Buying ADA (Cardano) in Singapore
Posted on 29 December 2020 - 1 min read
In order to take the first step into the Cardano world, you will need to buy some ADA. Unfortunately, buying ADA in Singapore is not as straightforward as it can be. It took me a while to find out this method of using Binance.
Opening account in Binance
First, you need to open an account with Binance. I would recommend to use this invitation link, it will give you and me 10% of transaction fee each as commission.
Once you’ve signed up, you will need to verify the account in order to see the P2P trading option. As it's automated, the process is quite fast. It only took me a couple of minutes. After your account is verified, the next step is to buy some USDT.
Next, you need to deposit in order to buy ADA. I chose P2P trading option to buy some USDT via SGD because it's fast with lower transaction fee. From my experience, a transaction usually takes 5-15 minutes. I choose USDT over BTC as there are more P2P sellers and the fee is also lower.
As you will pay directly to the bank account/PayNow of the seller, it's better to choose those who are verified and have the highest number of completed orders for safety. It's also wise to make sure the seller is online before proceeding to the transfer.
After having USDT, you need to transfer it to Spot Wallet in order to trade for ADA.
Once having USDT, you can go directly to Markets to trade for ADA. I usually use the Market order so the transaction can be done instantly. You can also use the Limit order for a better price.
From here, you just need to transfer your ADA to an ADA wallet such as Daedalus or Yoroi for safety. You might use a Ledger Nano for cold storage. I won't recommend keeping your ADAs on the exchange. Remember not your keys, not your coins!
Tagged with: cardano, ada, crypto-currency
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