Are you a beginner and wondering how to buy Cardano (ADA) in Australia but don't know where to start? If so, this simple guide will show you how easy it is to acquire Cardano using some of the best Australian crypto platforms. This how-to article will explain step-by-step the process to follow to invest in Cardano using Australian Dollars.
Cardano is a blockchain project that aims to provide a secure and scalable means of transfer for Governments, businesses and individuals. It uses the cryptocurrency "ADA", which can be used to send and receive digital funds. The project was founded by Charles Hoskinson, co-founder of Ethereum, to “provide a more balanced and sustainable ecosystem” for cryptocurrencies.
The vision of Cardano is to represent the future of money, making quick and direct digital currency transfers that are secure through the use of the blockchain. It is a technological platform intended to allow for financial applications to be used by everyone from individuals to governments. For more information, read our guide on the Cardano basics and what it can be used for.
- Register for an account with an Australian crypto platform such as Swyftx
- Complete the signup registration process and verify your email
- Deposit funds in Australian Dollars into the account
- Select Cardano (ADA) from the asset list and click on 'Buy Cardano'
- Enter the amount of ADA to buy using AUD balance
- Review and complete the trade
To help you get started buying crypto in Australia, we have conducted extensive research and assessed the important consideration when looking for an exchange. These include support for ADA, trading fees, deposit limits, payment methods, safety & security and customer support.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|None available at this time||Visit CoinSpot||CoinSpot Review|
|$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
|319||0.02% / 0.07%|
|5% off trading fees||Visit FTX||FTX Review|
The first step to making a Cardano purchase is to create an account with a cryptocurrency platform in Australia such as Swyftx. To get started, visit the Swyftx website using our link for $20 BTC and click on the "Sign Up" button. This will re-direct to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
Once an account has been created, the next step is to commence the ID verification process in accordance with Know Your Customer (KYC) and Counter Terrorism Financing (CTF) regulations under Australian law. Before a wallet can be funded with AUD to deposit and withdraw funds, the account must be verified as per with the rules set by AUSTRAC.
Using Swyftx as an example, the verification process is fast and hassle-free which can be completed within 2 minutes of creating a new account. To start verification, login to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number of identity document number will need to be provided.
To protect any funds within a crypto exchange account, it is vital to increase the basic account security level and turn on Two Factor Authentication (2FA). This should be the first step after verifying an account and prior to depositing any funds. 2FA is a specific type of multi-factor authentication that requires two methods to verify the user's account and even withdrawal requests. Popular 2FA apps for multi-factor authentication are Authy and Google Authenticator which can be downloaded for both iOS and Android devices.
Finding an exchange that accepts local deposit methods using Australian Dollars is an important consideration. The majority of cryptocurrency exchanges in Australia have direct AUD payment methods with varying fees. The most common deposit options include bank transfer, POLi and PayID.
POLi connects to Australian Bank accounts and is processed instantly. PayID and bank transfers can take between 1 and 3 business days. Alternative payment methods that are available with certain Australian exchanges include cash deposit at a local newsagency, BPAY and credit cards. Swyftx is the only crypto exchange in Australia that allows using a credit card.
Once an account is verified and funded with AUD, the next step is to buy Cardano. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select Cardano. Select how much AUD you want to spend and click "Instant Buy". The ADA amount will be purchased, show in your trade history and stored in the Swyftx wallet.
Swyftx is an AUSTRAC registered Australian cryptocurrency trading platform with over 550,000 users that provide a simple and transparent way for individuals to invest in Cardano. The platform offers excellent features that will suit various types of investors such as rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, demo mode and price alerts.
Swyftx is fully licenced and registered exchange in Australia that complies with KYC/AML procedures to safeguard the deposited funds and personal information. This does not slow down the registration process which is straight-forward and fast compared to other well-established Australian crypto exchanges. There is no ID documentation upload process or need to take selfies.
There are over 290 cryptocurrency coins supported on Swyftx that can be purchased using common payment methods in Australia that include bank transfers, POLI, PayID and a credit card. There are no deposit withdrawal fees to a bank account which are processed on the same day.
CoinSpot was founded in 2013 and has built up a solid reputation as a leading Australian cryptocurrency exchange that is focused on helping newcomers to buy Bitcoin and a wide range of cryptocurrency coins with AUD. The exchange is regarded as one of the best crypto wallets in Australia with bank-like security measures to protect its customer's information and funds secure.
Coinspot Australia has never been hacked and is the first Australian trading platform to receive the internationally recognized ISO 27001 certification for information security. Funds stored in a Coinspot wallet are well-secured until transferred to a personnel hardware wallet. The exchange offers two-factor authentication (2FA) on individual accounts which requires a code from a registered mobile device to login into the platform.
Overall, based on our assessment of Coinspot and comparison to other exchanges in the country, we have rated Coinspot as one of the best exchanges due to its high reputation and trustworthiness in the industry.
3. Digital Surge
Digital Surge is a Brisbane based digital currency exchange that provides a fast and easy way to buy and sell digital currency using AUD. The platform has focused on providing a beginner-friendly exchange website for everyday Australians to get started with crypto assets.
The exchange features a portfolio viewer to show the overall investment performance. Customers can monitor their favourite coins within a personal Watchlist to quickly see which coins are performing the best (and worst) with the Top Gainers list. An easy click through on any of them will transfer to a full detail page of each asset. The exchange also allows individuals to pay bills using crypto.
Digital Surge's trading fee is 0.5% which is competitive to to other platforms with spreads as low as 0.4% per transaction. This is comparable to brokers such as Swyftx which uses a similar fee structure. There are no fees to deposit and withdraw Australian Dollars directly with a local bank which are processed near-immediately. In our opinion, Digital Surge is one of the best options in Australia for beginners to get started with cryptocurrency due to its ease of use, rapid AUD deposit and withdrawals, responsive customer support and minimal fees.
Cardano is a third generation decentralized blockchain based system powered by the ADA coin that aims to improve the cryptocurrencies that came before it such as Bitcoin and Etherium. Cardano aims to improve on the scalability issues with Bitcoin. It is also similar to Ethereum as a smart contract platform that can be used to run decentralized applications but in a much more efficient way.
Often regarded as the original smart contract platform, Ethereum has broken ground and developed remarkable potential that can be achieved using blockchain technology across different industries using smart applications. However, there are still hurdles that need to be overcome such as scalability, interoperability, transaction speed and sustainability.
This is where Cardano comes in it to solve these pre-existing limitations of second generation smart contractor platforms. Whether Cardano can achieve these goals remains to be seen, but it is often regarded as taking the best features from Bitcoin's decentralized payment system and Ethereum’s smart contract platform and support for decentralized applications.
Just like any other financial product, trading and investing in ADA involves substantial risk of losing your capital and is not suitable for every investor. It is possible to make a lot of money investing in cryptocurrencies if you pick the right one and at the right time. But there are also many risks to be cautious of before you decide to invest in Cardano.
Individuals that reside in Australia can stake Cardano using a variety of cryptocurrency exchanges and wallets. Popular exchanges such as Binance and Coinbase allow staking on the Cardano network to earn passive ADA rewards. Binance is one of the few crypto staking platforms in Australia that support ADA staking.
To trade Cardano in Australia, follow these simple steps:
- Register an account with a cryptocurrency trading exchange such as Binance
- Complete the signup registration process and verify your email
- Go to the navigation menu and Click 'Wallet'
- Select 'Cardano' or another cryptocurrency and click on 'Deposit'
- Transfer funds to the exchange from your hardware wallet
- Go to the “Trade” menu and select another crypto to trade against (e.g. Bitcoin)
- Enter the amount of crypto you want to buy or sell
- Confirm the order details and confirm the trade
If you're looking for the best exchange to buy and sell Cardano (ADA) in Australia, we hope this guide was useful. If there are other cryptocurrencies on the radar, read our article on how to buy crypto in Australia which includes resources for other popular assets. With any financial investment, make sure to do your own research and due diligence on the crypto provider before depositing any funds.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.