Go long and short on ADA, the token of the Cardana network, with Australia's No.1 CFD provider1
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Cardano Trading
Find out more about how leveraged cardano trading works.
Why trade Cardano CFDs with IG?
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No wallet risk
Think Cardano’s price is headed down? Open a short position.
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Go short as well as long
We source prices from multiple exchanges on your behalf.
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No exchange account needed
Trade Cardano without tying up lots of capital.
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Trade on leverage
So there's more chance of executing your full trade at your chosen price.
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Improved liquidity
Trade Cryptocurrency CFDs without the risk associated with a digital wallet.
What is Cardano?
Cardano (ADA) is a public, decentralised blockchain platform, and one of the fastest growing cryptocurrencies.
Created by one of the co-founders of Ethereum, Cardano shares some similarities to the more established Ethereum. However, Cardano has sought to gain an edge by launching with a ‘proof of stake’ network design which is deemed to offer significant improvements in energy use and hardware requirements on Etherum’s ‘proof of work’ design.
Cardano also has a fixed cap on its supply, which can create a sense of scarcity and help grow its value over time.
Cardano trading costs and details
See our Cardano spreads, dealing hours and margins in our help area:
How does leveraged Cardano trading work?
Buying a Cardano contract for difference (CFDs) is similar to buying Cardano on an exchange; your position will increase in value as Cardano’s price increases. There are also several key differences between the two.
Firstly, when you open a leveraged Cardano trade, you aren’t taking ownership of any cryptocurrency. Instead you’re speculating on the direction in which its price is headed. You don’t need a wallet or exchange account to get started, and you can open short positions as well as long ones.
Secondly, you don’t have to put down the full value of a leveraged Cardano position upfront – just a deposit known as 'margin'. While that makes leveraged trading a powerful tool, it also makes it risky. If your position moves against you, it can even mean that you risk losing more than your original deposit.
Cardano CFD example
Our Cardano price is denominated in US cents, 100 times what you’d ordinarily see on exchange.
You buy 10 Cardano CFDs when it’s trading at $2.147 Our buy price is 215.4 (in cents) and our sell price is 214.
Buying 10 Cardano CFDs at 215.4 is the equivalent of buying 1000 Cardano for $2.154 each, giving you a total exposure of 1000 x $2.154 = $2154
Cardano’s price rises 50 cents to 264.7, and our price is now 265.4 to buy and 264 to sell. You close your position by selling 10 CFDs at 264 .
264 – 215.4 = 48.6, meaning your position has moved 48.6 points. Your net profit is 10 x 48.6, or $486 (including 1.4 pts form the spread spread).
If you’d shorted Cardano, you would have lost $514 (50 pts plus 1.4 pts from the spread).
FAQs
Can I short Cardano with IG?
Yes. When you trade Cardano with IG you are speculating on price movements instead of buying and holding ADA, so you can open short positions as well as long ones.
Where do you get Cardano prices from?
We source our Cardano prices from a combination of the world’s most liquid exchanges, and then offer you the best available price.
Do you offer advanced order types?
Yes. As well as trading Cardano at the current price, you can select your preferred entry level. You can also add stops and limits to your positions to manage your risk or lock in profits.
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1 Number 1 in Australia by primary relationships, CFDs & FX, Investment Trends November 2023 Leveraged Trading Report.
Help and support
Or ask about opening an account on 1800 601 799, or +61 3 9860 1799, or helpdesk.au@ig.com.
If you're calling from NZ, you can contact us on 0800 442 150
We're here 24 hours a day, except from 7am to 12pm Saturdays (AEDT).
