Cardano is one of the Cryptocurrencies we have written about. Cardano has the potential to become as big as Ethereum. Cardano is currently better in several respects, only it lacks a bit of maturity and real applications. Together with Zilliqa and VeChain, we see this as contenders for the future. Of course, I leave it up to you whether or not to invest in this and it is under your own responsibility. The price can of course fall just as well. If you want to purchase them, you can do so by going through the following steps. We assume that you are using your mobile. The screenshots from this article are consistent with the iOS (iPhone) app. This is expected to be comparable with Android phones.
Step 1. Download the Binance App from the store and create an account
Go to the App Store on your phone and search for Binance. Install the app and create an account. This requires a lot of information, which you must provide. The acceptance process can take several days.
Step 2. Deposit money (fiat) into your account
To start, we need euros on the account. You can deposit money by following this steps: Click on Storten (Deposit)> At the top select Fiat > Choose EUR > Choose iDEAL
Fill in the amount, select your bank and choose doorgaan (continue):
Step 3. Convert your Euros to Cardano (ADA)
Now that we have Euros available, we first have to convert them to Cardano. This is a lot easier than buying VeChain (see also:Hoe koop je VeChain (VET)?). You can purchase Cardano by taking the following steps: At the bottom click on Markten (Markets) > at the right top click FIAT > EUR > Select ADA / EUR. Then choose Kopen (Buy) > Marktprijs (Marketprice) > Select 100% and choose Koop ADA (Buy ETH)..
Congratulations! You have bought your first Cardano. You can leave your Cardano with Binance, but this is not recommended for security reasons. Advice is to send your Cardano to a Wallet that you can download on your phone. The Wallet / App is called Yoroi and can be downloaded from the AppStore (https://apps.apple.com/us/app/emurgos-yoroi-cardano-wallet/id1447326389).
Earn extra through Binance
We have not followed the advice to send your cryptos to a wallet ourselves. Within the Binance App you have the option to receive a kind of interest. If you transfer your ADA to Flexible Savings, you can, for example, receive extra ADA. You do this by navigating to Earn in the top navigation and then searching for ADA under Flexible Savings. You can redeem this at any time and bring it back to your Wallet. Tip: turn on Automatic Deposit, so that your generated ADA also contributes to the generation of ADA. This creates an interest on interest effect.
How do you convert your Cardano into euros and return it?
After Cardano has hopefully increased, you can convert it back to Euros and transfer it to your own bank. You can do this by going through the following steps.
Step 1. Convert from Cardano (ADA) to Euros
At the bottom click on Markten (Markets) > at the right top on FIAT (underneath Spot)> EUR > Select ADA / EUR. Then choose Verkopen (Sell) > Marktprijs (Market price) > Click on 100% and choose Verkoop ADA (Sell ADA).. Now your ADA are converted to Euros.
Step 2. Transfer money to your account
The last step is to transfer your money to your bank account. At the right bottom click on Wallets > At the left top on Overzicht (Overview) > Opnemen (Withdrawl) > Choose Fiat > Click EUR > Fill hte required informaiton and click on Doorgaan (Continue). The money will be transferred to your account!
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