Cardano Day Trading 2024 – Tutorial & Brokers

Cardano, also known as the Japanese Ethereum, is one of the most popular crypto coins by market cap. But what is Cardano and how does it work? In this article, we’ve explained all there is to know about this ambitious altcoin, including how to buy it, whether it is a good investment, and future price forecasts. We’ve also listed some of the best brokers for trading Cardano.

Cardano Brokers & Exchanges

#1 - Exness

Why We Chose Exness

There is a small range of popular crypto tokens paired with fiat currencies available, with zero swap fees and no commissions in the Standard account. Trading is available via desktop or mobile apps, and deposits via crypto are also available in some countries.

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

- DayTrading Review Team
  • Coins: BTC, LTC, ETH, XRP, BCH, SOL, SNX, UNI, BAT, DOT, XTZ, ADA, BNB, ENJ, FIL, DOGE, COMP, THETA, AAVE, LINK, IOST, CAKE, MATIC, HT, MANA, HBAR, INCH
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Exness Trade App, MT4, MT5, TradingCentral
  • Minimum Deposit: $10
  • Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS

#2 - Pepperstone

Why We Chose Pepperstone

Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team
  • Coins: BCH, BTC, ETH, LTC, DASH, ADA, LINK, DOGE, EOS, DOT, XRP, XLM, XTZ, UNI, BNB
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 30, ETH 0
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
  • Minimum Deposit: $0
  • Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB

#3 - IC Markets

Why We Chose IC Markets

IC Markets offers 20+ cryptocurrencies which are tradable via CFDs, including lesser-known tokens such as Avalanche, Kusama and Uniswap. Commission-free trading is available, and experienced crypto traders can access high leverage up to 1:200 in the MetaTrader platforms.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • Coins: BTC, BCH, DOT, DSH, EMC, EOS, ETH, LNK, LTC, NMC, PPC, XLM, XRP, ADA, BNB, DOG, UNI, XTZ
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 42.036
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
  • Minimum Deposit: $200
  • Regulator: ASIC, CySEC, FSA

#4 - Eightcap

Why We Chose Eightcap

Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

- DayTrading Review Team
  • Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: $12 (BTC)
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, TradingView
  • Minimum Deposit: $100
  • Regulator: ASIC, FCA, xCySEC, SCB

#5 - IC Trading

Why We Chose IC Trading

You can trade over 20 of the most popular cryptos with leverage up to 1:200 seven days a week, although direct trading of the underlying asset like purchasing Bitcoin or Ethereum is not facilitated. The selection of tokens also trails Eightcap, which picked up our 'Best Crypto Broker' award, offering 100+ crypto derivatives.

"With superior execution speeds averaging 40 milliseconds, deep liquidity, and powerful charting software, IC Trading delivers an optimal trading environment tailored for scalpers, day traders, and algorithmic traders. "

- DayTrading Review Team
  • Coins: BTC, ETH, DSH, LTC, BCH, XRP, EOS, EMC, NMC, PPC, DOT, XLM, LINK, DOGE, XTZ, UNI, ADA, BNB, AVAX, LUNA, MATIC, GLMR, KSM
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, cTrader, AutoChartist, TradingCentral
  • Minimum Deposit: $200
  • Regulator: FSC

What Is Cardano?

Cardano is a cryptocurrency with the ticker symbol ADA, named after the mathematicians Gerlado Cardano and Ada Lovelace. Just like other cryptos, it uses blockchain technology to record transaction history.

Founder, Charles Hoskinson, was one of the original creators of Ethereum (ETH) but left the project following a disagreement with co-founder Vitalik Buterin over venture capital investment.

The coin launched in 2017. After its first round of investment, Cardano went public via an initial coin offering (ICO) with a market cap of $600 million, sparking interest within the community. The crypto is now worth over $48 billion and continues to beat its highest price record on a weekly basis.

Similar to Ethereum, Cardano’s aim is to run smart contracts which can be developed using the programming language, Javascript. ADA itself is written in Haskell.

Trading Cardano

Cardano has no official owner. It is a decentralized currency meaning every ADA holder has a stake in the Cardano network. It does not have a white paper, unlike most other altcoins, but instead is the first crypto to be peer-reviewed.

The Cardano Foundation set out its mission statement, with the core aim to increase adoption of the network. Cardano is a limited supply coin with a max of 45 billion ADA.

How Cardano Works

Cardano works by using a two-layer system. The first layer is called the Cardano Settlement Layer (CSL) which processes transactions in the ADA cryptocurrency. The second layer is known as the Control Layer, which is used to process the smart contracts.

Underpinning all of this is the Ouroboros algorithm. It is Ouroboros that uses the proof-of-stake protocol to mine coins. This means that rather than everyone mining new blocks all the time, the network elects a few nodes to mine the next block. For this reason, ADA is known as a 3rd generation cryptocurrency.

How To Start Trading Cardano

To start trading Cardano, you’ll need to select a broker that offers crypto. Popular platforms listing ADA include eToro, Binance, Coinbase and Gemini. There are a number of brokers that offer CFDs on cryptos which have benefits over owning the underlying asset, such as negating the requirement for an e-wallet to store your funds and are therefore the preferred choice for some traders. It’s worth shopping around for the best fees on offer. Many crypto brokers also offer joining bonuses to new traders.

How to start trading Cardano

Regulated brokers are subject to Know Your Customer (KYC) identity checks. So you’ll often need to provide a form of ID and a photograph before you can trade any substantial amount. Once you’ve been verified, you can purchase Cardano through most payment methods, including wire transfer and credit/debit card.

Broker functionality is also vital. If you’re looking to start day trading Cardano, you’ll likely be interested in the live 1-minute and 1-hour charts. For those looking for more long term investments, you can use the likes of Yahoo Finance and Google Trends to view charts over 5 years.

Pros Of Trading Cardano

Cons Of Trading Cardano

Security

Cardano is provably secure, meaning that it has been mathematically proven. This security is guaranteed as long as 51% of the stake is held by honest participants, which are achieved through random leadership selection. However, its reliance on this fact means that it is technically not immune to 51% attacks, like the one that left Ethereum Classic vulnerable in early 2019.

If this happened, the blockchain would have to be forked, which risks losing ledger information. Despite this, an attack of this scale is unlikely. Currently, a 51% stake in ADA would require over $20bn in capital, making it an expensive game for hackers to undertake.

Price Prediction Tips

Since its ICO in 2017, there has been continued speculation around if and when Cardano will reach the $2, $3 and $4 mark.

Historically, the price has been fairly stable, hovering at around 10c or less since the first crypto bull run in 2017. But interest in the currency sparked again when the 2020 crypto breakout took off. This continued throughout February and March 2021, when the news that the Goguen release was confirmed, leading ADA to break the 1 dollar mark.

The latest long-term price prediction is that Cardano will continue to rise, as the crypto market becomes increasingly cemented and its long-term developments begin to materialise.

Cardano price forecasts

The forecast for 2024 is healthy. In general, predictors’ outlook suggests a continued bullish market for the next year is likely. However, beyond that, 5 and 10-year price predictions become much murkier. Some speculators think a bearish trend is due, just like the one seen after the 2017 surge. Others believe that ADA will reach 40 dollars by 2030. While the future is uncertain, the piqued interest in crypto means that volatility is likely.

Final Word On Trading Cardano

In conclusion, Cardano is a cryptocurrency with serious ambition. Its aim to resolve the faults that plague Bitcoin and Ethereum make it an attractive proposition for investors. With NFTs, Native Tokens and the so-called ‘internet of crypto’ all in the development pipeline, there’s a lot to be excited about. But it still has some way to go to match the adoption of the top altoins like BTC. Plus, the development of functionality has been slow. So, is Cardano a good investment for traders? That remains to be seen.

FAQ

Is Cardano Better Than Bitcoin?

Cardano developers have worked to overcome many of Bitcoin’s biggest faults. In particular, its proof-of-stake blockchain means reduced environmental impact vs BTC. The altcoin’s ambitions are vast, with smart contracts, native tokens and multi-currency ledgers in the pipeline. But, its market cap is much lower than Bitcoin, suggesting that adoption is not yet sufficiently strong to push it into the top tier.

What Is A Cardano Staking Pool?

A staking pool is a collection of Cardano holders that join together with the aim of being selected to stake the network. Staking is the process of validating transactions on the ADA blockchain. Those that do so can earn a return on their investment and so staking pools help coin holders maximise their returns.

Why Is The Cardano Ticker Symbol ADA?

Cardano’s founders named the ticker symbol after the mathematician Ada Lovelace. Lovelace is widely regarded as the first person to publish an algorithm that intended to be carried out by a machine.

Who Is The Founder Of Cardano?

Cardano was founded by Charles Hoskinson. Hoskinson was one of the co-founders of Ethereum but left following a disagreement about venture capital.

Is Cardano Decentralized?

Yes, Cardano is the world’s most decentralized cryptocurrency with over 21.75 billion ADA staked on the network which represents 69 per cent of its total circulating supply.