If you have done some research on cryptocurrency, you have likely heard of Cardano and the associated coin ADA, which is one of the most valuable cryptocurrencies in the world. If you believe in the future of the proof-of-stake Cardano blockchain, you might have decided you want to buy some ADA. So how do you get your hands on some ADA? Keep reading and we will show you how to do so easily.
Where to buy ADA (Cardano)?
ADA is a very popular and frequently-traded coin, so it can be found at most cryptocurrency exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy ADA (Cardano), I will include screenshots from my personal Swyftx account, so you can also open an account with Swyftx if you want to easily follow along. The reason I choose Swyftx as my cryptocurrency exchange is for the following reasons:
- Over 280+ different cryptocurrencies supported, including ADA
- Low trading fees of 0.6%
- Mobile app to buy or sell anywhere
- Staking on 12 coins, to earn interest while I invest
- Live Chat customer support
- Free deposits and withdrawals
- Credit/Debit card deposits supported
Exchanges where you can buy ADA
How to buy ADA (Cardano)?
7 easy steps
Buying ADA is really easy, all you have to do is follow along with these simple steps, and you will have your own ADA in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with Swyftx. You can also read my Swyftx review first before you decide.
To sign up with Swyftx, click this link and you will be taken to a page like the screenshot below. Simply enter your name, country of residence, phone and email, then create a password, and click Create Account.
2. Verify your account
After creating the account, you should be automatically taken to a screen where you can verify your account. If not, you can find it under Profile, and Verification. You will see in my screenshot below that I have already verified; if you have just opened an account, the Email, Phone and Identity boxes will be red, and unverified. Click on each of the boxes and follow the prompts to verify your account, which only takes a few minutes.
3. Deposit money into your account
Once your account is verified, you are ready to send some money to your Swyftx account. Click on Quick Deposit, then click Deposit AUD (outlined in a green box in the screenshot) and you will be taken to the screen shown below. You will see there are several deposit methods available on Swyftx, which are all free of charge. Choose which method is suitable for you. Many users like to use Bank transfer or POLi because they are both instant. However, please note that on your first deposit it may be held for about 24 hours by your bank.
When you have decided on a payment method, click the dropdown arrow next to the deposit method and follow the straightforward instructions to deposit AUD into your account.
4. Go to the Buy section in your account
When you have received the AUD that you deposited in your Swyftx account, it's time to go to the Buy page. Click on Trade and then Buy (highlighted in blue on the left side of screenshot below), and then type in ADA or Cardano in the search field (outlined in the green box in the screenshot). Click on Cardano under the Assets list directly under the search field and now your screen should look like the one below, albeit with a different price.
5. Select how much ADA you want to buy
Now it's time to decide how much AUD you want to spend to buy ADA. In the screenshot below you can see the price of 1 ADA coin (outlined in the green box), which is approximately $1.84 at the time of writing. You can choose how many ADA coins you want to buy, or the easier option is to choose the dollar amount you want to use. In the screenshot below I have input $1000 as an example, (outlined in the red box), and it shows that it equals 540 ADA coins, after the 0.6% transaction fee is taken. Once you are happy with that, you can click on Instant Buy.
6. Buy ADA (Cardano)
When you click on Instant Buy, a pop-up confirmation window will appear, like the one in the screenshot below. You can check how much AUD you are paying, how many ADA coins you will receive in return, and the fee you are paying. If all the details are correct, click on the green Confirm Buy button and the purchase will be completed!
7. Stake ADA or store it safely
Now that you have made your purchase of ADA, you should be able to see it in your balance on the bottom left of the screen (outlined in green in the screenshot below). Now you can either stake your ADA or hold it in a secure wallet. First we will talk about staking. This is where you use your cryptocurrency (in this case ADA) to validate transactions on the proof-of-stake blockchain, and receive rewards in return. In simple terms, you leave your ADA untouched and receive interest on it, similar to how you earn interest in a bank account. The interest you receive is paid out in more ADA coins, so you are slowly growing the amount of ADA you own, while you invest. You can read this article about the best places to stake ADA, or you can follow the easy steps to stake it in Swyftx.
Staking ADA on Swyftx
To stake ADA on Swyftx, click on Staking (outlined in red in the screenshot above). You will then see a screen like the one below. These are all the coins you can stake. Scroll down until you see Cardano (ADA).
To stake your ADA, click on the + symbol, outlined in green below, and a pop-up window will appear. Simply type in how many ADA coins you want to stake and then click the Stake button. Easy as that, you will start earning rewards, which will be paid to you regularly. At the time of writing, the estimated annualised returns you receive is 4.9%.
Storing ADA securely
If you prefer to hold your ADA safely in a wallet, instead of on Swyftx or any other crypto exchange, the best way is to move it to a wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell, own and stake ADA (Cardano) in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can follow the steps in this guide to purchase ADA using your debit/credit card. At Step 3, select the credit/debit card option.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy ADA in Australia. Swyftx is one of the best crypto exchanges in Australia, and you can be assured that it is safe to buy ADA using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Ethereum or Solana, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of ADA.