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How to buy and sell Algorand (ALGO)

Find out how to buy Algorand (ALGO) quickly and safely, and learn more about how it works.

Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Find out what you need to know before getting started and where to buy ALGO in Hong Kong.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.


Where to buy Algorand (ALGO)

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

818
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

434
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

280
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

168
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
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Compare up to 4 providers

A step-by-step guide to buying Algorand

How to buy Algorand (ALGO):

Step 1: Create an account on a crypto exchange that supports ALGO

You’ll need to provide your email address and create a password to register for an account, while it’s also recommended that you set up two-factor authentication to provide an extra level of security.

Step 2. Deposit funds into your account

Depending on the exchange you choose to buy or sell ALGO, you may or may not be able to pay using AUD — compare exchanges by deposit methods to find the right fit.

The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buying AGLO

The final step is to trade your chosen currency for ALGO on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.

How to sell Algorand

The process for selling Algorand is similar to the steps outlined above, except you’ll be exchanging your ALGO for BTC (or another cryptocurrency) rather than exchanging BTC for ALGO.

Buy/sell ALGO


Which wallets can I use to hold Algorand?

Some people store their tokens on exchanges, but this is generally not recommended and it’s considered safer to hold your own private keys.

There are few wallet choices for ALGO, but the Algorand Foundation has created an official mobile wallet, the Algo Wallet, for iOS and Android.

Read about cryptocurrency wallets in our beginner’s guide.


How Algorand works

Algorand, founded in 2017, says it’s a permissionless, public and decentralised 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.

As a proof-of-stake system, it encourages ALGO holders to stake their tokens, and essentially become ALGO miners. Token holders can enjoy some governance powers. In both network consensus and governance, a super-majority of users is required to pass decisions.

It also offers unique economic innovations, including a public token dispersal process through periodic Dutch auctions. The basic tenet is that the market will always ensure a fair ALGO price, and that users will be able to return their ALGO for 90% of the purchase price for up to a year after the purchase, as a kind of algorithmic “satisfaction guaranteed” arrangement.

The team behind Algorand has attracted a lot of attention. Most notably, it was founded by Turing Award-winning computer scientist Silvio Micali.

What to consider before you buy ALGO

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.

Other factors to consider include the following:

  • 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.
  • High initial valuation. In its first Dutch auction, ALGO tokens sold for $2.40. If that’s the “correct” price, it means the total ALGO market cap is $24 billion, which gives it one of the highest market caps of all coins. When considering whether ALGO is over- or under-valued at its current prices, remember that its total supply is 10 billion and extrapolate accordingly.

Buy/sell ALGO

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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