Cardano Trading Platforms

Written by Naylyan Nazifova

Naylyan Nazifova

Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 

, | Updated: August 5, 2024

Cardano launched in 2017 and quickly emerged as a prominent player in the cryptocurrency space. This relatively new public blockchain platform facilitates verifiable smart-contract transactions in its native altcoin ADA and relies on proof of stake as a consensus mechanism. The network positions itself as a viable alternative to rival blockchain Ethereum, attracting the attention of an increasing number of crypto traders.

Its native token, ADA, is tradable at many crypto exchanges where investors can buy, sell, swap, and store their Cardano coins. Using the services of a reputable online brokerage is an alternative for those looking to speculate on price fluctuations without owning any ADA tokens.

Unfortunately, finding a reliable trading platform is no easy task as multiple factors bear consideration, from transaction costs and security to user interface and overall range of tradable cryptocurrencies. Our team conducted extensive research to pinpoint the best exchanges and brokers where you can trade ADA confidently and conveniently at minimal cost. Dive into our shortlist to learn what makes our top picks the best platforms for Cardano trading.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2IC Markets

Rating: 4.6 ⭐

70.64% of retail investor accounts lose money

3eToro

Rating: 4.2 ⭐

51% of retail investor accounts lose money

4Axi

Rating: 4.0 ⭐

The vast majority of retail client accounts lose money

5IG

Rating: 3.6 ⭐

70% of retail client accounts lose money

Best Platforms for Cardano Speculative Trading

1. TRADE NOW READ REVIEW
   1. Fusion Markets

   Fusion Market positions itself as a formidable player in the online retail trading space by offering exceptionally favorable conditions, impeccable customer service, and flexible account options with no minimum requirements. Regulated in Australia, Seychelles, and Vanuatu, the broker provides leveraged CFD trading for 13 popular cryptocurrencies, including ADA.

   Customers can speculate on the prices of Cardano’s native token against the US dollar, using maximum leverage of 1:2 or 1:10 depending on which Fusion Markets entity they join. Minimum spreads for the ADA/USD pair start at 0.0 pips, making Fusion Markets a viable choice for all budget-savvy crypto traders.

   The broker’s range of supported markets extends to Bitcoin, Ethereum, Dogecoin, Solana, and Avalanche, among other high-cap cryptocurrencies. Many of these tokens are available for deposits and withdrawals from your Fusion Markets. Customers who are just sinking their teeth in cryptocurrency trading can start with any amount they deem fit as there are no minimum account requirements at Fusion Markets.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
2. TRADE NOW READ REVIEW
   2. IC Markets

   IC Markets secured the second position on our toplist with its competitive conditions for speculative trading and comprehensive coverage of over 20 cryptocurrency symbols. The broker receives extra points for its solid regulatory background as it holds licenses from highly recognized watchdogs like CySEC and ASIC. Registered customers can go long or short with CFDs for Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and more.

   As part of its commitment to delivering low-cost crypto trading, IC Markets offers minimum spreads from 0.001 pips for CFDs involving ADA against the US dollar. Retail customers seeking to increase their market exposure can leverage their ADA/USD positions at maximum rates of 1:2, 1:5, or 1:200, depending on the platform and their country of residence.

   From what we gather, the broker charges no commissions on leveraged crypto trades. IC Markets facilitates speculative cryptocurrency trading through cTrader, MetaTrader 4, and MetaTrader 5. Customers who opt for cTrader have access to the most popular cryptocurrencies. The ADA/USD symbol is tradable on MT4 and MT5 only.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   3. eToro

   Established in 2007, eToro runs a market-leading online brokerage and crypto exchange with an intuitive user interface that enables customers to effortlessly trade, purchase, sell, swap, and store digital assets. The company also operates the world’s largest social trading network that brings together over 30 million customers around the globe. Customers can seamlessly follow and copy the trades of seasoned crypto investors to increase their chances of profiting.

   Registered users of the eToro platform can trade and invest in over 100 high and low-cap cryptocurrencies, including ADA, Bitcoin, Ethereum, Ripple, and Litecoin. They can profit from rising and falling prices by entering into ADA contracts for difference, where maximum leverage reaches 1:5 for eToro’s Seychelles entity and 1:2 for Europe, Australia, and the UK.

   Fully transparent about its trading conditions, the broker imposes a 1% fee for purchasing and selling cryptocurrencies. Since leveraged CFD positions do not entail ownership of the underlying digital assets, eToro charges overnight fees of -$0.0002171 for rolled-over ADA CFDs.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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   4. Axi

   Axi is a multi-regulated online brokerage renowned for its speedy order execution, tight spreads, and transparent fee structure. The broker offers CFD trading with around 30 of the most well-known cryptocurrencies, including Ethereum, Cardano, Bitcoin, Ripple, and Litecoin. Customers can speculate on the prices of ADA against the USD in competitive conditions with spreads of 0.015 pips.

   The ADA/USD ticker requires an initial margin of 50%, allowing retail traders from the EU to leverage their positions at maximum rates of 1:2. International crypto traders can increase their purchasing power with leverage of up to 1:100 (1% margin). Trade size for this pair ranges from 0.1 to 200 lots. European customers can start their crypto trading journey with initial deposits as low as $5.

   No minimum deposit requirements apply for clients accessing Axi via its international domain. The broker accepts payments through many familiar banking methods, including Visa, Mastercard, PayPal, Skrill, and Neteller. Funding your balance with cryptocurrencies like Bitcoin, Ethereum, and Ripple is also an option at Axi.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. TRADE NOW READ REVIEW
   5. IG

   IG Markets is an industry-leading online brokerage licensed by multiple tier-one regulators, including the FCA, ASIC, FINMA, CFTC, and BaFin. Customers can access 11 popular cryptocurrencies, including Cardano, Bitcoin, Ether, Polkadot, Stellar, and Dogecoin. Traders can broaden their market exposure by speculating on price movements for the Crypto 10 index, which measures the performance of the ten largest cryptocurrencies in the world.

   The broker facilitates crypto trading through CFDs, but customers can gain additional exposure to the Cardano market with turbo warrants. ADA traders will benefit from spreads as low as 1.4 pips and no further commissions on cryptocurrency trades. Cardano positions held overnight incur overnight funding fees, however. Crypto traders can access maximum leverage of 1:2 or 1:10 based on their jurisdiction.

   IG Markets offers a proprietary trading platform in addition to third-party software like MetaTrader 4 and ProRealTime. Negative balance protection is available to clients trading on margin, preventing them from losing more than their deposits. The IG Academy section features exclusive educational content, allowing traders to advance their knowledge of the cryptocurrency markets.

   CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Comprehensive Comparison of the Top 5 Cardano Trading Platforms

*The availability of different account types on IG varies based on country

Best Platforms for Buying and Exchanging ADA

1. Kraken

   Kraken has emerged as one of the world’s largest cryptocurrency exchanges, reaching over 10 million customers from north of 190 countries. Firmly committed to regulatory compliance, the exchange has received authorization in multiple jurisdictions across North America, Europe, Oceania, and the Middle East. The platform facilitates buying, selling, and swapping over 200 cryptocurrencies, including high-cap coins like ETH, BTC, ADA, LTC, and SOL.

   Customers can fund their Kraken accounts with crypto coins or use familiar payment methods like bank transfers, digital wallets, and credit and debit cards. Kraken additionally provides a reliable self-custody crypto wallet to store your Cardano coins and earn staking rewards (3% to 6%). Customers enjoy complete autonomy in transacting and managing their crypto investments.

   The wallet is entirely free to use and compatible with mobile devices running on iOS and Android. Futures and margin trading is also an option for clients who wish to sink their teeth into the Cardano market. Leverage of up to 1:3 is available for the ADA/USD pair, although leverage rates may reach 1:50 for futures contracts involving other altcoins.

2. Binance

   Binance positions itself as the largest crypto exchange in the world, with a daily trading volume exceeding $15.5 billion in June 2024. The platform can accommodate beginner and seasoned crypto traders as it offers plenty of great features, competitive transaction fees, and outstanding support in over 40 languages. It has obtained authorization in multiple jurisdictions, including Japan, Australia, New Zealand, South Africa, and France.

   The platform enables users to buy, sell, swap, and trade over 500 cryptocurrencies and altcoins, including ADA, BTC, ETH, SOL, LTC, and XLM. Cryptocurrency owners can conveniently store and manage their tokens in the platform’s self-custody wallet. Binance provides exposure to the Cardano market through futures, spot, and margin trading. Both delivery and perpetual futures are available.

   Perpetual and quarterly futures for crosses like ADA/USD can use a maximum leverage of 1:20 (2.5% margin), but the rates vary based on your position bracket. Leverage for other cryptocurrencies reaches 1:125 in some cases. Traders can earn passive income through staking their Cardano coins, with annual percentage rates ranging from 0.35% to 40.13%. The platform charges competitive maker/taker fees on spots, starting at 0.100% / 0.100% for regular users.

3. OKX

   Operating since 2017, OKX has emerged as a global cryptocurrency exchange trusted by over 50 million customers worldwide. It holds virtual-asset-provider licenses from the regulatory authorities of Dubai and the Seychelles. The exchange provides various services, including mining, lending, spot and margin trading. Customers of this well-established exchange can also diversify their portfolios with derivatives like perpetual futures and options.

   OKX clients can store their digital assets in non-custodial wallets, retaining full control over their tokens and private keys. As for product range, the exchange provides a healthy choice of more than 140 cryptocurrencies and altcoins, with ADA, ETH, BTC, XRP, LTC, and BCH ranking among the most popular options. Connecting your OKX account to TradingView is possible and highly recommended, as it gives you access to over 300 digital assets.

   The OKX platform is a good pick for Cardano traders seeking access to high leverage rates as it offers maximum leverage of 1:100 for futures contracts and 1:10 for spot transactions. Maker/taker fees at OKX generally align with industry averages at 0.140% and 0.230% on spot trades involving the ADA/EUR cross. The minimum amount of Cardano tokens you can buy on the spot is 10 ADA.

4. CoinJar

   CoinJar is a popular cryptocurrency exchange mainly targeting customers from Australia and the UK, although traders from most other markets are also welcome to join. It ranks among the longest-running crypto exchanges in the world, along with Kraken, having been in operation for over a decade. High liquidity, low transaction fees, and seamless usability are all trademark features of CoinJar, which operates with authorization from the British FCA and the Australian AUSTRAC.

   The CoinJar product lineup encompasses over 60 popular cryptocurrencies and stablecoins, including BTC, ADA, ETH, USDT, SOL, and DOGE. Registered users can purchase and sell digital assets on the spot using fiat currencies like USD, AUD, GBP, and AUD. Clients can store ADA and other coins in the CoinJar custodial wallet, which spares them the hassles of managing their private keys.

   Spot trading is the only way to gain exposure to the Cardano markets as CoinJar does not facilitate derivative or margin trading for the time being Boosting your Cardano positions with leverage is currently impossible but we hope the exchange will soon rectify this omission. On a more positive note, CoinJar customers can increase their exposure by purchasing several cryptocurrencies in a bundle. ADA is featured in the CoinJar Universe and Green Bundles.

5. KuCoin

   Launched in 2017, KuCoin provides a safe, transparent, and convenient trading environment to over 30 million crypto enthusiasts worldwide. The platform operates in over 200 countries and facilitates purchasing, selling, exchanging, and holding over 750 large and small-cap cryptocurrencies. KuCoin customers can trade ADA on the spot or speculate on price fluctuations through derivative instruments like futures contracts.

   Earning passively without constantly monitoring the Cardano market is possible via trading bots. Customers can securely store their ADA tokens in the custodial crypto wallet offered by KuCoin without dealing with their private keys. The exchange charges competitive fees on Cardano spots and futures, but the rates vary depending on one’s VIP level.

   Non-VIP clients incur -0.100% / 0.100% maker/taker fees for ADA spots, but the charges decrease dramatically to -0.005% / 0.025% for customers at the highest level. Traders who pay the fees with KuCoin tokens benefit from a 20% discount on their maker/taker commissions. The exchange incentivizes customers to hold their Cardano coins by offering 3% staking rewards annually.

Quick Facts about ADA and the Cardano Blockchain

Launched in late 2017, Cardano is an open-source blockchain network developed by Charles Hoskinsons, a prominent entrepreneur who helped create Ethereum. The blockchain shares many similarities with Ethereum as it facilitates smart-contract transactions and uses proof of stake as a consensus mechanism.

Participants owning a stake in the blockchain are, thus, actively involved in the transaction validation process. The blockchain borrows its name from the 16th-century mathematician Gerolamo Cardano. Its native cryptocurrency, ADA, was named after Ada Lovelace (daughter of Lord Byron), regarded by many as the world’s first computer programmer.

Cardano’s ADA ranks among the most heavily traded cryptocurrencies by volume and is also a leading cryptocurrency by market cap. It seeks to remedy Ethereum’s shortcomings, such as scalability, security vulnerabilities, and ever-increasing transaction costs on the blockchain. Cardano evolves in stages named after prominent figures in literature and science like Shelley, Byron, Goguen, and Basho.

It will soon enter its fifth and final development phase, Voltaire, resulting in complete decentralization of the Cardano blockchain ecosystem. Many crypto enthusiasts favor Cardano over Ethereum as the former boasts increased decentralization, has a superior staking mechanism, and facilitates faster and less costly transactions.

Cardano Brokers vs. Cardano Exchanges

Cardano positions itself as a popular option for cryptocurrency investors and traders, attracting them with its considerable growth potential, lower transaction fees, and varied applications. The blockchain’s native coin, ADA, is tradable at many crypto exchanges and online brokerages. Choosing the former or the latter depends largely on your investment goals and risk tolerance.

Crypto Exchanges

Crypto exchanges like Binance and Kraken are better suited to individuals looking to buy, sell, and swap cryptocurrencies like ADA. Such exchanges facilitate crypto trading on the spot, allowing customers to purchase actual tokens and store them in dedicated wallets. You buy and sell tokens directly from other registered clients of the exchange.

Exchanges offer greater market diversity as customers can choose from hundreds of tradable altcoins and crosses. Buying non-fungible tokens (NTFs) is also possible at exchanges like Binance. Exchange users are eligible for staking rewards when holding proof-of-stake cryptocurrencies like ADA for long periods for blockchain validation.

Crypto Brokers

By comparison, crypto brokers generally provide margin trading with derivative instruments like the contract for difference (CFD). Instead of purchasing actual ADA tokens, customers merely speculate on their prices going up or down without owning the underlying assets. Traders gain greater exposure to the Cardano markets by using leverage. It enables them to trade large amounts with smaller initial deposits by borrowing additional funds from their brokers.

The approach entails considerable risk since leverage can inflate your profits and losses. Brokers offer considerably higher leverage than crypto exchanges but typically have a more limited selection of tradable cryptocurrencies. Such platforms often facilitate CFD trading only, so purchasing and holding ADA is not an option for their customers.

How to Confirm Cardano Trading Platforms Are Regulated

When selecting a trading platform, you must consider decisive factors like consumer trust and regulation. Regulated Cardano brokers are transparent about licensing and readily provide their license numbers on their websites, usually in the footer section, where you will also find their KYC policies and contact details.

Once you locate the license number of your broker, you can look it up in the respective regulator’s licensee database to confirm the broker’s current regulatory status. Licenses expire and are subject to revocation, not to mention clone firms run by scammers are sprouting like wild mushrooms these days. We recommend you trade ADA with brokers authorized by tier-one regulatory agencies like the FCA, ASIC, CySEC, and SEC. Browse the registries of these regulators to confirm your chosen Candano broker indeed holds licenses with them.

Crypto exchanges are subject to less stringent regulations due to the decentralized nature of virtual assets. Furthermore, many countries have yet to introduce regulatory frameworks for digital asset trading. Nevertheless, major crypto exchanges like Kraken and Binance seek regulatory compliance in their target markets.

Reputable exchange platforms obtain virtual asset provider licenses or registrations from financial intelligence agencies like AUSTRAC, VARA, and FinCEN. You can double-check the registration status of your chosen exchange in the registries of these regulatory entities. Alternatively, you can look up the consumer ratings of different exchanges on sites like Trustpilot, where you can additionally obtain feedback from real customers.

Ways to Trade ADA Online

Spot and derivative trading are the two most common ways to gain exposure to the Cardano market. Spot trading entails ownership of the ADA tokens one buys or sells at current market prices. You buy cryptocurrencies at lower prices and later sell them at higher prices to lock in profits. Alternatively, you can swap your ADA tokens for another cryptocurrency.

Trading ADA on the Spot

To engage in spot trading, you must register on a crypto exchange and verify your identity by submitting the requested documents. You can purchase Cardano tokens via a bank card, wire transfer, or another fiat-based payment solution. Another option is to buy stablecoins like Tether and use them to buy ADA on the spot. Ownership of the coins makes you eligible for earning staking rewards from the Cardano tokens you hold in your crypto wallet.

ADA Margin Trading

Margin trading is another popular way to gain exposure to the Cardano market. It allows you to speculate on the rising or falling ADA prices by borrowing assets from a crypto exchange. This form of trading involves using leverage, which can amplify your profits and losses. Different leverage ratios are available to exchange customers, for example, 1:2, 1:5, 1:10, sometimes even higher.

Margin traders open long positions when confident that ADA prices will rise, in which case they borrow tokens at their current market price to dispose of them later at higher prices. If they think ADA will depreciate, they open short positions to speculate on and potentially profit from falling prices. Short positions entail borrowing assets at current market prices and repurchasing them when their value declines.

ADA Contracts for Difference (CFDs)

Contracts for difference (CFDs) are similar to margin trading on crypto exchanges as they also involve speculation on the prices going up or down. The main difference is CFDs entail borrowing additional capital from your broker through leverage instead of actual cryptocurrencies. There is no ownership of the underlying virtual assets in this case.
Traders go long when confident ADA prices would increase or short if they think the token’s value will drop. You profit if the prices move in the direction you have predicted. This high-risk derivative instrument is unsuitable for inexperienced crypto traders. Using leverage can result in considerable losses if the Cardano market moves sharply against your trades.

ADA Options

Options share some similarities with contracts for difference. They derive their value from underlying assets (Cardano tokens in this case) and involve speculating on price movements without ownership of the underlying. Options are derivative contracts that grant holders the right but not the obligation to purchase or sell cryptocurrencies at a prearranged price by a given date. Call options give the contract holder the right to buy, while put options give them the right to sell digital assets like ADA.

ADA Futures

Future contracts resemble options since they enable traders to speculate on the future price fluctuations of the underlying crypto assets. The two parties involved in the contract agree to exchange ADA tokens or their cash equivalent at a fixed price by a prearranged date. It is similar to laying or making a wager on future price movements. One party believes ADA will appreciate, while the other thinks it will depreciate. Whoever gets it right collects a payment from the losing party upon the futures contract’s expiry.

Trading ADA with Leverage

Most exchanges and online brokerages enable customers to boost their market exposure by trading ADA with leverage. Contracts for difference (CFDs) and margin trading are the two most common ways to gain access to leverage. Leverage ratios can range from 2x to 125x, depending on where you trade. Here is an example of how this works.

Let’s assume that Cardano is trading at $0.40, and you are confident the price will increase to $0.55. Purchasing 10,000 ADA at $0.40 requires $4,000, but you only have $500 in your available balance. You decide to leverage your position at a ratio of 10x, in which case you need 1/10 x 10,000 x 0.40 = $400 as an initial margin. If your prediction is correct and ADA prices rise to $0.55, you will close your position on profit and earn $0.15 x 10,000 = $1,500. Conversely, if the price moves down by $0.05 to $0.35, you will lose $0.05 x 10,000 = $500.

What Moves ADA Prices

Before venturing into Cardano trading, you should acquaint yourself with all the factors impacting ADA prices. Supply and demand play a leading role in the price movements of this cryptocurrency. Characterized by a drop in transaction activities, low demand causes ADA prices to fall. Increased staking and higher transaction volume on the Cardano blockchain indicate growing demand that drives ADA prices upward.

Fluctuations in the value of large-cap cryptocurrencies like Ethereum and Bitcoin can profoundly impact the direction of other digital coins, and ADA is no exception. Bearish market sentiments for these leading cryptocurrencies can drive prices down and vice versa. New features and general improvements in the Cardano blockchain impact ADA prices positively due to the increased interest on investors’ behalf.

Media coverage, especially when unfavorable, is another aspect traders should consider. One example that comes to mind is from 2023 when the US Securities and Exchange Commission (SEC) filed a lawsuit against several major crypto exchanges and accused them of offering unregistered securities like ADA, SOL, and MATIC. When news of the lawsuit broke out, the prices of the three cryptocurrencies plummeted by over 40%.

Costs Associated with ADA Trading

Spreads, commissions, maker/taker fees, transaction charges, and overnight funding fees are the main costs you can anticipate when trading Cardano with crypto exchanges or online brokerages. Most brokers offering speculative crypto trading profit from the spreads, the difference between the buy and sell prices listed for the cryptocurrencies on offer. The narrower the spread is, the better for the trader.

Some brokers offer floating spreads starting at zero pips but charge percentage-based commissions to compensate for their lower spreads. Traders may also incur overnight funding fees for holding their leveraged ADA positions overnight. Brokers automatically deduct these charges from the balance of CFD traders each day. Long positions typically incur higher overnight funding fees than short positions.

Maker/taker charges are in place when you trade Cardano on crypto exchanges. Orders filled immediately at current market prices are subject to taker fees. Conversely, take profit and limit orders that are not executed immediately and create liquidity in the market. Such “delayed” orders incur maker fees that are typically lower than taker fees. The exact rates are exchange-specific and usually depend on your average transaction volume within 30 days.

The higher your trading volume, the lower the maker/taker fees you pay. Many exchanges have adopted this tiered fee structure to encourage large-volume traders. Customers trading on margin pay interest as they borrow crypto assets from their exchanges. Transactions on the Cardano platform itself incur blockchain fees. These vary depending on the overall load of the blockchain and the size of your transactions.

Reasons For and Against Trading ADA

Written by N. Nazifova