Back in 2017, Cardano was one of the many cryptocurrencies that received recognition and reached its previous all-time highs of $1.24 per coin. Since then, for nearly three years, Cardano was trading at a narrow range of $0.02-$0.10 per coin and the future did not seem very bright for the open-source decentralized cryptocurrency.
But, the cryptocurrency market is a different story, with ups and downs and plenty of recoveries. From the start of the year, Cardano has gained over 525%, outperforming the majority of other digital assets in the market including Bitcoin, Ethereum, and many more. This has lead Cardano to become the fifth-largest cryptocurrency in the world with a market capitalization of over $37 billion at the time of writing.
If you are wondering how to buy Cardano in South Africa, this guide will help you find the answer. We’ll explain about the ADA coin, analyze the Cardano historical price performance, suggest the top brokers in SA that offer you to trade ADA, and show you the full process of opening an account and buying Cardano.
Contents
How to Buy Cardano South Africa – Beginner’s Guide
If you want to want to get the fastest way to buy Cardano in South Africa without reading our full guide, simply follow the quick tutorial below:
- Open an account with Capital.com – First, you need to open a trading account with an online trading platform that supports Cardano. Capital.com is one of the few marketplaces in SA that support the coin, in addition to over 80 other coins.
- Verify your account – Nowadays, the vast majority of brokerage firms require new users to verify their identity as a condition of trading. As such, you’ll have to submit your personal information and upload documents to verify your identity.
- Deposit Funds – Next, you can add funds to your account. Capital.com supports a large variety of payments including SEPA bank transfers, credit and debit cards, as well as a range of banking solutions including eWallet payment methods. To get started, the broker maintains a minimum deposit requirement of just $20.
- Buy Cardano – That’s it. Now that your account is approved and funded, all you need to do is to search for Cardano on Capital.com’s crypto trading platform and place a buying order.
What is Cardano?
Cardano is a public blockchain network for smart contracts that enables users to build smart contracts and create decentralized applications and protocols. The Cardano network is the first blockchain platform that was built through peer-reviewed research, and it aims to solve various problems such as scalability, interoperability, and sustainability that exist on other blockchain networks. Cardano is a proof-of-stake blockchain, meaning that the validation of new blocks is made by users who are staking their coins in the network.
Its cryptocurrency, known as ADA, allows users to make transactions on the network. And, much like any other cryptocurrency, Cardano (ADA) is a digital asset that can be used to store value or transfer funds.
Cardano was founded in 2015 by Charles Hoskinson, which was a co-founder of the Ethereum network. The network was launched in 2017, and In its ICO in 2018, the Cardano group has managed to raise $62.2 million when the maximum supply of ADA was set at 45 billion coins and a price of $0.0024.
Why Buy Cardano? Cardano Analysis
There are a number of reasons why Cardano is booming since its launch in 2017, and in particular since mid-2020. Most important of all, the main catalyst for the rise in Cradano’s price is the Shelley hard fork upgrade that was released in July 2020. This update has a huge impact on the Cardano network as it has transformed the system to a proof-of-stake (PoS) protocol, which means users can now hold coins on the ADA network and receive rewards (much like other fixed-income assets).
Recently, Cardano has also launched a new hard fork update called “Mary” that enables developers to issue custom cryptocurrencies on top of the blockchain. The ‘Mary’ upgrade is part of Cardano’s roadmap known as “Goguen”, which aims to compete with its biggest rival in the industry, the Ethereum network. Following the recent updates, it appears that Cardano is currently much faster than Ethereum in terms of TPS (Transaction Per Speed). The ultimate goal of Cardano’s team is to create a blockchain network that will process a large number of transactions at a lower cost than its competitors.
Another reason to buy Cardano is the hype around Defi (decentralized finance) projects. As such, Cardano has a list of partnerships and collaborations that include IOHK, The Cardano Foundation, Emurgo, IBM, PwC, New Balance, Sirin Labs, and many more.
Cardano Price – How Much Does it Cost to Buy Cardano?
Since mid-2020, Cardano’s price has been on an incredible run, rising from $0.05 in late May 2020 to its all-time high of $1.33 on February 27th, 2021. Since then, Cardano dropped nearly 12%, largely due to the mini sell-off in the crypto market. At the time of writing, Cardano is trading at $1.16 per coin.
In the past year, Cardano has become the most decentralized blockchain network on the market, and thus, one of the used blockchain networks and most traded tokens. Ultimately, it is no wonder that Cardano is now the fifth-largest cryptocurrency in terms of market cap with a total valuation of more than $37 billion at the time of writing.
Ways of Buying Cardano
Essentially, there are three ways to buy Cardano. Every method of payment has its own strong points and weaknesses – by using bitcoin as a payment method, you can significantly reduce the trading costs, however, many people prefer using a credit/debit card or PayPal to buy digital coins like Cardano. With that in mind, let’s take a look at how to buy Cardano in South Africa via the most used payment methods.
Buy Cardano with Debit/Credit Card
Arguably, the easiest way to buy Cardano is with a credit or debit card. Even though not all cryptocurrency trading platforms accept credit and debit cards as a payment method and it might cost you a bit more, it’s still the most commonly used way of payment when buying cryptocurrencies.
Fortunately, Cardano accepts credit and debit cards as a payment method so you have the option to choose between the two. The process is extremely simple. First, you’ll have to visit Capital.com’s homepage and sign up for an online account. Then, you’ll be required to complete a short verification process and deposit funds. As you can see from the image below, Capital.com accepts a variety of payment methods that include credit/debit cards, bank wire transfer, and other electronic payments. Once the funds reach your account, search for Bitcoin and place a buying order.
Buy Cardano with PayPal
Our recommended broker Capital.com unfortunately doesn’t allow you to buy Cardano when using PayPal as a payment method. If you want to buy Cardano with PayPal in South Africa, you’ll need to go through a cryptocurrency exchange that accepts PayPal payments. Alternatively, you can buy Bitcoin through PayPal and then transfer that to a cryptocurrency exchange.
Buy Cardano with Bitcoin
For those who already hold Bitcoin and are looking to buy Cardano with the most widely used digital currency in the world, Binance is the best option. To make a purchase with Bitcoin, navigate to the Trade tab on the top menu and choose convert.
Then, simply enter the amount in Bitcoin you wish to convert, and exchange the coins.
Where to Buy Cardano in South Africa
Cardano is a very popular cryptocurrency and thus, you’ll find many cryptocurrency exchanges and online trading platforms in South Africa allowing you to buy and sell the digital coin. But you want to make sure you find the trading platform that meets your needs and your financial budget. We think the best way to buy Cardano is using a CFD trading platform like Caiptal.com.
It is important to understand the difference between buying Cardano with an online broker or cryptocurrency exchange. While buying a coin via an exchange enables you to physically purchase the coin, a CFD broker allows you to speculate on the price of the asset without actually owning and exchanging it. Some of the additional differences between online brokers and exchanges include the pricing structure, the leverage ratio, and the trading platforms and tools provided.
1. Capital.com – Overall Best Cryptocurrency Platform in South Africa
Capital.com is one of the best places to buy Cardano or more than 80 other cryptocurrencies in South Africa. It takes just minutes to sign up and you only need to make a minimum deposit of $20 to open a new trading account.
Capital.com is a CFD broker, so you cannot buy cryptocurrency outright. However, this has some important advantages. First, you don’t need to worry about setting up a cryptocurrency wallet or storing your Cardano tokens. Second, you can go long or short on Cardano depending on which way you think the markets will go. Finally, trading CFDs with Capital.com gives you the option to leverage your trades up to 2:1. So, you can place bigger bets on Cardano even with a small trading account.
Capital.com supports a wide range of cryptocurrency pairs, and you can trade both fiat-to-crypto and crypto-cross pairs. Spreads for Cardano trading start at just 1.45%, which is very competitive. (For Bitcoin trading, Capital.com charges spreads as low as 0.20%). All cryptocurrency trading on Capital.com is 100% commission-free, and the broker doesn’t charge deposit, withdrawal, or inactivity fees.
Capital.com’s trading platform includes a mobile app that allows you to trade Cardano on the move. It’s available for both iOS and Android. Capital.com also offers other CFD asset classes – should you wish to diversify. This includes stocks, commodities, forex, and indices.
Capital.com is authorized and regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). The broker also offers 24/7 customer support, which is great since the crypto market never sleeps.
Pros:
Cons:
71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. By now, you should enough information in order to decide if you want to buy Cardano coin. As mentioned previously, Capital.com is one of the best options to buy Cardano in South Africa, and as such, we are now going to show the full process of opening an account and placing a buying order on Capital.com. The first action you need to take is to register and open an account with Capital.com. To do this, you’ll have to visit Capital.com, enter your email address, and create a password in the registration form. Then, in order to complete your account opening, you’ll be asked to verify your email address on the email sent to you by Capital.com. Before you can start to buy cryptocurrency on Capital.com, you must first verify your identity. To start the verification process, log in to your account and click on the identification button under your profile logo. On the next page, click on the Verify button next to the Personal Details box. Next, you need to enter the personal details as registered on your passport or ID and upload the document (front and back pages). You can easily deposit funds into your Capital.com account using a debit/credit card or bank transfer. Just remember that the minimum deposit is $20 (about 280 ZAR). Once you have completed the verification process and funded your account, you can trade the Cardano coin on Capital.com. The best way to do this is to search for ADA and click on it when it appears in the search menu. Once you click on it you’ll be taken to the Cardano trading dashboard. There, you can analyze the coin using the charting package. Whenever you are ready to place an order, enter the amount (in USD) you want to buy and choose the type of order (market or limit). To complete your purchase, click on the Buy ADA button. Cardano’s goal is clearly to become the largest smart contract platform in the world. The process is not simple and the competition is very fierce at this level. But, there’s something special about Cardano – the ADA network is unique as it is built on scientific philosophy and is based on peer-reviewed research. Consequently, the long-term outlook for the Cardano project as well as for the ADA token is very positive. Cardano is a very popular cryptocurrency these days with a limited supply, and as such, the vast majority of platforms enable you to trade the coin. So, if you are ready to buy ADA, it’s all about finding the exchange or brokerage firm that will work best for you. In our view, Capital.com is the best option for SA investors that wish to buy and sell Cardano.
71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Overall, Cardano is one of the best blockchain and smart contract projects in the crypto space. The Cardano coin (ADA) is also one of the top-performing digital coins in the market in the past year and the outlook for Cardano is obviously very bullish, particularly given the fact that the group has made several important updates and is planning to launch more updates and improvements soon. All things considered, Cardano has huge growth potential in the upcoming years.
In order to instantly buy Cardano, you'll have to find an online broker or a crypto exchange that does not require a long registration process. For that matter, the fastest way to do it is via Capital.com. This can be done via various payment methods including bank transfer, credit/debit card, PayPal, Neteller, and Skrill.
Buying cryptocurrencies anonymously is not an easy task these days. The only way to do this is to buy Bitcoin in person or via a crypto marketplace that does not require you to verify your identity, but this is risky and may not be secure.
Even though the ADA coin can be used as a transfer of value much like cash other cryptocurrencies, it is not yet widely accepted in the outside world. As such, you'll be able to use the coin on the Cardano network or on a cryptocurrency exchange like Binance.
There are two to consider when you buy Cardano. First, Cardano is a volatile and unpredictable asset and the future of the project, much like the crypto market in general, is very unclear. Hacking is another risk of investing in ADA, though Cardano has its own wallet called Daedalus, and its network features mathematically verifiable security mechanisms against hackers.
Yes. In general, Cardano is much safer than other cryptocurrencies. Also, the coin has an intrinsic value that is derived from its successful network. Regardless, if you buy the ADA coin on a cryptocurrency exchange and store it on a hardware wallet, then rest assured that your funds are completely safe.
How to Buy Cardano (ADA) Tutorial
Step 1: Open an Account
Step 2: Verify Your Identity
Step 3: Deposit Funds
Step 4: Buy Cardano (ADA) Coin
Conclusion
Capital.com – Best Broker to Buy Cardano South Africa
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