Cardano is a cryptocurrency much the same way as Bitcoin. It is largely intended for smart contracts and is hence fashioned alongside Ethereum. With this cryptocurrency, it is possible for you to settle payments. In all, it is also interoperable, scalable, and sustainable in the long run.
Though still in its infancy, this cryptocurrency has demonstrated some promising performances in the long run. Particularly, it is easier to store, buy and sell. Furthermore, it is presently enjoying widespread adoption as many business and private entities are quickly and steadily accepting it.
How to buy Cardano on Binance Summary
Follow this steps to buy Cardano on Binance:
- Create a Binance account
- Enter invite code to get Bonus: C3JJ7VEM
- Fund your Binance account with Bitcoin or fiat currency
- Purchase Cardano
- Withdraw the Cardano to your Wallet
What is Binance?
Binance on the other hand is a cryptocurrency exchange platform that basically lets you trade various cryptocurrencies. It gives users leeway to buy, sell, deposit, or withdraw cryptocurrencies of various kinds. The platform is based in Shanghai, China but has a wider presence.
But how do you purchase Cardano via the Binance platform? What are the steps involved? What about the precautions to be adhered to when going about the business? Well, our goal in this article endeavors to answer those questions.
Here below, we dig deeper into the steps you ought to take to purchase the Cardano cryptocurrency on Binance.
Follow this steps to buy Cardano on Binance:
Below are the steps you may need to follow to buy Cardano on Binance:
Step 1 – Sign up for Binance
Kickstart the entire exercise by signing up for a Binance account. To do this, simply go to the main website www.binance.com and then click ‘Register.’ You shall then provide your personal details like name, username, password, e-mail address, bank account details, and location, among others.
Chances are that the service is banned in your country. If this is the case, you may have to first and foremost download and install a VPN on your smartphone or computing device. The best VPN we recommend for the job is Surfshark owing to its excellent track record.
After installing the VPN, you have to set your country to a location that is in fact allowed by the platform. This is to bypass those geo-restrictions while at the same time allowing you to access the services normally as you would have you not been banned.
Step 2 – Fund your Binance account with Bitcoin or fiat currency
In this next step, you are supposed to fund your Binance account with Bitcoin or fiat currency. This is to see to it that you have enough cash to acquire the Cardano cryptocurrency. Purchasing Cardano is much like exchanging one currency for another one.
For a large part, this Binance platform only allows you to purchase using Bitcoins and nothing else. That is why you have to make appropriate arrangements to load your account with it. To fund your Binance account, follow the procedures below:
- Go to “Funds”
- Then “Deposits”
- Locate your Bitcoin address
- Deposit Bitcoin to your Binance Bitcoin address
- Wait for the funds to be reflected in your account
Step 3 – Purchase Cardano
This stage forms the crux of the entire exercise. It is at this stage that you in fact exchange your Bitcoins for Cardano. It is worth noting that the prices of these currencies do fluctuate markedly with time.
You hence have to check and ascertain the existing values and exchange rates at the time before embarking on an exchange. Follow this with computing how much Cardano you are most likely to purchase with the given level of Bitcoin balance you have.
After the funds have been reflected in your account, the time has now come for you to make the purchase. To actualize this, you have to:
- Go to “Exchange”
- Then “Basic”
- Proceed to search for the ADA/BTC pair
- Specify the amount of ADA (Cardano) you would wish to purchase
Step 4 – Withdraw your cryptocurrency
In this last step, you should now withdraw your cryptocurrency to your wallet. Digital wallets give you the freedom to stash the cryptos and retrieve them at will. If you have no wallet already, probably this might be the best time to acquire one. Some of the most reliable wallets for the job are Safepal, Atomic Wallet, and the Trustwallet, to name but a few!
Though not necessary, at least at this stage, you may also wish to convert your crypto into fiat money. Fiat money refers to ordinary notes and coins that are backed by the central banks of the home countries. The steps below will most definitely help with that:
- Identify a bank that supports such a conversion
- Create an account
- Inter-link your crypto wallet with this bank account
- Prompt your crypto to transfer the sum of your interest to your bank account
- Wait for the transaction to be reflected in your bank account
- Withdraw the fiat money via your ATM the normal way
Just to recap an earlier point, Cardano is growing rapidly in popularity inasmuch as it is largely in its infancy. If you are futuristic and would wish to make the best of your money and investments, it is a cryptocurrency to set your eyes on.
Suffice it to say, the crypto is presently facing fierce competition from many other currencies of its kind in the market. EOS, IOTA, and Ethereum are core examples of these. This notwithstanding, this crypto has a host of superior advantages that make it great and preferable in the long run.