Cryptocurrency purchase

Before we begin

Ways to buy Cardano

Cardano can be purchased similarly to the way other currencies are bought. There are many exchange offices or cryptocurrency exchanges where we can create an account, top up with PLN or Euro and then exchange it for cryptocurrencies. Unfortunately, it is not yet possible to buy Cardano for PLN, so below we present two (of many other) methods to buy Ada. We assume that we want to use our native currency to buy Cardano.

Using a foreign currency account

  • We only share our data with one cryptocurrency exchange,
  • Pretty convenient solution,
  • Requires a Currency Account: Euro or Dollar. Each of the leading banks has them on offer,
  • Not all banks allow transfers to cryptocurrency exchange offices. We faced problems with sending transfers from the Mbank bank.

Using Bitcoin

  • We don't need a foreign currency account,
  • Banks accept sending transfers to the account of the Polish BitBay Exchange,
  • We have to share our data with two exchanges,
  • We need 3 transfers to transfer funds from PLN to ADA.

In the next steps we will show you way 1 to buy Cardano. The exchange on which we set up an account is one of the most famous and safest cryptocurrency exchanges: 

Creating an account

We visit the website: http://kraken.com and click the “Create Account” button:

Next we need to provide our account details:

Then we will be redirected to a place where we can activate the account. An e-mail with the activation code should be sent to the e-mail address provided during registration. We need to enter this code as below:

We enter consecutively:

1. In the first box, the activation code.

2. In the second box, login.

3. In the third box, the password.

4. Confirm that we are not a bot.

5. Click the “Activate Account” button.

Account verification

In order to be able to exchange currencies for cryptocurrencies, we must go through account verification and provide our data: identity card and confirmation of residence. Therefore, on the home page, click “Verify account“.

At the beginning we will be asked to define the limits of our account. There are 3 types of accounts: Starter, Intermediate or Pro. The first one requires the least data but doesn’t allow the exchange of Fiat (Euro / Dollar / Pound) for cryptocurrencies. Pro, on the other hand has very high deposit / withdrawal limits but requires video verification and a tax return. The perfect bridge is the Intermediate account, which has quite large amounts of daily deposits / withdrawals and the ability to exchange Fiat / Crypto. 

We must confirm our identity with two documents:

– a document confirming identity (for example ID card or driving license),

– a document confirming the address of residence (for example electricity bill).

Therefore, we recommend choosing an Intermediate account:

After that we need to determine whether we will trade cryptocurrency as a private person or institution / company:

 

We will be redirected to a place where we need to provide our personal data:

We enter in turn:

1. First / Given Name.

2. Last / Family Name.

3. Address.

4. City.

5. State / Province.

6. ZIP / Postal Code.

7. Country.

8. Month / Day / Year.

9. Occupation.

10. Your Employer.

 

And click Continue.

On the next subpage we must send a document that will identify us. It can be a passport, driving license or ID card. If you are reluctant to share this type of data, see the Security section. Another required document is a document confirming the address of our flat. This could be an electricity bill or a mobile operator bill. It must be a document with your name and surname along with the address provided earlier.

Once we have given both documents, we click Continue.

We have now reached the end of the verification process. Now the exchange employee will manually check our data and accept or reject our application, stating the reason for rejection. Let’s expect an e-mail with information. Once we are positively verified, we should receive an e-mail as below:

We can now observe the change of our account status to verified on the main page:

We are now ready to fund our account with Fiat currency.

Funding Euro account

In our case we will use the Euro account to convert to Cardano. On the main page, click the Fund button

Then we can choose the currency in which we want to fund the account. In our case, we want to transfer Euro. Click the Deposit button in the row corresponding to the Euro currency.

We will be redirected to the place where we have to select the transfer type. We should choose SEPA.

Below we will see the details for the transfer:

We can now send a transfer from our bank. You can see an example below:

After making the transfer we are waiting for confirmation from the exchange:

We can now observe a change in the funds of our account:

Euro/Cardano exchange

When we deposit funds on the account we can exchange them for Cardano. To do this, click the Buy button on the main page.

The next page allows you to exchange the currency of the Fiat type to Crypto. In the Simple view click Buy, enter ADA in the search engine, then click EUR and finally the Trade button.

Next we can choose the amount we want to buy. In our case, when we have 101 Euro in our account we want to buy as much as possible. Therefore, we modify the amount of Ada to get the amount in Euro closest to 101.

 

Once we have settled it, we can click the Buy Ada with EUR button:

Below we will see the details of the order:

Thanks to it we can check its status. When the order is successful we can observe a change in our account.

Transfer to a private account

Remember that keeping funds on the stock exchange is not 100% safe. We are free to withdraw and exchange our funds, but we do not have private keys for our own money. If the stock market was taken over by hackers, they could get into our private keys, recreate the wallet on their machine and withdraw our funds. Moreover, if we want to make money on business trips, we have to do it from the wallet.

 

In order to withdraw funds from the exchange to our private wallet, we must first register the address of our wallet in the exchange and then make a transfer to it. In the Funding section, we click the Withdraw button for the row with Cardano currency.

Then we click the ‘+ Add address‘ button to register our address:

As a reminder, to copy our address from the Dedalus wallet. We open the application, select the wallet in the left menu, go to the Receive section and copy the first of the visible addresses by clicking the Copy Adress button.

 

We go back to the browser and enter the information in the fields below:

1. Description – description of the portfolio.

2. Cardano address – the address we just copied.

For security purposes, an e-mail has been sent to us to confirm the creation of the address. We should receive an email similar to the one below:

We click on the link and we are now able to select the registered address. Select it in the Address field, enter or click the Maximum button and then Review Withdrawal:

On the next page confirm the transfer with the Confirm Withdrawal button:

We can now check the status of our transfer:

By clicking TX ID Block Explorer we can view our transaction in Explorer:

We can check and confirm the correctness of the transaction:

Moving on to the daedalus, we can also confirm that the funds are in our private account: