The first step to purchasing Cardano is to open an account with a cryptocurrency exchange that supports ADA purchases. After creating and funding your account, you’ll use your fiat funds to purchase Cardano’s ADA token.
Opening an account with an Exchange is relatively simple but it does require a few steps.
To get started, pull together some of your personal information. When you initially open your account, you’ll be asked to provide:
An email address and phone number (often times your phone will be used for 2FA (two-factor authentication) for account login, deposit & withdrawal requests.
You can fund your exchange account with Fiat money (EUR/USD/GBP) typically with debit card deposits or direct banks transfers.
Photo ID (most Exchanges accept driver’s licenses and passports) and Proof of Residence (ie Utility bill) may be required for verification.
After you have your information ready, choose an Exchange that supports the purchase and sale of Cardano, ticker = ADA.
We recommend the following exchanges:
Bitpanda is quite user friendly so we recommend it for first time purchasers. You can deposit Euros via a debit card for a 1% fee.
Binance is the largest exchange in the world. Traders use Binance so it is a little more sophisticated so can be daunting for beginners. However, you can deposit Euros for free via bank transfer including from your Bank and from Revolut. Its the cheapest method available from our experience.
Once your Exchange account is open and your wallet is created, it’s finally time to purchase Cardano. You’ll purchase Cardano by placing a buy order through your Exchange.
Since you’ll be purchasing ADA with fiat, look for the trading pair ADA/EUR or whatever form of fiat currency you are using.
Some exchanges may not have ADA/EUR directly, so may need to buy Bitcoin with your Euros, then exchange BTC for ADA.
After you open your Exchange account & purchase your Cardano ADA, you’ll need to select a wallet to store your cryptocurrency on. While you can store your crypto on your Exchange’s trading platform, keeping your coins in a private wallet will greatly decrease the possibility of losing money to an Exchange hack (not common but they do happen). Keeping your coins on an exchange effectively means the exchange company owns the keys to your coins.
Take ownership of your coins -‘Not your keys, not your crypto’.
There are 2 official Cardano Wallets to allow for staking:
Daedalus Wallet – by IOHK
Full node wallet with a copy of the blockchain locally stored.
Feature rich with automatic updates
Runs on MacOS, Windows 10, Linux
Hardware wallet connectivity support
Multi-pool delegation not supported
Native Assets / Tokens enabled
Download & install the latest version from:
Keep your recovery phrase safe and offline!!
YOROI Wallet by Emurgo
Internet browser extension based light wallet=
Fast, easy to use
Also available for Android and iOS devices
Supports multi-pool delegation
Hardware wallet connectivity support
Download/install from https://yoroi-wallet.com.
Again, Keep your recovery phrase safe and offline!!
So if you prefer your digital wallet to be on your laptop, go for Daedalus. It can be a little slower as it connects fully to the blockchain but has full functionality.
If you prefer to have it more readily accessible on your phone, choose Yoroi.
We tend to recommend to use Daedalus as it has full features and is not reliant on third party servers. Also I personally tend to lose my phone regularly so I prefer for my crypto to be on my desktop!
Go to the withdraw tab.
Copy your wallet address (in the Receive tab in your wallet) to the clipboard.
Paste your address into the Withdraw box.
Double check address.
Enter amount and click confirm. (Maybe do a test transaction with a small amount to build some trust in the process!!)
Open your Cardano Wallet
Go to the Delegation Center
Search for ‘BFADA’ in the search bar
Select BFADA pool and tap on ‘DELEGATE’
Type your spending password to confirm delegation to BFADA!.
A deposit of 2 ADA is required to register your address for Staking.
(refunded when deleting delegation)!
Sit back and begin earning over 5% APY on your ADA.