If you know nothing about trading or how to invest in Cardano, here is your chance to learn it all. This article will unveil the smartest ways of pumping your equity into Cardano and reap its bountiful rewards. Let’s get started.
Cardano Investment Basics
As with other cryptocurrencies, Cardano prices can fluctuate very often. Therefore, a lot of thinking and analysis checks must go into selecting the proper moments for trading and determining the percentage of your investment capital you wish to allocate to your Cardano Investment Portfolio.
But before you can brush through all these details, you need first to select an online broker that allows you to invest in Cardano safely and securely.
Selecting a Suitable Broker
When choosing an online broker, ensure that they’re reliable, regulated and authorized by reputable financial bodies. For example, a broker like eToro is regulated by FCA, ASIC, and CySEC, the main recognized regulatory bodies in the investment world. A broker without these certifications is the first red flag that you shouldn’t invest with them.
Once you have selected a reputable broker to purchase your ADA tokens, the next step would be to set up an exchange account. Examples of exchange include:
Some of these brokers (i.e. eToro) allows customers access to its CopyTrading services. Copy trading is a system where new investors can copy other training ‘gurus’ trades or investments. Who knows, it might save you a lot of stressful computations and make you a lot of money.
Once you have selected a suitable broker you can trust, the next step is to open an account with your new Cardano broker. All new customers must open an account, after which they provide some personal information on the account and upload their Government-Issued IDs to complete their verification. Part of the essential personal information includes your name and nationality, home address, date of birth, and national tax number. Depending on the broker, a few other pieces of information may be needed, while some others left out.
Buying Cardano ADA
Once you have successfully opened your exchange account, you can finally purchase Cardano (ADA). There are a number of ways to accepted payment methods to purchase your Cardano ADA. These include:
- Bank Wire
Note that some of these payment methods are unavailable in specific regions, so be sure to confirm that whichever way you have selected is accepted in your country. After confirming, proceed to make your payment to your broker. Some of these exchanges require a minimum deposit to activate registration. These deposits differ from exchange to exchange. For example, in Etoro; it is $200.
Making your First Cardano Investment
Finally, it’s time to invest in Cardano! You can begin with any amount based on the minimum supported by your exchange. After investing in Cardano, the ADA tokens appears on your user profile. Here, you can view the current value of your Cardano investment and know whether it is on a high or a low, as that will predict your trading decisions. You can hold your Cardano long-term in hopes that it rises as Dogecoin did, or you could trade buy and sell daily or at weekly intervals depending on how you believe that Cardano will perform. After making the decision to sell Cardano, return to your profile; note that you don’t need to withdraw the tokens out of the exchange platform as the broker will keep your investment safe from theft and fraud.
Once you decide on how much of your Cardano ADA you wish to sell, then execute your sell, and your proceeds will be shown in your account; you can choose to reinvest your profit or withdraw it in your account. Remember, you can only make a profit when you buy low and sell high. If you’re a beginner in the world of investment altogether, be sure to go through all the basic investment rubrics before investing in Cardano or any other cryptocurrency.
PS: These markets are volatile. Do not invest more than you can afford to lose.