Cardano wallet review 2021 | Invest in Cardano with an ADA Wallet!
When you have started trading cryptocurrencies, there is a big chance that at some point you will encounter Cardano. Of course you will need a Cardano wallet.
If this would have been tangible money, you could put it in a piggy bank at home or deposit it in the bank. This is of course different with crypto because here you receive digital coins. To still be able to store all your coins safely, there are wallets where you can store your Cardano.
Buying Cardano - a step-by-step plan
1 - Choose a broker: - Go find your favourite online broker (we recommend eToro).
2 - Deposit money - Put money in your account so you can start trading immediately.
3 - Choose a cryptocurrency: - In the list, look for the Cardano (ADA) coin.
4 - Buy the cryptocurrency: - Pay and you can start trading the cryptocurrency.
Do you want to start trading cryptocurrency? Start immediately by clicking on the green button!
When you have bought your coin, you also want to keep it. In this article we will come back to the types of Cardano wallets and look at the safety and risk of the different wallets.
What is the Cardano Wallet?
Cardano was founded after its founders found the blockchain too limited in scale and design. Therefore, its goal is to excel in a few features like instant and fast transaction.
Founded in 2017, it had to compete against the two other major cryptocurrencies Bitcoin and Ethereum. This is because these two are also decentralised platforms.
What the creators of the Cardano wallet find very important is that both worlds involved during a transaction, i.e. the users and regulators, benefit from it. The needs and wishes should be able to cross over to create a balance.
Because Cardano uses a smart-contract platform, it is possible to conclude transactions better and faster.
Cardano also has its own coin, the ADA coin. This coin does not have its own ADA wallet, but is part of the Cardano platform.
In order to store this ADA coin, you need a Cardano wallet. There are three kinds of Cardano wallets which we will go through with you further on in the article.
How do I buy ADA for my Cardano Wallet?
Of course, an empty Cardano wallet is of no use to you, so let's fill it up a bit! Below you will find a step-by-step plan showing you the different ways to invest in Cardano.
We will also take you through different online brokers and how to transfer the purchased crypto coins to your Cardano wallet.
Step 1: Choose a broker with ADA
Step 3: Deposit funds into your account
Step 5: Store your ADA in a Cardano Wallet
Step 1: Choose a broker with ADA
Before you can fill your Cardano wallet, you need to search for brokers that will let you invest in these ADA coins.
Of course, each broker has its own requirements and costs, so we present you with some brokers that might suit you well. It is very important to make a good choice so you don't have to switch brokers later on.
One of the brokers that falls within the well-known range is eToro. This broker is hugely popular among novice and more experienced investors.
At eToro you trade in more than 25+ crypto currencies, hundreds of stocks, ETFs, CFDs, indices and currencies.
The platform is supervised by the CySEC (Cyprus Securities and Exchange Commission) so you can be sure that your money is always safe.
For trading stocks and ETFs you pay only 0% commission!
If you're just new to the crypto world, eToro ensures that you can practice before you take the risk. For example, they offer a demo account where you can practice with free money.
This gives you the opportunity to learn the ropes and later, when you're really ready, you can start with the real thing.
You can also copytrade by copying trades of experienced investors.
To ensure that you do not immediately have to put too much money in the game, eToro uses a minimum deposit of €42. Do you want to deposit a large amount immediately? Then you get a discount on your deposit.
Create a free account at eToro and start investing today!
You can also start investing in crypto-CFDs. This is possible at broker Libertex. With CFDs, you enter into a contract about the value of the currency, and do not buy the currency itself.
You do not need to arrange a wallet, because the broker does everything for you. The advantage of Libertex is that in addition to crypto currencies, you also have 200 other tradable assets to invest in, so you can easily maintain a diverse portfolio.
Investing in CFDs with Libertex is possible from a minimum deposit of €100. After this you get access to the platform.
Create a free account with Libertex and start trading today!
A crypto exchange is Bitvavo. It is only recently on the market but already has a large number of digital coins.
Bitvavo offers no less than 50 different cryptocurrencies, including the big, well-known coins such as Bitcoin and Ethereum, but also the slightly less well-known ones. Bitvavo also offers the Cardano (ADA) coin.
With Bitvavo, you invest directly in the coin. You need to make sure that your coins are safe, a Cardano wallet is the perfect solution.
Bitvavo's platform is especially popular among novice investors. This is because the options and functions are very minimized to keep it user friendly and clear.
The fact that the platform is especially nice if you run into a problem. Customer service is always available in your own language.
If you buy or sell a product, there are low transaction costs involved, which is of course extremely advantageous. Depositing money at Bitvavo can be done in several ways including iDEAL.
Want to know what our experts say about Bitvavo? Check out our review on the website or open your account right away with the green button!
One of the largest crypto exchanges in the world is Binance. This exchange focuses purely on crypto, and is getting better and better at it!
Want to read more about Binance? Take a look at our experts' review of Binance. Are you excited yet? Then click the green button right away!
Step 2: Create a new account
Have you found your perfect broker? Then we are going to create an account together with you, don't worry, because this is done in no time.
At most brokers, this will work in a similar way, but for the sake of convenience, we will use eToro as an example. If you click on the green button on the right, you can immediately create an account.
The eToro platform is a particular favourite in Europe.
With eToro, you invest directly in the currency itself and it must be stored in wallets such as the Cardano wallet.
Your account is created by entering your email and password. Then click on confirm and you will immediately receive a verification message via your e-mail address.
When your account is verified, you can start right away with the demo account. This is especially useful if you are new to the game, because it allows you to practice with a fictitious amount before you start for real.
Have you already thought of a perfect strategy and are you willing to take the risk? To be able to start playing for real money, you first have to go through a verification process to have your identity confirmed.
At this stage, you will have to send a copy of your identity document and complete a questionnaire. This is done to make sure you know what you are getting into and what the risks are.
Step 3: Deposit money into your account
If the verification has been approved, you will receive a message. From that moment on, you get access to your account on eToro.
To be able to start using real money, you must of course first deposit money into your account. This can be done in several ways.
eToro has a wide range of payment options, so that there is really something between them that you have at your disposal, for example iDEAL or PayPal.
For the very first deposit, eToro does ask you to transfer a minimum amount of €42.
Step 4: Buy ADA for your Cardano Wallet
When you have deposited the money into your account, you can start looking for a crypto currency. This can be done in two ways. If you already know which crypto you want to trade, like ADA, just type the name in the search bar.
Here you can click on the coin and start trading immediately.
For the other way you also use the search bar, but you filter on cryptocurrencies. Then ADA will also appear under the heading Cardano. After you bought ADA, it will be visible in the 'Cardano Wallet' on the exchange, this is not a real wallet, but an overview of your investments, which the exchange manages for you.
Do you really not know which one to choose? Then take a look at the overview of the coins and which of them can perform well.
Before you start with this, it is useful to first do your own research.
When you have made your choice, just click on 'open position' and you can start immediately. You can also open more than one.
Step 5: Keep your ADA in a Cardano Wallet
After you have bought Cardano, the crypto coins will remain on the platform or be stored in your 'Wallet'.
It is of course important that your coins are properly stored and secured. In that case, it is a good idea to choose a wallet that is specifically made for storing the coins, and to store the ADA there.
This is safer than leaving the ADA on the exchange, but it does mean that you first have to transfer the ADA to the Cardano Wallet on the exchange when you want to trade again.
Make a good choice of the wallet you want beforehand. When you want to change this wallet, you'll have to go through quite a few steps to make sure that everything will be transferred to your new wallet in a safe and correct way.
How do I use the Cardano Wallet?
The Cardano software was developed by IOHK: this is the development team behind Cardano.
Because this Cardano wallet does not support other tokens yet, you can only put ADA tokens in it.
However, the software is open source, so it is to be expected that this will change in the future.
Cardano has developed a number of wallets that you can open on different devices. You have an online, mobile, software, hardware and full node wallet.
1. Online ADA wallet
The online wallet can be used via your laptop or computer. You do not need to download it and you can easily visit it via for example Chrome or Firefox.
In this wallet you can buy and sell your Cardano (ADA) coin. Because it is a free platform, it has few extra options, but it can be very user-friendly, especially for beginners.
One drawback to the online wallet is that it is susceptible to scams. It is not as well protected as other Cardano wallets and also does not accept private keys.
A Cardano wallet allows you to store your private and public keys. With a private key you can send coins to other parties and with a public key you can receive coins from other parties.
It is very important that you never share these keys, with the emphasis on private key, with others. If you share the private key, other people can already access your wallet. So be careful with that.
Do you still want an online Cardano wallet? Then we advise you to choose the Yoroi wallet since it is very fast to download and the functions can be used immediately.
The Yoroi wallet is also tested for security and its private keys are encrypted.
2. Cardano Wallet Android: mobile wallet
The Cardano mobile wallet is designed for Android and IOS devices. Here you can place ADA wallet transactions by simply scanning a QR code.
The advantages of the mobile version is that it is free and you can easily install it. On the other hand, the mobile version does not have the most extensive options, but it is still very user-friendly.
You can actually compare this Cardano wallet android with the online wallet and therefore it is not very safe and it does not have a private key.
Also in this case we recommend you the Yoroi wallet because it is easy to install on Android (Cardano wallet android) and IOS (Cardano wallet IOS) devices. You can download the Cardano wallet android in the Google Play Store on your Android phone.
3. Software ADA wallet
The Cardano software wallet, also called the desktop wallet, is installed on your computer as a program. You can download this for free, but it does come at a price.
This is because it is a risky option when you look at the safety of this Cardano wallet. This is because they do run on the public internet and the operating system of your computer.
The moment there is a leak, a hacker can gain access. If a hacker manages to retrieve your private key, you will lose all your Cardano (ADA).
Of course this does not always happen, so if you only have a small number of Cardano in your possession, the Software ADA Wallet is still a good choice.
If you still want to go for the Software wallet, we recommend Daedalus because they have an excellent backup and recovery function. Daedalus can be used on Windows (windows 8.1 and 10), Mac and Linux.
4. Hardware Cardano wallet
The safest of all 4 wallets is the Cardano hardware wallet. With this physical device you can actually be sure at any moment that your Cardano (ADA) coins are safely stored.
This is especially safe because it is separate from your computer and other hackers could never get into it. Also, the transactions are not carried out via the web or mobile, but via the Hardware itself.
It has many different options, but all these advantages also make it quite pricey.
To make sure your Cardano tokens are fully secured and protected, you can choose from different Hardware Wallets, each with its own functionalities and support. The security of each is the same.
The four most popular Cardano Hardware Wallets are the Ledger Nano X (€129.99) Trezor Model T (€180.29), Ledger Nano S (€59.99) and the Ellipal Hardware Wallet (€159.0).
Types of Hardware Wallet Cardano
Because there are many choices to be made within the Hardware Wallet, we look below at what would suit you best. We briefly look at the three most popular hardware wallets and list the advantages for you.
Ledger Nano X
- More storage space
- Supports many wallets
- Battery life of 8 hours with constant use
- Perfect for use with a mobile device
- Together with the Trezor Model T the most secure hardware wallet.
Trezor Model T
- Very easy to use
- Built-in colour touchscreen
- Trezor Model T uses open source
- Not only for ADA, Trezor accepts 1000+ cryptocurrencies
- Cardano transactions are signed internally using your private key, this makes a transaction even more secure
Ledger Nano S
- The technology is very safe
- You can store almost 20 cryptocurrencies on it
- It is cheap compared to other hardware wallets
Enthusiastic about trading Cardano? Then don't wait any longer and create an account at an online broker to start trading Cardano right away.
Why choose the Cardano Wallet?
The Cardano coin is a successful currency that is expected to grow significantly in the future, so it is wise to keep an investment in ADA in a Cardano Wallet.
Cardano is still new but brings together all the advantageous specifications of other well-known coins.
It has the advantages of Bitcoin, very low transaction fees and the launch this spring of smart contracts from Ethereum.
Because the Cardano wallet uses proof-of-stake, transactions are much faster and at a lower cost. At the moment, Cardano is competing with Ethereum and they are getting close to each other.
Therefore, it is good to keep an eye on this coin. The Cardano wallet and platform are growing rapidly.
Whichever wallet you use, always pay attention when executing transactions. It is a good idea to make a copy of the addresses to make sure they are correct.
Tips before using the Cardano Wallet
As we have just seen, there are a number of free wallets you can use to keep your ADA coins safe. If over time more and more coins are added, it is wise to consider to secure these extra coins and to choose for a hardware Cardano wallet.
Would you rather look at another crypto currency like Bitcoin? Check out the article about buying Bitcoin and its price here.
Cardano Review: Frequently Asked Questions
Cardano is a science-based blockchain technology. The Cardano currency is called ADA and is based on mathematical academic research.
There are several ways to store your Cardano (ADA) in a wallet. Which method is best for you depends on how you use the currency.
If you want quick access to the coin, you can leave it on the exchange. This is the quickest way to get back into the market, but the disadvantage is that it is less secure.
A safer option is to install software for a Cardano wallet. This will keep you reasonably mobile, but it is safer. The safest method is to buy a hardware wallet. This has the disadvantage that it is more complicated to access your ADA.
On exchanges this will be done for you. Otherwise, you can easily (and often free of charge) download Cardano Wallet software or buy a hardware wallet. There are also several free apps you can download on your android or iOS phone.
Many investors buy ADA because they are interested in scientific underpinnings and as we know, Cardano (ADA) consists of mathematical underpinnings.
By buying ADA, it ensures even more investment in technology and you have voting rights on software changes.
Cardano was created by Charles Hoskinson. He is a scientist working on improving blockchain technology. He uses mathematical theories and works with various universities to create the best proof-of-stake blockchain.
A decentralised blockchain technology means that the platform is not managed by a central entity such as a bank. In this case, everyone involved in the system is also part of it.
So you often see that if you have a certain currency, you can vote on certain decisions within the platform.
Open source means that everyone can see how the programme is put together and what it can do. Often it may also be adapted by several people and can therefore be adapted by other coders against permission.
The advantage of this is a high degree of transparency, which builds up trust.
Cardano Wallet: Conclusion
Cardano is a fast growing company and is already competing with Ethereum. They are especially popular because of the mix of advantageous specifications such as fast transactions and secure storage.
The Cardano wallet gives you many different options to store your ADA. For example, there is a software or hardware Cardano wallet. Herein there are a large number of possibilities, each with their advantageous and disadvantageous features.
So with your Cardano wallet you can buy or sell Cardano. Cardano represents the ADA coin and is experiencing great growth because it is developing a better, safer, more energy efficient and faster blockchain network than Ethereum.
Through eToro, you can easily purchase the ADA coin, so get started right away!
Want to buy an ADA coin for your Cardano Wallet?
Buy this coin, or any other, through one of the largest international brokers eToro!