How to Buy Cardano (ADA) on eToro: Fees, Features & Step by Step Guide

Cardano is one of the numerous options available to individuals who participate in the cryptocurrency markets. However, many people have no idea how they can purchase this coin or the exchange to use. This article explores in detail how to buy Cardano (ADA) on eToro using various payment methods.

Author: Adesuwa Ebuehi   -   Last updated: 25/03/2024

Summary

eToro is a global exchange founded in 2007. Its headquarters is located at Tel-Aviv-Yafo, Israel. It offers a wide range of cryptocurrencies, including the highly popular Cardano (ADA). 

There are numerous payment options available to customers of this broker who wish to purchase Cardano, including Bank Transfers, Credit Cards, Debit Cards, Neteller, PayPal, and Skrill. Depending on your country of residence, you will have access to some or all of these options when purchasing this coin online via this exchange. 

On the eToro social trading platform, you will be able to choose between real and CFD cryptocurrencies. The broker also offers margin trading to its users with leverage of up to 1:2 on CFD crypto instruments. With respect to fees, there are no commissions. However, you can expect to pay an additional 1% on the regular bid-ask spread on all listed coins.  

This guide discusses how to buy Cardano (ADA) on eToro. We outline the steps for opening a live account and funding it via various payment methods. 

Things to Consider when Choosing a Cardano (ADA) Exchange

Although there are many exchanges that list Cardano (ADA) as one of their assets, not all of them represent the best option for you. There are many things you should consider in deciding where to buy Cardano (ADA). We outline some of these criteria below.

Location of Cardano Exchange

Not all countries have attractive policies regarding cryptocurrencies. Where your proposed exchange is located is an essential factor that will determine how easy it is for you to buy ADA. It is vital to ensure that the broker you choose is regulated in a region that permits cryptocurrency purchases.

List of Available Payment Methods

While some exchanges offer a wide range of payment options, others may be limited. Your Cardano broker should allow you to deposit and withdraw your funds via different methods such as e-wallets, bank transfers, credit cards and debit cards. 

How to Check the Cost and Fee

In choosing an exchange for buying Cardano (ADA), you must consider affordability and reliability. Regardless of the financial service provider you opt for, they must be able to provide top-quality service with reasonable fees compared to its competitors.

Volume Listing

Your exchange’s volume listing gives you an insight into the number of transactions they process over a period. A high volume listing indicates that they are trusted by many customers as their broker of choice. A low or undisplayed volume listing, however, should prompt you to do further investigations.

What You Need to know before Buying Cardano (ADA) on eToro?

eToro holds licenses from regulatory bodies in Cyprus, Australia, the United Kingdom, and Seychelles. It has offices in all these regions. For clients resident in the UK, you can find them on the 24th floor, One Canada Square, Canada Square, London E14 5AB. Australian customers, however, can contact the eToro office at Level 3/60 Castlereagh St, Sydney NSW 2000.

When buying ADA on this broker, you will have access to leverage up to 1:2. You will also be able to purchase real coins as well as hold long or short positions with cryptocurrency CFDs. Below, in this article, we cover the advantages and disadvantages of both options in greater detail.

eToro’s fees are relatively affordable. Its minimum deposit is set at $50 dollars for users in Australia. However, UK and US residents can deposit $10. Bank transfers have a $500 minimum deposit amount for all countries. 

With regards to costs, you can buy Cardano (ADA) on this exchange without any commissions. But, the broker profits by adding a 1% fee to its spread. Furthermore, you will be required to pay for swap fees should you hold a position overnight. Funding methods available with this company include Debit Cards, Credit Cards, Skrill, Bank Transfers, and PayPal.

Types of Platforms Offered on eToro to Buy Cardano (ADA)

eToro users can begin their trading via the broker’s exclusive desktop or mobile application. We discuss both of these options below.

Desktop Platform

If you wish to buy ADA via a desktop, this exchange provides a proprietary web trading platform. The eToro web application for desktop is intuitive and easy to use. It also offers all the essential features you would require to purchase this coin.   

Mobile App

Unfortunately, eToro is not compatible with MT4 or MT5. However, provided you have a live account, you can download their proprietary mobile application and begin buying ADA wherever you are. The eToro trading app is free to download on the Apple App Store and Google Play Store.  

How to Buy Cardano (ADA) on eToro

Buying cryptocurrency on eToro is quite straightforward as long as you know what steps to take. Here we offer you a well-structured walkthrough on how you can open a live account and purchase ADA on this exchange’s platforms. 

A Step by Step Guide on How to Buy Cardano on eToro

  1. Open a live account on www.eToro.com
  2. Follow the account verification steps (unverified accounts cannot be funded with more than €2,000)
  3. Click on Deposit Funds
  4. Select any deposit method you prefer
  5. After funding your account, search for ADA via the search tab
  6. Click on Invest and specify how many units of Cardano you wish to purchase

How to Open a Cardano Trading Account on eToro

  1. Select “Start Investing” from the eToro website homepage
  2. Fill out the username, email, and password text boxes
  3. Go to your email and click on the verification link provided
  4. Complete your profile by following the prompts and upload a government-issued identity document and proof of residence

How to Buy Cardano Using Visa or Mastercard Credit Cards on eToro

  1. Create an account or log in to your pre-existing account
  2. Click on Deposit Funds and choose Credit card
  3. Enter your credit card details
  4. Select Discover and search for ADA
  5. Select Invest and specify how many units of Cardano you wish to purchase

How to Buy Cardano Using Visa or Mastercard Debit Cards on eToro

  1. Open a live account
  2. Select Deposit Funds on the eToro platform
  3. Choose Debit Cards and enter all the requested information
  4. Search for ADA and click on Invest

How to Buy Cardano Using Paypal on eToro

  1. Visit www.etoro.com
  2. Set up your profile to create your account
  3. Select PayPal from the options on the Deposit Funds page
  4. Log into your PayPal account and confirm your payment
  5. Search for ADA and indicate how many units you want to buy

How to Buy Cardano Using Skrill on eToro

  1. Create a live account or log into your pre-existing account
  2. On the Deposit Funds page, select Skrill
  3. Fill out your Skrill email and log into your online wallet to confirm payment
  4. Find ADA via the search tab and click on Trade

How to Buy Cardano Using Neteller on eToro

  1. Create and verify your live account
  2. Add money via the Deposit Funds tab
  3. Select Neteller as your payment option and. enter your email address. Next, you will be redirected to the Neteller website to complete your deposit
  4. Search for ADA and Invest

How to Buy Cardano Using Bank Wire on eToro

  1. Complete your profile to create a new account on the eToro website
  2. Select Deposit funds and indicate your deposit amount
  3. Click on Regular Bank Transfer and provide all the requested details
  4. Search for ADA on the platform and buy the quantity/amount you want.

Buying Cardano vs Trading Cardano CFD at eToro

On eToro, you can buy real Cardano (ADA) coins or trade ADA CFD. With real crypto, you own the assets and are not eligible for leverage trading. Trading CFD assets does not give you ownership. One major advantage of trading ADA CFDs is that you can also take advantage of the price drop via short selling. Unfortunately, they are also more prone to high losses due to increased margins. 

However, it provides access to other benefits, including the ability to take up leveraged positions. The available leverage for Cardano with this exchange is 1:2. Unfortunately, due to policy and regulatory restrictions, residents of the United States, United Kingdom and Brazil will not be permitted to engage in CFD crypto trading on eToro. 

In addition, CFDs may incur additional fees such as overnight charges. Similarly, while buying real Cardano may not offer some of these features, it has the advantage of reduced risk. 

Bottom Line

In case you were wondering how to buy Cardano (ADA) on eToro, this article provides you with all the information you need to get started. This exchange offers a long list of funding options such as PayPal, Skrill, Neteller, Bank Transfers, Credit Cards, and Debit Cards. Plus, the broker also features a crypto wallet – the eToro wallet – in case you want to store your newly-acquired crypto assets. You can also open an account and start buying Cardano easily by following the steps we listed in the sections above. Finally, although purchasing cryptocurrency on eToro is relatively affordable compared to many of its competitors, you will still be expected to pay for spreads and other additional charges such as Swaps. 

Frequently Asked Questions (FAQs)

You can buy Cardano (ADA) on eToro or any other exchange that lists this coin among its cryptocurrency offerings.

To buy this asset, you need to open a live account, deposit some money, and purchase it via the eToro web or mobile application. 

Like all other cryptocurrencies, Cardano is a high-risk asset. You must do your research before deciding whether to buy it or not. 

Yes, you can buy Cardano on eToro as a UK client. 

eToro is a trustworthy option for buying Cardano as they are regulated across multiple countries and have various fund safety measures in place. 

Fees for Cardano on eToro include spreads and swaps. 

Yes, you can. There are several NFT marketplaces that accept this coin as a payment option.

No, they don’t. All charges remain the same, regardless of the payment method.

Yes, it does. The broker has a multi-crypto and secure digital wallet.

eToro allows you to transfer your Cardano or any other coin to another wallet. 

The maximum amount of Cardano you can buy with Neteller after a single deposit is $10,000 worth of the coin. If you wish to purchase more, you will be required to make multiple deposits. 

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