For new crypto users wondering how to purchase crypto, the most common approach is to buy it via exchanges. These exchanges are privately run platforms that make it possible to trade one cryptocurrency for another, as well as for NFTs and fiat currencies.
So, centralized exchanges (CEX) serve as a middleman between buyers and sellers and generate revenue through commissions and transaction fees. You may think of a CEX as a stock exchange for digital assets. There are several reasons why people prefer centralized exchanges despite their failing reputations:
- They are user-friendly.
- They offer a higher level of comfort and security.
- Provide leverage
However, most of these exchanges are prone to hackers, and some have high transaction fees. Now, let’s talk about Cardano a bit:
What is Cardano?
Cardano is a decentralized proof-of-stake (PoS) blockchain that was launched as a more effective substitute for proof-of-work (PoW) networks. The blockchain was developed by Charles Hoskinson, an Ethereum co-founder, in 2015, and the platform was released in 2017.
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Cardano has a wide ecosystem of projects. The blockchain platform hosts marketplaces, exchanges, wallets, and lending and borrowing protocols. At the center of this development is Cardano’s native token, $ADA. Like ether fuels Ethereum, ADA fuels the Cardano system. You can purchase ADA on several exchanges. But first, let’s look at three centralized exchanges where you can purchase this token.
Binance needs no introduction. It is currently the leading cryptocurrency by market cap, and its dominance on the market looks less likely to drop soon. For several reasons, people prefer to use Binance, and it’s also a good centralized option to buy your ADA.
Binance offers one of the lowest transaction fees and has a wide selection of tokens. It supports hundreds of cryptocurrencies. In terms of security, Binance is well covered. Binance supports two-factor authentication (2FA) verification, device management, address whitelisting, and cold storage.
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— Upstream, a Cardano Stake Pool (UPSTR) (@Upstream_ada) February 21, 2023
Binance also supports a wide variety of transactions, including:
- Limit order.
- Market order.
- Stop-limit order.
- Trailing stop order.
- Post only order.
- Peer-to-peer trading.
- Margin trading.
Although Coinbase has had to lay off much of its workforce, it remains a force to be reckoned with. Like Binance, Coinbase has a global presence. So, it is also one of the best spots to buy your ADA.
Coinbase has a digital wallet. But that’s not its strongest feature, which is its user-friendly interface. Any newbie will find Coinbase easy to use. Coinbase also supports withdrawals to Paypal.
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— Cardanians | stake with CRDN3 (@Cardanians_io) July 14, 2021
Also, Coinbase is also loud on security. Here are some of its security features:
- Biometric fingerprint logins.
- Cold storage.
- FDIC-insured USD balances.
- AES-256 encryption for digital wallets.
Unlike Binance, Coinbase falls on the good side of regulators, which is an extra source of confidence. So, you can use Coinbase to buy, sell or exchange your cryptocurrencies. Click on this for instructions on how to buy ADA on Coinbase.
KuCoin ranks among the top 5 exchanges by market cap. It allows you to buy, sell, and trade cryptocurrencies. According to CoinMarketcap, KuCoin has a global presence with about 6 million users.
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— Upstream, a Cardano Stake Pool (UPSTR) (@Upstream_ada) October 25, 2022
It also provides a number of trading options, including:
- 2P trading, along with lending, and staking.
KuCoin supports over 400 cryptocurrencies, including ADA, and has an easy-to-understand interface and good security features. Here’s a KuCoin guide on how to buy ADA.
These exchanges all contribute to the bulk of market activities in crypto. However, it is important to tread with care when dealing with centralized platforms, especially with the recent threats of regulation.
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