How to Buy Algorand (ALGO) in 3 Simple Steps

Algorand Logo Algorand (ALGO)
Price
...
24hr ...
7d ...
Market Cap ...
Algorand Logo
While all our writers independently research and evaluate every product that we write about, this post may contain references to products from our partners that we may earn commission from. This in no way affects how we evaluate them. Find out more about how we test and how we fund this site.

Algorand bills itself as the “future of finance”, as it bridges the gap between the traditional and decentralised 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
$ 10
Promotion
User Score
5
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
Start Trading
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, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.
2
Min. Deposit
$ 0
Promotion
User Score
4.75
No Hidden Fees
Instant Trading
Secure & Transparent
Start Trading
Description:
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Payment Methods:
Full Regulations:
3
Min. Deposit
$ 1
Promotion
User Score
4.9
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
Start Trading
Description:
Uphold is a platform which has over 50 cryptocurrencies to choose from. It's users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades. Users who are on Brave's internet browser can also earn BAT tokens based on their browsing habits.
Payment Methods:
Full Regulations:

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
sponsored

Buy Algorand Today!

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 decentralised 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 ALGO 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 centralised 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.

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.

Alternative Cryptocurrencies

IOTA Logo

IOTA (MIOTA)

Price ...
24hr ...
How to Buy MIOTA Trade Now
GameCredits Logo

GameCredits (GAME)

Price ...
24hr ...
How to Buy GAME Trade Now
Electroneum Logo

Electroneum (ETN)

Price ...
24hr ...
How to Buy ETN Trade Now
Wanchain Logo

Wanchain (WAN)

Price ...
24hr ...
How to Buy WAN Trade Now
Mana Logo

Mana (MANA)

Price ...
24hr ...
How to Buy MANA Trade Now
PancakeSwap Logo

PancakeSwap (CAKE)

Price ...
24hr ...
How to Buy CAKE Trade Now
View all