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 Australia, and learn more about it in this guide.
Quick guide: How to buy ALGO
- Register for an account with a cryptocurrency exchange like Swyftx.
- Verify your account.
- Go to the deposits section
- Select your preferred payment method and confirm.
- Go to the buy section and select the cryptocurrency you want to buy.
- Enter how much you want to buy, or how much you want to spend.
- Double check the details and confirm your purchase.
This is our quick guide to just one way to buy ALGO. Compare some other options in the table below.
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Where to buy Algorand (ALGO)
A step-by-step guide to buying Algorand
How to buy ALGO with AUD
You cannot yet buy ALGO directly with AUD, so you'll have to go through another cryptocurrency such as Bitcoin.
The following steps explain how to buy Bitcoin (BTC) with Australian 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 for a CoinSpot account
Visit the CoinSpot website and then click "register" in the top right corner of the page. Before you can start purchasing, you will need to verify your identity by providing the following:
- Your name
- Your email address
- Your phone number
- Proof of ID
- Proof of residency
- A photo of yourself holding a signed statement
You should enable 2-factor authentication on your CoinSpot account for extra security before moving on to step 2.
Step 2: Deposit AUD into your account
Once you've logged into CoinSpot and gotten verified, you can click on the "Deposit AUD" button on your account dashboard. This will give you three ways of making a deposit:
- Online via POLi Payments
- Online using BPAY
- In cash at a participating newsagent
Making a POLi payment is the quickest option and doesn't incur any deposit fees.
Step 3: Buy Bitcoin
Once you've made a deposit, you can buy Bitcoin with AUD by clicking the "Buy/Sell" tab at the top of the page.
Select Bitcoin from the list, choose "buy" and then enter the amount you want to purchase.
Double check all the details and the price. If everything is in order, confirm the transaction.
Step 4: Register a Binance account
You can now transfer your Bitcoin to an exchange that supports Algorand. 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.
Step 5: Deposit BTC to Binance
To deposit BTC on Binance, you need to find your Binance Bitcoin wallet address. To see it, go to "funds" and then select "Bitcoin" from the list. It will show you your "public address".
Now, at CoinSpot, go to your Bitcoin wallet and select "withdrawal". It will show you a place to enter a destination wallet address.
Enter your Binance public address in that field then confirm that all the details match. Then confirm your withdrawal.
Step 6: Trade BTC for ALGO
Once your BTC has arrived on Binance, 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.
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".
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.
How Algorand works
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.
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