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How to Buy Algorand (ALGO) in 3 Simple Steps

By Alice Leetham - Updated 30 November 2023
Algorand Logo Algorand (ALGO)
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Algorand bills itself as the “future of finance”, as it bridges the gap between the traditional and decentralized finance (DeFi) models. Its highly efficient and scalable blockchain is designed to facilitate fast, cheap transactions and the creation of next-generation applications.

In this guide, we will explore how to buy ALGO and what Algorand brings to the world of finance.

How to Buy Algorand

If you’re looking for a simple way to buy Algorand, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Algorand and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Algorand.

1. Choose a platform

For starters, you will need to select one of the many platforms that offer ALGO. They may charge different fees and offer different features, so it is worth considering what you want from a platform before choosing one. The platforms we’ve compared in the next section should provide a good starting point.

1
Min Deposit
$ 100
User Score
4.95
Up to $240 bonus!
Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Open Account
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA
2
Min Deposit
$ 10
Promotion
User Score
4.7
Offers an intuitive and easy-to-navigate platform, making it accessible for both novice and experienced traders
Global audience, providing various deposit options and allowing users to cash out directly to their bank accounts
Cold storage for funds and two-factor authentication to ensure the safety of users’ assets
Visit Site
Description:
Bitstamp, established in 2011, is a pioneer in the cryptocurrency exchange world, offering a secure and straightforward platform for trading a variety of digital currencies. It’s known for its user-friendly design, robust security measures, and global reach, making it a preferred choice for crypto traders worldwide.
Payment Methods:
Bank Transfer, Debit Card, Credit Card, Cryptocurrencies, Apple Pay, Google Pay, Bank Transfer: SEPA
Full Regulations:
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong
3
Min Deposit
$ 1
Promotion
User Score
4.6
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Visit Site
Description:
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services
Payment Methods:
Bank Transfer, Wire Transfer, Cryptocurrencies, Apple Pay, Google Pay
Full Regulations:
FCA
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

2. Create and fund your account

Navigate to the account creation page and fill in your details, such as name, address, and contact information. The platform may require additional documentation like a photo ID to verify your identity. Once your account is set up, click deposit and choose one of the payment options supported in your country.

3. Buy Algorand

You are now ready to purchase ALGO. Search for the ALGO trading pair with your local currency and create a buy order. This can be a market order if you want to buy ALGO immediately at the market price, or a limit order if you want to specify a price to buy ALGO at in the future.

Table of Contents
1
Min Deposit
$ 100
User Score
4.95
Up to $240 bonus!
Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Open Account
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA
2
Min Deposit
$ 10
Promotion
User Score
4.7
Offers an intuitive and easy-to-navigate platform, making it accessible for both novice and experienced traders
Global audience, providing various deposit options and allowing users to cash out directly to their bank accounts
Cold storage for funds and two-factor authentication to ensure the safety of users’ assets
Visit Site
Description:
Bitstamp, established in 2011, is a pioneer in the cryptocurrency exchange world, offering a secure and straightforward platform for trading a variety of digital currencies. It’s known for its user-friendly design, robust security measures, and global reach, making it a preferred choice for crypto traders worldwide.
Payment Methods:
Bank Transfer, Debit Card, Credit Card, Cryptocurrencies, Apple Pay, Google Pay, Bank Transfer: SEPA
Full Regulations:
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong
3
Min Deposit
$ 1
Promotion
User Score
4.6
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Visit Site
Description:
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services
Payment Methods:
Bank Transfer, Wire Transfer, Cryptocurrencies, Apple Pay, Google Pay
Full Regulations:
FCA
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

What Is Algorand?

Algorand is a programmable blockchain network that supports high-performing, secure, and scalable applications. The project was designed to make transactions faster, cheaper, and more efficient.

Ethereum is still the most popular programmable blockchain for hosting decentralized applications (dApps), but it suffers from slow, costly transactions and a lack of scalability. Algorand, on the other hand, can handle more than 1,000 transactions per second, with each one costing less than a cent.

Algorand achieves this through a number of blockchain innovations, such as its Pure Proof of Stake (PPoS) consensus mechanism, which is far more efficient than Ethereum’s current Proof of Work system. The ALGO token is staked to earn rewards in the PPoS system and is also used to pay transaction fees.

This technology makes Algorand an ideal home for what it calls FutureFi—the future of finance. There are already hundreds of businesses and institutions building applications and services on Algorand. The network also supports the creation and distribution of Algorand Standard Assets (ASAs), which can represent a wide range of asset types, such as cryptocurrencies, securities, real estate, loyalty points, and non-fungible tokens (NFTs).

Ways to Invest in Algorand

People may purchase Algorand with different intentions. Whether their plans for the token are short-term or long-term is a matter of choice and both have the potential to be profitable.

Buy and hold Algorand

This is the simplest investment strategy there is and it involves exactly what the name suggests—you buy ALGO and hold onto it for a period of time. The advantages of buy and hold are its simplicity and the minimal amount of time and skill required.

Once you have purchased your ALGO, you will have the opportunity to grow your token holdings, as ALGO can be staked to secure the network and generate rewards in ALGO.

Best Algorand Wallets

Custodying your ALGO yourself can provide a bit of extra security and means you don’t have to rely on a centralized company for access to your tokens. This is why many investors choose to set up their own private wallets.

These could be software wallets, which are downloaded onto computers or smartphones and tend to be free and easy to use. Alternatively, ALGO holders can pay for a hardware wallet which is even more secure. Trezor, BitBox, and Ledger are some of the most popular providers of hardware wallets.

Trade Algorand

Like most cryptocurrencies, ALGO can often experience price volatility. This is something that traders can use to their advantage by buying and selling the token much more frequently than investors to generate more regular profits. This strategy, however, requires a greater commitment in terms of time and effort.

Those who opt for this approach often choose to use the web wallet provided for free by their trading platform. Although web wallets are less secure than software or hardware wallets, they are more convenient for regular traders.

Should I Buy Algorand Now?

This is up to each individual trader and investor, based on their own finances, goals, and research. ALGO has a capped max supply, which could potentially make it a good store of value in the long term.

There is demand for the token driven by the fact that it can be staked to earn a passive income. As ALGO is required to pay transaction fees on the network, there is also demand for the token from developers and users of Algorand-based apps. The demand for ALGO should therefore increase as the Algorand ecosystem and its userbase grow.

An upcoming upgrade is due to improve the network’s capacity to more than 46,000 transactions per second. This, along with Algorand’s interoperability and innovations such as ASAs and Atomic Transfers, could potentially see Algorand become well-positioned to rival Ethereum as the top destination for blockchain applications.

Where to Buy Algorand

1. eToro – Best Overall Option

eToro website homepage

eToro is a global crypto broker that lists over 90 cryptos, operates in over 150 countries, and has a user base of over 25 million users. The platform is our top choice because it provides tools that allow investors to buy cryptos and manage them as a portfolio easily.

The broker is also an investment platform that provides valuable tools like Smart Portfolios curated by eToro’s professional analysts and provides a convenient way to gain diversified exposure to a particular market or asset class.

You can use these portfolios to gain exposure to specific categories of crypto or the crypto industry while reducing risk by diversifying.

When buying individual cryptos like Algorand, eToro charges a low 1% fee for direct conversions.

To buy Algorand, you’ll first need to deposit funds into your eToro account. You can do this in various ways as the platform supports multiple payment methods like bank transfers, international wires, SEPA, PayPal, Skrill, Neteller, and Klarna.

Deposits are free but must be at least $10 while withdrawals are subject to a $5 fee regardless of the amount. Also, note that deposits or withdrawals in currencies other than the USD attract a conversion fee that depends on the currency and the amount.

To learn more about eToro, read our dedicated eToro review.

Pros

  • Licensed by major regulators like ASIC, CFA, and FinCEN
  • It has a mobile app
  • Has a trading platform
  • Low fees
  • Does not charge deposit fees
  • Large community to learn from and grow with

Cons

  • Conversion fees are higher than some competitors
  • Crypto selection is smaller than most other global exchanges

2. Binance – Lowest Conversion Fees

binance website homepage

Binance is a large global exchange with a presence in over 150 countries, a selection of over 600 coins and crypto assets, a user base of over 160 million users, and a robust platform that provides trading, investing, staking, peer-to-peer trading, NFT trading, and more.

However, Binance is on our list as one of the best places to buy Algorand because of its trading fees. The exchange has one of the lowest fees in the industry. At 0.10% for trades, users are getting the best value in terms of conversion fees.

Furthermore, if you hold the exchange’s native token, BNB, on your balance and select it to pay fees, you can get a discount of up to 25% on your trading fees.

When buying Algorand, you can deposit funds to your account first and then convert to ALGO at the prevailing market price with the Direct Convert function or use the trading terminal to buy it at a more favorable price.

Binance supports several payment methods like bank transfers, credit card payments, and even e-wallet; however, your options depend on your country and the fiat currency selected.

Binance charges a 1.8% processing fee for methods like credit card payments while other methods may vary.

To learn more about Binance, read our Binance review.

Pros

  • Large crypto selection
  • Cheap trading fees
  • Mobile app
  • 24/7 email and live chat support
  • Crypto derivatives like Futures

Cons

  • Has faced regulatory hurdles in various countries

3. Coinbase – Best Exchange for Beginners

coinbase website homepage

Suppose you are an absolute beginner and wish to start your journey by buying Algorand. In that case, Coinbase is the best option for you as the exchange prides itself on being the most accessible place to buy and sell cryptocurrency.

The platform lists over 193 cryptos, including Algorand. It allows users to buy for as low as $2 using bank transfers, credit card payments, PayPal, and even mobile payment solutions like Apple Pay.

If you live in a developed country like the US, where Coinbase has a strong presence, you may have access to all these methods. In this case, you could easily link your bank account to your Coinbase account and move funds freely between them.

If you live in more remote countries, you may have to stick with credit card payments or use international wires.

When buying Algorand on Coinbase, there are two ways you could go about it. You could buy directly with payment methods or fund your account first, then convert. Converting from a funded account allows you to swap as low as $2; buying directly with a payment method may have different limits based on your chosen method.

For example, if you live in the US, card payments and bank transfers can buy crypto and add cash, but mobile payments can only buy crypto.

Depending on your volume, Coinbase charges a 1% fee for direct conversions and between 0.05% and 0.60% for limit trading.

To learn more, read our Coinbase review.

Pros

  • Well regulated
  • The platform is easy to use
  • Coin selection is large enough for most investors
  • It has a mobile app
  • Minimum trade size is low enough to accommodate anyone

Cons

  • Conversion fees are higher than other global competitors

Is Algorand a Good Investment?

Algorand’s suitability as a good investment depends on your investment goals, risk tolerance, and time horizon. Before buying Algorans, you must first understand it as not all assets with the moniker “Crypto” perform well.

As a crypto platform, Algorand is sound. The layer 1 blockchain is one of the few scalable enough to run production applications that can cater to millions of people with minimal performance lags.

However, the network has not seen wide adoption like Ethereum, Solana, or the Binance Smart Chain. One of the network’s major decentralized finance applications was recently shut down due to low volumes.

Nonetheless, several existing applications or businesses that wish to integrate blockchain mechanics opt for Algorand.

When looking for an opportunity to buy Algorand, you must know where you are in the crypto market cycle. The crypto market moves in four-year cycles, including two bullish years and two bearish years.

Generally speaking, the best time to buy crypto is when prices are low in the bear market.

Lastly, your risk tolerance plays a key role because risk-averse investors tend to shy away from crypto, and for good reason. The market is perhaps the most volatile of all financial markets, and only investors who can tolerate their investments losing significant portions in the short term will be able to hold on for the long term.

Pros & Cons of Buying Algorand

Pros

  • Blockchain technology is sound
  • Possibility of future price increases
  • Closer to adoption than many other networks
  • Income generation from staking

Cons

  • Not as popular as some networks, so it may not pump as much

3 Tips to Buy Algorand

Consider Associated Costs

Buying Algorand includes the cost of the coin and purchasing it. These extra costs could include deposit, conversion, account management, or withdrawal fees for those who withdraw the coins.

Ensure you know the entire cost of buying the coin before doing so.

Get a Non-Custodial Wallet

If you intend to hold Algorand for an extended period, you may want to get a non-custodial crypto wallet. These wallets are not associated with crypto exchanges and usually store your private keys on your device or a private chip in the case of cold wallets.

They give you complete control over your coins; cold wallets are difficult to hack.

Don’t Buy all at Once

When buying ALgorand, avoid purchasing a lump sum unless you are sure the market is about to turn bullish or don’t mind suffering some losses in the short term (note that the short term could be the two bearish years).

A better alternative could be buying gradually over a set time frame to spread the cost, especially during bear markets.

1
Min Deposit
$ 100
User Score
4.95
Up to $240 bonus!
Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Open Account
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA
2
Min Deposit
$ 10
Promotion
User Score
4.7
Offers an intuitive and easy-to-navigate platform, making it accessible for both novice and experienced traders
Global audience, providing various deposit options and allowing users to cash out directly to their bank accounts
Cold storage for funds and two-factor authentication to ensure the safety of users’ assets
Visit Site
Description:
Bitstamp, established in 2011, is a pioneer in the cryptocurrency exchange world, offering a secure and straightforward platform for trading a variety of digital currencies. It’s known for its user-friendly design, robust security measures, and global reach, making it a preferred choice for crypto traders worldwide.
Payment Methods:
Bank Transfer, Debit Card, Credit Card, Cryptocurrencies, Apple Pay, Google Pay, Bank Transfer: SEPA
Full Regulations:
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong
3
Min Deposit
$ 1
Promotion
User Score
4.6
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Visit Site
Description:
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services
Payment Methods:
Bank Transfer, Wire Transfer, Cryptocurrencies, Apple Pay, Google Pay
Full Regulations:
FCA
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Final Thoughts on How to Buy Algorand

We explored how to buy Algorand and chose eToro as the overall best place because of its regulatory compliance, low deposit limits, free deposits, and community of enthusiastic investors.

The platform also provides tools that allow investors to gain diversified exposure to Algorand by investing in a portfolio containing other coins curated around specific themes.

Although several platforms allow you to buy Algorand, consider the overall costs of buying the coin. Also, remember to be sure if you want to buy it. Avoid buying coins simply because they are “cryptos”.

If you intend to hold for a long time, it’s best to get a decentralized wallet that hands over total control to you, not an exchange as they are prone to breaches.

To buy Algorand, sign up for an eToro account.

Frequently Asked Questions

What are Atomic Transfers?
Atomic Transfers are a fast and cheap way of transferring a number of assets to a number of parties by grouping transactions together. This has use cases such as debt settlement, multilateral trade, and decentralised exchanges (DEXs).
What are ASAs?
Algorand Standard Assets are digital representations of assets on the Algorand blockchain. This is similar to how ERC-20 tokens and ERC-721 tokens represent different types of assets on Ethereum, except ASAs can represent any type of asset—both fungible and non-fungible, open and restricted. As well as cryptocurrencies, ASAs can represent in-game items, identities, government-issued fiat, collectables, and regulatory certifications.
Is Algorand sustainable?
Algorand was designed for low environmental impact and is much more efficient than many other blockchains. The project partnered with ClimateTrade in 2021 to offset its small carbon footprint and is now a carbon-negative network.
What is Pure Proof of Stake?
Pure Proof of Stake is the unique consensus mechanism employed by Algorand. Those who want to participate must stake their ALGO, with the size of their stake determining the likelihood that they will be selected. Unlike in other Proof of Stake systems where tokens are locked up for a minimum period of time, in PPoS stakers can come and go as they please with no penalty or risk of losing their stake.
How do I stake ALGO?
If you keep your ALGO in the official Algorand wallet, you will start receiving rewards automatically and can claim them at any time. Many other wallets and exchanges support ALGO staking. Just click “stake” and follow the on-screen instructions.

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