In this review, we go over the platforms where you can trade with the cryptocurrency called Cardano (ADA). The article will show you what to look for when deciding where to invest using ADA coins. We review the platforms in terms of their verification requirements, service availability, security features and trade properties.
Once all factors are taken into account, pros and cons of each exchange are developed. The advantages and disadvantages of the platforms can then be compared with other web Cardano platforms. The platforms that shall be reviewed in this guide are Bittrex, Binance, Coinnest, and Gate.io.
General Information about Cardano
Cardano coin, abbreviated as ADA, has been released in 2017 by an IOHK Company. This blockchain product is very similar to Ethereum as it is a smart contract platform. The coin is dubbing itself as one of the most enhanced Proof of Stake and network communication environments.
The users of ADA do need to install Daedalus wallet in order to use the coin. The said storage capacity a desktop hierarchical deterministic (HD) wallet that offers online and offline coin storage services, as shown below.
The said wallet can be then connected to the chosen platform(s) by providing address codes. The coin uses Haskell, a high degree of fault tolerance software, which is poised to help the coin grow its network in the following years.
The current market volume stands at 31 billion coins, worth of $24 billion dollars. The average market value of the coin stands at $0.93 when all exchanges (four of them) are taken into account. You can check out the value fluctuations of the coin in the screenshot below from Coinmarketcap.
What Sort of Indicators to Look For
The indicators that you should be aware of when choosing an exchange work for all coins, ADA included. These indicators should be listed out on a piece of paper or on excel sheet, where you can put findings from your analysis.
Registration and Verification
Most of the large platforms would require you to verify your identity with scanned ID and proof of address. It is up to you whether you care about privacy. You should be aware that most of the companies do follow KYC and AML policies. If you wish for a more private way to trade ADA or any other coin, you would have a limited scope of choice.
Some exchanges offer their services globally, while others are more specialized for certain countries or regions.
Deposits/Withdrawal methods and cost
The bigger amount of transfer methods can help you fund your balances using your preferred payment option. Limited choice in this aspect of crypto trade might leave you without a possibility to purchase and sell coins if you do not have access to the required deposit/withdrawal option.
The level of expenses when transferring in and out funds also set exchanges apart.
Are there Any other Expenses?
In addition to deposit/withdrawal costs, you might also be obliged to pay taker/maker fees or any other trade-related expenses.
Trade Functions/Margin Trading
Does exchange offer margin trading apart from instant swaps? If there are tools for beginners and experts, it usually means that company has good liquidity that supports the trade.
Support and Security
Lastly, you should account for the platform’s security options and their support department. Both are crucial when it comes to the safety of your investment assets. Lack of those might lead towards loss of the coins and fiat money to hacking incidents.
Bittrex is a crypto-to-crypto exchange, based in the US. Apart from ADA, you can use over 190 other crypto coin while fiat currencies are not supported. You do not need to provide any scanned documents, meaning this platform is privacy oriented. Some regions, mainly Asia and Africa, might need to complete the enhanced verification level to use Bittrex services.
Services are available globally, while trade orders are conducted through margin trading only, as shown below.
Security is adequate, as you can use withdrawal and IP whitelists, 2FA and email notification systems to safeguard your balances. The fees stand at 0.25% for all trades while network fee applies on withdrawals only (usually very small).
- services globally available
- fiat currencies not supported
- the possibility of light to no identity verification
- some regions need to fully verify account
- adequate number of security functions
- margin trading available
- low trade and withdrawal fees
Binance is similar to Bittrex exchange in many aspects. It operates as a crypto-to-crypto platform, offering its services globally. You do not need to verify your personal information at any stage, no matter where you are from. Fiat currencies are not available for either trade or deposit/withdrawal while mining costs apply for withdrawals only.
The margin trading is available, offering functions like the market, limit, and stop-limit, as shown in the picture below.
Coinnest is a South Korean crypto exchange platform that accepts numerous cryptocurrencies, ADA included. The only available fiat currency is KRW, meaning that USD and EUR traders would face exchange rate expenses. The fiat transfers require full identity verification, consisting of scanned ID and a selfie of you holding the document.
You can use wire transfers as an only deposit method, while all deposits are free. Fiat withdrawals would cost you 1.000 KRW (approximately 1$) while cryptos have 0.1% fee. Margin trading is not available, leaving you with simple exchange services, as shown below.
- service available globally
- only KRW accepted as fiat currency
- low transaction fees
- only wire transfers available
- identity verification required
- no margin trading
Gate.io also offers ADA coins with the use of the crypto-to-crypto exchange. The fiat currencies are not available while service can be used from anywhere in the world. You do not need to verify your identity to trade at the platform, though margin trading is not available. You can check out the order page below.
Security tools include 2FA, IP log binding function, which is in line with Binance and Coinnest. The only fee that you pay is the trade cost of 0.2% of the order value.
- globally available service
- no fiat deposits/withdrawals
- low 0.2% trade fee
- somewhat lacing security tools
- privacy allowed
We would recommend Bittrex and Binance for expert traders, while Gate.io and Coinnest are geared towards starters. All of the exchanges have limited fiat currency deposit/withdrawal options but fees are mostly low as well.
For privacy, you can use Binance and Gate.io as they do not require traders to verify their identities. All of the exchanges are globally available, allowing investors from around the world to work with ADA.