How to Stake your ADA

Step 1: Open an Exchange Account

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:

  • Your full legal name
  • Your current address

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.

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We recommend the following exchanges:

  • Bitpanda
  • Binance
  • Coinbase
  • Kraken

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.

Step 2: Purchase your Cardano ADA

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.

Step 3: Choose your Cardano Wallet

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
  • Yoroi Light Wallet

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:

https://daedaluswallet.io

Keep your recovery phrase safe and offline!!

YOROI Wallet by Emurgo

Mobile Version

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!

Click here to download Daedalus Wallet
Click here to download Yoroi Wallet

STEP 4: Send your ADA from the exchange to your chosen wallet.

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!!)

STEP 5: To start staking and earning passive income, delegate your ADA to BonafideADA Stakepool.

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.

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