How & where to buy Algorand (ALGO) online

Algorand is one of a new wave of decentralised platforms powered by its own cryptocurrency. Use this guide to learn about how it works and where to buy the coin.
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Updated: Jun 28, 2022
Tip: our preferred broker is, eToro: visit & create account

This beginner’s guide gives you the lowdown on the Algorand platform and its coin, ALGO. It explains why you might want to own some, and how to get your hands on it.

What are the best exchanges to buy Algorand on?

Use one of the brokers below if you just want to know which platform to use. We have assessed all the top trading platforms to help you choose one, and any of these would make a good choice. Otherwise, keep reading to learn more about Algorand.

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Deposit $100 and get a $10 bonus!* Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.
2
Min. Deposit
$0
Promotion
User Score
9.3
No Hidden Fees
Instant Trading
Secure & Transparent
Start Trading
Description:
World's longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.
Payment Methods
Full regulations list:
3
Min. Deposit
$1
Promotion
User Score
8.7
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Start Trading
Description:
Create your account in minutes and start trading 90+ cryptos and other assets on the most flexible trading platform.
Payment Methods
Full regulations list:

How to buy ALGO online – a step-by-step guide

Step 1. Find an exchange

Once you’ve decided to invest, you need to find an exchange that offers ALGO. As it’s a smaller altcoin, you might find that you need to transfer your cash into Bitcoin first, as there’s no way to swap it for a fiat currency. To buy Algorand coins in the UK, use one of these exchanges:

Step 2. Sign up and fund your account

Once you’ve chosen an exchange, you need to sign up for an account before you start trading. Most exchanges require some form of photo ID, like a passport or driving licence, although this can vary from platform to platform.

When you have an account, you just need to deposit your fiat currency or buy another cryptocurrency to fund it, and then you’re ready to go.

Step 3. Purchase

This step is simple – once your account is funded, you just need to find the current Algorand price and execute the trade. If you’ve used Bitcoin to fund your account, look for the ALGO/BTC crypto pair on the exchange.

Step 4. (Optional) Get a suitable wallet

You don’t have to get your own wallet to hold cryptocurrency as most exchanges will let you store your coins in your account with them. However, in Algorand’s case that might prevent you from earning rewards, so you should check the exchange’s terms and conditions and consider getting your own wallet instead There are a few different options available, here are a couple of the best ones:

1
Min. Deposit
$1
Promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Payment Methods:
1Pay, 2C2P, 3d Secure Credit Card, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click
Algocharge, AliPay, American Express, Apple Pay, AstroPay, BPAY, Bank Link, Bank Transfer, Bank Wire, Baofoo, BitGold, BitPay, Bitcoin, Boleto, Bonds, Borneo Exchanger, Bradesco, CEX.io Mobile App, CFDs, CSS System, CUPS, CartaSi, Carte Bleu, Carte Bleue, Cash, CashU, Cashier Order, Check, Check (UK only), China UinonPay, China Union Pay, China UnionPay, ClickandBuy, Commodities, Contact, Contact Z, Credit Card, Cryptocurrencies, Currencies, DCPay, DIXIPAY, Dankort, Debit Card, Dengi Online, DineroMail, DirectPay, Dotpay, E-dinar, ELV, ENets, EPS, ETFs, EXCARD, Easy2Pay, EcoPayz, Ecommpay, Ecurrencyzone, EgoPay, Emerchant Pay, Eprotections, EstroPay, Ethereum, Euro Bank Account, Euteller, Express Dotpay, Express Polish Post Office 24/7, Express Zabka Market, Ezeebill, Ezybonds, FasaPay, Fastapay, Fastbank, Faster Payments, FilsPay, Forex, GTBank, Gate2Shop, Giropay, GlobalCollect, GlobalPAY, GlobePay, Gluepay, Google Pay, Halcash, I-Account, IPS, Ideal, Indices, Individual US State License(s), Indonesia Exchanger, InstaBill, Instadebit, IntellectMoney, Interswitch, Investmate, Investmate, Itukar, KNET, Klarna, LaoForexBoard, LavaPay, Lion Payment, LiqPay, Litecoin, Lobanet, MOTO, MT4, MT5, Mailing Cash, Market Maker, Masari, Mastercard, MegaTransfer, Mister Cash, Mobile Trading App, Mobile Trading Platform, Moneta, Money Bookers, Money Order, MoneyBookers, MoneyGram, MoneyPolo, Multibanco, NETBANX, Nab, Namecoin, Neosurf, NetPay, OKPAY, OMT, OmahPoin, OnPay.ru, Online Naira, OrangePay, PAYSEC, POLi, POLi & BPay, PYEER, PagoEfectivo, Paxum, Pay Nova, PayCo, PayPal, PayRetailers, PayWeb, Payeer, Payoneer, Payonline, Payvision, Payza, Perfect Money, PocketMoni, Postbank, Powercash 21, Prepaid MasterCard, Prepaid MasterCard (I-Account), Prepaid MasterCard (Intercash), Prepaid MasterCard (Payoneer), Privat 24, Przelewy24, QIWI, RBK Money, Rapid Transfer, RegularPay, SEPA, Safecharge, SafetyPay, SahibExchange, Shilling, SmartPay, Sofort, SolidTrust Pay, SorexPay, Sporopay, Stock Certificate, Stocks, Swish, Teleingreso, Thailand Exchanger, Ticketsurf, Todito Cash, Trade Interceptor, Transact Europe Payment, Trazus, TrustPay, Trustly, UAE Exchange, UPayCard, USD, Ukash, Unet, UnionPay, Unistream, Uphold, Verve, Vietnam Exchanger, Visa, VixiPay, VoguePay, Vouchers, Wallet One, WeChat, Web Based Trading Platform, WebMoney, WebPay, Webtrader, Western Union, Wire Transfer, Wirecard, Yandex, Yandex Money, Yemadai, YuuPay, Z-Payment, Zenith, cTrader, dinpay, eCard, eCheck, eKonto, ePay bg, ePayments Transfer, eToro Mobile Trading Platform, eToro Trading Platform, eTranzact, iPay, mPay, neteller, paysafecard, postepay, skrill, unichange.me
Full Regulations:

How to trade Algorand – a step-by-step guide

Step 1. Find a broker

Look for one that lets you open and close positions quickly. You should also consider picking out the option with the lowest fees, to avoid having too much of your money eaten away every time you trade.

It’s also important to check that your broker offers Algorand at all. Trading platforms often only offer coins at the top of the market, so it might not be available yet. Two of the most popular brokers are eToro and FXTB, so it’s worth having a look there first.

Step 2. Deposit money

You can normally use a fiat currency like GBP, USD, or EUR to fund your broker account. For smaller cryptocurrencies like Algorand, you often need to transfer your money into Bitcoin or Ethereum first, then search for the BTC/ALGO or ETH/ALGO price.

Step 3. Decide how you’d like to trade

Two of the most common methods are spread betting and contracts for difference (CFDs). These aren’t your only options, but they are the most popular way to speculate on whether the price of your chosen coin will go up or down.

Step 4. Start trading 

Once you’ve set up a broker account, you’re ready to go! For beginners it’s usually a good idea to start with a demo account to get to grips with the basics and understand how the market works without the risk of losing money.

When it comes to trading, you can decide to go long or go short. If you’re positive about the coin and you think it’s going to go up, you can take a long position. Otherwise, you can take a short position and back it to fall. ‘Shorting’ an asset just means you’re selling it now and hoping to buy it back later at a lower price. If you do it successfully, you can make a profit on the difference.

For more experienced users who want to make bigger bets, you can consider using leverage. This means putting down a small deposit, or ‘margin’, as collateral and borrowing the rest of the money from your broker. You can multiple the size of your trades many times by using leverage, but it is dangerous and we recommend it only for advanced users.

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Deposit $100 and get a $10 bonus!* Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

Still undecided?

It’s always a good idea to take time to think over any investment, particularly cryptocurrency. Here are some of the pros and cons to think about before investing in Algorand, and some questions to think about below.

Pros

  • Algorand is ideal for beginners as an inexpensive starter coin
  • You can earn interest by storing ALGO in a wallet
  • It was founded by respected MIT professor Silvio Micali

Cons

Still not sure? Here are three more things to consider before you decide to invest in Algorand.

1. Is now a good time to buy Algorand?

It depends on whether you have a long or short term outlook. In the long term, Algorand could be interesting if you believe in its aim of decentralising the internet. If it succeeds and becomes the platform that brings the best developers on board then the coin’s value is only likely to increase.

If you have a more short term focus, then its big plans for decentralisation are less important. In that case, you want to get to grips with technical indicators that might help you predict price moves. You’ll want to track any developments that might cause a bump in the price, and you can follow the latest market analysis below:

Algorand’s (ALGO) price has advanced from $0.33 above $1.80 since the beginning of the 2021 year, and the current price stands around $1.42. The cryptocurrency market continues to trade in a bull zone; Bitcoin has stabilized above the $59000 level, indicating that the price could advance again above the…
The cryptocurrency market is losing its value this trading week, the price of Bitcoin went below $45000 support today, and the risk of further declines is not over yet. Algorand (ALGO) also remains under pressure; in less than several hours, this cryptocurrency price has weakened from $1.15 to $0.89,…
The cryptocurrency market remains in the bull zone, and this situation also supports the price of Zilliqa, Algorand, and Sushiswap. Bitcoin has found strong support above the $30000 level, but some analysts warn that the correction could be around the corner. Zilliqa (ZIL) remains in a bull market Zilliqa is…

2. What problem does Algorand solve, and what are the coin’s investment prospects?

Algorand offers a platform for building a decentralised internet. It can process transactions faster than its leading competitor, Ethereum, and has many more possible uses than pure cryptocurrencies like Bitcoin.

Its long term investment prospects are complicated by the number of competitors trying to do a similar thing. There has been an explosion of new cryptocurrencies in recent years, and the likes of Polkadot are trying to solve the same problems in a similar way.

That means you need to think about a few factors, and along with the competition that means deciding on your goals and how soon you want to see results. You should always follow the latest developments, especially in cryptocurrency where things tend to change fast. You can track all the news that might affect Alogrand below.

Algorand ALGO/USD has weakened from $0.42 to $0.27 since the beginning of June, and the current price stands around $0.35. Algorand has become the official blockchain platform of FIFA Algorand is a proof-of-stake (PoS) blockchain with a mission to create a world where everyone exchanges value transparently, efficiently, and…
Algorand ALGO/USD is a public blockchain network that has its own native cryptocurrency token. ALGO is used to power the network. Algorand uses a consensus mechanism known as Pure-Proof-of-Stake, where ALGO holders get randomly selected to validate and approve new blocks on the chain. Algorand has…

3. Do you want to hold Algorand for the long term?

As a stable currency that pays rewards for holding it, Algorand lends itself to a more long term investment view. But that’s not to say it’s the only way to go. It depends on your goals and how quickly you want to see results. Here are the last couple of things to consider before you decide how to begin.

Considerations for a long term investment strategy

If you believe in the broader project or want to hold its token for the long term to earn rewards, then an exchange platform is the best place to start. Keep in mind that you’ll need to keep your coins in a wallet to earn the rewards.

Considerations for a short term trading strategy

If you want to trade quickly and benefit from short-term price moves, the long term rewards aren’t so important. In that case, you should choose a broker with low fees and familiarise yourself with technical indicators, because reading charts accurately gives you the best chance of taking advantage of price movements.


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.