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Best Cardano Brokers of 2024

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2024

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.

  • Interactive Brokers
    - 9.9/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.8/10 Overall
  • OANDA - 8.5/10 Overall
  • MultiBank - 7.5/10 Overall
Interactive Brokers
star 9.9/10 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. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
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Earn up to 4.83% on idle cash balances.

(66% of retail CFD accounts lose money.)

eToro
star 8.8/10 Overall
Minimum Deposit$50-$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). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
star 8.8/10 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. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
OANDA
star 8.5/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)1744 info

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. Read full review

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

MultiBank offers a solid range of forex and CFD trading services, making it an average choice for traders. With an overall rating that indicates satisfactory performance, it provides a reliable trading experience but may lack some advanced features found in other brokers. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
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:

BrokerNotes.co 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 $50-$10,000 1 info 90 3479 eToro Review Read Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review Read Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3007 Capital.com Review Read Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review Visit Site
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review Read Review
XTB logoXTB 9.1 $0 info 1.00 info 96 6100 XTB Group Review Read Review
Saxo logoSaxo 9.7 $0 1.1 info 99 70000 Saxo Review Read Review
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
CMC Markets logoCMC Markets 9.6 $0 0.61 info 99 11925 CMC Markets Review Read Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
Charles Schwab logoCharles Schwab 9.3 $0 1.25 info 99 40000 Charles Schwab Review Read Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review Read Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review Read Review
Plus500 logoPlus500 8.6 €100 1.5 info 99 5500 info Plus500 Review Read Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review Read Review
FXCM logoFXCM 8.5 Starts from $50 0.78 info 95 440 FXCM Review Read Review
Admirals logoAdmirals 8.5 $100 0.8 info 93 8702 Admiral Markets Review Read Review
Pepperstone logoPepperstone 8.4 $0 1.10 info 95 1726 Pepperstone Review Read Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1394 XM Group Review Read Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review Read Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review Read Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review Read Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review Read Review
Tickmill logoTickmill 8.1 $100 0.51 info 86 725 Tickmill Review Read Review
FinecoBank logoFinecoBank 8.0 $0 N/A info 94 9770 Fineco Bank Review Read Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.76 info 78 26000 BlackBull Markets Review Read Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review Read Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review Read Review
HFM logoHFM 7.9 $0 1.2 info 86 500 HFM Review Read Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review Read Review
FlowBank logoFlowBank 7.7 $0 N/A info 58 408600 FlowBank Review Read Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review Read Review
Trading 212 logoTrading 212 7.7 €10 1.9 info 79 8025 Trading 212 Review Read Review
BDSwiss logoBDSwiss 7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review Read Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 1000 Trade Nation Review Read Review
TMGM logoTMGM 7.6 $100 N/A info 83 12000 TMGM Review Read Review
Moneta Markets logoMoneta Markets 7.5 $50 1.38 info 72 1016 Moneta Markets Review Read Review
MultiBank logoMultiBank 7.5 $50 N/A 84 1042 MultiBank Review Read Review
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review Read Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.3 info 73 8400 Roboforex (RoboMarkets) Review Read Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review Read Review
easyMarkets logoeasyMarkets 7.3 $50 0.8 info 80 230 easyMarkets Review Read Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review Read Review
Spreadex logoSpreadex 7.2 $0 0.81 info 71 10000 Spreadex Review Read Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 IFC Markets Review Read Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review Read Review
Octa logoOcta 7.2 $25 0.9 info 70 230 OctaFX Review Read Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review Read Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review Read Review
xxxRIP GKFX logoxxxRIP GKFX 7.0 $0 N/A info 65 354 GKFX Review Read Review
Exness logoExness 7.0 $10 N/A 81 224 Exness Review Read Review
iFOREX logoiFOREX 7.0 $100 N/A 75 750 iFOREX Review Read Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review Read Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Read Review
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review Read Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review Read Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review Read Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review Read Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review Read Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review Read Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review Read Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review Read Review
Xtrade logoXtrade 6.5 $250 N/A info 74 482 Xtrade Review Read Review

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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

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Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

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BrokerNotes.co
BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

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