To buy Cardano (ADA), you’ll need to use a reputable crypto exchange to swap your fiat  currency, such as Australian dollars, for cryptocurrency. An exchange is a website or app that enables the buying, selling and trading of cryptocurrencies.

There are many exchanges to choose from, including big names such as Coinbase and eToro as well as local Australian-based exchanges, such as Swyftx.

When choosing an exchange, there are a few things to consider:

• What payment methods are accepted? Most exchanges allow credit and debit card card deposits, as well as bank transfers. Very few accept PayPal in Australia, aside from eToro.
• What are the fees? Some payment methods attract fees. Credit card deposits, for example, tend to come with a hefty fee and are considered a cash advance by your credit card issuer, meaning that high interest rates will kick in straight away.
• Does the exchange offer an integrated wallet?  Some exchanges have integrated crypto wallets, allowing you to store crypto on the exchange. Other exchanges require that you already have an external wallet set up, and they send any purchased crypto straight to there following the transaction.
• Can I transfer to an external wallet? The vast majority of reputable exchanges allow you to transfer your assets to a private wallet that isn’t associated with the exchange. Transferring to an external wallet is a good idea for enhanced security, particularly if you opt for a hardware wallet which keeps your private keys disconnected from the internet when in storage. If you find any exchange does not allow you to transfer your crypto to an external wallet, be careful to do your due diligence as it could be a fake exchange or part of a sophisticated scam. Read more in our guide to the best crypto wallets for Australians.
• Are there fees for transfers out? Where withdrawals are permitted, there may be fees applied.
• What currencies can be traded? Some exchanges allow you to trade thousands of cryptocurrencies, while others offer only a select few. If you want to buy Cardano ADA, you’ll need to check if it’s available on your preferred exchange.

Next, you’ll need to decide how you’re going to pay for your Cardano ADA.

Be sure to check if there are any fees associated with the payment method you want to use. For example, Coinbase charges no fees on bank transfers but 3.99% on debit card payments. Fees for credit card payments on other exchanges often run at least this high.

Credit card payments on these exchanges are typically classed as cash advances, which means they attract interest at a much higher rate of interest than a normal purchase, and it is charged from the point the transaction is made, regardless of whether you pay off your balance in full when it comes due.

Taking on debt to invest in crypto is generally not advisable. 

eToro accepts PayPal, but most Australian exchanges do not.

Once you’ve created and funded your account, navigate to the Cardano ADA page in the app or website and enter the amount you’d like to invest.

When placing an order, you can generally choose between a “Market Order” which will instantly buy the crypto at the current market price, or a “Limit Order” which allows you to set the price you would like to buy at. A “Limit Order” will not execute until that price is reached.

Most exchanges come with an integrated wallet in which to store your Cardano ADA. However, you may prefer to hold your assets in a non-custodial wallet.

You can use either a ‘hot’ wallet, which uses online storage, or a ‘cold’ wallet, which is an offline storage device such as a flash drive or a hard drive.

Exchange wallets and ‘hot’ wallets are much more vulnerable to hackers, but are generally seen as more convenient.

‘Cold’ wallets are inherently more secure because they’re not connected to the web and can’t be reached by hackers. If you lose the access codes to the assets in a cold wallet, however, there’s no customer support to help you recover them, which means you could lose access to your currency if you aren’t careful keeping your passphrase safe.

Many investors use both a ‘hot’ and ‘cold’ wallet to maximise ease of use while balancing security.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

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