DEPOSIT FEE||SPREAD||WITHDRAWAL FEE||TRADING FEES|
|Coinbase||3.99%||0.5%||1%||0.5 – 4.5%|
|BC Bitcoin||0.5%||1%||0.5%||2.5 – 4%|
All of these platforms charge reasonable fees and offer a high level of security. Provided you don’t get careless with your login details, you’re safe.
We Recommend Etoro
However, eToro is the most beginner-friendly of all. For beginners who wish to trade ADA, eToro's Copy Trading feature allows you to look over the shoulders of more experienced traders and copy exactly what they’re doing. In addition, it’s very easy to use.
Now that you’ve chosen a crypto exchange, go to the website and click “Sign Up,” “Create Account,” or “Get Started.” For instance, if you choose eToro in [yr], you'll click on “Create Account,” and then input your basic details:
- Full Name
- Email Address
For added security, set up Two-Factor Authentication (2FA) during sign-up. Also, be ready to take a basic Captcha Test.
Verify Your Identity
This is a financial transaction and, according to Federal and International Laws, users have to verify their identity to prevent illegal activities like fraud and money laundering.
After signing up, click on “Complete Profile” to verify your identity.
Generally, you’ll be required to provide the following:
- Social Security Number
- Home Address
- Date of Birth
- Valid ID card
The process usually varies slightly across companies, but it’s never technical.
Once you’ve registered and verified your identity, you’re all set to purchase ADA. So, first off, choose the payment method you wish to use.
- Debit card
- Credit card
- Bank transfer
Some of these top exchanges allow you to deposit money from your bank account at no cost. While this is the cheapest option, it may take a few business days to reflect in your crypto account. Other methods are faster, but you end up paying more. However, there are no wrong picks. It all depends on your preference.
Once your account is funded, choose the amount of USD you want to convert to Cardano. A preview of the transaction will pop up on the screen showing the transaction fees and the amount of Cardano you’ll receive. Looks good? Confirm the transaction and in a matter of seconds, you’re a proud owner of some ADA. Easy-peasy!
After Buying ADA, What Next?
Now that you’ve got some ADA to your name, you have two options:
If you wish to hold your Cardano, it’s advisable to invest in Crypto Wallets as they’re generally more secure.
However, if you wish to trade, eToro's Copy Trading feature can be really helpful. You can copy what more experienced traders are doing, with minimal risk of losing your investment. The biggest upside of this feature is you learn and earn at the same time.
I’ve quickly run through WHAT ADA is and how to buy Cardano (ADA), and I hope you found this article helpful.
The comment section is open. What are your key takeaways? Also, if you have any further questions about how to buy Cardano (ADA), ask them in the comments, I’ll be glad to help.