How to Buy Cardano UK – Beginners Guide for 2024

Over the past few years, Cardano has exploded in notoriety, even earning the title of “Ethereum Killer”. However, it is currently trading 91% below its all-time high (ATH), potentially presenting a strong buying opportunity.

Interested in learning how to buy Cardano but not sure where to begin? This guide simplifies the process, helping you find the cheapest and safest way to buy ADA in the UK.

How to Buy Cardano in the UK

Here is a step-by-step guide on how to buy ADA in the UK

  • Step 1 – Choose a crypto exchange or broker. We recommend MEXC
    The first step is to choose a broker. Later in this guide, we run through where to invest in Cardano in the UK. However, if you are pressed for time, our overall top pick is MEXC.
  • Step 2 – Open an account
    Visit the MEXC website and select Join. Complete the sign-up instructions and verify your identity with a government-issued document like a driver’s license or passport.
  • Step 3 – Decide how much you want to invest
    Choose how much ADA you want to buy. Once you have a figure in mind, move on to the next step.
  • Step 4 – Deposit Funds
    Click the Deposit Funds button at the bottom left of the screen from the MEXC dashboard. Then, follow the instructions, choosing your preferred payment method and the amount you want to deposit.
  • Step 5 – Buy Cardano in the UK
    Finally, select the Trade button and enter the amount of ADA tokens you’d like to invest in. Once everything has been confirmed, your ADA tokens can be found in your MEXC portfolio.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Past performance is not indicative of future results. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

Where to Buy Cardano in the UK – Best Exchanges Reviewed

When buying Cardano, you must choose the right exchange to ensure you get the best value for money while enjoying a seamless user experience and robust security mechanics.

Considering these factors and more, we have ranked the best exchanges to buy Cardano below.

1. MEXC – Overall Best Exchange To Buy Cardano in The UK

Established in 2018, MEXC has emerged as a leading crypto exchange, particularly in the UK. Serving over 10 million users across more than 170 countries, MEXC distinguishes itself with a 0% spot trading fee, making it an ideal platform for day traders and many crypto enthusiasts.

Key Features and Trading Options

  • No Spot Trading Fees: MEXC’s flagship offering of 0% spot trading fees positions it uniquely in the market, especially beneficial for frequent traders.
  • Extensive Crypto Support: The platform supports an impressive range of over 1,600 cryptos, catering to diverse trading interests and strategies.
  • Futures and Margin Trading: MEXC offers futures trading with up to 200x leverage and margin trading, with competitive taker fees of just 0.02% and zero fees for limit orders.
  • High Transaction Capacity: Capable of handling 1.4 million transactions per second, MEXC ensures a seamless and efficient trading experience.

MEXC Homepage

User-Friendly Features and Accessibility

  • Savings Feature: The Savings option on MEXC allows users to earn APRs on various cryptocurrencies, complete with flexible lock options for convenience.
  • Mobile App Availability: With a user-friendly mobile application for iOS and Android, MEXC allows traders to engage with the market on the go.
  • Educational Resources: A comprehensive library of educational materials helps users understand the nuances of the crypto market and refine their trading skills.
  • Copy Trading Feature: MEXC’s copy trading functionality enables beginners to mimic the strategies of professional traders, improving learning and potential profitability.

Users can buy cryptos via bank transfers, SEPA, credit/debit cards, and peer-to-peer transactions. MEXC integrates with third-party processors like Moonpay and Mercuryo, accepting Google Pay and Apple Pay for simple and quick crypto purchases.

The MX token, integral to the MEXC ecosystem, allows holders to participate in critical decision-making, trading discounts, access to airdrops, and more.

Fee Structure Fee to Trade ADA Top Features Number of Cryptos
2% deposit fee 0% No spot trading fees, 1.4 million transactions per second, Savings feature 1600

Pros pros

  • 0% spot trading fees
  • Supports 1.4 million transactions per second.
  • Advanced charting features
  • Unique Savings feature

Cons cons

  • Not available to users in the USA

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

2. Binance – Most Extensive Platform Offering Multiple Ways to Earn Yields on Cardano

BinanceBinance is the top crypto exchange by trading volume. It offers over 350 cryptocurrencies and boasts the most features, equipping users with endless ways to earn from their crypto assets.

Regarding Cardano, users can earn yield in numerous ways, from staking to liquidity providing and lending.

binance

The platform also offers services like a DeFi wallet, cloud mining and a learning platform. This is ideal for advanced users, but there are more beginner-friendly platforms on the market.

One thing to note regarding Binance is that it is not currently accepting GBP deposits. Therefore, UK customers who want to use Binance must buy crypto on another exchange and then send it to Binance.

Another concern is that Binance is currently facing significant legal troubles worldwide.

For most users, it makes more sense to simply buy and hold crypto on another exchange, but the platform is still worth considering for those looking to maximize their returns.

Fee Structure Fee to Buy ADA FCA Regulated
Fiat deposits are not available from the UK. However, there are no fees on crypto deposits. 0.1% of the purchase amount Yes (partly)

Pros pros

  • Feature-packed
  • Numerous ways to earn a yield on ADA

Cons cons

  • It faces legal issues worldwide
  • Users cannot deposit GBP

3. Coinbase – Beginner-Friendly Exchange With Staking and Learn Platform

CoinbaseNext, Coinbase is the most beginner-friendly place to buy Cardano. While it does not offer the social trading and Smart Portfolio, it does offer Coinbase Learn, a platform that pays users a small amount of crypto to learn about new projects.

However, fees can be expensive on Coinbase. Credit/debit card deposits are 3.99%, and transaction fees work out at 1.5%. That means you could pay up to 5.49% transaction fees when buying Cardano on Coinbase.

coinbase

This would equate to paying over £50 in fees on a £1000 deposit.

Despite this, Coinbase is the second-highest exchange by trading volume, only behind Binance. One of the main reasons for this is its simplistic UI, which is easy to use even for a beginner.

On top of that, it also offers numerous advanced features like staking, leveraged trading and a non-custodial wallet.

Coinbase launched as a public company in 2021, furthering its legitimacy as one of the best crypto exchanges in the UK.

However, the SEC recently sued Coinbase, and while this should not put customers’ funds at risk, it is still worth considering as it may cause some disruptions on the platform.

Fee Structure Fee to Buy ADA FCA Regulated Top Features
3.99% fee on card deposits and 1.49% for bank transfers over £200 1.5% of the purchase amount Yes Coinbase Learn and Coinbase Earn

Pros pros

  • Easy-to-use platform
  • Users can earn rewards by learning about crypto
  • Numerous advanced features like staking and leveraged trading

Cons cons

  • High fees
  • The SEC lawsuit may cause disruptions

4. Kraken – Popular Crypto Exchange With Low Fees And High Security

Kraken, founded in 2011, is a prominent cryptocurrency exchange supporting trading in over 220 crypto assets. 

It distinguishes itself from many exchanges by maintaining an impressive security record, having never suffered a major security breach. 

Kraken ensures safety by storing 95% of funds in offline cold storage and enforcing two-factor authentication. 

The platform strictly adheres to Anti-Money Laundering (AML) guidelines, mandating Know Your Customer (KYC) checks for all new users.

Kraken Homepage

Kraken offers various funding options, including bank and ACH transfers and credit/debit card transactions, though these incur a 3.75% fee. The platform features an instant buy/sell option for cryptocurrency trading. 

This service comes with a 1.5% fee for most cryptocurrencies and 0.9% for stablecoins. Based on trading volume, Kraken Pro users enjoy lower fees, starting at 0.26% per transaction.

Moreover, Kraken provides leverage trading up to 5x for retail users and offers futures and margin trading services. Kraken Pro account holders benefit from advanced features like real-time charting and access to active orders. To support its users, Kraken maintains a 24/7 customer service team.

Pros pros

  • Has never faced security hacks
  • 95% assets stored in cold storage
  • Offers leverage trading
  • Low fees with Kraken Pro
  • 24/7 customer service

Cons cons

  • High fees for credit/debit cards

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

What is Cardano

Cardano is a decentralized layer 1 blockchain founded in 2015 by Charles Hoskinson and developed by IOHK. The project launched in 2017, utilizing a Proof-of-Stake consensus mechanism, which is more environmentally sustainable than the Proof-of-Work mechanism.

Cardano

Before Cardano, Charles Hoskinson co-founded Ethereum but left to create something more scalable, interoperable and sustainable.

Cardano has taken an interesting approach to developing its blockchain, using peer-reviewed research to ensure its robustness. This has led to some unique results, helping bolster its scalability, governance and sustainability.

Scalability

Its main competitor, Ethereum, faces severe scalability issues that have stunted its adoption. To combat this issue, Ethereum has focused on interconnecting layer two blockchains to take some transactions off the main chain.

Cardano has recently released Hydra, a similar layer two solution that takes data off the main chain but boasts several advantages in helping Cardano achieve its ultimate goal of facilitating mass crypto adoption.

With the release of Hydra, Cardano is not necessarily focusing on a specific throughput of transactions per second (TPS) as much as it aims to establish flexibility and confluence in its network, which will ultimately facilitate a higher TPS.

Governance

One of the main focuses of decentralization is governance and how decisions are made to manage change on a blockchain. Cardano’s native coin, ADA, is used for voting on the network to promote fair, decentralized and transparent decision-making.

Cardano

Each ADA holder can vote on changes to the network and management of its treasury. Cardano uses on-chain voting, making it immutable and decentralized. In comparison, Ethereum uses a method of proposing, debating and integrating, which is more qualitative and has raised criticisms of centralization compared to Cardano’s approach.

Sustainability

Cardano is intensely focused on creating a sustainable world, referencing environmental, social and governance (ESG) compliance on its website.

Its approach to sustainability has three main goals: to prevent the climate crisis, create a fairer society, and facilitate sustainable development in the developing world.

The Cardano Roadmap

Cardano is still a work in progress, with a vast roadmap ahead. Its roadmap is split into different eras, all with a unique objective. With that in mind, here are the eras and what they will entail:

  • BYRON – Cardano’s foundation aims to create a stable blockchain that anyone can transact on.
  • SHELLEY – Focused on establishing decentralization by increasing the number of nodes run by the community.
  • GOGUEN – The launch of smart contracts on the Cardano network, including the launch of a multi-currency ledger that does not require specialized contracts.
  • BASHO – Aiming to boost Cardano’s scalability and performance. The aforementioned Hydra upgrade was a part of BASHO.
  • VOLTAIRE – This era will focus on governance and bolstering decentralization. Once implemented, users can present and vote on upgrades and manage funds on the network.

It is also worth noting that the Cardano website explains that work for all areas of its roadmap is running simultaneously across different development streams.

Is Cardano a Good Investment? Key Points to Consider

When deciding whether to buy a cryptocurrency, there are some key factors to consider first. These primarily relate to utility, security, price and team/community.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Cutting Edge Technology

As mentioned, Cardano is unique in that all its developments are peer-reviewed and backed by science. This is contrary to the traditional blockchain development process and has led to countless disruptive innovations within the Cardano ecosystem.

For example, as mentioned earlier, Cardano’s multi-currency ledger will not require specialized smart contracts. This enables developers to create a much broader range of tokens in less time.

While this may just seem like a minor benefit, improving the development process is crucial in building a successful long-term blockchain that remains on the cusp of innovation.

Another factor regarding Cardano’s technology is that it splits its consensus mechanism into the Cardano Settlement Layer (CSL), which handles transactions, wallet balances and smart contracts, and the Cardano Computation Layer (CCL), which handles applications.

This differs from Ethereum, where all the above is handled in a single layer. While it is a technical concept to understand, it effectively means these two layers can work as separate chains, boosting Cardano’s scalability and enabling one layer to upgrade without disrupting the other.

Cardano’s peer-reviewed development process gives it a solid foundation and a precise and technical approach to blockchain scalability and security. Looking ahead, Cardano’s robust technology could provide an upper hand against other blockchains, potentially leading to mass adoption.

Tangible Use Case

One of the main criticisms regarding blockchain is that many innovations and advancements improve blockchain technology but render no tangible real-world benefits. The validity of this statement is beside the point, but the main thing to note is that Cardano is already making significant progress with its real-world use cases.

Cardano

Cardano uses technological innovations to further its real-world utility. One example is Cardano partnering with Georgian Wines Agency to deliver immutable and auditable data, boosting supply chain efficiency while providing transparency for consumers on where each ingredient in the product is from.

The blockchain has also made significant advancements in the developing world, with Cardano’s partner EMURGO taking substantial action to boost Web3 adoption in Africa to solve social issues.

Vast Expertise and Active Development

The topic of EMURGO brings us to the next point of Cardano’s vast support network comprising partnerships, developers and investors. Its three main partners are EMURGO, the Cardano Foundation and IOHK. These three entities oversee separate areas of Cardano’s development, ensuring it aligns with its overarching goals.

However, the blockchain’s support network of partners and investors also spans notable organizations like the World Economic Forum, European Investment Bank, Oxfam, Shell Foundation and many more.

Cardano

Access to such well-established organizations provides Cardano with vast resources and expertise, bolstering its potential for success.

Strong Community

Community size and investor sentiment are among the most impactful factors on the price of crypto. While gauging the size of a cryptocurrency community can be challenging, key statistics like social media followers and online engagement provide a good indication.

The Cardano Twitter account currently boasts over 800K Twitter followers. However, the compelling and sometimes controversial Cardano Founder Charles Hoskinson has fostered an even more significant following, at over 979K.

Furthermore, the founder has established a cult following on YouTube, with over 300K subscribers. Ultimately, as well as being a renowned mathematician and blockchain developer, Charles Hoskinson is highly charismatic, which has enabled Cardano to amass a loyal community.

The size of the Cardano community could result in significant price movements as market conditions improve, as there are likely many investors waiting to purchase when the market picks up.

Buying the Dip

Finally, Cardano is currently trading at a significant discount from its ATH. The current Cardano price is $0.2624, down 91.53% from its peak. While it remains to be seen if it will reclaim its ATH in the next bull market, its low price could still result in significant upside potential.

There is room for more than 10x to reclaim its ATH based on its current price. While there is no guarantee it will reach this price, it rose much higher than its previous ATH during the last bull run.

Either way, Cardano’s technological advancements, partnerships with some of the world’s most influential organizations and a loyal community could make it one of the best cryptos to buy ahead of the next bull run.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Cardano Price History

Cardano’s native coin ADA launched in October 2017 following an ICO that raised $62 million in 2016. ADA began trading around $0.02 and ranged up to $0.03 until November 2017, when a broader bull market rally began.

In January 2018, Cardano peaked just shy of $1 and then sold off, dropping to $0.15 before a bull trap and a downtrend continuation. The project then endured a prolonged bear market, trading below $0.1 until mid-2020.

However, Cardano was one of the best crypto winter projects, surging over 30x from its bear market lows to an ATH of $3.1 in September 2021.

Cardano

Following this, the project experienced an intense sell-off and has continued to downtrend, currently priced at $0.2633 with a $9.2 billion market cap.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Future Outlook – Cardano Price Prediction

Considering the discount Cardano is trading at and the upcoming bull market, many speculators predict tremendous growth for Cardano. During the previous bull market, ADA attained over 3x growth from its last ATH at its peak.

If it did the same in the upcoming bull market, the ADA price would be $9. However, volatility tends to reduce as assets mature due to the increasing market liquidity.

For example, ADA peaked at $1 in 2018, then $3.1 in 2021 – a 3.1x. However, it experienced a 50x in 2018 to reach $1. This illustrates the reduced volatility that comes with market maturity and indicates the next cycle may see even less growth. Nevertheless, with ADA currently 91% lower than its ATH, there is still significant upside potential.

Cardano

As seen on the chart above, Cardano is currently trading between $0.23 and $0.47. The likely scenario is to continue in this range until mid-2024 before bouncing to the upside. However, we may first see a deviation towards $0.11.

This would create a “shake out”, generating mass panic selling and enabling whales to accumulate more Cardano before the bull run. That said, if it reached this price, it would likely result from a black swan event and correct quickly.

Following this, the most likely range for Cardano to trade in will be between $1.28 and $2.3. Although it could climb higher than this, such price action tends to be brief and quickly corrects to a fair value range.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

What do Other Analysts Forecast

  • Crypto Capital Venture Founder Dan Gambardello recently predicted Cardano will reach a minimum ATH of $7.80 in the next bull market.
  • According to digital strategist at Money Advisor Azzam Sheikh, ADA could climb to highs of $0.716 by the end of 2023.
  • Meanwhile, a popular trading view analyst, Alan Santana, forecasts a similar trajectory to our prediction, forecasting a possible flash crash to retest the bear market lows and then commencing a bull run rally. Following the reversal, the trader’s first price target is $0.62.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Cheapest Way to Invest in Cardano in the UK – Exchange Prices Explained

Since there are so many ways to buy Cardano, identifying the cheapest method can be overwhelming. There are numerous factors to consider, like deposit, trading, and gas fees, if you use a decentralized exchange (DEX).

As mentioned, one of the most significant fees for buying Cardano is debit card deposit fees, which can go as high as 3.99% on platforms like Coinbase.

While you can sometimes avoid these fees using bank transfer, this method is generally slower and less convenient.

You could also use the Cardano blockchain to manage your ADA. However, you will still have to “on-ramp” your fiat currency, which involves depositing it to a centralized exchange (CEX), swapping it for ADA, and sending it to a Cardano wallet.

As such, you cannot buy ADA on the Cardano blockchain without first buying it on a CEX.

Things to Consider Before Investing in Cardano

While Cardano has cemented itself as one of the most promising cryptos, it is important to know that it still carries risk. Our primary concerns for Cardano are regulation, fragmentation and investor sentiment. We have explained each below.

Regulatory Scrutiny

The SEC referred to Cardano as a security when it sued Coinbase and Binance in June. While it has not taken any direct action against the Cardano Foundation or any other parties overseeing the project, its allegations undoubtedly present a risk of that happening in the future.

The project’s growth would likely be stunted if the organizations overseeing Cardano are forced into a legal battle. This is evident with XRP’s price, which could not reclaim its ATH in the last bull market due to the ongoing SEC lawsuit.

Blockchain Fragmentation

While regulation bears some importance regarding the price of XRP, the most crucial factor in the long term is its fragmentation issues. Due to its innovative design process, Cardano differs significantly from other blockchains.

For example, it has its own bespoke programming language incompatible with other blockchains. This makes it challenging for developers to move to Cardano or to migrate dApps from other networks onto the blockchain.

On top of that, it means users must adopt a different wallet since crypto wallets for blockchains like Ethereum and Solana are not compatible with the Cardano network. This takes effort and creates a complicated user experience.

Finally, Cardano faces issues of liquidity fragmentation since it is largely cut off from other chains, relying solely on wrapped tokens for cross-chain liquidity.

As such, liquidity is relatively thin on the Cardano network compared to competing chains like Ethereum. This makes Cardano a less attractive option for institutional players since the price impact of trading on Cardano would be too high.

To illustrate this, Ethereum has a TVL of $56 billion, while Cardano’s TVL is just $198 million.

Investor Sentiment

The final risk regarding Cardano is that investor sentiment may decline if the downtrend continues. If this occurs, there is a risk that Cardano’s price cannot recover despite the expected upcoming bull market.

Although this is unlikely due to Cardano’s strong partnerships, robust network upgrades and thriving community, it is still worth considering since anything can happen in crypto.

How to Buy Cardano in the UK Detailed Step-by-Step

Now that we’ve covered the best places to buy Cardano and the advantages and risks of investing in this crypto project, let’s explore how to buy it.

Step One: Open a MEXC Account

First, visit the MEXC website and select the sign up button. Then, sign up, either by email/phone or by connecting your metamask wallet, Google, Apple or Telegram account.

MEXC Sign Up

Once you have completed the sign-up process, you must verify your identity by uploading a copy of a government-issued document like a passport or driver’s license.

Step Two: Deposit Funds to MEXC

Once verified, select the Deposit Funds button on MEXC dashboard. Then, choose your preferred payment method.

If you deposit with a card, the funds should arrive in your MEXC account within a few minutes.

MEXC - Deposit Funds

Step Three: Search for Cardano

Click on the search bar at the top of the MEXC dashboard and search for Cardano. Once it appears, select the Trade option next to it.

Step Four: Complete Your ADA Purchase

Finally, choose the amount of Cardano you want to buy in USD value or select the Units button to denominate your purchase in ADA.

Once you have input the amount you want to buy, select Open Trade to complete your order.

Conclusion

This article explored how to invest in ADA. We considered the best places to buy ADA in the UK and whether it is worth buying.

Ultimately, we found that while all cryptos carry risk, Cardano features impressive fundamentals, boasting real-world utility and partnerships with some of the world’s most influential organizations. Moreover, it is currently trading 91% below its ATH, presenting tremendous upside potential.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two minutes to learn more.

References

https://www.sec.gov/news/press-release/2023-102
https://finance.yahoo.com/news/ethereum-needs-scalability-retain-market-082007889.html
https://finance.yahoo.com/news/cardano-scaling-node-hydra-head-075214091.html
https://www.cardano.co.uk/our-approach-to-sustainability/
https://www.emurgo.io/press-news/emurgo-africa-connecting-africa-to-cardano-and-web3/
https://www.reuters.com/technology/paypal-halt-uk-crypto-sales-until-2024-2023-08-16/

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Elliott Lee
Editor

Elliott is a British cryptocurrency journalist and copywriter. Having spent the past couple of years immersed in everything crypto, he now spends his time researching the most impactful cryptocurrency trends. He looks for projects with long-term visions and is a huge believer that blockchain technology can solve the world's most pressing issues.