The evolution of the crypto industry has continued steadily, with the sector onboarding new entrants into its numerous networks. Cardano (with its ADA token) is one such advanced blockchain protocol with its unique cryptocurrency that has caught the attention of many crypto enthusiasts.
Santiment researchers have named Cardano the leading blockchain platform in 2023, a testament to its rapid development.
The Cardano Foundation, Input-Output (formerly IOHK), and EMURGO collaborated to create this innovative platform, a fusion of academic brilliance and technological expertise. Also, the Cardano has been expertly scrutinized and peer-reviewed by a global team of skilled engineers and researchers, ensuring a strong and secure foundation.
The Ouroboros consensus mechanism, a breakthrough PoS model that represents a significant step toward energy efficiency, is the core of Cardano’s technical prowess. This contrasts sharply with the energy-intensive PoW systems exemplified by Bitcoin.
A diverse set of decentralized applications (dApps) power Cardano’s thriving ecosystem.
Where To Buy Cardano’s Native Token
One of the first things to consider is choosing the right platform to purchase Cardano’s governance crypto asset. This is because different crypto exchanges have their positives and negatives.
In addition, some crypto exchanges are better suited for onboarding inexperienced traders, while others have complete trading services tailored to serve the needs of seasoned investors. Hence, there are certain features you need to look out for in a crypto exchange when buying the ADA.
Trading Activity and Liquidity
The amount of trading and the availability of assets are critical for any cryptocurrency platform to thrive. If a platform has a record of high Cardano trading volume, you will purchase the coin at prices that accurately reflect the demand for ADA.
Liquidity is equally important. An exchange with an adequate supply of ADA tokens available for purchase or sale prevents sudden and drastic changes in the market, providing you with a stable and predictable environment for your transactions.
A fee is associated with every trade made on a platform, which can vary. While fees for a single trade may not be significant, they can quickly add up, particularly for those who trade frequently or in large volumes.
Hence, choosing exchanges with low trading fees is a wise decision. You can get the most out of your investment by performing your transaction at reduced costs.
The top exchanges prioritize providing a user-friendly experience, making it simple to purchase ADA. Almost all cryptocurrency exchanges have a mobile app that allows you to monitor ADA prices and manage your positions easily.
Several Deposit Options
It is unpleasant to sign up for an exchange to purchase Cardano only to discover that they do not accept your preferred payment method.
Most exchanges accept common on-ramps like credit cards, debit cards, and bank transfers. For added convenience, ensure that your chosen exchange supports your local currency.
Best Crypto Exchanges To Buy ADA
In no particular order, here are some of the popular crypto exchanges available to buy Cardano:
Binance has one of the industry’s most competitive rates, beginning with a low spot trading fee of 0.1%.
What distinguishes Coinbase is its user-friendly interface. Even if you’re new to financial platforms, Coinbase will make you feel at ease. However, there is a cost to this simplicity.
In comparison to other platforms, Coinbase’s fee structure is relatively higher. Taker fees begin at a significant 0.6%, an increase compared to competitors such as Binance and KuCoin.
Kraken has a user-friendly interface, diverse fiat currency trading pairs, and active high-volume markets. Kraken consistently attracts significant trading volume in ADA markets, thanks partly to its user-friendly interface that appeals to beginners.
Furthermore, Kraken has one of the industry’s fastest processing times for bank account withdrawals. However, Kraken’s disadvantage is its trading fees. Maker fees starting at 0.16% and taker fees starting at 0.26% may cause users to lose interest in purchasing ADA on this platform.
KuCoin’s fee structure for token purchases starts at 0.1% and decreases with higher trade volumes and holdings of its native token (KCS).
Assessing and comparing different crypto exchanges will help you choose the platform to purchase ADA.