Sterling Savvy

>

How to Buy Cardano UK 2024

Tobi Opeyemi Amure
Reviewed by:
How to buy Cardano UK

In a nutshell, the easiest way to buy Cardano in the UK is to buy it online from a crypto exchange, such as eToro, Coinbase, or Uphold. Crypto exchanges make it easy to buy and sell Cardano directly from your smartphone, tablet, or computer.

My beginner’s guide aims to provide you with a straightforward guide on how to buy Cardano in the UK, covering essential aspects like selecting the right exchange, payment methods, and security precautions.

Here’s a quick step-by-step guide if you are short on time:

How to Buy Cardano for Beginners

Here’s how to buy Cardano in the UK for beginners:

  1. Select a cryptocurrency platform: First, identify the platform where you’ll make your purchase. I suggest eToro for its user-friendly interface, cost-effective rates and impressive copy trading functionalities. However, if you prefer to make an independent choice, evaluate aspects like user experience, transaction fees, features, compliance with regulations and overall security.
  2. Register for an account: Navigate to your chosen platform’s website to initiate the account setup. This is a brief process—simply provide some basic personal information and confirm your identity to proceed.
  3. Determine your investment size: Decide on the amount of ADA you wish to buy. Once you have a specific amount in mind, go ahead to the next phase.
  4. Add funds to your eToro account: Locate the ‘Deposit Funds’ option at the bottom left corner of your eToro interface. Choose your favored payment technique and finalise the deposit.
  5. Execute the ADA purchase: Type ‘ADA’ into the search field at the upper part of your screen. When it shows up, hit ‘Trade’, input your desired purchase amount, and then click on ‘Open Trade’ to finalise the transaction.
This article was reviewed by Tobi Opeyemi Amure, a cryptocurrency expert and writer at InvestopediaInvesting.com, and Trading.biz.

Where to Buy Cardano UK?

Take a look at the list I’ve prepared below of the best places to buy Cardano in the UK.

I’ve chosen these platforms based on their user-friendly interfaces, accessibility, and security features.

1. eToro – Overall best place to buy Cardano UK

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro, the overall best place to buy Cardano in the UK.

If you’re looking to buy Cardano in the UK, eToro is a great option for you. You’ll feel like you’re part of a bustling trading floor with their user-friendly platform.

eToro is a social trading and investment platform that allows users to buy, sell, and trade cryptocurrencies, including Cardano.

One of the great features of eToro is its CopyTrader tool, which allows you to automatically copy the trades of other successful traders. This is a great way to learn from the best and potentially make more profitable trades.

Additionally, eToro has a wide range of payment options, including bank transfers, debit cards, and e-wallets, making it easy to deposit funds and start trading Cardano.

If you’re looking for a reliable, user-friendly platform to buy Cardano in the UK, eToro is definitely worth checking out.

Finally, it’s worth noting that as of 2023, eToro announced that they reached 30 million registered users worldwide.

On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.

eToro review on Trustpilot.

Read my complete eToro review.

  • Fees: Crypto trading fees are 1%.
  • Supported Assets: 92 cryptocurrencies, stocks, indices, commodities, fiat currencies and ETFs.
  • Customer Support: 24/5 support via live chat, email and ticket system.
  • GBP Deposit Methods: Bank Transfer, Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.

2. Uphold – Best ADA exchange for a large selection of other altcoins

Uphold - Best ADA exchange for a large selection of other altcoins.

You’ll find Uphold to be a reliable and user-friendly platform for purchasing Cardano in the UK.

The platform offers a simple way to buy Cardano using a wide range of payment methods, including bank transfers, debit/credit cards, and even cryptocurrencies.

This makes it easy for UK residents to get started with buying Cardano without any hassle.

One of the key features of Uphold is its competitive pricing model, which allows users to buy Cardano at some of the lowest fees in the industry.

The platform also offers a high level of security, with all transactions being processed through a secure payment gateway, and users’ personal information and funds being kept safe with multi-layered security measures.

Additionally, Uphold is an established and reputable platform, with a proven track record of providing reliable and efficient services to its users.

Overall, if you’re looking for a reliable and user-friendly platform to buy Cardano in the UK, Uphold is definitely worth considering.

Read my complete Uphold review.

  • Fees: Deposits are free when funded by a bank account, debit/credit card, using Bitcoin, or from another Uphold account. Crypto trading fees range between 0.8% and 1.2%.
  • Supported Assets: 250+ cryptos, shares, precious metals and fiat currencies.
  • Regulation: FCA.
  • Customer Support: 24/7 support via live chat and email.
  • GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.

3. Coinbase – Beginner-friendly place to buy Cardano in the UK

Coinbase - Beginner-friendly place to buy Cardano in the UK.

When using Coinbase, you’ll find that the platform offers a variety of features and tools that can help you manage your Cardano investments more effectively.

You can also set price alerts that notify you when Cardano reaches a certain price point, enabling you to make informed decisions about when to buy or sell.

In addition, Coinbase offers a secure platform for storing your Cardano.

The platform uses industry-leading security practices, such as two-factor authentication and cold storage, to protect your investments from hackers and other threats.

Moreover, Coinbase provides insurance for its users’ funds, adding an extra layer of protection to your Cardano holdings.

Overall, Coinbase is a reliable and user-friendly platform that can help you buy, sell, and store Cardano in the UK.

Read my complete Coinbase review.

  • Fees: 0% – 3.99%. Varies by type of transaction; other fees may apply.
  • Supported Assets: 200+ cryptos.
  • Regulation: FCA.
  • Customer Support: Live messaging support is available 24 hours a day, seven days a week (although it can be quite slow).
  • GBP Deposit Methods: Bank Transfer, Faster Payments Transfer, SEPA, 3D Secure Card.

How to Buy Cardano UK

To buy Cardano (ADA) in the UK, follow these steps:

  1. Set up a cryptocurrency exchange account: Choose a reputable cryptocurrency exchange that supports ADA and operates in the UK. Some popular options include eToro, Coinbase, and Uphold.
  2. Complete the registration process: Sign up for an account on your chosen exchange by providing the required information, such as your email address, a secure password, and in some cases, identity verification documents as per Know Your Customer (KYC) regulations.
  3. Fund your account: Once your account is verified, deposit funds into your exchange account. Most exchanges offer various funding options, including bank transfers or debit/credit card payments. Select the method that suits you best.
  4. Locate ADA on the exchange: Navigate to the exchange’s trading platform and search for Cardano (ADA) among the listed cryptocurrencies. Make sure you select the correct trading pair if you’re looking to trade ADA against a specific fiat currency or another cryptocurrency.
  5. Place your buy order: Specify the amount of ADA you wish to purchase and review the order details. Take note of any applicable trading fees or commissions. Once you are satisfied, execute the buy order.
  6. Securely store your ADA: After the purchase is complete, consider transferring your ADA to a personal cryptocurrency wallet for enhanced security. Wallet options include hardware wallets, software wallets, or mobile wallets. Ensure you follow the proper security measures to protect your assets.

Remember, investing in cryptocurrencies carries risks, so it’s important to do your own research, understand the market, and only invest what you can afford to lose.

Stay informed about the latest developments in Cardano and monitor your investment accordingly.

What Is Cardano?

Cardano is a blockchain platform and cryptocurrency known for its scientific approach and peer-reviewed protocols. It aims to provide a secure and scalable infrastructure for decentralised applications (dApps) and smart contracts.

Cardano’s native cryptocurrency is ADA, which can be staked for network participation and used for transactions and governance. With a focus on research and modularity, Cardano aims to be a leading player in the blockchain industry.

How Does Cardano Work?

Cardano operates through a multi-layered blockchain platform that utilises a unique proof-of-stake consensus algorithm called Ouroboros.

Here’s how Cardano works.

Settlement Layer: At the core of Cardano is the settlement layer, responsible for handling ADA transactions. It ensures secure and fast transfers of ADA between addresses. The settlement layer employs the Ouroboros protocol to achieve consensus among network participants, who can also stake their ADA to help secure the network and earn rewards.

Computation Layer: On top of the settlement layer, Cardano incorporates a separate computation layer. This layer is designed to support smart contracts and decentralised applications (dApps). By separating computation from settlement, Cardano aims to enhance security, scalability, and flexibility. This layer supports different programming languages, making it accessible to developers with varied coding backgrounds.

Plutus & Marlowe: Cardano provides two distinct development environments. Plutus is a functional programming language for building complex smart contracts, while Marlowe is a simplified domain-specific language tailored for creating financial contracts and dApps with predetermined behaviors. These environments allow developers to create secure and verifiable applications on the Cardano platform.

Governance and Voting: Cardano incorporates a decentralised governance model, enabling ADA holders to participate in decision-making processes. Through a voting system, stakeholders can propose and vote on protocol upgrades, funding allocation, and policy changes. This democratic approach aims to ensure the platform’s evolution aligns with the community’s interests.

Research and Peer Review: Cardano emphasises scientific research and formal methods to enhance security, reliability, and innovation. Its protocols and developments undergo rigorous academic scrutiny and peer review before implementation, ensuring a strong foundation and advancing the understanding of blockchain technology.

By combining these elements, Cardano strives to offer a secure, scalable, and sustainable blockchain platform that supports various use cases, fosters developer-friendly environments, and incorporates decentralised governance to ensure the platform’s future growth and adaptability.

Commonly Asked Questions About Cardano

Is Cardano Safe?

Cardano aims to prioritise security and employs several measures to enhance the safety of its platform.

Here are some factors that contribute to the safety of Cardano:

1. Peer-reviewed Approach: Cardano takes a scientific approach to its development and protocols. Its designs and advancements undergo rigorous peer review by experts, ensuring a robust and secure foundation.

2. Consensus Algorithm: Cardano utilises the Ouroboros proof-of-stake consensus algorithm, which has been extensively researched and analysed. This algorithm helps secure the network, prevents double-spending, and maintains the integrity of transactions.

3. Layered Architecture: Cardano’s multi-layered architecture separates the settlement layer (for transactions) from the computation layer (for smart contracts and dApps). This design enhances security by isolating critical components and preventing potential vulnerabilities from affecting the entire system.

4. Secure Programming Languages: Cardano offers Plutus and Marlowe as development languages. Plutus is based on the Haskell functional programming language, known for its emphasis on correctness and security. By using secure programming languages, Cardano aims to mitigate the risk of coding errors and vulnerabilities in smart contracts.

5. Ongoing Security Audits: The Cardano development team is committed to regular security audits and testing to identify and address any potential vulnerabilities or weaknesses in the system. This proactive approach helps ensure continuous improvement and enhances the platform’s overall safety.

However, it’s important to note that no system is entirely immune to risks or attacks. While Cardano strives to provide a secure environment, users must also exercise caution, follow best security practices, and be mindful of potential risks associated with managing their own wallets and private keys.

As with any investment or participation in the cryptocurrency space, it’s recommended to conduct thorough research, stay informed about the latest developments, and exercise due diligence to make informed decisions and protect your assets.

What Makes Cardano Unique?

Cardano stands out for its scientific approach, peer-reviewed protocols, and commitment to scalability, sustainability, and security. It separates its settlement and computation layers, offers secure programming languages, and incorporates decentralised governance. 

Cardano’s emphasis on research, rigorous development, and layered architecture makes it unique in the blockchain space.

Is Cardano legal in the UK?

Yes, Cardano and other cryptocurrencies are legal in the UK. The UK government recognises cryptocurrencies as property, and they are subject to existing laws and regulations.

The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial activities in the UK, has implemented regulations to combat money laundering and ensure consumer protection in the cryptocurrency space.

Cryptocurrency exchanges and service providers in the UK must comply with these regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

It’s essential to note that the legal status and regulatory environment surrounding cryptocurrencies can vary from country to country.

While cryptocurrencies are legal in the UK, it’s advisable to stay updated on any changes in regulations and consult with legal and financial professionals for specific guidance related to your situation.

Can I Buy Cardano With GBP?

Yes, it is possible to buy Cardano (ADA) with GBP (Great British Pound). Several cryptocurrency exchanges and platforms that operate in the UK offer the option to purchase Cardano directly with GBP. 

You can search for reputable exchanges that support ADA/GBP trading pairs to facilitate the purchase. It’s important to consider factors such as fees, security, and user experience when selecting the exchange or platform that best suits your needs.

Is Cardano a Good Investment?

Whether Cardano (ADA) is a good investment or not depends on various factors, including individual financial goals, risk tolerance, and market conditions. 

It’s crucial to conduct thorough research, analyse the project’s fundamentals, evaluate its growth potential, and consider expert opinions before making any investment decisions.

Keep in mind that investing in cryptocurrencies, including Cardano, carries inherent risks due to the volatility and speculative nature of the market. It’s advisable to seek guidance from a qualified financial advisor or do your due diligence before investing in any cryptocurrency. 

Additionally, only invest what you can afford to lose and consider diversifying your investment portfolio to mitigate risks.

What Is Cardano Trading?

Cardano trading refers to the buying and selling of Cardano (ADA) cryptocurrency on various platforms, such as cryptocurrency exchanges. Traders engage in Cardano trading to potentially profit from price fluctuations. 

They aim to buy Cardano at a lower price and sell it at a higher price, taking advantage of market movements.

Cardano trading can involve short-term trades, where traders take advantage of short-lived price movements, or long-term investment strategies based on analysis and predictions of Cardano’s future growth potential. 

Traders may use technical analysis tools, charts, and market indicators to inform their trading decisions.

What Happens After I Buy Cardano?

After you buy Cardano (ADA), several actions can be taken depending on your intentions and preferences.

Here are some common steps that individuals take after purchasing Cardano:

  1. Wallet Setup: It is recommended to set up a secure wallet to store your Cardano. Wallets can be software-based (desktop or mobile), hardware devices, or web-based options. Ensure that you follow the wallet provider’s instructions to secure your funds and store your wallet’s recovery phrase or private key in a safe place.
  2. Asset Management: Decide whether you want to hold Cardano as a long-term investment or engage in active trading. If you plan to hold Cardano, you can keep it securely in your wallet, monitoring its value over time. For trading purposes, you may transfer your Cardano to a trading platform or exchange.
  3. Security Measures: Take necessary security precautions to protect your Cardano holdings. Use strong and unique passwords, enable two-factor authentication on your accounts, and be cautious of phishing attempts and fraudulent activities. Regularly update your software and keep informed about potential security risks.
  4. Staying Informed: Stay up-to-date with the latest news, developments, and community updates related to Cardano. This will help you make informed decisions about the future of your investment and remain aware of any important protocol upgrades, partnerships, or market trends that may impact the value of Cardano.
  5. Portfolio Management: If you have a diverse investment portfolio, regularly review and rebalance your holdings to ensure they align with your investment goals and risk tolerance. Consider consulting with a financial advisor for personalised guidance and strategies.

Is Cardano Taxed in the UK?

Yes, Cardano and other cryptocurrencies are subject to taxation in the UK. The UK tax authority, HM Revenue & Customs (HMRC), treats cryptocurrencies like Cardano as taxable assets rather than currencies.

The tax treatment can vary depending on the specific activities involving Cardano, such as buying, selling, mining, or receiving it as payment.

Here are some key points to consider regarding Cardano taxation in the UK:

Capital Gains Tax: When you sell or dispose of Cardano, any capital gains made may be subject to Capital Gains Tax. The tax is calculated based on the difference between the acquisition cost and the disposal proceeds.

Income Tax: If you receive Cardano as payment for goods or services or receive mining rewards, it may be subject to Income Tax. The value of Cardano received should be converted to the equivalent fiat currency value at the time of receipt for tax purposes.

Trading and Speculative Activity: If you are actively trading Cardano as a business or engaging in speculative activities, profits and losses from such activities may be subject to Income Tax or Corporation Tax.

Record-Keeping and Reporting: It’s important to maintain accurate records of Cardano transactions, including dates, values, and any associated costs. These records will be crucial for calculating tax liabilities and reporting them to HMRC.

Professional Advice: Due to the complex nature of cryptocurrency taxation, it’s advisable to consult with a qualified tax professional or accountant who is knowledgeable in cryptocurrencies to ensure compliance with tax regulations.

Final Thoughts

Purchasing Cardano (ADA) in the UK has never been easier, thanks to the growing availability of user-friendly platforms. 

By selecting the best place to buy Cardano, you can confidently enter the world of cryptocurrencies, and benefit from competitive prices, robust security measures, and seamless user experiences.

My guide has reviewed some of the top platforms available in the UK for buying Cardano. Whether you prefer established exchanges or beginner-friendly apps, these platforms offer a range of features such as user support, regulatory compliance, and competitive fees.

Remember to conduct thorough research, understand the risks associated with cryptocurrencies, and invest responsibly. 

With the right knowledge and a suitable platform, buying Cardano can be an exciting opportunity to explore the potential of the dynamic crypto market.

FAQs

What is the best app to buy Cardano in the UK?

eToro is a popular app for buying Cardano in the UK, offering a user-friendly interface, secure transactions, and a wide range of cryptocurrency options, including Cardano (ADA).

What is the safest way to buy Cardano?

The safest way to buy Cardano is by using reputable cryptocurrency exchanges or platforms that prioritise security measures, offer robust user protection, and have a strong track record of safeguarding user funds and personal information.

Can I buy Cardano with a credit or debit card?

Yes, you can buy Cardano (ADA) with a credit or debit card on various cryptocurrency exchanges and platforms that support card payments.

What’s the easiest way to buy Cardano?

The easiest way to buy Cardano is by using a user-friendly cryptocurrency exchange or platform that offers a straightforward process for purchasing Cardano (ADA) with clear instructions and a simple user interface.

What’s the cheapest way to buy Cardano?

The cheapest way to buy Cardano is by comparing fees and finding a cryptocurrency exchange or platform that offers competitive rates and low transaction fees for purchasing Cardano (ADA).

How to buy Cardano without fees?

It is unlikely to buy Cardano without any fees. Most cryptocurrency exchanges and platforms charge fees for buying and selling Cardano (ADA) as part of their services. However, you can compare different exchanges to find platforms with lower fees or promotional offers to reduce costs.

What is the best way to buy Cardano?

The best way to buy Cardano (ADA) is to use a reputable cryptocurrency exchange that lists the asset and complies with necessary regulations. After registering and completing identity verification, deposit funds into your account using accepted payment methods like bank transfers or credit cards. Then, navigate to the trading platform, select Cardano from the list of available cryptocurrencies, and execute your purchase.

You may also like:

Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

View Profile

Advertiser Disclosure

We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.