How to Buy Cardano in
Australia 2022 [ADA]
Bitcoin has gone down a tough road in its effort to transform the global investment market. However, now that the world has become comfortable with the idea of decentralized finance, it’s time to move our focus to more sustainable alternatives or, at least, discuss cryptocurrencies in terms of their utility.
What about Cardano (ADA)? If you’ve given a look at the current crypto trends, you must have run across ADA, one of the top-performing coins on the market-cap charts these days.
Launched back in 2017, Cardano belongs to the third generation of cryptocurrency, built on a proof-of-stake protocol, which in many turns has proved to be much superior to the proof-of-work model used by Cardano’s direct competitor Ethereum (ETH) and the unparalleled blockchain representative Bitcoin (BTC).
Cardano’s protocol doesn’t depend on super-powerful machines to generate new coins and by adding the smart contract option, it’s on its way to surpassing Ethereum in terms of its scope of usability. If Cardano does strike your attention, just stay tuned. We’ve listed all legit options to get some in Australia so let’s give it a burl!
Buy Cardano Australia Quick Steps
- Sign up for an account with Swyftx
- Enable 2fa for extra security
- Complete KYC (know your customer) data
- Deposit AUD into your Swyftx account
- Click on “Trade”
- Search for Cardano and click on “Buy coin”
- Enter the amount you want to buy
- Review the details of the transaction
- Click “Buy”
What Is Cardano?
You may be intrigued by us calling Ethereum “a direct competitor to Cardano”. Well, both blockchains have the same objective – to expand their usability beyond the role of their native tokens as a medium of exchange. Instead, they focus on running smart contracts and creating decentralized applications (dApps) that can be used in multiple business fields (traditional finance, travel, insurance, real estate, etc).
Another fascinating fact is that ETH and ADA share a co-founder—Charles Hoskinson. Together with Buterin Vitalik, he was part of the five-member team that founded Ethereum in December 2013.
These two brilliant minds separated their ways in 2014 over a dispute about Ethereum’s backing by Venture Capitalists. Hoskinson founded the IOHK software company and only a couple of months later, he launched a brand new blockchain, called Cardano—an upgraded, more flexible, and more scalable alternative to Ethereum that doesn’t require expensive hardware rigs and excessive electricity consumption. Instead, Cardano “miners” are asked to place their digital currency as a ‘stake’ to confirm a transaction.
The History of Cardano
Despite being announced as a powerful project, Cardano didn’t gain any considerable success immediately after its launch. When Cardano was released, a bunch of other cryptocurrencies popped up on the crypto scene at the same time (EOS, Tron, and Bitcoin Cash) and somehow, managed to steal the show amid the first crypto boom in 2017.
Four years later, when the Cardano team was finally able to add smart-contract options, things started to change. More specifically, Cardano improved the network with their tailor-made Alonzo hard fork upgrade that allows users to generate and deploy smart contracts on its network. These advances will also enable Cardano to host application solutions such as DeFi (decentralized finance). In less than a year and a half, the price of Cardano’s native token showed a jaw-dropping rise of around 1,200%.
Cardano falls under the umbrella of the Cardano Foundation together with IOHK and Emurgo, a Japanese software company that designs and maintains the Cardano blockchain. Interestingly enough, Cardano’s institutional targets don’t focus on commercial retailers and private businesses but official agencies and governments of developing countries. IOHK and Emurgo have been supplying multiple African nations with permission infrastructure to demonstrate the utility of Cardano’s blockchain technology. This includes the development of blockchain platforms for ID systems aimed at teachers and students.
Now that you have a clearer picture of Cardano’s operations, let’s discuss the best Cardano marketplaces available Down Under.
How to Purchase Cardano
Buying Cardano Through a Bank Account
Traditional crypto exchanges are the most natural course for purchasing cryptocurrencies as most of them allow users to deposit fiat currency through their bank accounts. When it comes to Cardano, you must make sure that the selected crypto exchange supports this crypto coin.
Fortunately, Cardano is warmly accepted on both native and internationally-based crypto exchanges available in Australia. Top-rated Australian exchanges like Swyftx, CoinSpot, and Independent Reserve, as well as global leaders like Binance, have Cardano on their lists of available cryptocurrencies.
You should also check whether the exchange is open to e-payment processors like POLi, PayID, OSKO, and BPAY or wire bank transfers exclusively. The type of bank payment determines to a great extent the processing time and possible deposit fees and limits.
In general, bank payments are considered the most cost-effective funding solution. For example, on Swyftx, all types of bank account deposits are free. CoinSpot, on the other hand, incurs a 0.9% fee for BPAY deposits, while Independent Reserve charges 2.50 USD for trades lower than AUD 1,000 if you use PayID.
Buying Cardano With Credit Card and Debit Cards
Debit and credit card payments are a way more expensive method of purchasing Cardano. Even if the exchange itself follows a deposit-free policy, you’ll still be charged by the third-party payment processor for facilitating the transaction. The industry standard for debit/credit card purchases is around 5% in the crypto ecosystem. Everything below this percentage is considered a bargain.
We’d recommend our Australian top-pick exchange Swyftx for such purchases of Cardano as it charges only 1.99%. On the bright side, credit/debit cards ensure instantaneous deposits and they’re incomparable to any other payment method out there when it comes to processing efficiency.
Buying Cardano With Cash
Even though the crypto industry resides only in the virtual world, cash is still the most trusted payment option for a great number of crypto users. Bitcoin ATMs or BATMs provide the most secure and convenient way to purchase crypto with cash. Yes, most BATM models do support other popular cryptocurrencies such as ETH, Litecoin (LTC), and Ripple (XRP) but currently, ADA can’t be found on their list.
So, let’s move to the next-best solution—P2P (peer-to-peer) exchanges. This type of crypto service doesn’t operate as a third-party intermediary between the buyer and the seller. Instead, P2P exchanges permit users freedom to set the payment terms on their own. Hence, you’ll have to browse for a seller that accepts cash in exchange for ADA and arrange a face-to-face meeting with them. As uncertain as it may sound, P2P exchanges like LocalBitcoins and Paxful do offer escrow service protection as well as a user rating system.
Buying Cardano With PayPal
When it comes to crypto purchases, there is no direct rollout of PayPal payments across the territory of Australia. On an international level, the range of PayPal is narrow too—you can rely on eToro, a multi-asset brokerage service with the main focus on CFDs, social trading, and instant purchases with various payment methods.
However, if you want to buy Cardano using your PayPal account, the best thing you can do is turn to P2P exchanges—their diverse community has provided solid grounds for P2P payments.
Buy Bitcoin With Another Crypto
You can buy Cardano in exchange for some bitcoins or other altcoins you own. Crypto trading platforms designed for such crypto swaps are the central marketplace in the industry, so you won’t face any problems finding a reputable one. Ultimately, your choice will fall on the exchange that has a liquidity pool for a trading pair consisting of ADA and the currency in your possession. On Binance, for example, you can get ADA in exchange for BTC and ETH. Read the full list of all available ADA markets here.
How to Store Cardano
Before anything else, you should provide safe storage of your ADA coins. Don’t overlook this step, the storage space for cryptocurrencies is called a digital crypto wallet. Cardano is one of the few altcoins that features officially-supported ADA wallets even though you can successfully store it in many third-party multi-currency wallets.
As a result of the unexpected crypto expansion, the surge for a reliable wallet has been greater than ever, and while the market spares no efforts to respond to users’ specific needs, choosing the most appropriate one becomes a bit overwhelming.
To make the selection a bit easier, let’s discuss crypto wallets in more general terms.
Online crypto wallets are exceptionally convenient web platforms that provide smooth access and transfers of your ADA coins. The majority of multi-currency centralized exchanges like Swyftx and Binance offer custodian wallets within your exchange accounts and take full responsibility for the safety of your private keys.
On the other hand, the AdaLite wallet is an independent web wallet, designed specifically for Cardano holders. It features a user-friendly interface and easy navigation of your tokens. However, keeping a substantial ADA amount of any web-based wallet isn’t the best-favoured alternative. Virtual space is prone to scams and swindles despite the robust security standards of modern crypto exchanges.
As their name suggests, software wallets come in the form of a downloadable desktop or mobile app (or both). Similar to online wallets, wallet apps are handled with exceptional ease, even though they require prior setting and installation. However, software wallets give you full control over your private keys as they “stay” within the device.
This doesn’t mean wallet apps can execute transfers without an internet connection, so it only makes them slightly better protected than browser-based wallets. For this reason, both online and software wallets go by the common name of hot storage.
The official Cardano wallet—Daedalus—belongs to this category of crypto wallets. It’s a desktop app compatible with Windows, macOS, and Linux operating systems. The company hasn’t released a separate mobile app yet. Daedalus has been built on an open-source Electron platform and it’s highly secure for a software app. It comes as a full-node app which means that you’ll have to download the entire blockchain and leave some waiting time for full synchronization. Finally, you should know that Daedalus supports Cardano exclusively but there are some unofficial announcements for expanding its scope of supported coins to BTC and ETH.
They may not be the handiest storage solution for your Cardano but hardware crypto wallets offer the ultimate protection level of your cryptocurrencies as they perform no operations online. Namely, hardware wallets are real gadgets that have the appearance of an external drive where we keep valuable photos and documents. In order to execute a transfer, you’ll need to plug the device into a computer or a mobile phone and give commands through the little built-in device screen.
Frequently Asked Questions
What’s the best exchange to buy ADA in Australia?
As a top-ranked market-cap cryptocurrency, ADA is supported by all multi-currency exchanges available in Australia. Given that Australia has evolved into a widely developed environment for cryptocurrency trading, there is a broad spectrum of regulated exchanges that enable you to buy, sell, and trade Cardano.
Users enter the crypto world from diverse experience backgrounds so there’s no general answer to what’s the best cryptocurrency exchange. However, there is a generally determined balance of traits that make a reliable one. These include high-security standards, a user-friendly interface, low-fee deposits with Australian Dollars, compatible trading fees, and responsive customer support.
What’s Cardano’s maximum supply?
Cardano is a deflationary crypto asset with a strict maximum of 45 million ADA. According to some rough calculations, the full capacity of circulating coins will be reached after a few decades.
Can Cardano be mined?
You don’t generate new ADA coins through a traditional crypto “mining” process that operates by adding new blocks on the blockchain network. In order to validate a transaction, Bitcoin miners use a proof-of-work system to connect the newly created blocks with the previous blocks. With Cardano, the main difference is that ADA is a pre-mined coin that uses proof-of-stake consensus to confirm new transactions and it can be only “staked” on an exchange as a stakeholder representative. In other words, the more money you invest in the stake (block), the higher the chance of generating a new block and hence, get transaction fees as a reward.