In this guide we are going to see how you can buy Algorand (ALGO) in an easy, simple and fast way. Currently, Algorand is available on many different platforms, and in this case we will use the best cryptocurrency platform.
Whether you are going to use the same platform or others, the tutorial is going to help you to know all the necessary steps to get this cryptocurrency. After the detailed step-by-step guide, you can find more information about the project and this cryptocurrency, so that you have as much information as possible before getting it. In addition to frequently asked questions and other doubts that users usually have when buying this token. So do not hesitate to stay with us until the end.
Where to buy Algorand
If you want to buy Algorand paying the lowest commissions and with the highest security, then you should use Binance. Binance is the most popular and secure platform for buying cryptocurrencies with great ease of use.
If you have never used Binance, you can create an account here, and see how to do it step by step to buy Algorand with the video just below, so you won’t have any doubts. You can also see a step-by-step guide below.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
In case you can’t see the video, here is a step-by-step to understand it better.
Step by step
The first thing you must do is to create an account with Binance to follow the steps that we will now see, above you will find a link to do so.
With your account created, the next step is to log in and deposit funds. For me, the most practical way is by credit card, although it has a commission of 1.8%, you can have the balance instantly in your account, while with a wire transfer, there is no commission, but you must wait a few days to have the balance available.
With your funds, we must first buy a stablecoin or another cryptocurrency, in my case, I like to use USDT (Tether). To do this, we will go to markets/markets, and click on FIAT market. Here, we will look for our currency, in my case Euros (EUR). And you will see the EUR/USDT pair.
We click on this pair, and go to the red sell button. Since we must exchange Euros for USDT. Indicate the amount of Euros you want to exchange or your currency for USDT. Click on sell and that’s it, you will have USDT.
With the USDT in your balance, you must go again to markets, FIAT market, and search this time for CHZ. Search for ALGO and not Algorand, as ALGO is the acronym and if you enter Algorand you may not find it. Once you search for ALGO, you will see the ALGO/USDT pair.
Click on it, and now go to the buy part with the green button. Here, indicate the amount of USDT (Tether), which we bought earlier, you want to use to buy Algorand, and click on buy. With this, you will have Algorand in your balance.
You can go back to the main panel to see it, and if you want to withdraw it, you must click on Algorand cryptocurrency, withdraw, and enter the address you want to withdraw it, either your metamask wallet, another exchange or another platform.
If you follow these steps, you can have ALGO in less than 5 minutes. Register today with Binance so you don’t miss your chance.
To finish summarizing, the steps we have seen are the following:
- Login to Binance or create an account if you don’t already have one.
- Deposit funds into your account (Card or bank transfer).
- Use the deposited currency to buy USDT (in my case using the EUR/USDT pair).
- Go to markets and search for ALGO to find the ALGO/USDT pair.
- Go below and buy the amount you want by clicking on buy ALGO
- Enjoy your new cryptocurrency
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
FAQS
In this guide, we have seen how you can buy Algorand with Binance, but there are other platforms to buy this cryptocurrency. To find out where you can buy Algorand, it is as simple as going to coingecko or coinmarketcap and search for the cryptocurrency.
Once there, click on markets, and you will see all the platforms that have this cryptocurrency listed. To save you time, you can see the main platforms in the image below.
Currently there are no platforms focused solely on buying and selling cryptocurrencies where you can deposit funds with PayPal. Therefore, the only way to buy SOMETHING with PayPal is to use a platform that has cryptocurrencies and other assets such as stocks.
The only platform we have been able to find with these features is eToro. Which allows you to deposit funds using paypal, and subsequently you can buy SOMETHING within the platform. If you don’t have an account with etoro, you can create one here.
Please note that on etoro you will not be able to withdraw Algorand from the platform, as you can on cryptocurrency platforms like Binance, KuCoin or Coinbase.
To sell Algorand, it is really very simple. Just follow the same steps as we have seen when buying, but go to the red sell button.
Look for the ALGO/USDT pair, and click on it. Go down to the center, and go to the red sell part. Enter the amount you want to sell Algorand and exchange for USDT. Click on sell and you are done. You will have sold your ALGO and you will have USDT again.
Now with the USDT, if you want you can exchange them for your currency and withdraw the money to your bank account, or use the USDT to buy another cryptocurrency.
To withdraw Algorand to your wallet, either in metamask or another wallet, you can follow the steps below:
- Go to wallet and wallet spot
- Search for ALGO and once it appears, click on withdraw
- Now you will see the Binance withdrawal panel
- Open your wallet, and copy the address where you will send your tokens. In the metamask wallet, which is the most used one, by clicking on the top under the name, you can copy the wallet address.
- Indicate the correct network where to send the tokens. It is the same network you use in the wallet.
- Enter the amount and check all the information.
- With everything correct, click on withdraw and confirm with the confirmation codes.
- Your ALGO will be on its way to your wallet.
In case you still have doubts, you can visit this more detailed guide on how to withdraw funds from Binance.
In case you want to withdraw your funds to another platform, for example from Binance to KuCoin, the process is the same as we have seen in the wallet, with one difference.
In the step of opening the wallet to copy the address, in this case we will have to open the platform where we want to send the tokens. Here, click on deposit, and select Algorand. Select the network you want to use to send the cryptocurrency, and you will see the address to copy.
With the copied address, go back to Binance and paste it. Indicate the same network as in the other platform. The other steps are the same as we have seen when withdrawing to your wallet.
In case you still have doubts, you can visit this more detailed guide on how to withdraw funds on Binance.
If you want to have your ALGOs in the safest possible way, the best thing to do is to have them in a hardware wallet. In my case I used Ledger, and you can buy it here.
Ledger is the most used hardware wallet in the world and it will give you full control of your funds. It avoids the risk that they can hack the platform where you have your tokens, or even hack your computer and have access to your wallet. With a hardware wallet, without the physical object they will not be able to move your funds.
What is Algorand?
The world’s most powerful and sustainable blockchain.
Our institutional-grade blockchain infrastructure is the first and only one to achieve decentralization, scalability and security without compromise and being environmentally sustainable.
Trust to achieve change.
“Algorand removed the technical barriers that for years undermined mainstream adoption of blockchain. We designed the Algorand Blockchain to give global innovators the fundamental confidence they need to effect change.”
Transform the world with us.
Start building the future today at Algorand: explore tutorials, ideas and prototypes from Algorand’s developer community.
OUR ECOSYSTEM
Powering the economic models of the future.
As the technology of choice for more than 2,000 global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and value exchange. Join our movement.
Powering a dynamic, inclusive and borderless global ecosystem – at scale – based on Algorand’s blockchain technology.
FAST
6,000 TPS. Settlement completion in 4.5 seconds.
ZERO CARBON
Negligible energy consumption (7 homes), and smart contracts buy carbon offsets to ensure the total footprint is zero.
SAFE
Pure POS consensus with VRF technology offers unsurpassed cryptographic security.
DECENTRALIZED
Algorand has decentralized consensus and governance mechanisms.
DeFi
Innovate with the greenest decentralized blockchain with a borderless digital economy built on a carbon-negative open source network.
Ecosystem support
Advance the potential of blockchain technology in a community that inspires innovation and future success.
Algorand protocol update
Algorand protocol update introduces stateful proofs for trustless communication between chains and 5x faster performance.
Introducing Algo
The Algo is the native token of the Algorand blockchain, and is one of the most versatile tokens in cryptocurrency. It is used to
pay for transactions
buy items on the blockchain such as NFTs
purchase goods and services
participate in DeFi as an investor
participate in governance and earn rewards
ensure consensus among participation nodes
In Proof-of-Stake (PoS) and permissioned blockchains, a committee of verifiers agrees and signs each new block of transactions. These blocks are validated, propagated and stored by all network users. However, subsequent corruptions pose a common threat to these designs, as the adversary can corrupt the committee verifiers after they have certified one block and use their signing keys to certify a different block.
Designing efficient and secure digital signatures for use in PoS blockchains can substantially reduce the bandwidth, storage, and computational requirements of nodes, thus enabling more efficient applications.
We present Pixel, a secure pairing-based multiple signature scheme optimized for use in blockchains, which achieves substantial savings in bandwidth, storage requirements, and verification effort. Pixel signatures consist of two group elements, regardless of the number of signers, can be verified using three pairings and one exponentiation, and support non-interactive aggregation of individual signatures into a multi-signature.
Pixel signatures are also future-proof and allow signers to evolve their keys over time, so that new keys cannot be used to sign on older blocks, protecting against later corruption attacks on blockchains. We show how to integrate Pixel into any PoS blockchain. We then evaluate Pixel in a real-world PoS blockchain implementation, showing that it yields remarkable savings in storage, bandwidth, and block verification time. In particular, Pixel signatures reduce block size with 1500 transactions by 35% and reduce block verification time by 38%.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
