How To Sell Cardano (ADA)

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Here are the steps if you're looking to sell ADA in Australia:

1. Compare and select a crypto exchange. Find and compare exchanges that support ADA tokens that are available within the specific country and support the desired fiat currency.
2. Register an account with the exchange. Create an account with the exchange using a valid email address or mobile number. Before depositing fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
3. Deposit ADA tokens. Send ADA tokens from an external wallet to the exchange using the Binance Network. Usually, the process should take a few minutes.
4. Sell Cardano to cash. Either trade ADA directly for fiat (e.g. USD), stablecoin, or use the Convert function to make an instant currency conversion.
5. Withdraw money to a bank account. Once ADA has been sold to cash, withdraw the money to a bank account using the supported methods.

Can You Sell Cardano?

Due to Cardano's widespread acceptability, selling Cardano is quite easy and safe to do using a cryptocurrency exchange. These platforms are great for sellers because most of them are regulated and secure. Furthermore, the best cryptocurrency exchanges provide a variety of methods for investors to cash out their Cardano holdings. Some platforms, like Coinbase and Crypto.com have a simplified and straightforward structure for traders who want to sell ADA. The only drawback is the charges and withdrawal times, which can vary.

Cardano basics: What is Cardano and how does ADA work?

Where to Sell Cardano?

There are several crypto exchanges available to sell Cardano. While the options are many, finding the best ones is never easy. This table shows the top ADA platforms based on our reviews that can be used to cash out of ADA safely and securely.

Best Places To Sell ADA For Cash

1. Binance – Overall Best Exchange to Sell Cardano

In short, the best exchange to sell Cardano is Binance. This exchange is available to users in more than 100 nations, drawing liquidity from millions of traders and fostering a thriving market. Binance has the flexibility for users to sell ADA coins for fiat money or convert them to another crypto.

The easiest way to sell Cardano for fiat on Binance is to use the Sell feature on the platform. This option allows investors to sell their crypto for any of the available fiat currencies. When it comes to converting ADA to USDT or another crypto, there is a maximum fee of 0.1% which is very competitive in the market.

Investors can convert their ADA coins to Euros (EUR), Pound Sterling (GBP), Australian Dollar (AUD), and many others. However, users can’t convert their ADA tokens to US Dollars unless they use Binance.US. Once the Cardano is sold, the investor can withdraw the fiat from Binance. The alternative way is to trade ADA to fiat on the advanced trading platform (shown below).

There are various methods to withdraw funds from Binance. The options include bank transfers, debit cards, and e-wallet solutions like Advcash. How long a withdrawal takes and the costs involved depend on the withdrawal method and the trader’s region. For instance, UK investors can get their withdrawals credited to their Visa debit cards in 5 minutes at 1.8% of the total fee. On the other hand, bank transfers in AUD are free, but Australian investors might have to wait 1-2 business days to receive their withdrawals.

The only downside for new users to Binance is that the interface is a bit challenging in terms of user-friendliness. The platform’s reviews online are also rife with complaints of slow customer support response time. These delays are expected considering the millions of users that use the platform daily. However, despite this, Binance is a top choice when looking to cash out of Cardano back to money. To learn more about the benefits of using Binance, read our full review on Binance exchange.

2. Coinbase – User-Friendly Platform to Sell ADA

Next on the list of best platforms to sell Cardano is Coinbase. The San Francisco-based Bitcoin exchange is the third-largest cryptocurrency trading platform worldwide and the largest in North America. Coinbase is a good option as it caters to novices in the crypto market. Its extraordinary simplicity and deliberate emphasis on cryptocurrency adoption and education make it the best exchange for beginners and a top alternative to Binance when it comes to selling Cardano.

Investors can easily sell their ADA token on Coinbase by selecting the sell option through the Coinbase website or mobile app. Choose ADA as the cryptocurrency to be sold and enter the price. Select the bank account for the fiat to be transferred into and proceed to complete the transaction.

There are no restrictions on the quantity of ADA tokens that can be sold for cash. The exchange also lets users withdraw funds into their bank accounts after linking them. Coinbase helps investors to turn their crypto into fiat automatically when they request a withdrawal, which can then be deposited into their preferred withdrawal channel like a bank account.

Purchasing, trading, and withdrawing ADA tokens comes with a fee on Coinbase. Users are charged a spread of 0.5% on cryptocurrency sell orders. In addition to regular network fees, there is a 1% fee for converting and withdrawing cryptocurrencies into selected fiat currency.

Users receive payment in their preferred payment options. These include debit cards, wire transfers, PayPal, Instant Cashouts, and ACH transfers. Except for ACH and wire transfers, all withdrawal methods provide instant payouts. Withdrawals vary depending on the trader's preferred channel and region. However, processing SEPA transfers takes 1-3 business days, and wire transfer takes 1-2 business days, whereas using the ACH method takes 3-5 business days. To learn more about the withdrawal methods and fees, read our Coinbase review.

3. Gate.io – Best Place To Sell ADA To Other Altcoins

Gate.io is a China-based exchange with numerous cryptocurrencies and crypto trading pairs. It has a vast and expanding selection of other coins, some of which might be hard to find on most trading platforms. The crypto exchange supports over 10,000 digital assets and makes it a suitable option to convert ADA to other altcoins. The ideal users for this platform are those with prior knowledge and experience in the crypto market. However, it is still a good option for novice traders, especially those drawn to a quality altcoin platform.

Unfortunately, the Gate.io exchange does not support fiat integration, but an investor who wants to sell their ADA token can do so through peer-to-peer trading. ​​The only way to fund or withdraw funds directly from Gate.io is through cryptocurrency wallets because Gate.io does not support fiat deposits/withdrawals.

The process to sell ADA on Gate.io is not straightforward, but it's worth it. First, the investor has to transfer their Cardano to the exchange. The next step is to sell ADA for USDT on the platform. Gate.io charges a flat trading fee of 0.2% per transaction. This is slightly higher than the fee Binance charges (0.1% per trade).

Once the trade is completed, the user can then transfer the funds to the P2P section. Gate.io's P2P crypto exchange connects buyers and sellers easily. The exchange offers one of the broadest payment methods available. Investors can sell their ADA for PayPal deposits or Bank transfers. Other payment methods available for Gate.io P2P customers are Skrill, Western Union and Revolut. Overall, Gate.io's P2P marketplace offers zero fees for Cardano traders and is a great option for those who want to find the best deal. To learn more about Gate.io, read our comprehensive review of Gate.io.

4. Kraken – Best Exchange For Converting ADA To USD

Kraken is one of the top altcoin exchanges by trading volume. Similar to Coinbase, Kraken will appeal to Cardano investors in the US who want to sell. The San Francisco-based trading platform is very liquid and can process withdrawals and transactions in large volumes. Kraken has a simple interface, low spreads, and is quite easy to use.

Investors can use the platform's Sell or Convert feature to sell ADA on Kraken. Traders must first decide the assets they wish to sell, for example, selling Cardano (ADA) for USDT. Once decided, they can choose them from the ticker/quote bar in the Trade tab's upper left corner.

Kraken charges a 1.5% transaction fee for selling Cardano for fiat. Once finalized, the user can withdraw their fiat currency. Kraken supports seven fiat currencies which are USD, EUR, CAD, AUD, GBP, CHF, and JPY. This makes Kraken unique in this list with direct support for various fiat currencies.

Kraken provides fiat withdrawals via ACH, SWIFT, FedWire, FPS (UK), and SEPA for US and UK traders. The withdrawal option selected will determine the fee levied. For instance, ACH costs nothing and is processed in 1-2 business days in the US. Fedwire and SWIFT (Silvergate Bank) charge a flat $4 withdrawal fee. These transfers are processed in between 1-5 days.

Kraken does not process check withdrawals, debit/credit card withdrawals, or e-wallet methods like PayPal. Furthermore, Kraken applies a 72-hour withdrawal hold on withdrawal requests made by new users. Overall, Kraken is a leading exchange for selling Cardano into one of the 7 supported currencies on its platform. Zero fees for withdrawing via ACH which makes Kraken one of the best ways to cash out of ADA to a bank account. To find out more about the withdrawal methods and their fees, read our Kraken review.

5. KuCoin – Sell ADA Using Advanced Trading Features

Rounding off our list of exchanges to sell Cardano is KuCoin, an exchange situated in Seychelles (previously Hong Kong). The trading platform is reputed in the market for its dedication and professional setup. KuCoin consistently ranks among the top ten cryptocurrency exchanges due to its daily average trading volume. One of the great aspects of KuCoin is that it supports over 300 digital assets and about 700+ crypto trading pairs, including various Cardano trading pairs.

For traders who want to invest in cryptocurrency, KuCoin offers low spreads and high liquidity. Unfortunately, this exchange does not support direct fiat withdrawals. Unlike Binance, Coinbase and Kraken which provide ADA to fiat offramps, users that decide to sell Cardano to USDT on KuCoin then use the platform’s P2P setup.

Using KuCoin's P2P marketplace, a crypto user can sell Cardano and have their funds deposited via Wise, Bank wires, or Zelle. Other funding methods available are SEPA transfers and AdvCash. KuCoin's P2P trading is fast, secure, and free to use. The exchange also goes the extra mile to verify merchants before their listings are published on the platform.

Overall, KuCoin presents as a reasonable place to sell ADA, but is not the easiest method for beginners. Moreover, KuCoin is not licensed to operate in the US so citizens from this region will not be able to create an account. For international traders, there are plenty of options to convert ADA into other tokens, which makes it a good pick for advanced crypto traders. To see more benefits of the platform, read our full KuCoin exchange review.

Ways to Sell ADA

Cardano is one of the most liquid cryptocurrencies on the market. A number of options are available to traders looking to sell Cardano. These are some of the best ways:

Sell ADA on a crypto exchange

Cryptocurrency exchange platforms are the simplest way to sell Cardano. Exchanges like Binance, Coinbase, eToro, and Kraken act as intermediaries where investors can buy or sell cryptocurrencies like Cardano. The market is filled with many cryptocurrency exchanges. When picking the best one to sell ADA, the first consideration should be ease of use. Keep in mind that some trading platforms are not exactly beginner-friendly.

The next factor to consider is the trading fees. Fees should include the costs of selling ADA for fiat or trading the asset for another cryptocurrency. Investors need to ensure that the broker offers cryptocurrency trading for low spreads. Cardano traders can also check the platform's withdrawal policy and fees before settling for a cryptocurrency exchange.

Trade ADA on a P2P platform

Peer-to-peer platforms are great for traders who want to invest, trade, or sell Cardano. These platforms operate differently from a centralized exchange. They allow the direct trade of cryptocurrencies between buyers and sellers. P2P platforms enable this form of trading by eliminating the need for a central authority. In exchange for these services, the P2P exchange charges a small commission – most times zero. These fees are often pushed to the seller for publishing adverts on the platform.

Convert ADA to cash using a crypto ATM

Cryptocurrency Automated Teller Machines (ATMs) have grown in popularity. These devices function like standard ATMs; users can enter their crypto cards and withdraw money from their crypto holdings in exchange for cash.

There are two types of crypto ATMs. We have the one-way Crypto ATM and the two-way Crypto ATM. A one-way machine can only be used to buy or sell cryptocurrencies, but not both. A two-way machine lets customers buy and sell Cardano from a single machine. To sell ADA on a crypto ATM, the user has to select the ‘sell' option, choose a cash limit, enter the crypto units to be sold, and fill in some personal details. The machine would generate a QR code for the public wallet address. This is where the user would transfer the ADA coins to. Once this is done, complete the transaction and collect the funds.

Do I Pay Tax After Selling ADA?

According to the Internal Revenue Service (IRS), cryptocurrencies like Cardano are considered ‘property’ and investors can largely be taxed if they sell them for profit or receive them for services provided. The IRS considers many digital assets as virtual currencies. Therefore they can be used in place of real money and serve as a medium of exchange, store of value, unit of account, and a unit of worth.

The amount an investor spends or swaps, their income level and tax bracket, and how long they've owned the cryptocurrency they spent will affect their tax liability. For instance, if an investor holds Cardano coins for less than a year, they'll be subject to taxes at their standard income tax rate. However, they'll be subjected to capital gains taxes if they've had it for more than a year before selling them.

How to Sell ADA To Cash – Full Tutorial

Step 1. Compare and select a crypto exchange

The first step to selling ADA is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges, and brokerages. For this tutorial, we will use Binance as an example and detail a step-by-step guide on how to sell ADA on Binance.

Step 2. Register an account with a crypto exchange

To sign up, go to Binance's homepage. Then click on the ‘Register' button. Users can sign up on Binance using their phone number, email address, or Google account. The investor's email will receive a verification link, which must be verified for the provided email address authentication.

When selling Cardano to fiat, Binance requires users to complete the know-your-customer (KYC). This is a mandatory step to withdraw funds in fiat to a bank account. Tap on the profile icon and select the ‘Verify’ button. Upload a copy of a recent driver’s license and complete the face verification process. Once verification is complete, a green ticker will be attached to the user’s profile.

Step 3. Deposit ADA tokens

Transfer Cardano into a Binance wallet from a third-party platform. To begin the transaction from an external source, navigate to the crypto deposit option by tapping on the ‘Wallet' icon and selecting ‘Deposit'. You will need to find Cardano so type ‘ADA' into the search bar and select the relevant blockchain network. Simply copy the Binance wallet's address for Cardano tokens. The Cardano funds sent to this public address will appear in the Spot wallet.

Step 4. Convert ADA to cash

Before withdrawing, the next step is exchanging Cardano for the desired fiat currency. To obtain the desired fiat currency, visit the ‘Binance Sell Crypto' Page. A user can start the transaction by indicating the quantity of ADA they want to sell. The platform automatically computes the total value in US Dollars (USD) – or any of the preferred fiat currencies chosen.

Step 5. Withdraw funds to bank account

The selected fiat currency may be withdrawn once it's credited to the trader's account. To do this, the investor must return to the wallet and select ‘Withdraw Fiat.' From this step, they can select the currency to be withdrawn and the payment method. Binance supports bank wires, debit cards and e-wallet options. The availability of these withdrawal methods varies from one region to another. The exchange charges $15 per withdrawal made into USD-denominated bank accounts. Choose the payment method and complete the withdrawal process.

Frequently Asked Questions