Back in 2017, Cardano (ADA) emerged as a standout cryptocurrency, reaching an all-time high of $1.24 per coin. After a period of stagnation, Cardano has surged by over 525% since the start of the year, outperforming major cryptocurrencies like Bitcoin and Ethereum. Currently, Cardano ranks as the fifth-largest cryptocurrency globally, with a market cap exceeding $37 billion.
This guide provides a step-by-step process for buying Cardano in South Africa, covering everything from understanding ADA to selecting the best trading platforms.
Quick Tutorial: How to Buy Cardano in South Africa
- Open an Account with Libertex: Choose a platform that supports Cardano trading.
- Verify Your Account: Complete identity verification by submitting required documents.
- Deposit Funds: Fund your account via SEPA transfers, credit/debit cards, or e-wallets (minimum deposit: €10).
- Buy Cardano: Search for ADA on Libertex’s platform and place your order.
75.3% of retail investor accounts lose money when trading CFDs with this provider.
What Is Cardano (ADA)?
Cardano is a public blockchain platform specializing in smart contracts and decentralized applications. Founded in 2015 by Ethereum co-founder Charles Hoskinson, Cardano distinguishes itself as the first blockchain built on peer-reviewed research. Its native cryptocurrency, ADA, facilitates transactions and staking rewards via its proof-of-stake (PoS) protocol.
- Launch Year: 2017
- ICO Raise: $62.2 million
- Max Supply: 45 billion ADA
Why Buy Cardano? Key Advantages
- Shelley Upgrade (2020): Transitioned Cardano to PoS, enabling staking rewards.
- Mary Hard Fork: Allows custom token creation, enhancing scalability.
- DeFi Integration: Partnerships with IBM, PwC, and others bolster its ecosystem.
- Competitive Edge: Faster transaction speeds than Ethereum at lower costs.
Cardano Price Analysis
- Current Price: $2.15/ADA (as of latest data).
- All-Time High: $1.33 (February 2021).
- Market Cap: $70.8 billion.
How to Buy Cardano in South Africa
Payment Methods
| Method | Pros | Cons |
|---|---|---|
| Debit/Credit Card | Instant deposits | Higher fees |
| PayPal | Convenient | Requires intermediary steps |
| Bitcoin | Lower fees | Additional conversion needed |
Top Platforms to Buy Cardano
Capital.com
- Features: 80+ cryptos, leverage up to 2:1, low spreads (1.45% for ADA).
- Regulation: FCA & CySEC licensed.
- Minimum Deposit: $20.
Libertex
- Best For: CFD trading with €10 minimum deposit.
👉 Explore Capital.com’s offerings
Step-by-Step Guide to Buying Cardano
Step 1: Open an Account
- Register on Libertex with your email and password.
Step 2: Verify Identity
- Upload ID/passport and proof of address.
Step 3: Deposit Funds
- Use cards, bank transfers, or e-wallets.
Step 4: Buy ADA
- Search "ADA," analyze charts, and place your order.
FAQs About Cardano
1. Should I buy Cardano?
Yes, if you believe in its long-term potential for smart contracts and DeFi.
2. How can I buy Cardano instantly?
Use a debit/credit card on platforms like Capital.com.
3. Is it safe to buy Cardano?
Yes, when using regulated platforms like Libertex or Capital.com.
4. What are the risks?
Price volatility and regulatory changes.
5. What can I buy with Cardano?
Currently, ADA is primarily an investment asset, though some merchants accept it.
Final Verdict
Cardano’s scientific approach and upgrades position it as a strong contender in the blockchain space. For South African investors, Libertex and Capital.com offer reliable avenues to trade ADA.
75.3% of retail investor accounts lose money when trading CFDs with this provider.
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