Kraken
With a market cap of $960,294,309.00 USD, Algorand ranks as the 97th largest cryptocurrency by market capitalization in the world. It operates on the Algorand blockchain network. It is currently trading at a price of $0.11 USD per coin and trades using the cryptocurrency code ALGO.
Algorand is a highly volatile asset capable of major price swings in a single day. So before you buy Algorand, make sure you understand these unique risks as well as its tax and legal status in Canada.
If you want to buy Algorand in Canada or track its performance, keep reading to see the latest ALGO price, market cap and trading volume along with a step-by-step guide on how to invest in ALGO crypto in Canada.
| Current price | $0.11 |
|---|---|
| All-time high | $3.56 |
| All-time low | $0.088 |
| 1-year price change | ▼ -72.49% |
| Market cap | $960.29M |
| Market cap rank | #97 |
| Total volume (24h) | $45.13M |
| Circulating supply | 8,833,594,621 |
| Max supply | 10,000,000,000 |
| Network | Algorand |
| Where to buy ALGO | Buy on Kraken |
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process of buying ALGO can take as little as 15 minutes, and all you need is a smartphone or computer, an internet connection, photo identification and a means of payment. Follow these five steps to learn how to buy Algorand in Canada:
The easiest way to buy Algorand is through a cryptocurrency exchange. Choose an exchange that offers low fees, a user-friendly platform or 24-hour customer support. You can easily see top picks in our guide to the best crypto exchanges in Canada, or compare options below.
To create an account on an exchange, you will need to provide an email address, come up with a strong password and verify your identity through a process called KYC, which requires government-issued photo ID.
Once verified, you can deposit CAD using the payment method that best suits you. Common methods like Interac e-Transfer, bank wire and debit card payments are widely accepted on Canadian-friendly exchanges.
You can now exchange your funds for Algorand. On beginner-friendly exchanges, this is as simple as searching for the coin name (Algorand) or its crypto code (ALGO), entering the CAD or ALGO amount you want to purchase and clicking "Buy."
Consider transferring your ALGO to help protect against hacks, scams, platforms going bankrupt and other risks of keeping crypto on an exchange.
We've curated a list of legitimate crypto exchanges below where you can buy Algorand in Canada to help you compare deposit methods, supported fiat currencies and fees.
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.
The recent Algorand (ALGO) price is $0.11 USD per coin, which is -2.91% lower than the previous day's trading price of $0.11 USD. Over the past 30 days, ALGO's price has changed by -31.23%, from $0.16 USD to the current price of $0.11 USD. Compared to this time last year, Algorand's price has seen a decrease of -72.49% to its value as a cryptocurrency.
Algorand reached its all-time high of $3.56 USD on June 20, 2019. After that, it dropped by -97.54% to its all-time low of $0.088 USD on September 11, 2023. It has since climbed back up to its current price of $0.11 USD.
Yes, you can buy Algorand in Canada. Simply open an account with a crypto exchange that operates in Canada and supports Algorand—like the ones in our curated list above—and place a "buy" order. For example, Kraken supports Algorand and is a registered crypto exchange in Canada.
Because Algorand is decentralized, it isn't tied to any single country. That means you can buy and sell it from anywhere in the world, including Canada, as long as you have internet access.
Algorand, founded in 2017, says it's a permissionless, public and decentralized blockchain. It's similar to Bitcoin or Ethereum in this respect. It's designed to serve as a base-level blockchain protocol on which other dapps can be built and smart contracts operated.
One thing that makes Algorand different is that it claims to be highly scalable, so it's not prone to the same bottlenecks or fee issues that Bitcoin or Ethereum frequently are. It uses a proof-of-stake system that provides immediate transaction finality, which eliminates a lot of the forking problems of earlier blockchains.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Algorand with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload government-issued photo ID, and, in some cases, a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Several crypto exchanges in Canada accept credit cards as an instant purchase method. However, before buying Algorand with a credit card, you should be aware of the additional cost and risks involved.
For instance, credit card fees are usually higher than bank transfers or e‑Transfers. Some card issuers may even block cryptocurrency transactions or treat them as cash advances, which are more expensive. Plus, if you don't pay off your credit card within your statement period, you may end up paying interest on your card balance and losing money if the price moves quickly.
For example, if you were to use a credit card to buy Algorand, you could end up paying this:
If it took you three months to pay off your Algorand purchase at a credit card interest rate of 19.99% APR, you would pay an additional $5.60 USD in interest on top of what you originally paid to buy Algorand.
This example can help you compare the relative cost of buying Algorand with a credit card versus other lower‑fee methods like Interac e-Transfers.
You can check the table of Canadian crypto exchanges above to see which ones accept credit cards for buying Algorand, or visit our guide on buying crypto with a credit card for more details.
Yes, it is possible to buy Algorand with a debit card, as most Canadian crypto exchanges accept debit cards as an instant payment method.
To buy Algorand with a debit card, you'll typically need to go through the standard steps to purchase crypto on your preferred platform and then select debit from the list of payment options (e.g. Interac e-Transfer, debit card, credit card) before completing your purchase.
Just note that there are often higher fees for crypto purchases with cards (both debit and credit) compared to paying with Interac e-Transfer or with another cryptocurrency.
There are risks involved in purchasing any cryptocurrency, and even though ALGO aims to offer more assurances through its money-back and Dutch auction system, it still carries many of the same risks as any other cryptocurrency, including a complete loss of funds in the event of hacking or other misadventure:
The prevalence of protocol-level blockchain tokens. There are a lot of base-level blockchain protocols out there, and Algorand is operating in an extremely competitive area
Complications. The Algorand system is complex, and there may be issues with bugs or other errors down the line
Regulatory issues. As a public, permissionless blockchain protocol, Algorand occupies something of a regulatory gray area, and it may be unpredictably affected by regulatory shifts
User participation. Algorand emphasizes user participation, but this might be lacking if everyone is only interested in it for speculation
There are two main options for storing Algorand once you've bought it—keep it on an exchange or store it in your own personal wallet. Take a look at our guide to the best crypto wallets in Canada to see our top picks.
While it can be more convenient to leave your Algorand on an exchange, you're vulnerable to risk if the exchange gets hacked or compromised in another way.
It's generally much safer to store your crypto on a software or hardware wallet, which gives you full control and custody of your coins.
Like all crypto, Algorand is considered a commodity for tax purposes by the Canada Revenue Agency (CRA). That means it will be taxed similarly to other investments like stocks and ETFs.
Money you get from selling Algorand can be treated as income or capital gains. That said, the CRA will tax crypto profits differently if you're a casual Algorand buyer than if your crypto profits are classified as business income.
You can learn more about how crypto taxes work in our guide to crypto tax in Canada.
Keep in mind that buying Algorand can be risky. But if you decide to invest in Algorand, look for a regulated crypto exchange in Canada that supports ALGO, and make sure to store your crypto securely.
Once you've bought Algorand, think about your short and long-term goals. Crypto markets can be very volatile, so keep an eye on Algorand's price over time to decide whether to keep it on an exchange, sell it or move it to your wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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