What are Cardano and ADA?
Cardano is a public proof-of-stake blockchain. ADA is the cryptocurrency of the Cardano network, so when you buy Cardano through a crypto exchange, you're buying ADA.
ADA is used on Cardano to pay transaction fees, vote in governance and pay for services in applications built on Cardano. People often use "Cardano" and "ADA" interchangeably, but Cardano is the network while ADA is the asset.
How to invest in Cardano in Singapore
One option is the Crypto.com App. Here is the basic flow:
- Sign up and verify your identity.
- Top up your account.
- Head to the trading screen, select Cardano and complete your purchase.
You can download the Crypto.com App or register online, then confirm your email and complete identity verification before you fund your account.
How can you fund a Cardano purchase?
In the App, you can fund your account with a FAST bank transfer in SGD, a Swift transfer in USD, a debit card, Apple Pay, Google Pay or a crypto deposit from another wallet. Both FAST bank transfers in SGD and Swift transfers in USD are free on Crypto.com.
The minimum amount you need to invest in Cardano on Crypto.com depends on your payment method: SGD 1 for direct purchases with Apple Pay or Google Pay, SGD 20 by card and SGD 50 by FAST bank transfer. This means you can start with a small amount of Cardano rather than commit a large sum upfront.
How is Cardano investing different from day trading?
Investing in Cardano usually means buying and holding it over a longer period, in the expectation that its value may rise over time. It is generally less sensitive to short-term price movements than day trading.
Day trading means actively buying and selling Cardano over short timeframes, often within the same day, to try to profit from price volatility. It takes more time, skill and risk management, because outcomes depend heavily on timing and market swings.
Services, features and other benefits referenced in this article may be subject to eligibility requirements, token holdings, and may change at the discretion of Crypto.com.