HomeAlgorandHow and Where to buy Algorand (ALGO)
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How and where to buy Algorand (ALGO) in 3 steps

Algorand (ALGO)
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Author: Matthew Pigott Updated: March 23, 2022

Positioning itself as a beginner-friendly blockchain system, and the future of finance, Algorand provides a sustainable, fast, low fee network for decentralised applications (dApps). It also boasts carbon-negative green credentials and aims to promote a better, cleaner image for blockchain technology and crypto.

Since 2017, Algorand has been striving to build a highly scalable network that, among other things, brings traditional and decentralised financial models together. The team behind Algorand believe that this convergence is made possible through its improved security, speed and decentralisation capabilities.

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On this page, we’ll delve into the Algorand network and discover what the ecosystem has on offer and how you can purchase Algorand’s native coin, ALGO, from exchanges or brokerages.

3 steps to buy Agorand 

Step 1: Sign up to a broker or exchange

Find a well-established and reliable broker or cryptocurrency exchange that lists ALGO. Once you’ve done that, complete the sign-up process. This usually requires you to provide some personal information such as proof of address, and some identification such as a passport or driver's licence.

Step 2: Deposit funds

Once you’ve created your account, deposit some funds and get ready to start buying Algorand. Depositing funds is usually very straightforward and can be done using a credit or debit card. If you decide to opt for making a bank transfer remember that this can take up to two or three business days.

Step 3: Buy ALGO

To purchase some ALGO, convert your deposited funds into Bitcoin, Ethereum or USDT, or another stablecoin. Then head over to your trading platform’s exchange and search for Algorand. The token will be denominated in various other crypto currencies, so if you converted your funds to USDT, simply click the ALGO/UDST trading pair, enter the number of ALGO that you’d like to get, and click the buy button.

Where to buy Algorand

Algorand is a popular cryptocurrency that can be found on a variety of cryptocurrency exchanges and brokerages. Take a look at some of the popular brokers below.

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$10
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10
Accepts customers from the USA
Deposit $100 and get a $10 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, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.
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Why buy Alogrand?

Founded by professor Silvio Micali, a Turing award winner and crypto pioneer, Algorand is a blockchain that provides a sustainable, fast, low fee network for dApps and more to be built upon. Despite launching in 2017, the network is still very much in its early development phases but shows promise through its unique consensus mechanism Pure Proof of Stake (PPoS). 

By using PPoS, Algorand prides itself on being more egalitarian than Proof of Stake (PoS), which is prone to the amassing of nodes and the sort of monopolisation that allow the rich, on the network to get richer. Algorand prevents this by selecting stakeholders randomly rather than by how many tokens they hold and how many nodes they control.

Algorand also calls itself a “green blockchain”, working within strict guidelines to minimse its carbon-negative footprint. To achieve this level of sustainability, Algorand has forged partnerships with ClimateTrade and aims to set the global benchmark for blockchain sustainability.

Where to store your ALGO

ALGO can be kept in your trading platform’s portfolio or sent to a personal non-custodial wallet. Algorand has its own official wallet that can be downloaded from the Algorand website. Tokens can also be stored on hardware wallets such as Ledger Nano S or KeepKey. Storing your crypto assets on a hardware wallet is the best way to keep them secure. Check out some recommended crypto wallets below. 

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Frequently Asked Questions

  1. In development since 2017, Algorand has many established followers and developers building hundreds of dApps across industry sectors from DeFi to NFT marketplaces on its platform.

  2. The Algorand wallet can be found on the Algorand website along with instructions on how to download and set up the wallet.

  3. ALGO can be staked on major exchanges such as Binance and KuCoin. ALGO can also be staked using the Algorand wallet and connecting to Algorand’s mainnet. More instructions on how to do this can be found on its website.

  4. Use cases include intellectual property such as patents and copyright; NFT and other asset creation such as Algobots and AlGoanna and Le Mans Virtual NFT marketplace;  decentralised finance (DeFi) applications, such as Yieldy, a yield farming dApp; identity management; distributed investments; and more.

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