How to buy and sell Algorand (ALGO)

Last updated:

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

  1. Register for an account with Binance.
  2. Enable two-factor authentication.
  3. Click on “Funds” and select “Deposits.”
  4. Select “BTC” and copy the wallet address or scan the QR code.
  5. Transfer BTC into your account.
  6. Click “Exchange” and select “Basic.”
  7. Search for “ALGO/BTC.”
  8. Select a limit, market or stop-limit Order.
  9. Enter the amount of ALGO you want to buy.
  10. Review transaction details.
  11. Click “Buy ALGO.”

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 Cryptocurrencies
Cryptocurrency
USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 23+ more

181
cryptocurrencies

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.
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF

32
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken 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.
Cryptocurrency
USD, EUR, GBP, JPY

156
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.
Cryptocurrency
-

119
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Cryptocurrency
EUR, GBP

26
cryptocurrencies

Trade crypto to crypto with a choice of over 60 currencies on this global exchange based in China.

Compare up to 4 providers

A step-by-step guide to buying Algorand

Buy Algorand with SGD Buy Algorand with cryptocurrency

How to buy ALGO with SGD

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

The following steps explain how to buy Bitcoin (BTC) with Singapore dollars 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 a Binance account

In this example, we’ll use Binance – the world’s most popular exchange by volume. To register for a Binance account, visit the site and select “register” from the top bar.

You will be required to enter and verify your email address and choose a password. No other identity verification is required unless you want to raise your withdrawal limits, but 2-factor authentication is strongly recommended.

Go to Binance Singapore's website

Step 2: Purchase BTC

Binance now accepts SGD for BTC purchase. For a same-day purchase, you can do the following:

  1. Create an account at Binance.
  2. Get verified – this will often be complete within a couple of hours.
  3. Make an SGD deposit through Xfers.
  4. Buy Bitcoin with SGD.

Step 3: Trade BTC for ALGO

To trade your BTC for ALGO, select the Binance “exchange” tab, choose the “Basic” trading view 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 Binance.

Step 1: Register for a Binance account

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

You can then sign up for an account by entering your email address and choosing a password. Remember to activate 2-factor authentication for extra security.

You won’t have to verify your identity unless you want to raise your withdrawal limit higher than 2 BTC (or equivalent) per 24-hour period.

Go to Binance Singapore's website

Step 2: Deposit BTC to Binance

On Binance, 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 Binance wallet by entering that public address in the space provided.

Step 3: Trade BTC for ALGO

Once your funds have arrived on Binance, 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 Binance 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 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.

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site