How To Buy Cardano, Choose a Wallet and Stake Your ADA

by | Nov 25, 2020 | Cardano Staking | 19 comments

If you Want To Support My Content Choose Stake Pool PAUL When Delegating. Thank You

How To Buy Cardano, Choose a Wallet and Stake Your ADA

This blog post is a follow on from the video below which takes you step by step through how to buy Cardano ADA, choose a wallet to store them in and then stake so you can earn ADA rewards every epoch which is every 5 days.

How to Buy Cardano

In the video at the top of this post I walk through how to buy ADA on Binance and on Kraken. Both offer easy options to deposit EUR / USD or GBP on the exchanges and then buy Cardano.

Binance

If you are trying to buy using another crypto like bitcoin as your funding source then you wont need to do KYC which is verifying who you are. If you are looking to deposit any FIAT currency (EUR, USD, GBP etc) then you will need to verify your account first which is done using ID documents. The normal Binance website doesn’t accept US citizens so if you are in the US you will need to use Binance.us

Link – Binance.com or Binance.US (for us citizens)

Kraken

Kraken is another exchange where you can buy Cardano and one I have personally used for a long time for buying and selling Bitcoin and other cryptos. To use Kraken you will need to verify your account first and Kraken is open to US citizens.

Link – Kraken.com

How to Choose a Cardano Wallet

Since the video that started this post I have done a new one walking through all of the wallets which you can see below

There are many options for storing your ADA which I cover in the video and I will outline below are well.

Leave your Cardano on an Exchange

One option is to just leave your ADA on an exchange once you buy it. I do trust Binance and Kraken as they are 2 of the biggest in the industry but in general I never leave crypto on an exchange as if something happens that exchange my funds would then be gone. There is a saying in crypto “Not your keys not your coins” which basically means if you dont own the private keys for your coins you dont fully own them. Private keys are the strings of letters and numbers that allow someone to access their coins on the blockchain and you are only in control of them when your funds are off exchanges.

Exodus Wallet

Exodus is a very good multi-asset wallet that allows you to store multiple crypto currencies in the same wallet. With Exodus you do own your private keys but when you get to the staking process you don’t have an option on the pool you delegate to.

Link – exodus.io

Atomic Wallet

Like Exodus it is a very good multi-asset wallet that allows you to store multiple crypto currencies in the same wallet and you own your own private keys. They also allow staking within the wallet but currently there is a bug that stops you choosing which any other stake pool except their own.

Link – atomicwallet.io

Daedalus Wallet

This is the official Cardano wallet built by Emurgo and if you are not using a hardware wallet this would be my choice, they will also soon be introducing hardware wallet support so it will be the best solution in my mind then. Daedalus is a desktop wallet that downloads the blockchain to your computer, I have a full video on the Daedalus wallet and how to stake using it below

Link – daedaluswallet.io

Hardware Wallets

Hardware wallets are my own personal choice when storing your crypto. They are a physical device that needs to be connected to your computer or phone when you are accessing your crypto and no-one can move your coins without having physical access to the device to confirm the transactions on it.

The 2 most popular wallets are Ledger and Trezor and currently you use a chrome plugin called Yoroi to access your funds. I have done a video on how to use your hardware wallet with Yoroi and will add it in below.

Ledger – Ledger.com

Trezor – Trezor.io

How to Stake Your Cardano

The video above on the wallets show how to store and stake your ADA so I wont go over that again. 2 really good websites to use when looking for a pool are adapools.org and pooltool.io which I show in the main video on this page.

I have my own stake pool Ticker: PAUL which I really appreciate people delegating to and I also done a video below on the factors to look at when choosing a stake pool.

I hope this post has been useful and please feel free to SHARE it if you think it will help others and let me know below if there is anything missing as I will be adding to it over time.

19 Comments

  1. Joseph

    where can I buy cardano in new york?

    Reply
    • Michael "Auggie" Brante

      Binance.us

      Reply
  2. Marius

    Hi Paul. I’m quite new in the crypto world. How do I access the 15 word ITN wallet. Regards

    Reply
    • Paul

      If you are only new you wont need that. The ITN was the testnet prior to July 2020 so if you didn’t have a wallet on the testnet before then you wont have that seed

      Reply
    • AJ

      Hello Paul!

      Thank you for your channel and all the news and tips!

      I live in Canada and just got into the world of crypto and purchased some ADA… I realized I cannot hold my ADA in the Ledger Nano X wallet and so itโ€™s on AdaLite right now. Is that the best and the only way to keep my ADA?

      Would the same apply to all the other altcoins (holding them on AdaLite)?

      Must say this process seams quite confusing and frustrating for a beginner ๐Ÿ˜“

      Reply
      • Paul

        Hey AJ, you can store your ADA on your Ledger. I use a ledger for my own ADA and then use Daedalus and Yoroi to check the balance of the wallet. You can also store your ADA on the ledger and access it through ADAlite. Did you create a wallet through ADAlite when you first started or did you connect your ledger to ADAlite?

        Reply
  3. chris

    Joseph, NY sucks as far as regulations. If you have coin base wallet you can get it through http://www.simpleswap.io.
    You’ll have to swap out with another crypto from your coin base exchange.
    Pain in the ass. Europe has so much better access.
    I’m on the THETA bandwagon as well as ADA.
    good luck and be careful out there.

    PS Im from Ireland and in NY for 40 years

    Reply
    • Paul

      Thanks for the input Chris. Hope the states is treating you well. I have also been told Voyager works in NY? Do you know if it does

      Reply
  4. Kelly

    Paul Thanks for all this information. My question is once you stake your ADA it leaves your wallet correct? I am new how can you have your ADA in a Ledger and stake at the same time. If it’s in a Yoroi Wallet would that be different.

    Reply
    • Paul

      Hey Kelly. The ADA always stakes in ledger. When you stake you are just signing a transaction to say which pool you are basically voting for but all control of the coins still stays with you and your ledger

      Reply
  5. Mike

    Paul – I didn’t see a blog for calculators specifically, so I chose this one…

    I think they are fantastic! Beyond their obvious utility, they really got me thinking that I might be able to hodl enough ADA to supply a modest life style. This assumes that the value remains constant of course (and we know that crypto has not been that stable – to date). But perhaps in 10 years there may be enough stability in the network(s) to keep the price relatively stable. That would certainly allow an old codger, like myself, to actually retire… whatever that looks like.

    So – well done. You gave me some hope…. not to be confused with hopium.

    Reply
    • Paul

      Thanks Mike appreciate the comment and great to hear you got use from them

      Reply
  6. Evaggelos

    Hi Paul, very useful videos especially for newbies
    I have a question if u may:
    I did all the process, downloaded and registered daedalus , and did the process of moving my ada there from kraken
    I am currently seeing “daedalus is syncronizing with blockchain, process ..% complete, this feature will be available once fully syncronized”.
    Will this happen everytime I open the wallet app? do i need to have my pc on all the time in order for the staking to happen? Or i finish the process and then i can go offline?
    Thank you

    Reply
    • Paul

      Sorry for the late reply, yes the first time you open it takes a while to sync as it has to download the full blockchain but after that it will be a lot quicker as the next time it only has to download what happened since you last opened the wallet

      Reply
  7. Cesar

    Hi Paul,

    I’ve seen a couple of your videos and would like to say thanks for all the info you put out. I’m new to this and still a bit confused.

    I want to eventually have all my ADA on a Trezor T. I have just bought some ADA on Kraken and it is sitting there for 72 hours. I then want to transfer it to Yoroi. The Trezor T is going to take a couple of weeks to arrive. I’m sure this is obvious and correct, but will I be able to transfer all my ADA from Yoroi to my Trezor T later?

    Bit confused about whether ADA stays on Yoroi or if it can all go into my hard wallet? I want it all on my Trezor and nothing in Yoroi.

    Thanks alot
    Cesar

    Reply
    • Paul

      Hey Cesar, ya you will be free to transfer your ada anywhere from yoroi including your trezor T. Good to see you are getting a hardware wallet, they are always the best way to secure your funds

      Reply
      • Cesar Kalsi

        Ok thanks Paul

        Reply
  8. betyvik

    Que tal Paul ? quisiera hacerte una consulta tengo ada en dos billeteras como unas 2000 en binance y exodus donde puedo pasarlas para hacer staking ya que en binance solo me deja si tengo 5000 y exodus no lo acabo de ver claro …

    Reply
    • Paul

      Sorry I’m not sure what you mean. Can you post your comment in English?

      Reply

Leave a Reply

Stake Pool Details

Ticker: PAUL

Pool ID: 86a19d5418cd07294af7d71386cf14a84e0478fbfde5b89fe4d98a58

Join Our Newsletter

Follow on Social Media

ย 

%d bloggers like this: