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Best Cardano Forex Brokers

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August 29, 2023

Trading Cardano (ADA)

Named after the pioneering programmer and mathematician Countess Ada Lovelace, ADA is a cryptocurrency associated with the open sourced and decentralised blockchain project Cardano.

CMC Markets Singapore premium services

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Trading Cardano

Here are the best forex brokers for trading Cardano.

  • eToro - 8.8/10 Overall
  • Swissquote - 8.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • OANDA - 8.4/10 Overall
  • MultiBank - 7.5/10 Overall
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
8.7/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Interactive Brokers
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
8.4/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)124

OANDA is a highly trusted broker that delivers strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4 and the wildly popular TradingView). OANDA’s Trade desktop platform is good, not great, but the mobile version is easy to use and boasts a great balance of features.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
7.5/10 Overall
Minimum Deposit$50
Tier-1 Licenses3
Tradeable Symbols (Total)1042

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

Based on detailed research and scientific principles, the Cardano blockchain development team is comprised of expert researchers and engineers who together form a large worldwide collaboration group. Furthermore, the project has been designed to be especially scalable and efficient.

Additionally, Cardano provides for further evolution in its platform by allowing soft forks in its blockchain to provide for upgrades to take effect. Overall, the design of Cardano’s protocol both protects users’ rights to privacy and tries to cater for the requirements of regulators.

Although various exchanges allow trading in ADA to take place, buying and selling Cardano’s ADA tokens tends to be safer if a regulated online broker is used.

How to not get Scammed when Trading ADA

Just about any activity that takes place over the Internet can be subject to fraudulent behaviour.

Therefore, it’s vital to make sure to become familiar with the common scams related to crypto fraudulent schemes when trading in cryptocurrency. Schemes such as fake crypto exchanges, investment schemes and cloud mining enterprises should be actively avoided. Also steer clear of crypto firms that ask for a start-up fee to allow ADA to be instantly traded for fiat money. Another common fraudulent approach is to state investors will quickly double the value of their assets – a type of opportunity that rarely materialises.

The widespread practice of phishing presents another risk to cryptocurrency investors, with it seeming particularly common on social media and email. Phishing involves the scammer impersonating an often valid business to get access to their clients’ cryptocurrency wallets, passwords or other key personal data. While this approach looks quite obvious to an experienced eye, do make sure to avoid engaging in financial arrangements using direct messages.

When it comes to even major cryptocurrency exchanges, the risk of hacking causing substantial financial losses is very real. For example, Mt Gox was one of the biggest bitcoin exchanges and had to close down after 850,000 bitcoins were stolen in 2014 by hackers. The exchange lacked a client protection fund, so its customers still have not received compensation for their lost bitcoins.

Whenever possible, it is desirable to choose a regulated and well capitalised broker to trade cryptocurrencies through. An example of such a broker is AvaTrade, which is owned by a firm with a market capitalisation of $17 billion. Since AvaTrade is based in Ireland, it has to conform to the EU’s strict financial regulatory policies. Another option would be eToro, which also has its head offices in Europe,  and subsequently subject to the EU’s Markets and Financial Instruments Directive.

Trading ADA Through AvaTrade

Of the numerous regulated online brokers, AvaTrade provides one of the retail forex market’s favourite trading platform options — MetaTrader 4 (MT4) by MetaQuotes. MT4 allows for the easy customisation of chart types and colours, and it is available for desktop, web, tablet or phone, including both Android and iOS smart devices.

The MT4 platform offers a straightforward trading and analysis interface with plenty of analytical opportunities for more advanced traders. For example, MT4 has advanced charting capabilities that let traders analyse current market trends, in addition to the ability to trade directly from charts and develop automated trading systems.

Note that when using a regulated trader, you still remain exposed to market risks as cryptocurrency exchange rates can rise or fall due to various variables.

Key Influences on ADA (Cardano)

The market for the ADA cryptocurrency has had its ups and downs since the coin was first issued in 2017. Just like other cryptocurrencies, ADA’s value relative to fiat currencies like the U.S. dollar and major cryptocurrencies like bitcoin can be strongly influenced by several real-world dynamics.

One thing to keep in mind is that cryptocurrencies are generally very democratic. This means that if a large order goes through the market, it affects the supply and demand profile for the coin, and hence impacts its equilibrium exchange rate.

Another major factor that can affect the relative value of a cryptocurrency, like ADA, is if large companies begin to accept it for payment purposes. Alternatively, companies may start to support Cardano’s blockchain technology in different manners that may lead to the coin becoming more useful. In both these instances, the token could potentially rise in value.

A major adverse shock to the value of a cryptocurrency can be triggered when a government chooses to heavily regulate either one or all such virtual currencies with acts like banning holding or using the coins. Additionally, hacking can be a source of depreciation of the crypto coin market as seen through the large crypto exchange hack of Mt Gox.

Other external factors also influence cryptocurrencies. For example, an event that historically boosted the value of some cryptocurrencies was the Cyprus banking crisis in 2013. During that period, it seemed people in Cyprus had lost faith in their banking system that had been closed for nearly two weeks. It resulted in a boost in the value of bitcoin as individuals wanted to store their wealth out of reach of their own government.

Furthermore, developments in blockchain and cryptocurrency technology can also impact coin prices, such as forks in a blockchain. Another value effect occurs in existing blockchains that go through pre-programmed stages where the block reward to miners gets reduced, such as bitcoin’s infamous “halvings”. This tends to positively influence the value of the affected coin.

In conclusion, all these numerous factors are points to consider when analysing the potential of a cryptocurrency such as ADA.

Cardano Quick facts:

Source: CoinMarketCap.

  • Month ADA started trading: September 2017.
  • Daily volume of ADA exchanged (July 4, 2019): $139,933,285.
  • High closing price in U.S. dollars: $1.15 on January 4, 2018.
  • High closing price in bitcoins: 0.00007743 BTC on January 4, 2018.
  • Market Capitalisation (July 3, 2019): $ $2,072,573,493.
  • Estimated Circulating Supply: 25,927,070,538 ADA.
  • Total Supply: 31,112,483,745 ADA.
  • Maximum Supply: 45,000,000,000 ADA.
  • Top social trading online broker to provide ADA as a tradeable asset.

Chart of Cardano (ADA) in U.S. dollars and bitcoins (BTC) over its total trading period from September 2017 until July 4th, 2019 including daily volume and market capitalisation data. Source: CoinMarketCap

Want to trade other cryptocurrencies?

Read more about the different brokers trading some of the world’s biggest and most exciting cryptocurrencies here: 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
eToro logoeToro 8.8 $10-$10,000 1 90 3479 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 472 Swissquote Review 8.4 $20 0.65 87 3119 Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
Eightcap logoEightcap 7.6 $100 1.0 85 736 Eightcap Review
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 70000 Saxo Bank Review
XTB logoXTB 9 $0 1.07 96 6010 XTB Group Review
View More

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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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