Note: This is not investment advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class.
"How to buy Cardano (ADA)" is a trending query that's skyrocketing in popularity on the Google search engine, and I'm not surprised by the sudden spike. After Tesla CEO Elon Musk called Bitcoin out for being an energy-guzzling network, Cardano and ADA (the coin that runs on Cardano's blockchain) caught investors' eyes because it's known as one of the most energy-efficient crypto protocols.
Cardano is also widely known as a savage Ethereum rival; it's cheaper and faster than Ethereum. It's also the third-largest cryptocurrency in the world, so Ethereum must be sweating bullets; Cardano's hot on its tail.
That being said, Cardano is getting some shine because crypto pundits believe it could potentially outperform Ethereum. Forbes recently reported that Dogecoin millionaire Glauber Contessoto dubbed ADA as the next big altcoin, which likely contributed to Cardano's surge in popularity. There's no guarantee that he's right, but if you aren't afraid to take the risky plunge, here's a quick tutorial on how to purchase Cardano (ADA).
How to buy Cardano ADA
Fortunately, Cardano is a well-established altcoin, so it's an asset that you can find on almost every crypto trading platform. Here's how to buy Cardano (ADA) on Coinbase Pro.
Fund your Coinbase Pro account before buying Cardano (ADA)
1. Log in to Coinbase Pro.
2. Go to "Portfolios" and click on "Deposit," which is located at the top-right corner.
2. Click on the currency you'd like to use to exchange for ADA (in this case, it's USD).
3. Next, you're going to choose how you'd like to fund your Coinbase Pro account. There are two main options: Bank Account and Wire Transfer (there's a $10 fee for wire transfers in addition to whatever your bank charges). For this tutorial, we'll be clicking on "Bank Account."
4. Input how much ADA you'd like to buy and click on "Withdraw."
How to buy Cardano (ADA) with your funds
1. Click on "Trade" and click "Select Market." Click on "ADA-USD."
2. Make sure the "Buy" button is selected under "Order Form."
3. Input how much ADA you'd like to purchase in the "Amount" field.
4. Click on "Place Buy Order."
There you have it. You've just made your first Cardano (ADA) purchase. You can also buy ADA on regular Coinbase (as opposed to the Pro platform), but Coinbase Pro has lower fees.
Keep in mind that cryptocurrency is a highly volatile asset class. Please exercise sufficient risk management. As with any investment, only invest what you can afford to lose.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!