How to Buy Cardano (ADA) in Australia
If you're in Australia and interested in purchasing Cardano, Kraken is the best-suited platform specifically geared for Aussie investors. Kraken facilitates smooth and zero-fee AUD deposits via multiple payment methods, such as PayID, POLi, Bank Transfers, and Credit/Debit cards, among others. Once your funds are on the exchange, they can be converted for ADA with low fees.
Here's how you can acquire Cardano on Kraken in four simple steps:
- Register for a free account on Kraken using your email address.
- Go to the 'Buy Crypto' section and click on the 'Instant Buy' feature.
- Choose AUD as your preferred currency and Cardano (ADA) as the cryptocurrency you want to buy. Then, select your ideal payment method.
- Type in the amount you'd like to invest in Cardano and hit the 'Buy' button.
Fees to Buy ADA
Kraken provides free deposits in Australian Dollars and features a competitive spot trading fee of just 0.16% for acquiring Cardano. In the realm of futures trading, Kraken's maker/taker fee model starts at 0.02%/0.05% and decreases as your monthly trading volume goes up. There are no hidden or extra fees, making Kraken a transparent and economical choice. For a thorough understanding of the platform's fee schedule, consult our in-depth Kraken Review.
Is Cardano Legal in Australia?
Yes, buying and trading Cardano is entirely legal in Australia. The Australian Securities and Investments Commission (ASIC) has issued specific guidelines about cryptocurrencies, which include ADA. According to these guidelines, Cardano is not classified as legal tender, meaning it doesn't share the same regulatory status as traditional fiat currencies like the Australian Dollar.
Investing in Cardano comes with its own set of risks, such as susceptibility to fraudulent schemes, market volatility, and the chance of financial setbacks due to cyber threats or other security issues. A crucial consideration is your choice of trading platform for acquiring ADA. To ensure both compliance and security, it's advisable to use an exchange that is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Is Cardano a Good Investment?
Cardano is a great investment for those looking for long-term growth. With its unique architecture and design, the platform is well-suited to accommodate real world applications such as identity management, voting systems, and more. That said, investors should always do their own diligence and seek assistance from a licensed financial advisor in Australia before investing in any cryptocurrency.
About Cardano (ADA)
Cardano (ADA) is a blockchain platform that aims to offer a more secure and scalable infrastructure for the development of decentralised applications (dApps) and smart contracts. Founded by Charles Hoskinson, one of the co-founders of Ethereum, Cardano distinguishes itself through its research-driven approach, utilising academic partnerships and peer-reviewed papers to build its technology.
The platform operates on a unique two-layer architecture: the Cardano Settlement Layer (CSL) for cryptocurrency transactions, and the Cardano Computation Layer (CCL) for smart contracts and dApps. This separation allows for greater flexibility and efficiency. Cardano also employs the Ouroboros proof-of-stake consensus algorithm, which is designed to be energy-efficient while maintaining robust security.
To sum up, for Australian investors keen on adding ADA to their portfolios, Kraken stands as the most secure and affordable platform. It offers a seamless experience with zero-fee AUD deposits through various payment options, such as PayID, POLi, Bank Transfer, and more. Moreover, Kraken's transparent fee structure and staking services make it an economical and rewarding choice.