Buying ADA is a 4 steps process.
- eTransfer money from bank to ShakePay
- Buy Bitcoin (BTC) on ShakePay
- Send BTC from ShakePay to Binance
- Trade ADA with BTC on Binance
The reason I use ShakePay because they are a Canadian company, and most company that let you transfer money from bank to BTC, will require you to submit your driver license or passport, photo, and sometime a video to prove your identity. If I had to submit those information, I would at least want the information stay in Canada.
I assume you already signup for ShakePay and Binance, and went thru account verification.
eTransfer money from bank to ShakePay
On ShakePay, click Add Funds, pick Interac e-Transfer. It will show you the information you need to start a eTransfer from your bank. Once you finish the eTransfer, the money will appear on ShakePay. Depends on different situations, sometime I got the money appear on ShakePay in just couple minutes, but also sometimes take almost an hour.
Buy Bitcoin (BTC) on ShakePay
On ShakePay website, click Buy & Sell. Here you can specify how much Canadian dollar you want to spent, how much Bitcoin you want to buy at the current price. You will notice the price is higher then the market price of Bitcoin from the main page, this is where ShakePay make their money. The markup is around 1.2% and this could change.
On ShakePay mobile app, it’s a little different. You can still do the Buy & Sell like on their website (Instant Buy). But you can also do a Limit Orders for either buy or sell. If you create a buy order, you can set a price at which Bitcoin will drop to, and specify how much of it you will buy. When the price of Bitcoin (plus ShakePay’s markup) drop to that level, it will automatically buy for you. Same goes for sell order, you can sell your Bitcoin back to Canadian Dollar at a higher than market price you wanted.
Send BTC from ShakePay to Binance
Open your Binance website or app, go to Wallet, Spot (or Fiat and Spot), click Deposit, click BTC. You will see both the wallet’s address as a long string, also the QR code of this address. This is the address if you want to receive Bitcoin BTC from anywhere, including from ShakePay.
Now to go ShakePay, click Send. In the Send to address, you can either copy and paste the Binance BTC wallet address string here, or click the QR Scan icon and scan the Binance BTC wallet QR Code. Now enter the amount of Bitcoin you want send to Binance, then just send it. It will take a bit of time, but shouldn’t be too long before you see it on your Binance account.
Trade ADA with BTC
Now you have BTC on Binance, you can start trading. You can trade ADA with BTC, ETH, USDT, etc. In this case, we will trade with BTC.
First go to the “Markets” tab, use the search bar to find ADA/BTC pair. Now you will see the price of ADA in terms of Bitcoin. For example, if you see ADA/BTC 0.00004000, that mean for each 1 ADA coin, you will need 0.00004000 Bitcoin to trade. You can also see the dollar values under that in the currency you want (USD, CAD, etc). If you feel this is a good price to buy ADA, just click the green BUY button. It shoud default to a “Limit” order, and I highly suggest always buy or sell with “Limit” order, The idea is the same as Limit Order on ShakePay, you set a price, and only execute the buy order when it reach the price.
Choose the BTC price you want for 1 ADA, enter the number of ADA coin you want to buy, and it will show you the total number of BTC is require to buy ADA at this price. Remember, Binance also collect 0.1% fee from each trade, it is either collected thru the new coin, or a previous setting you can specify on where this fee come out of. If you are satisfy with the Buy order, then just click “Buy ADA”. This open buy order will stay on the trade screen until the setting is meet, and you will be notified that you just bought ADA.
This might be a bit overwelming for first time crypto buyer, but once you done it, it’s pretty straight forward. The methods on this page also apply to buying any other Alt coins on Binance, as long as you can find the right trading pairs.
Invest in crypto is not for everyone, please do your own research and make sure you can handle the risk. My suggestion is, if you have money you are ok to completely lose, then you can give it a try. If you depend on the money for other need, and you just want to turn a quick profit, I would suggest you stay away from the crypto market, the risk for short term trading is just too high for some people.
Thanks for reading, please stake your ADA on my pool if you find this site is valuable.