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Best Places to Buy Cardano for 2024

Review Updated
Emma Newbery
Author: Emma Newbery
Emma Newbery
Emma Newbery

Emma lives in Bogota, Colombia, where she owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since the summer of 2019.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Cardano is a popular cryptocurrency that was launched in 2017. It isn't available from as many top crypto exchanges as you might think, but there are still some excellent places to buy Cardano's ADA token.

If you want to add Cardano to your portfolio, look for a platform that's easy to use, charges low fees, and has strong security. We checked over 40 crypto exchanges to find the best places to buy Cardano.

Coinbase
Open Account for Coinbase

On Secure Website.

Top places to buy Cardano

Ratings Methodology

Our Rating:

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Coinbase is extremely accessible and a great option for first-time crypto investors. It's easy to deposit money, and Coinbase offers a wide range of cryptocurrencies. It would be good if it could be more transparent about its fees, which are higher than many exchanges.

Fees:

Variable fees (Coinbase), 0%-1.20% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)

Account Minimum:

$2

Open Account for Coinbase

Bottom Line

BitcoinIRA's tax-deferred crypto and gold investing is a simple way to diversify your retirement savings, but the fees are high, and volatility could also be an issue.

Fees:

0.99%-2.99% deposit fee, 2% transaction fee, 0.08% monthly security fee

Account Minimum:

$1,000

Special Offer

Sign-Up Today and Earn a $150 Reward

Open Account for BitcoinIRA

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Kraken is an excellent cryptocurrency platform with a wide range of available crypto. It has options for beginner and advanced traders and is one of the oldest crypto exchanges around.

Fees:

$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro

Account Minimum:

Varies by cryptocurrency

Open Account for Kraken

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Crypto.com is a popular platform with a wide range of coins. Users need to lock up its native coin to unlock benefits such as better rewards on its crypto debit card.

Fees:

Variable spread

Account Minimum:

Varies based on cryptocurrency

Read Review
Crypto regulation and Cardano

In June 2023, the SEC filed charges in which it claimed a number of popular cryptocurrencies -- including Solana, Cardano, and Polygon -- are unregistered securities. This could impact the way these and other cryptos are traded in the U.S. If you're considering buying Cardano, make sure you understand how the SEC cases and other proposed regulatory changes could impact your portfolio.

Reviews of our favorite places to buy Cardano

Coinbase

Our pick for: Beginner investors

Why we picked it: Coinbase is a great platform for beginners and experienced investors alike. In addition to an accessible interface with plenty of educational material, the popular cryptocurrency exchange also has advanced features and a broad mix of cryptos.

What you should know before choosing Coinbase: Coinbase is not very straightforward about its fees, which are particularly steep if you're using its basic platform. Fees are lower on Coinbase Advanced. Coinbase is one of several exchanges facing charges from the SEC.

Open a Coinbase account

BitcoinIRA

Our pick for: Crypto retirement funds

Why we picked it: It can be hard to put crypto into tax-advantaged accounts like IRAs. BitcoinIRA is helping to change that. BitcoinIRA offers more than just Bitcoin. Users can buy and sell over 60 cryptocurrencies, including Cardano.

What you should know before choosing BitcoinIRA: The fees to set up, trade, and maintain your account can be quite hefty. It also has a serious minimum deposit requirement. Make sure you understand the risks involved in adding volatile assets to your retirement portfolio before you dive in.

Open a BitcoinIRA account

Kraken

Our pick for: Seasoned crypto investors

Why we picked it: Kraken is an established crypto exchange with a reputation for security. It offers a broad mix of cryptocurrencies, including Cardano. It will suit investors of all levels, but experienced traders will like its customizable interface and advanced trading tools.

What you should know before choosing Kraken: As is common with crypto platforms, Kraken's beginner-friendly Instant Buy feature can be pricey. Switch to Kraken Pro for lower fees. Kraken is another of the crypto exchanges facing SEC charges.

Open a Kraken account

Crypto.com

Our pick for: Mobile app

Why we picked it: Crypto.com's highly rated investing app makes it easy to buy or sell crypto wherever you are. It has an excellent mix of features and cryptocurrencies. Plus, you can use it to manage your Crypto.com Visa debit card.

What you should know before choosing Crypto.com: Crypto.com's browser- based exchange is not available to U.S. customers. Other features (such as staking your crypto to earn interest) are also geo-restricted.

Read our full Crypto.com review

TIP

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Compare the best platforms to buy Cardano

Offer Best For Commissions Next Steps
Coinbase Offer Image

Coinbase

Best for beginner investors

Variable fees (Coinbase), 0%-1.20% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)
Open Account for Coinbase
BitcoinIRA Offer Image

BitcoinIRA

Best for crypto retirement funds

0.99%-2.99% deposit fee, 2% transaction fee, 0.08% monthly security fee
Open Account for BitcoinIRA
Kraken Offer Image

Kraken

Best for seasoned crypto investors

$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro
Open Account for Kraken
Crypto.com Offer Image

Crypto.com

Best for mobile app

Variable spread
Read Review

What to look for when buying Cardano

The first thing to look for when buying Cardano is a top cryptocurrency app, exchange, or brokerage that trades the ADA coin. Cardano has been in the top 20 cryptos by market for some time, but it is not offered by every platform. This is, in part, due to the SEC claims that it is operating as an unregistered security. We'll touch more on these shortly. First, here are some things to consider when hunting for the best place to buy Cardano.

Security

There have been several high-profile crypto exchange hacks over the years, so security matters. Look for exchanges that keep the majority of their assets offline in cold storage. Some also have external security audits and third-party insurance against hacking. Check cryptocurrency reviews for details of any security breaches.

Independent proof of reserve audit

Unfortunately, the collapse of FTX and other crypto platforms showed us that crypto platforms aren't always a safe place to leave your funds. If you plan to leave your assets on the platform where you bought them, pay attention to what that company is doing with your money. An audit carried out by a reputable third party can give some reassurance.

Fees

You may pay a fee to deposit money, trade, and/or make withdrawals. Fees can eat into your profits, and cryptocurrency platforms are not always transparent about how fees are calculated. This can make it difficult to compare apples to apples.

Before you deposit any money on a cryptocurrency exchange, make sure you understand each of these costs. It's also a good idea to do a trial trade to test out what exchange rate you're offered, so you don't lose out.

Ease of use

Some people want a site where it's simple to convert fiat (traditional) currency into Cardano. Others look for more complex crypto trading functionality. When searching for the best place to buy Cardano, don't be afraid to set up more than one account and experiment.

If you want to manage your crypto on the go, make sure there's a good mobile app. Educational resources are a bonus. And if you want to be able to move your Cardano cryptocurrency off the platform to an external crypto wallet, make sure this functionality is available.

Crypto selection

If you're only interested in buying Cardano, you won't need a wide selection of tokens. However, if you plan to also buy Bitcoin (BTC) or other cryptocurrencies, look at what coins are available. One way to be sure the platform has a good mix is to check for the top 20 coins by market cap.

Bonuses, local availability, staking, and more

Only a few cryptocurrency platforms are available in every U.S. state, so it's a good idea to check the coverage before you go too far.

Several crypto exchanges and brokers offer sign-up bonuses for new customers. This may give your initial Cardano investment a nice boost. Don't let it overly sway your decision-making, though -- if an exchange has a good bonus but charges high fees, it may cost more in the long run.

TIP

The right crypto investing mindset

Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

What is Cardano?

Cardano (ADA) is a popular cryptocurrency that was founded in 2015 and launched two years later by Charles Hoskinson, who also co-founded Ethereum (ETH). The ADA token is the backbone of the Cardano network.

Cardano is a programmable blockchain ecosystem that developers can use to build decentralized applications. This third-generation cryptocurrency set out to solve some of the issues faced by Ethereum, by, for example, improving processing speeds and reducing transaction costs.

It has taken a slow-and-steady approach to development. Each step is peer-reviewed before implementation. Cardano is one of a number of cryptocurrencies that can run smart contracts. These are clever pieces of self executing code that live on the blockchain.

Is Cardano a security? And why does it matter?

The jury is still out on whether or not Cardano is a security. Here's why.

There's long been a debate about how to categorize cryptocurrencies. Until now, most cryptos have instead been treated as commodities, not securities. Securities come under the jurisdiction of the SEC and there are strict rules about how they can be traded and what information they need to report.

The SEC has brought charges against several top cryptocurrency exchanges. One of the accusations is that they are trading unregistered securities -- investments that it believes should come under the SEC's remit. Cardano is one of the unregistered securities on the SEC's list.

Cardano disagrees with the allegation. "Under no circumstances is ADA a security under U.S. securities laws," said a blog post from IOHK, one of the companies behind Cardano. "It never has been." The SEC has since backtracked slightly, but the cases are ongoing. If Cardano is classified as a security it would have a big impact on how U.S. investors can buy, sell, and store ADA.

TIP

The SEC's Howey Test and to Cardano

The SEC uses something called the Howey Test to determine whether something is, in fact, a security. This states that an investment contract (a type of security) exists when, "There is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others." It argues that those involved promoted ADA as an investment, and that there is an expectation that investors can profit from the work of the people behind the Cardano blockchain.

Where can you buy Cardano?

You can buy Cardano from almost anywhere in the world using a cryptocurrency exchange. You can either trade another cryptocurrency for Cardano or deposit fiat money and convert it into ADA. You cannot currently buy Cardano from any U.S. crypto brokers -- stock brokers that also sell crypto. It's relatively easy to set up an account with a cryptocurrency exchange. You'll likely need to submit a photo ID and proof of address to verify your account.

Most top crypto exchanges also have trading apps, making it easy to buy Cardano from your phone. However, Cardano is not available from popular payment apps like PayPal, Venmo, and Cash App.

What are the fees to buy Cardano?

The fees to buy Cardano depend on the platform you use, but the most common are trading fees. When choosing a cryptocurrency platform, pay particular attention to the following.

  • Deposit fees: If you want to deposit fiat currency like dollars, you'll find bank transfers are usually free. Most exchanges charge for other forms of deposit, such as credit cards or wire transfers.
  • Trading fees: These often take the form of a maker/taker percentage, but you may also be charged a fixed fee. There is usually also a spread built into the trading rate.
  • Withdrawal fees: Most exchanges charge a fee for bank withdrawals. If you want to withdraw crypto, the fee usually depends on which cryptocurrency you are dealing with.

The best places to buy Cardano will be transparent about their fee structures. That way investors can plan for the costs of trading.

Where is it safe to buy Cardano?

It's safe to buy Cardano from reputable cryptocurrency platforms with good security processes. Look for safety measures like:

  • Storing assets offline in cold storage
  • Third-party insurance
  • Bug bounty programs
  • External audits of reserves

As with the fees, transparency is important -- be suspicious if a platform doesn't give details of its security measures.

The SEC's claim that Cardano is a security presents additional risks for U.S. investors. Several crypto platforms have already de-listed ADA and still more may follow suit. This could reduce liquidity and make it harder for you to sell your holdings.

User-level security

At a user level, make sure you enable two-factor authentication (2FA). With 2FA, you'll need to input extra info each time you log on, such as an emailed security code. Some exchanges let you whitelist withdrawals -- meaning you can restrict withdrawals to pre-approved addresses.

All cryptocurrency investment carries risk, and Cardano is no exception. The safest way to buy Cardano is to only spend money you can afford to lose and ensure that crypto only represents a small part of your wider portfolio. That way if the price does fall dramatically, you won't lose your life savings.

Consider a crypto wallet

Once you've bought Cardano, also think about where you want to store it. Many people leave their funds in custodial wallets on cryptocurrency exchanges. But if the platform you used to buy Cardano gets hacked or fails, you may lose your ADA tokens.

As a result, some people prefer to move their coins to a crypto wallet they control. If you go this route, keep hold of your security information -- otherwise you could get locked out of your wallet.

In terms of the best place to buy Cardano, several crypto exchanges may fit the bill. Hopefully you now have a good understanding of what to look out for on your Cardano journey.

FAQs

  • Coinbase still allows U.S. residents to stake Cardano in many, but not all states. Staking can be a great way to earn interest on your crypto holdings. However, the SEC has cracked down on a number of interest-earning programs, making them harder for U.S. investors to access.

  • Cardano is an established cryptocurrency supported by several entities, such as the Cardano Foundation. ADA is the token that fuels the Cardano platform. Like all cryptocurrencies, it is a high-risk investment because there is a lot we don't know about how the industry will develop.

  • The SEC named Cardano in its filings against several top cryptocurrency exchanges. It is not trying to ban Cardano, though it does believe it should be treated as a security rather than a commodity. The SEC's cases are ongoing.