Introduction
Cardano (ADA) may have yet to tickle the awareness of casual investors unlike Bitcoin, Ethereum, Litecoin and Ripple. However, judging from its current performance in the market, it can be considered as one of the fastest-rising blockchain assets in the cryptocurrency world.
Since it was launched in 2017, ADA has occupied a spot in the top 10 cryptocurrencies by market cap value each year. Analysts see ADA as slowly but surely capturing the attention of more investors including traders of eToro.
In this updated and detailed guide, we'll provide you with all the information you need about Cardano on eToro such as executing your first trade, opening an ADA wallet, staking on this crypto, and many more.
| 🏷️ Crypto Name | Cardano |
| 🚩 Symbol | ADA |
| 💰 Minimum Investment | $10 |
| 🏷️ Buy/Sell Fee | 1% |
| ⌚ Market Open | 24/7 |
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
How to Buy/Trade Cardano on eToro?
Here are the steps in trading or buying Cardano (ADA) crypto in the eToro online investment platform:
- Sign up / Log-in to your eToro account.
Logging in to eToro - Click on "Discover".
Clicking "Discover" on eToro - Select "Crypto".
Selecting "Crypto" on eToro's Discover screen - Look for "ADA" and click on it.
Looking for Cardano on eToro's list of crypto assets - Click on "Invest".
Clicking "Invest" button on eToro's ADA crypto asset page - Set the amount you want to invest.
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Buying Cardano (ADA) on eToro's platform - Click "Open Trade".
Executing ADA buy order on eToro
Minimum Amount for Buying ADA
To buy ADA on eToro, you will need to invest a minimum amount of $10.
Important: The minimum amount may differ from region to region, depending on the rules and regulations in your country. So, to be sure of the minimum amount you need to invest in ADA in your region, it is advisable to check the terms and conditions on eToro's website or reach out to their customer support for clarification.
How to Sell Cardano (ADA) on eToro?
To sell your Cardano on eToro, you need to close your open position. Go to your portfolio, select the ADA position that's currently open, and click on "Close Trade" or the red X button. If you have multiple open ADA positions, you have the choice of closing just a few positions or all of them.
After doing this, your initial investment plus any profits or losses will be credited back to your account. This is known as "shorting" in trading.
Fee for Buying or Selling Cardano
When you buy Cardano on eToro, you become the owner of the asset. You also need to be aware that you will be charged with a 1% fee for buying or selling ADA tokens. This fee is already included in the market price shown when you open or close a position. It means that has been added to the Bid-Ask spread of the market price.
Take note of this: When you open a new position, you will initially see a loss in the position. This is because the displayed Profit & Loss (P/L) includes the 1% buy fee that you paid and the additional 1% sell fee that you will need to pay when closing the position.
How to Copy Cardano Traders on eToro?
In order to copy other Cardano traders on eToro, you need to open an account first and complete the verification process. This includes providing your personal information, verifying your identity, and completing a questionnaire to assess your trading experience and risk tolerance.
After doing this, here are the steps to follow:
- Navigate to the platform and search for traders who are trading Cardano. You can do this by using the search bar at the top of the screen and typing in "Cardano" or "ADA." This will bring up a list of traders who are actively trading Cardano on the platform.
- Once you have identified a trader that you want to copy, click on their profile to view their stats and performance history. This will give you an idea of their trading strategy, risk profile, and historical performance.
- If you decide to copy the trader, simply click the "Copy" button on their profile page. You will then be prompted to enter the amount of funds you want to allocate to copying their trades.
- Once you have set the amount of funds you want to allocate to copying the trader, eToro will automatically execute trades on your behalf based on the trades made by the trader you are copying. This means that you don't have to actively monitor the market or make trading decisions on your own - the trader you are copying will do this for you.
ADA Copy Trading - Did You Know?
Copying other ADA traders does involve risks, and there is no guarantee that the trader you are copying will make profitable trades. However, by carefully selecting traders with a proven track record of success and by diversifying your portfolio, you can potentially minimize your risks.
Analyzing Cardano on eToro
eToro offers a variety of tools and features for analyzing Cardano and other cryptocurrencies. Some of the key tools for analyzing ADA with this broker include the following:
- Price Charts
They provide detailed price charts for ADA, which can be customized to display different timeframes and technical indicators. You can use this to identify trends and potential entry and exit points for your trades. - Technical Analysis Tools
In addition to price charts, there are also a variety of technical analysis tools, such as trendlines, moving averages, and oscillators. These tools can help you recognize patterns and potential trading opportunities in Cardano's price movements. - News and Market Sentiment
The trading platform has real-time news and market sentiment data for Cardano and other cryptocurrencies. You can utilize this so you can stay up-to-date on important developments and market trends that may impact ADA's price. - Social Trading
Using eToro's social trading feature allows you to follow and copy the trades of other successful traders on the platform. This can be a very valuable tool especially if you are new to the market or looking for new investment ideas.
How eToro Ensures the Security of Your Cardano Holdings
If you are holding Cardano (ADA) on eToro, it's important to understand the measures that this broker takes to ensure the safety of your holdings.
- Regulated by Financial Authorities
One of the primary ways that eToro ensures the security of your Cardano holdings is through regulation by financial authorities. The company is regulated by several leading authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These regulatory bodies oversee eToro's operations and ensure that the company meets strict standards for security and financial stability. - Two-Factor Authentication
They require all users to set up two-factor authentication (2FA) to access their accounts. 2FA adds an extra layer of security to your account by requiring you to enter a code sent to your mobile phone in addition to your password. This can help prevent unauthorized access to your account and your Cardano holdings. - Secure Storage
All Cardano holdings are stored in secure, offline wallets that are protected by advanced security measures, including encryption and multi-signature technology. This means that your ADA holdings are not accessible through the internet, making them less vulnerable to cyberattacks. - Insurance Coverage
eToro also provides insurance coverage for its users' holdings. The company has a comprehensive insurance policy that covers all user funds, including Cardano holdings, in the unlikely event of a security breach. - Ongoing Security Monitoring
They employed a team of security experts who continuously monitor the platform for potential security threats. The company uses advanced monitoring tools and protocols to detect and prevent unauthorized access, hacking attempts, and other security risks.
Here's the deal:
The measures outlined above are just a few of the ways that the company ensures the safety of your Cardano holdings. This will give you peace of mind when trading Cardano and other assets on their platform.
eToro's Cardano Wallet
eToro offers a crypto wallet service and this via an app, which can be installed on tablets or smartphones running on Android or iOS. It provides high-level security and can be downloaded for free.
This secure and accessible multi-cryptocurrency digital wallet can store over 120 cryptocurrencies, including ADA. You will be able to buy, store, receive and transfer all your cryptocurrency here.
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Benefits of the eToro Cardano Wallet
Listed below are some of the advantages of using the ADA crypto wallet from eToro:
- User-Friendly
It is very user-friendly, making it easy for both new and experienced users to manage their ADA holdings. The interface is simple and intuitive, with clear instructions on how to use the features. - Security
It has top-level security features to keep your assets safe. It uses multi-signature technology to protect against unauthorized access, ensuring that only you can access your ADA holdings. - Convenience
You can easily manage your ADA holdings without the need for third-party services or external wallets. This makes it a convenient option especially if you prefer to keep your holdings on the platform platform. - Integration with the Trading Platform
The wallet service is fully integrated with eToro's trading platform, allowing you to easily move this cryptoasset between your trading account and the wallet. This means that you can quickly and easily manage your ADA holdings without having to leave eToro.
How to Create an ADA Wallet on eToro?
In order to creating an ADA wallet, you'll first need to have an active eToro account and already bought Cardano via the online trading platform.
Next, you'll need to transfer the ADA that you bought from your eToro trading account to the eToro Money crypto wallet. This will automatically create your ADA wallet.
Once you have transferred the cryptoasset from the trading account and to your newly created ADA wallet, you can start sending or receiving ADA to or from other wallets.
Take note: While creating an ADA wallet is free, transferring the cryptoasset from the trading platform will incur a fee. In addition, you won't be able to buy ADA directly from crypto wallet or convert Cardano into another cryptoasset like Bitcoin, Ethereum or Ripple.
Minimum Transferrable ADA Amount
When transferring Cardano (ADA) from your online trading account to the eToro Money crypto wallet, the minimum transfer amount is 11 ADA. This means that you need to have at least 11 ADA in your investment account in order to transfer it to the wallet.
How to Transfer Cardano from eToro Wallet to a Wallet?
If you have purchased ADA on eToro and would like to transfer it to a third party wallet, you can follow these steps:
- Obtain the Personal Wallet Address
You will need to obtain the wallet address from the third party wallet service provider. This is a unique string of characters that identifies your wallet on the Cardano blockchain. Make sure to verify the wallet address and ensure that it is correct. - Log in to eToro and Navigate to the Portfolio Page
Log in to your eToro account and navigate to the portfolio page. Find the Cardano (ADA) investment you would like to transfer to your personal wallet and click on it. - Click on "Send"
Click on the "Send" button, which is located next to the Cardano investment. - Enter the Transfer Amount and Personal Wallet Address
Enter the amount of ADA you would like to transfer to your personal wallet and the personal wallet address you obtained in step 2. - Check and Confirm the Transfer
Check the transfer details to ensure that the amount and wallet address are correct. Once you have verified the details, click on the "Send" button to confirm the transfer. - Wait for the Transfer to be Completed
The transfer from eToro to your personal Cardano wallet may take several minutes to several hours to complete, depending on the current network congestion and other factors.
Fee for Transferring Cardano from Trading Account to Wallet
A fee will be charged for transferring Cardano (ADA) from the eToro trading platform to the eToro Money wallet. The fee is currently set at a rate of 2% per transfer, which is deducted in the form of units. This means that if you transfer 100 ADA from your eToro investment account to the eToro Money wallet, the fee will be 2 ADA.
It's worth noting that eToro may adjust its fees at any time, so it's always a good idea to check the current fee structure on eToro's website before making a transfer.
Staking Cardano on eToro
eToro now offers the ability to stake your Cardano holdings directly on their platform. Staking Cardano (ADA) involves holding and validating transactions on the Cardano blockchain. When you stake your ADA, you're basically help to secure the network and keep it running smoothly so in exchange for your contributions, you as a staker will a receive reward in the form of additional ADA.
Staking vs Mining - Did You Know?
Staking is different from mining, which is the process of generating new blocks on a blockchain by solving complex mathematical problems. Cardano uses a proof-of-stake (PoS) consensus mechanism, which means that transactions are validated based on the amount of ADA held by the staker. And the more ADA you hold on eToro, the more likely you are to be chosen to validate transactions.
How to Stake Cardano on eToro?
If you hold ADA on eToro, you can easily stake it on the platform by following these steps:
- Log in to your eToro account and navigate to the ADA page.
- Click on "Stake" and choose the amount of ADA you want to stake.
- Confirm the transaction and wait for the staking process to begin.
Take note: eToro charges a fee for staking Cardano on its platform. However, this fee is relatively small compared to the potential rewards that can be earned through staking.
eToro Cardano Stats
According to eToro's Q4 2021 Investor Update (March 2022), Cardano has become one of the most popular crypto assets on their platform, second only to Bitcoin and Ethereum. In fact, ADA made up 11% of the total trading volume and 17% of all assets under administration for the entire year of 2021, surpassing the likes of Ripple, Shiba Inu (in millions), and Dogecoin. It's impressive to see how much attention Cardano is getting on eToro!
| Crypto Asset | Trading Volume | Assets Under Administration |
|---|---|---|
| Bitcoin | 29% | 23% |
| Other cryptoassets | 18% | 21% |
| Ethereum | 15% | 21% |
| Cardano | 11% | 17% |
| Ripple | 9% | 13% |
| Shiba Inu (in millions) | 4% | 3% |
| Dogecoin | 4% | 2% |
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.