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 CoinSpot exchange because it is user-friendly, has free deposits and withdrawals, over 370+ cryptocurrencies, and staking on 21 coins. For more information, read this comprehensive review of CoinSpot.
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 CoinSpot account to show you step-by-step how to buy ADA. To follow along, it's easier for you to register with CoinSpot.
Top 3 Recommendations
Best for Demo Mode
Best App for Beginners
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
The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.
Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.
Step 3 - Deposit AUD into your account
After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.
Step 4 - Buy ADA
When your money has arrived in your CoinSpot account, it's time to buy some ADA. Click on "Buy/Sell" in the menu along the top, search ADA, then click the buy ADA button.
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on ADA, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of ADA. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some 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. CoinSpot supports over 370+ 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?
Not many cryptocurrency exchanges accept PayPal, but eToro Australia is one of the top exchanges that does. Read my eToro Australia review here to see if it's right for you. However, if you plan on trading frequently, it might be a good idea to find another payment method if possible, as most crypto exchanges don't accept PayPal. CoinSpot supports bank transfer, POLi, PayID, BPAY and Cash deposit
How to buy ADA with credit card?
How to buy ADA with debit card?
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.