Over 24% of Australian Crypto investors hold Cardano. Cardano is a new cryptocurrency that can significantly improve what is being currently offered in the market. However, since Cardano is still in its infancy stage, you should know a few things before buying this coin.
Here is a quick crypto guide that will tell you everything you need to know about where to buy Cardano Australia.
Table of Contents
How to Buy Cardano from an Exchange?
When you buy Cardano in Australia, you must understand which platform you are buying from. There are three different ways to buy:
- Buying cryptocurrency directly from another person, without the need for an exchange
- Buying cryptocurrency through a direct exchange service, where they do not have their wallet available
- Buying cryptocurrency via an online or offline exchange
The first option (buying from another person) is not recommended as it can be risky. The second option (buying through a direct exchange service) is to give the service your money, and they will then send the Cardano to your wallet. So, this is a good option if you are unsure how to set up a wallet or do not trust yourself to store it in an online wallet. The third option (buying through an exchange) allows you to purchase cryptocurrency directly from them with your Australian dollars.
Also read Detailed Guide to Choose A Reputable Cryptocurrency Exchange!
Below are the steps to buy Cardano in Australia:
Step 1: Register on the Exchange
To buy Cardano on an exchange, you will need to create an account with them. This usually requires your name and email address. After registering on the crypto exchange, you will need to set up your account to buy cryptocurrency. You will also be asked for personal details for the transaction to go through safely. Everyone has different methods in how they want their accounts set up.
Here are some things that people may include when setting it up:
- Email address – Password (make it something you will not remember by heart).
- Two-factor authentication (2FA) – This is important because your account is protected if someone finds your password and steals your money. 2FA uses a code sent to your phone or email to verify the transaction and ensure you make the purchase.
- Google Authenticator – This is an app that you can download on your phone, which will provide you with a six-digit unique code that changes every 30 seconds. This code is also needed for you to make transactions on the exchange.
- Know Your Customer (KYC) – Some exchanges may require you to complete KYC before you can buy Cardano. In this process, the exchange will ask for your details, such as your name, address, and date of birth. This is so that they can verify that you are who you say you are.
Step 2: Deposit Money into Your Account
After you have registered on the crypto exchange and set up your account, you will need to deposit some Australian dollars into it. Some exchanges may also allow you to deposit an alternate currency (such as Euros), and then they will convert it to Australian dollars for you.
Check this before signing up so that you can work out how much the cost of each trade will be. Some exchanges will limit the amount of money you can deposit, so it is best to check this with them before opening an account.
Step 3: Fund Your Cardano Wallet
You will not be given a wallet address to transfer your cryptocurrency when buying from an exchange. Instead, you will be given a unique key to access your account on the exchange. You will need to keep this key safe as it is the only way to access your funds.
If you are buying Cardano through a direct exchange service, they will send the cryptocurrency to your wallet address that you provide them. Make sure that this wallet address is correct, as they will not refund you if you send it to the wrong one.
If you are buying Cardano through an exchange, once your funds have been transferred into your account, you will then be able to buy Cardano with Australian dollars.
Step 4: Buy Cardano
Once your funds have been deposited and you have created a wallet address, you will be able to buy Cardano. Check the latest Cardano prices on the exchange. Type in the amount of Australian dollars you want to spend or the number of Cardano you want to buy. If you buy a large amount of Cardano, the price may not be as accurate as when buying a small amount. This is because the price constantly changes and does not always accurately reflect the market.
Therefore, make sure you know the current market value of Cardano before making a purchase. You can do this by checking online or through another exchange.
