What is Cardano (ADA)?
ADA is the native token of Cardano, and is a digital currency that can be used as a secure exchange of value anywhere in the world, without needing a third party. Each and every transaction is permanently, securely and transparently recorded on the Cardano blockchain.
Cardano is a proof-of-stake blockchain platform - the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralised applications, systems and societies.
Where can I buy ADA?
Since ADA is a popular cryptocurrency, it is supported by many crypto brokers and exchanges. However, it is important to choose a crypto exchange that is legitimate, so you can rely on it to protect your digital assets. The safest way to decide on a cryptocurrency exchange is by using one of the top Aussie exchanges (listed here), as they are all registered with AUSTRAC. I highly recommend Swyftx exchange because it has an excellent Demo mode where you can try trading with free play money. Swyftx also offers Live Chat support and even FREE $10 Bitcoin bonus if you register with this link. For more information, read this comprehensive review of Swyftx.
How to buy ADA?
There are four simple steps which I will go through in detail below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Deposit AUD into your account
Step 4: Buy ADA
Step 1 - Compare the best crypto exchanges
To start off, you need to compare exchanges to find one that is suitable for your personal needs. I conducted a test of Australia's best exchanges, and my top 3 picks for Aussies are listed below. In this guide I will use screenshots from my Swyftx account to show you step-by-step how to buy ADA. To follow along, it's easier for you to register with Swyftx.
Top 3 Recommendations
Best for Low Fees
If you are still researching where to buy crypto and aren't ready to commit yet, I recommend having a look at this article on the best crypto exchanges for Australians. Also, if you will be using your phone for crypto trading, make sure you choose a platform that offers a mobile app for iOS and Android.
Step 2 - Create an account
It is simple to set up an account with Swyftx. Use this link: https://trade.swyftx.com.au/register/ and fill out your details in the short form.
Upon creation of your Swyftx account, you will automatically be taken to the Swyftx platform. You will need to verify your account which is easy. In the dark menu on the left, Click on Profile, which then drops down a menu, then click on Verification (highlighted in blue in the screenshot below). Verify your mobile, email address and ID by following the instructions. The verification process is quick and easy, only taking a few minutes.
Step 3 - Deposit AUD into your account
Now that you are verified, you can deposit money into your account. Click on Quick Deposit in the menu on the left and a dropdown menu will appear. Click on Deposit AUD (circled in blue in my screenshot).
The Deposit Methods page will now appear, where you can choose which method you like to deposit funds into your account. I usually use Bank Transfer using Osko (the first option) because it is instantaneous. It gives me peace of mind that my funds are immediately in my account, so I don't worry whether something has happened along the way. Also, you can buy ADA immediately, so you don't need to worry about the price increasing by the time your funds clear. If you prefer to use a credit card or debit card, Swyftx is one of the few exchanges that offer it, although you need to wait 30-45 minutes for the funds to clear.
To deposit using Bank Transfer, click on the Bank Transfer tab, which expands to show some bank account details, i.e. BSB, Account Number and Reference (circled in blue in the screenshot below). Open up another tab in your browser and go to your internet banking website. Send the amount you want to transfer to the Swyftx account details provided. Go back to your Swyftx account and refresh the page. You should see your funds under Balance at the bottom of the dark menu on the left.
Step 4 - Buy ADA
Once you see your Australian dollars are in your account, you are at the final and most exciting step of buying ADA! Click on Trade at the top of the menu on the left, then Buy (highlighted in blue in the screenshot below). Now type in ADA in the search field (magnifying glass icon) and click on Cardano, in the Assets list. You will see the price of ADA, which will continually update, as the price changes.
Enter the amount in AUD that you would like to purchase (circled in blue below). I have selected $500 as an example, then you click Instant Buy directly underneath. If you prefer, you can also choose how many ADA coins you would like to buy, as opposed to a dollar amount.
A confirmation pop-up window will be displayed, confirming your purchase amount, rate (which is the price) and fee. Click the green Confirm Buy button, and the ADA you purchased will be in your online crypto wallet. Congratulations, you are now an owner of ADA!
Frequently Asked Questions:
Where do I store my ADA after buying?
When you buy ADA at any of the recommended brokers it will be automatically held in a wallet address on the exchange. From this wallet you can send your ADA to your personal wallet (either a hot wallet app, or a hardware cold wallet). Please note that not all wallets support ADA, so make sure you check before sending your ADA, otherwise you will lose it! Fees for sending the ADA to your personal wallet may apply, dependant on the exchange.
Is buying ADA in Australia legal?
Yes it is legal to buy, sell and trade ADA in Australia.
Does this method work for all cryptocurrencies or just ADA?
You can use these same steps to purchase almost any cryptocurrency you know. Swyftx supports over 270+ different coins, so you will most likely find what you are looking for. If you want to buy Bitcoin, you can follow my specific guide for that as well.
How to buy ADA with PayPal?
Unfortunately none of the top Aussie crypto exchanges offer PayPal as a deposit method. There is an alternative, which is to use eToro Australia. With eToro, you are not actually buying the ADA coin, but instead you are trading CFDs (contracts for difference). It is essentially the same in terms of profiting from price increases from ADA, so if you want to jump on board before the price of ADA shoots up, then this is an option. Read my eToro Australia review here. However, I would suggest that you find another payment method if possible, as most crypto exchanges don't accept PayPal. Swyftx offers many deposit methods such as bank transfer, POLi, PayID, credit cards and debit cards.
How to buy ADA with credit card?
How to buy ADA with debit card?
Not many Aussie crypto exchanges accept debit card deposits; Swyftx is one of the few that does. To buy ADA using your debit card, follow the steps above to open an account with Swyftx and select debit card as your deposit method at Step 3.
How to buy ADA with USDT?
If you want to buy ADA using USDT, you need to send it to an exchange that offers coin swaps (I recommend the secure Swyftx exchange for Aussies). If you are using Swyftx, send your USDT to the wallet address in your Swyftx account, and then click on Trade in the menu on the left, then Swap. Search for USDT with the search function, and select it. Select ADA as the coin you want to swap to, and then enter how much USDT you want to use. Click the blue Swap button at the bottom to complete the purchase.
Is buying ADA in Australia safe?
As long as you are using a reputable crypto exchange, then buying, selling and trading ADA or any other cryptocurrency in Australia is safe. The best Australian exchanges feature multi-layered security, and are registered with AUSTRAC so you can buy with peace of mind. Take a look at the comparison table below to find out more about the top crypto exchanges for Australian investors.
Comparison Table of the Best Crypto Exchanges in Australia
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.