How to Buy Cardano (ADA) in Australia: An Easy Guide
If you are researching for the best way to buy Cardano in Australia, let us guide you through the easiest way, and also what you should consider prior to purchase.
What is Cardano (ADA)?
The ADA cryptocurrency is described as digital cash, with a strong focus on speed and being future proof. What sets Cardano apart is its vision to be ‘more’ than a digital currency with the ability to create digital platforms that run financial apps for use by individuals, business and government.
Through the use of a flexible, layered system, the Cardano ecosystem allows for smart contracts to be implemented. These smart contracts are digital legal agreements that can be integrated with the ADA cryptocurrency for settlement. Cardano also has the ability to run decentralised applications (DApps), similar to Ethereum.
ADA is not only popular in Australia. Due to the companies management having a solid track record, the speed of the crypto, its ambitious future plans and high volume; it is usually amongst the top 10 cryptocurrencies in terms of volume worldwide.
Cardano advantages include:
- Fast transactions (over 250 tx per second)
- Cheap transactions (around 0.15 ADA to send or 2 Australian Cents)
Cardano disadvantages include:
- Competing in a similar space to other established cryptocurrencies
Which crypto wallet should I use to store my Cardano?
There are a multitude of crypto wallet options for Cardano in Australia. These include desktop wallets, mobile wallets and hardware wallets. For further information, you can also read our guide to choose the best cryptocurrency wallets in Australia.
Here some crypto wallet recommendations to safely store your Cardano.
The Daedalus wallet is the official ADA wallet from Cardano. This is a full node wallet, meaning it is highly secure and is backed by the team that has developed ADA. Daedalus includes an app store with external community applications and support for a multitude of other cryptocurrencies.
One of the more popular ways to store ADA is to use the multi-currency desktop (and mobile) application: Exodus. It harbours the ability to hold ADA as well as the most popular cryptocurrency and crypto assets found on CoinMarketCap.
Exodus is easy to learn and has features for both newcomers and veterans alike.
Exodus includes the following features:
- A portfolio tracker
- Around the clock user support
- A sync-able mobile wallet if required
- Advanced security options including the ability to integrate with a hardware wallet
Exodus is available on Desktop, iOS and Android phones and devices.
The Guarda Wallet is available on Android devices only at this stage. When buying Cardano in Australia, it is easy to send it to Guarda wallet, which will allow you to control and access to ADA crypto anywhere in Australia. Guarda also has a desktop option.
Guarda supports ADA as well as 45+ other cryptocurrencies. It offers a user-friendly experience, custodial free (meaning you are in full control of your assets), with secure, localised private key creation. For advanced users, or the security conscious, Guarda can be integrated with the hardware wallet: Ledger Nano S.
C. Hardware Wallet
Modern Australian is a high target for international scammers, therefore using a hardware wallet is highly recommended if purchasing significant (however you personally assess that) amounts of crypto.
As you are probably aware of by now, when purchasing any crypto, such as ADA, the onus is completely on you to securely store it. Security needs to be your highest consideration, and by using a Hardware wallet, you are significantly increasing your security level. This is due to the face that a hardware wallet keeps your private keys (the key needed to spend your crypto) offline.
Australian’s mainly opt for two devices, the Ledger Nano or Trezor Wallet (pictured).
At first you may not need a hardware wallet when dabbling with smaller amounts of crypto. However, when you begin to invest in larger amounts, for your peace of mind, you should consider storing your ADA with a hardware wallet.
There are numerous options for Australian’s, including the popular Trezor Model T and Ledger Nano S or Nano X. For beginners, the Trezor is a great choice, with its touch screen, good user interface and robust design. Both wallets support multiple currencies and are a good choice to get your keys offline. Other options include a KeepKey, or even using a paper wallet.
How to buy Cardano in Australia with Easy Crypto
Follow these simple steps to see how simple it is to buy Cardano in Australia with Easy Crypto.
- Make the order by using the “Buy Now” feature
- Provide the delivery address
- Select the payment method
- Complete the payment
Now just log in like you would with your normal online banking, and you can instantly buy ADA!
Other considerations when you buy Cardano in Australia
When buying Cardano in Australia, we recommend you are across any potential tax obligations that may be applicable for your investment. There are specialised accountants, with a background in cryptocurrency taxation law that are the best port of call if you require advice (Darcy Financial).
Head over to the ATO’s official page to learn more about digital assets and how they are taxed as this may affect the way you invest. In general, digital currency investment can incur Capital Gains Tax (CGT). So if you make a profit, you will have to pay CGT. However, depending on the time period you hold your investment, you may be eligible for a discount. On the contrary, you can also claim losses if the market turns against you
Buy Cardano in Australia: FAQ’s
Cardano was created and launched in 2015.
Ada has a maximum supply of 45 billion Coins.
Cardano and Ethereum are similar in a lot of aspects. However, ADA differs in that it has a focus on security, in built regulation, as well as being faster than ETH. Ethereum has a lot of development in the works around speed and its change in proof of work. Currently, Ethereum is the most popular smart contract platform by far. It will be interesting to see how this plays out.
Yes, Cardano raised $62 million USD.