Cardano Vs Solana

Cardano vs Solana, the fight between two of the most popular and fastest-growing cryptocurrencies of 2021. So which coin is better suited for investment. Our article offers a comparison of Cardano vs Solana, detailing prices, underlying technologies, transaction speeds, respective market caps and other key factors that should be considered when looking to invest in crypto.

Top Cardano & Solana Trading Brokers

#1 - Pocket Option

Why We Chose Pocket Option

Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: N/A
  • Crypto Lending: No
  • Platforms: Web, MT4, MT5
  • Crypto Staking: No
  • Minimum Deposit: $50
  • Regulator: MISA

About Pocket Option

Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

Pros

  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Extremely fast and smooth sign-up process that takes less than 2 minutes

Cons

  • The MISA is a weak regulator with limited investor protection for retail traders
  • Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
  • Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders

#2 - CEX.IO

Why We Chose CEX.IO

CEX.IO offers hundreds of popular cryptocurrencies including big names like Bitcoin, Ethereum and Litecoin. The trading platform is well-designed with sophisticated charting and analysis tools, including 50+ in-built indicators. Traders can also reduce their monthly volumes through the tiered pricing structure.

"CEX.IO continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."

- DayTrading Review Team
  • Coins: ZRX, 1INCH, AAVE, BTC, BCH, ADA, LINK, COMP, ATOM, DAI, DOGE, ETH, GUSD, ICP, LTC, LRC, MATIC, MKR, DOT, SHIB, SOL, XLM, SUSHI, SNX, USDT, XTZ, USDC, UNI, WBTC, ZIL
  • Crypto Mining: Yes
  • Auto Market Maker: No
  • Crypto Spread: 0.15% maker & 0.25% taker (Standard)
  • Crypto Lending: Yes
  • Platforms: TradingView
  • Crypto Staking: Yes
  • Minimum Deposit: $20
  • Regulator: GFSC

About CEX.IO

CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.

Pros

  • The broker offers 24/7 support with fast response times during tests
  • The $20 minimum deposit makes the broker accessible for beginners
  • High quality educational materials are available through the University feature

Cons

  • Deposit and withdrawal fees are relatively high, including 0.3% + $25 for SWIFT withdrawals
  • A maintenance fee applies after 12 months of no activity
  • The broker has limited regulatory oversight

#3 - Uphold

Why We Chose Uphold

You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.

"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."

- DayTrading Review Team
  • Coins: BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Up to 1.5%
  • Crypto Lending: No
  • Platforms: Desktop Platform, Mobile App
  • Crypto Staking: Yes
  • Minimum Deposit: $0

About Uphold

Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.

Pros

  • Over 250 cryptos are available including major tokens like Bitcoin and Ethereum
  • Two-step authentication bolsters user security
  • Uphold continues to remain ahead of the industry, often being one of the first platforms to list new crypto tokens

Cons

  • The charting analysis features on the platform trail specialist exchanges
  • Uphold operates with limited regulatory oversight
  • Customer service is slow based on tests, with limited contact options

#4 - Firstrade

Why We Chose Firstrade

Take positions on dozens of leading cryptocurrencies with low fees and 24/7 investing. Traders need just $1 to start speculating on popular tokens like Bitcoin. Clients can also buy cryptos instantly in a few straightforward steps.

"We recommend Firstrade for beginner investors looking to trade US stocks with no commissions. There is a wealth of free education plus premium-quality research and trading ideas from Morningstar, Briefing.com, Zacks and Benzinga."

- DayTrading Review Team
  • Coins: ALGO, AVAX, BAT, BTC, BCH, ADA, LINK, ATOM, CRO, CRV, MANA, DOGE, ETH, ETC, FTM, LTC, LRC, MATIC, REN, SHIB, SOL, XLM, SUSHI, GRT, UNI, YFI
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: SEC, FINRA

About Firstrade

Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular online brokerage. It is also quick and easy to open a new account.

Pros

  • No minimum deposit
  • Regulated by SEC and FINRA
  • Access to education, research, and tools

Cons

  • No forex or futures trading
  • No copy trading
  • No demo/paper trading account

#5 - Revolut

Why We Chose Revolut

Invest in 100+ crypto tokens using 30+ fiat currencies. You can buy, sell and transfer cryptos on the iOS and Android app. We like that traders can also choose to round up leftover cash from card transactions in crypto and use their crypto balance to make card payments.

"Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment."

- DayTrading Review Team
  • Coins: ZRX, 1INCH, AAVE, ALGO, AMP, ANKR, BNT, BAND, BAT, BTC, BCH, ADA, CTSI, CELO, LINK, CHL, COMP, ATOM, CRV, MANA, DOGE, ENJ, EOS, ETH, FIL, RLC, ICP, KEEP, KNC, LTC, LRC, MATIC, MIR, NKN, NU, NMR, OMG, OXT, OGN, DOT and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: 2.5% commission for standard profiles
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: FINRA, SEC

About Revolut

Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.

Pros

  • Beginner-friendly mobile investing application
  • Good range of account types with different perks and fees
  • Multiple deposit and withdrawal options including wire transfer

Cons

  • Relatively narrow product range
  • No advanced trading platform
  • No margin trading

What Is Cardano?

Cardano, token name ADA, is a cryptocurrency developed by Ethereum co-founder Charles Hoskinson to solve many of the issues perceived in earlier coins like Bitcoin and Ethereum 1.0. Cardano operates on a proof of stake blockchain platform, designed to be safer and consume less energy than traditional proof of work cryptos such as Bitcoin.

When considering Cardano vs Solana, it is important to understand the origins of the tokens. Work began on creating Cardano in 2015, with the project publically launched two years later. Like many cryptos, ADA aims to decentralise financial services, allowing countries without a reliable banking system to trade on a level playing field. Cardano’s commitment to this principle led to their partnership with the Ethiopian government, with Cardano technology used to create permanent records for over five million students and teachers. This also means that there is no owner of the crypto, with every ADA holder having a stake in the Cardano network.

The cryptocurrency’s recent “Alonzo” update added smart contract capability. Cardano immediately proved to be a popular platform for smart contracts, with over 100 processed within the first 24 hours.Cardano Vs Solana Chart 2021

Cardano has a market cap of $71 billion, which is the third-highest of the cryptocurrency market. The current ADA price per token can be found online on sites like CoinGecko.

What Is Solana?

Next in the Cardano vs Solana debate: Solana, token name SOL, was created by Anatoly Yakovenko, Stephen Akridge and Greg Fitzgerald based on Yakovenko’s concept of a proof of history blockchain, which implements technology for keeping time within untrusted networks. With proof of history, processing could occur at a far higher speed than the leading blockchain technology of the time and a comparable speed to modern payment methods such as Visa.

Conceptualised in 2017, Solana launched onto public trading platforms in April 2020. Its utilisation in over 400 smart contracts places Solana as an integral part of decentralised finance, often abbreviated to DeFi. Major crypto exchange FTX chose Solana for its trading network and the foundation for US dollar-tracking stablecoin USDC due to its high transaction speed and low transaction costs.Cardano Vs Solana cryptocurrency debate

Solana has a market cap of $42 billion, placing SOL as the 7th highest market cap cryptocurrency. Today’s price per token can be found on sites like CoinMarketCap online.

Cardano Vs Solana Similarities

Cardano Vs Solana Differences

Pros Of Cardano For Traders

Some pros of investing in Cardano vs Solana:

Pros Of Solana For Traders

Here are some factors in the Cardano vs Solana debate that favour SOL for investment:

Other Relevant Details

Options Trading

Derivatives trading of cryptocurrencies, such as CFDs, options and futures, was banned at the beginning of 2021 within the UK by the FCA. As a result, neither Solana nor Cardano can be traded with leverage in the UK. However, these restrictions are not global and brokers from other countries may support this functionality.Crypto derivatives trading cardano vs solana

Security

When debating Cardano vs Solana, both are provably secure as long as more than one-third of the total nodes are honest. While this does not make these cryptos invulnerable to attack, a stake required to do so would amount to tens of billions worth of the tokens. The Solana network recently came under a 400,000 transactions per second DOS attack that disrupted the functionality of the network. However, all assets within the network remain secure during such an attack.

Staking

Long-term investors might be interested in staking their cryptocurrency, which generates interest in exchange for not trading a token for some time.

If you are looking to stake Cardano vs Solana, the latter comes out on top. Binance Earn offers flexible staking rates of 0.78% APY for Solana, compared to 0.48% for Cardano. When staking for a locked 30 days, Binance offer 9.2% APY for Solana, compared to 5.09% for Cardano. When locked staking over 60 days, Solana gets a 9.9% APY, whereas Cardano achieves a rate of 7.79%.

Final Word On Cardano Vs Solana

When looking at Cardano vs Solana, many factors may make each cryptocurrency appealing to different traders. The higher market cap of Cardano could suggest that the coin is a slightly more stable long-term investment, while the higher speeds and lower costs of Solana transactions provide a vision of long-term potential operating as a leading crypto asset in the decentralised finance sector. Both Solana and Cardano can be used to purchase NFTs and fulfil smart contracts, as well as presenting ambitious roadmaps to further develop their respective technologies.

FAQs

How Many Transactions Per Second Can Be Achieved On Cardano Vs Solana?

Solana boasts the ability to perform up to 50,000 transactions per second, with future hardware advances predicted to facilitate speeds of up to 700,000 transactions per second. Cardano can perform up to 250 transactions per second but future updates to the platform promise to increase this to around 1 million transactions per second.

Can I Use Smart Contacts And Trade NFTs On The Cardano Vs Solana Networks?

Both the Cardano and Solana networks enable the fulfilment of smart contracts, as well as the secure and private trading of NFTs.

What Technologies Do Cardano And Solana Use?

Solana utilises a proof of history blockchain network for mining and transfer, allowing greater transaction speed, a smaller mining energy footprint and lower costs than proof of work systems. Cardano operates on a proof of stake platform, similarly superior to the proof of work system that underlies cryptos such as Bitcoin and Ethereum 1.0.

How Safe Is Purchasing Cardano Vs Solana?

Without a malicious party owning a stake amounting to tens of billions of dollars, both Cardano and Solana are provably secure, meaning that transactions will be safely executed between the intended sender and recipient. Like all cryptos, Cardano and Solana should be purchased from a reputable and secure cryptocurrency trading platform to eliminate the risk of fraud.

What Is The Price Of Cardano Vs Solana?

The current prices of Cardano vs Solana can be checked online through cryptocurrency database websites like CoinGecko and CoinMarketCap. Such sites can also be used to compare Cardano, Solana and other cryptos like Polkadot, Algorand, Avalanche, Matic and Ethereum.