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.
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
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 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
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
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 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.