Please keep in mind that cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Capital gains tax may apply to profits from cryptocurrency sales.

How to Buy Cardano in the UK

Updated On: Sep 23, 2022
How to Buy Cardano UK

Contents:

How to Buy Cardano (ADA)

  1. Sign up to a crypto exchange: To buy Cardano (ADA) in the UK, you’ll need to sign up and use a crypto exchange like eToro or Uphold to swap your GBP for cryptocurrency.
  2. Verify your details: Once you’ve created an account, you need to verify your personal information. This may require uploading  your international passport or government-issued ID card.
  3. Add funds: Deposit funds via a UK debit or credit card or bank transfer. Depending on the rules of the crypto exchange you choose, there may be fees associated with your payment method, so you should check in advance.
  4. Search for ADA: Once you’ve added funds to your account, search for the Cardano (ADA) page on the crypto exchange and place an order for the amount you’d like to invest.
  5. Choose how you’d like to store your ADA: Most exchanges provide an integrated wallet, but you can also use a third-party wallet. Cardano also has its own Daedalus wallet, which gives users a full blockchain node so they can enjoy total control over their funds and greater transparency over the blockchain. The Daedalus wallet is also the only wallet where ADA holders can take part in the staking system - the Proof of Stake (PoS, explained below) allows holders to receive rewards for delegating ADA or running a staking pool.

Where to Buy Cardano

We’ve put together a list of some of the best crypto trading platforms to buy Cardano (ADA) in the UK. These are apps, wallets, exchanges and websites where you can buy Cardano (ADA), Bitcoin, Ethereum and other cryptocurrencies in the UK.

Please remember that crypto assets like Cardano (ADA) are highly volatile, unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Additionally, capital gains tax may apply to profits from cryptocurrency sales.

Here are some of the best apps to buy Cardano (ADA) in the UK:


eToro - Live prices; Wallet; Advanced trading tools; Popular coins

eToro Logo
Minimum Deposit
US$10 (£8)
Trading Fees
1%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

eToro is a multi-asset trading platform that offers both investing in stocks and crypto assets, as well as trading CFDs. With eToro, you have over 120 cryptocurrencies to choose from, including popular coins like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB) and Solana. It is entirely free to open an account with eToro, and all registered users receive a US$100,000 demo account for free, which you can use to practice buying crypto and other assets before committing to them. eToro does not charge a deposit fee but charges a 1% trading fee on all buy and sell orders. Trading on eToro occurs in USD, so a conversion fee will apply if you deposit or withdraw in a currency other than USD. Withdrawals incur a fee of US$5, and the minimum withdrawal amount is US$50.

For UK customers, eToro offers an eToro Money app which allows you to convert your GBP to USD free of charge, thereby reducing your foreign exchange costs. The app also functions as a wallet for storing your crypto holdings and allows for easy transfer of your cryptocurrency from one exchange or wallet to another. In addition to cryptocurrencies, eToro offers other products, including 0% commission stocks.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk. Additionally, 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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Uphold - Good for beginners; Cheap Forex rates; Crypto wallet

Uphold Logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
1.25% - 0.85% / 1.25% -  1%
Withdrawal Fee
Red cross mark indicating no
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Uphold is a beginner-friendly cryptocurrency exchange that allows you to buy and sell over 90 cryptocurrencies and utility tokens, including majors, altcoins and emerging tokens. You can also buy and sell up to 3 national currencies, including GBP, EUR and USD. With Uphold, you can schedule regular transactions using AutoPilot, which allows you to set up recurring buy or sell orders and reduce the impact of price volatility. Uphold also lets users withdraw funds to bank accounts in 36 countries or to private wallets on five crypto networks - instantly and fee-free. Uphold currently has over 2 million customers worldwide.

There are multiple fees involved when trading crypto on Uphold. Fees are calculated at the time you place your order, so the price you see before your trade is the same price you pay when you trade. The most important fees to look out for are trading fees, FX fees, and market spreads.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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OKX - Beginner-friendly; Wallets, Advanced crypto trading tools

OKX Logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.08% - -0.005%/ 0.100% - 0.020%
Withdrawal Fees
Red cross mark indicating no
FX Fees
Red cross mark indicating no
FCA Registered
Red cross mark indicating no

OKX is one of the biggest crypto exchanges in the world, and it allows you to buy, sell and store hundreds of popular cryptocurrencies and altcoins. OKX users can trade Bitcoin, Ethereum, Tether, USD Coin, XRP, ADA, SOL, DOGE and many other popular cryptocurrencies. Users can also trade a wide range of DeFi cryptocurrencies such as Uniswap, AAVE, Maker, Synthetix and Compound, as well as NFT-related cryptocurrencies such as ApeCoin, FLOW, Chiliz and MANA (Decentraland). OKX allows you to buy crypto with GBP and over 30 other fiat currencies or with your existing cryptoassets. OKX has crypto trading tools for beginners, advanced traders and institutions. Users can also earn high yields, access new tokens early, join OKX’s mining pool, or use cryptoassets to take out low-interest loans.

OKX charges Maker-Taker fees for trades conducted on the exchange. These fees are different for regular and VIP users. Regular users are categorised into tiers by their total OKB holdings, whereas VIP users are categorised by 30-day trading volumes and daily asset balances. The trading tiers are updated daily.

Promo: Buy or deposit US$50 worth of crypto and get a Mystery Box.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Coinbase - Good for beginners; Live prices; Wallet; Popular coins

Coinbase logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.50% - 0.00% / 0.50% - 0.04%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Coinbase is a cryptocurrency exchange that allows you to buy, sell and earn popular digital currencies, and keep track of them in one place. With Coinbase, you have over 500 cryptocurrencies and other digital assets to choose from, including popular coins and tokens like Bitcoin, Ethereum, USD Coin, Tether, Dogecoin and Cardano. You can set up recurring trades and invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly. You can also track your trades and monitor market movements via the web app or iOS and Android mobile apps. The Coinbase Wallet allows you to store all your crypto and NFTs in one place, trade 500+ assets on DEXes and earn interest.

There are multiple fees involved when trading crypto on Coinbase. Fees are calculated at the time you place your order and may be determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.

Please note: Cryptocurrency is not regulated by the Financial Conduct Authority (FCA) and is not subject to protection under the Financial Services Compensation Scheme or within the scope of jurisdiction of the Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may apply to profits from cryptocurrency sales.

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Coinsmart - Good for beginners; Advanced crypto trading tools

Coinsmart logo
Minimum Deposit
£0
Trading Fees
0.20% - 0.30%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Coinsmart is an easy-to-use crypto exchange on a mission to make cryptocurrency accessible to everyone. It is designed to be a simple crypto-trading platform that anyone can use and understand. With Coinsmart, you can buy and sell Bitcoin, Ethereum, Litecoin and other digital currencies quickly and easily on desktop and mobile. There are multiple fees involved when trading crypto on Coinsmart. Some of the fees include withdrawal fees (depending on your withdrawal method) and trading fees.

Promo: Get C$20 (~£12) in Bitcoin when you fund your account with a minimum of C$100 (~£63). Promo code: getcrypto.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Phemex - Live prices, Advanced crypto trading tools, Crypto wallets

Phemex logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.025% / 0.075%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Phemex is a crypto trading platform with custom-built trading engines that process 300,000 transactions per second with order response times of less than one millisecond. The founding team consists of ex-Morgan Stanley executives who boast decades of practical Wall Street experience. With Phemex, you can buy Bitcoin, Ethereum, Tether, Dogecoin, Chainlink, Cardano, XRP, Litecoin, and other popular cryptocurrencies with your debit or credit card. The platform is suitable for both beginners and advanced crypto traders. However, advanced traders will find Phemex particularly appealing as you can trade BTC, ETH and over 224 Crypto Pairs with zero trading fees (Premium users only). Users can also boost their crypto knowledge by taking advantage of the 400+ articles on hot crypto projects available on the platform.

There are multiple fees involved when trading crypto on Phemex, including trading and withdrawal fees. These fees depend on whether you trade cryptocurrencies via the Phemex wallets, trading accounts, spot trading platforms or contract trading platforms. Click here to learn more.

Promo: Up to US$180 welcome bonus. Learn more here.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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What Is Cardano?

Cardano is one of the biggest cryptocurrencies by market cap, with a market cap of £14 billion at the time of writing. It is very similar to Ethereum 2.0 in that it uses a proof-of-stake consensus algorithm to validate transactions before they are added to the blockchain instead of proof of work, as is the case with the Bitcoin blockchain and Ethereum 1.0.

Cardano claims it is built on a more sustainable and scalable blockchain technology called Ouroboros, which provides and improves the security guarantees of proof of work at a fraction of the energy cost.

Cardano, like Ethereum, can be used for running smart contracts, which allows for the development of a wide range of decentralised finance apps, new crypto tokens, games, and more.

The native cryptocurrency of the Cardano platform is ADA (named after Ada Lovelace, a 19th-century mathematician who is recognised as the world’s first computer programmer). Any user located anywhere in the world can use ADA as a secure exchange of value without requiring a third party to mediate the exchange. Every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.

There is a maximum supply of 45 billion ADA, and at the time of writing, 34.2 billion were already in circulation.

Cardano was launched in September 2017 by Ethereum co-founder Charles Hoskinson.

How Does Cardano Work?

Cardano relies on a specially designed proof-of-stake blockchain protocol for consensus called Ouroboros, which is designed to reduce the energy expenditure required by proof-of-work mining by eliminating the need for massive computing resources.

Ouroboros secures the transactions as well as the smart contracts. It also rewards users who stake their ADA to the network and helps ensure network consensus by validating transactions and processing blocks.

Ouroboros is unique for its mathematical security that guarantees truly randomly selected block validators and objectively fair staking. Cardano also implemented smart contract support in 2021 with its Alonzo update, which allows users to create smart contracts and NFTs and manage multiple assets.

What Is the Cardano Blockchain?

The Cardano blockchain is designed to be a highly scalable and environmentally sustainable blockchain platform. It uses a new and innovative proof-of-stake consensus mechanism called Ouroboros, which is intended to be more energy-efficient compared to the energy-intensive proof-of-work mechanism currently used by Bitcoin and Ethereum. (Ethereum is also moving to a proof-of-stake mechanism via the ETH2 upgrade).

The Cardano blockchain is divided into two layers: the Cardano Settlement Layer (CSL) and the Cardano Computing Layer (CCL). The CSL contains the ledger of accounts and balances (and is where the transactions are validated by the Ouroboros consensus mechanism). The CCL layer is where all the computations for apps running on the blockchain are executed - via the operations of smart contracts.

Splitting the blockchain into two layers helps the Cardano network process as many as a million transactions a second.


Frequently Asked Questions

1. How can I invest in Cardano in the UK?

You can invest in or buy Cardano legally in the UK with GBP via crypto trading platforms such as eToro, Uphold or Coinbase. Please remember that cryptoassets are unregulated in the UK, and there is no consumer protection. Capital gains tax on profits may also apply.

2. Is Cardano the new Bitcoin?

A number of people have called Cardano the new Bitcoin, but there are significant differences between both blockchains. The Bitcoin blockchain uses the proof-of-work consensus mechanism to verify transactions before they are added to the blockchain, and the Bitcoin cryptocurrency is mainly used for spending and monetary transfers. The Cardano blockchain, on the other hand, uses proof of stake, and although ADA can be used to send and receive money like Bitcoin, the Cardano blockchain is primarily used for smart contracts and decentralised apps.


3. Is Cardano better than Ethereum?

The founder of Cardano, Charles Hoskinson, was one of the five original founders of Ethereum and was CEO but was removed from the project the following year after a dispute with Vitalik Buterin. Hoskinson and a former Ethereum colleague then went on to found IOHK, which built Cardano. Cardano was inspired by Ethereum, which had been criticised for its inefficiency, and claims to have superior transaction speeds, low fees and energy efficiency. 

Both Cardano and Ethereum are working to provide the basic infrastructure for blockchain-based services and applications. Cardano has solved some of the limitations faced by the Ethereum network, which could only handle around 15 transactions per second (TPS), whereas Cardano was launched to process more than 250 TPS. This is thanks to Cardano’s Ouroboros proof-of-stake mechanism, which reduced the energy required to run the network by around 99%. However, Ethereum is a more established cryptocurrency asset, with around one million transactions per day compared to around 100,000 for Cardano. Ethereum’s fees are more expensive than Cardano’s, at around US$20 per transaction compared to below US$1 for Cardano.

4. Will Cardano be as big as Ethereum?

It’s hard to say if Cardano will be as big as Ethereum. Some have pointed out that Cardano’s robust peer review system can prevent glitches down the line as an advantage over Ethereum, but Ethereum has the first-mover advantage and a reliable track history. You should always do your own research depending on what you hope to gain before investing in any cryptocurrency.


5. Should I buy Cardano or Solana?

Solana and Cardano are rivals in terms of speed of settlement, smart contract capability and minimal transaction fees, and both platforms have realised a more than 400 times return since inception. Both set out to solve the scalability issues encountered with Bitcoin and Ethereum. Solana was launched 2-3 years after Cardano, and although its proof-of-history algorithm has allowed it to process over 50,000 TPS at low transaction fees, it is also less decentralised than Cardano, which has a better security record overall. Cardano is hoping to increase TPS to over one million in its Hydra update, which is scheduled to be launched in Q3 2022. Overall, Cardano and Solana are ambitious projects, and you should decide to invest in whichever suits your needs only after thorough research.


6. Is Cardano safe?

Cardano is considered reputable due to Hoskinson’s prior experiences and advocacy for the crypto industry in Washington, DC. Unlike other cryptocurrencies, Ouroboros requires each security claim to be mathematically correct before it is implemented. The latest Genesis update makes Ouroboros the first proof-of-stake protocol that is mathematically proven to ensure persistence and liveness under the assumption that an honest majority is participating, just like Bitcoin, and so they are theoretically equally secure. This is in comparison to other proof-of-stake protocols that require at least 2 or 3 honest participants, such as Ethereum Casper.

If you choose to buy Cardano (ADA), you should be aware of the general risks associated with cryptocurrencies, such as losing all your money if the cryptocurrency loses its value, if you lose access to your wallet, or if you are a victim of a scam or fraud.


7. Will Cardano survive?

Cardano is a relatively new blockchain technology and is currently in the third of its five stages: Byron (foundational), Shelley (Cardano’s mainnet and decentralised blockchain network, Goguen (smart contract platform allowing users to build decentralised applications), Basho (scaling solutions to optimise blockchain) and finally, Voltaire (treasury and voting systems introduced to create a self-sustaining network).

Many functions in the different stages overlap with each other, and each stage is supported by intense academic research and prototyping before being integrated into Cardano. Though historically, the phases have been delayed, the developers are confident in the completion of all five stages.


8. Does Cardano have too much supply?

ADA has a fixed monetary policy, so there will only ever be 45 billion created, unlike currencies like Dogecoin and Ethereum, which have no fixed supply. Just under 26 billion ADA was sold during the initial sale, and around 19 billion will be released through the blockchain as rewards for mining blocks. The remaining ADA will be distributed in staking rewards through generated blocks on the blockchain. Around 34.2 billion ADA are currently in circulation (as of August 2022).

9. What is the current price of Cardano (ADA)?

The current price of Cardano (ADA) is £0.40 (at the time of writing). You can find the live price here at any time.


10. Where is the best place to buy Cardano (ADA)?

Here are some of the best places to buy Cardano (ADA) in the UK:

  • eToro - Live prices; Wallet; Advanced trading tools; Popular coins
  • Uphold - Good for beginners; Cheap Forex rates; Crypto wallet
  • OKX - Beginner-friendly; Wallets, Advanced crypto trading tools
  • Coinbase - Best for beginners; Live prices; Wallet; Popular coins
  • Coinsmart - Good for beginners; Advanced crypto trading tools
  • Phemex - Live prices, Advanced crypto trading tools, Crypto wallets


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