How to buy and sell Algorand (ALGO)

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

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Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Find out how to buy ALGO in Indonesia, and learn more about it in this guide.

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.

How to buy ALGO in Indonesia

  1. Register for an account with an exchange like Luno.
  2. Enable 2-factor authentication and verify your identity.
  3. Deposit IDR on Luno and use it to purchase Bitcoin (BTC).
  4. Register for an account on an exchange like Binance.
  5. On Binance, go to “funds” and then select Bitcoin to show your BTC wallet address.
  6. On Luno, go to your Bitcoin wallet and select “withdrawal”.
  7. Copy your Binance BTC wallet address to the Luno destination wallet field.
  8. Verify the address is correct then confirm the withdrawal.
  9. Once your BTC has arrived on Binance, go to the BTC/ALGO market.
  10. Exchange your BTC for ALGO.
Go to Binance's website

This is our quick guide to just one way to buy ALGO. Compare some other options in the table below.

Learn more about:


Where to buy Algorand (ALGO)

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
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.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT, HSR, MITH, BTM, AUTO, IOST, & over 119+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, & 78+ more
Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Cryptocurrency
-
BTC, BCH, XMR, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, USDT, BSV, & 134+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
CoinBene Cryptocurrency Exchange
CoinBene Cryptocurrency Exchange
Cryptocurrency
-
ETH, BTC, EOS, XRP, LTC, GOT, SRCOIN, ABYSS, CONI, ORME, PAL, VME, ZIPT, CTXC, PCH ,CNN, & 53 more

Compare up to 4 providers

A step-by-step guide to buying Algorand

Buy Algorand with IDR Buy Algorand with cryptocurrency

How to buy ALGO with IDR

You cannot yet buy ALGO directly with IDR, so you’ll have to go through another cryptocurrency such as Bitcoin.

The following steps explain how to buy Bitcoin (BTC) with Indonesian rupiah and then how to buy Algorand with Bitcoin. This example walks through buying ALGO with some of the most popular exchanges, but they aren’t the only options, so you may want to compare a range of options first.

Buying ALGO with another cryptocurrency

If you want to buy ALGO with another cryptocurrency, there are several exchanges available, so compare your options before choosing one. This example shows how to trade BTC for ALGO on Binance.

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.

You can use the same BTC/ALGO market on Binance by selecting “sell” rather than “buy”.

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 grey area, and it may be unpredictably affected by regulatory shifts.
  • User participation: Algorand emphasises 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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