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How to buy and sell Algorand (ALGO)

Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Find out how to buy ALGO in Malaysia, 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.

Where to buy Algorand (ALGO)

Name Product Deposit methods Fiat Currencies Cryptocurrencies
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

453
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.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

156
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

860
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.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

169
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.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

280
cryptocurrencies

Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
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A step-by-step guide to buying Algorand

Buy Algorand with MYR Buy Algorand with cryptocurrency

How to buy ALGO with MYR

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

The following steps explain how to buy Bitcoin (BTC) with Malaysian ringgit 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.

Step 1: Register for an account at Luno

It may be preferable to purchase ALGO with cryptocurrency, even if you have to buy Bitcoin or Ether to use as an intermediary cryptocurrency first.

Buying through fiat currency like MYR via an intermediary cryptocurrency like Luno could be faster. You will be required to enter and verify your email address and choose a password. Verification is generally completed within a couple of hours.

Step 2: Buy Bitcoin or Ether

Once you’ve logged into Luno and gotten verified, you can make an MYR deposit with GIRO or IBFT. Once you’ve made a deposit, you can proceed to purchase Bitcoin or Ether.

Double check all the details and the price. If everything is in order, confirm the transaction.

Step 3: Register a KuCoin account

You can now transfer your Bitcoin to an exchange that supports Algorand. In this example, we’ll use KuCoin.

To register for a KuCoin account, visit the site and select “register” from the top bar.

You will be required to enter and verify your email address, phone number and choose a password.

Step 4: Deposit BTC to KuCoin

To deposit BTC on KuCoin, you need to find your KuCoin Bitcoin wallet address. To see it, go to “Assets” and then select “Bitcoin” from the list. It will show you your “public address”.

Now, go to your Bitcoin wallet and select “withdrawal”. It will show you a place to enter a destination wallet address.

Enter your KuCoin public address in that field then confirm that all the details match. Then confirm your withdrawal.

Step 5: Trade BTC for ALGO

Once your BTC has arrived on KuCoin, select the “Markets” tab and use the search box to find the BTC/ALGO trading pair.

You can now choose to trade BTC for ALGO with a limit, market or stop-limit order.

If you just want to buy ALGO with BTC at current market prices, choose market order, enter the amount you want to buy, check all the details and then confirm the transaction.

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 KuCoin.

Step 1: Register for a KuCoin account

Go to the KuCoin website and select “register” from the top right of the page.

You will be required to enter and verify your email address, phone number and choose a password.

Go to Binance's website

Step 2: Deposit BTC to KuCoin

On KuCoin, go to “funds” and then select “Bitcoin”.

This will show you your Bitcoin wallet address. Now go to your other Bitcoin wallet and transfer it to your KuCoin wallet by entering that public address in the space provided.

Step 3: Trade BTC for ALGO

Once your funds have arrived on KuCoin, convert your BTC to ALGO by navigating to the BTC/ALGO market through the “Exchange” tab.

You can choose to trade it through a limit, market or stop-limit order. If you simply want to trade BTC for ALGO at current market prices, select market order.

Enter the amount of ALGO you want to buy, review your transaction details and then confirm the transaction.

You now have ALGO in your KuCoin wallet.

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 KuCoin 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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