How to Buy Cardano on Bitfinex

Next up on the “How to Buy Cardano” guides is Bitfinex. If you are considering buying ADA on Bitfinex exchange, you are at the right corner of the internet.

A Step-By-Step Guide on How to Buy Cardano on Bitfinex

1. Register an Account on Bitfinex

You are going to need a Bitfinex account to start. Registration is simple and requires email confirmation.

Upon signing up, you will be asked for your phone number in order to activate 2FA. 

This is a mandatory step, but if you don’t want to bother with it every time you log in, you can turn it off later on.

Setup is easy, and you will be guided through it every step of the way: you just need to download an authenticator app on your mobile to start.

2. Get Verified on Bitfinex

Long gone are the days you can buy crypto on Bitfinex anonymously: you now need to pass a KYC check. However, you can still choose how much information you want to give. On your profile page, select “Verification” to see all the options.

Completing intermediate verification allows you to fund your account via SEPA and Bitfinex pay merchants, so you can buy ADA. But you need to provide two official IDs as well as proof of address for the privilege, so it’s not the easiest. And if you want to make bank wires, you are gonna have to upload a bank statement as well to complete full verification.

Select your country, and you will get a list of accepted documents. Decide on the document type you want to submit.

With your phone, scan the image to get to the upload page. Submit ID pictures and any other necessary documents through your phone.

3. Deposit Funds/Crypto

When you click “Deposit,” you can search for the asset type you want to move to Bitfinex. If you have BTC in another wallet, for example, search for it and click “Deposit.” Use the generated address to transfer your funds to the platform.

Once you got crypto in your wallet, you can trade them in exchange for ADA in the Bitfinex spot market.

4. Navigate to the Relevant Screen to Buy

Your crypto deposits will show up in your “Funding Wallet,” which is different from your trading wallet for some reason. So that adds an extra step: go to your “Balances” and transfer your funds to the “Exchange Wallet.”

Once you got that done, click on “Trading” to get to the spot market. Here you need to find the right ADA market for you by searching for the right trading pair. Let’s say you have some BTC you want to trade for ADA. Search for ADA/BTC. If you have ETH, find the ADA/ETH market. If there is no market for your preferred paring, convert your digital assets to a stablecoin like USDT and use it to buy ADA.

After you get your ADA market, click the ticker to see the order form: It’s a standard trade order form where you fill in the blanks according to how much ADA you want to buy.

You will get an automatic price that will execute your order very fast, but you are free to set a price yourself. Once that’s done, click “Exchange Buy.”

Hopefully, we helped you understand how to buy Cardano on Bitfinex. If you liked our articles, make sure you check out our reviews and other guides as well.