How to Buy Algorand (ALGO)

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algo

Algorand

$0.213378*

^*prices delayed up to 10 minutes

+13.0%

24H

Buy Algorand

MOONBUST

33 votes

Algorand (ALGO) emerges as a compelling player in the decentralized finance (DeFi) space, offering innovative advancements in smart contract functionality that enhance scalability and efficiency. Unlike Ethereum, which has faced challenges with congestion and high transaction fees, Algorand utilizes a unique consensus mechanism designed for rapid transaction speeds and lower costs. Its ability to handle thousands of transactions per second positions it as a viable alternative for projects seeking to leverage blockchain technology on a larger scale. Our guide to investing in Algorand will help you learn more about what makes this project unique and how you can buy ALGO today. 

How to Buy Algorand

Looking to get your (diamond) hands on some Algorand? Here's a quick guide explaining how to buy Algorand (ALGO) in three simple steps.

1. Create an Account

You’ll need to open a brokerage account before you can buy and sell most types of crypto. A crypto brokerage account is an online account issued by a financial institution authorized to provide you with access to the cryptocurrency market. Opening an account is a straightforward process. You can use either your email address or phone number. To verify your account, simply provide the necessary information and documents.

There are plenty of cryptocurrency brokers to choose from, and the broker that you select will determine what types of accounts you can open, which assets you can buy and sell and any fees you’ll pay when trading. If you aren’t sure where to begin your search, consider using a major cryptocurrency investment platform that offers industry leading security and high liquidity. Among the best options is Coinbase, among others.

2. Fund Your Account

Once you complete the verification process, you can deposit funds into your account. Most platforms support deposits via bank transfer, debit card, or credit card. If you opt for a bank deposit, you will need to link your bank account by providing the necessary details. For debit card or credit card transactions, enter your card information and follow the prompts to finalize the transaction. Additionally, be sure to review any associated fees, as they can differ significantly depending on the deposit method you choose.

3. Purchase Algorand (ALGO)

Once you’ve funded your account, you can start purchasing Algorand. Open the trading platform and place a buy order for ALGO. Take a look at how Algorand is moving today to determine a good buy signal. When you think you want to buy in, place a buy order using your broker’s specific process. Depending on the broker you choose, you might have access to a variety of order types. Two of the most common types of orders include:

• Market orders: A market order allows you to buy a specific number of ALGO at the current market price, ensuring immediate execution. However, this may result in paying a higher price per coin due to shifting market demand.
• Limit orders: A limit order allows you to instruct your broker to buy a specific amount of ALGO at or below a set price, providing more control over the purchase price but with a lower likelihood of the order being fulfilled compared to market orders.

If your order is able to be filled, you’ll see your coins in your brokerage account. From here, you can transfer them to your cryptocurrency wallet or hold them in your exchange for short-term trading. We don’t recommend leaving your coins in an exchange wallet for more than one month, as this can leave you more vulnerable to hacks. If your broker cannot fill your order, they may cancel it by the end of the day.

Brief History of Algorand 

Alogrand is a proof-of-stake (PoS) blockchain protocol that aims to make blockchain transactions scalable and secure. Ethereum suffers from high transaction fees, often pricing out investors from using its blockchain. Thanks to Algorand's proof of stake consensus. This allows transactions to be significantly cheaper and faster compared to Ethereum.

Also, the Algorand network doesn’t use forking to compensate for scalability issues. Instead it uses proprietary Pure PoS protocol to select users on a random secret basis to propose block changes. This means that users on the network will be able to influence the creation of a new block in proportion to the amount of stake they have in the current network. 

The Algorand network’s goal is to provide a scalable and secure blockchain platform that’s faster and safer to implement on a wide-scale basis within the developing decentralized finance sphere.

Algorand was developed by a professor from Massachusetts Institute of Technology (MIT) and Turing Award recipient Silvio Micali in June 2019. Today, Algorand is in the top 60 largest cryptocurrency projects when measured by total market capitalization, with a market cap of about $1.14 billion at the time of writing.

Where to Buy Algorand (ALGO)

Some great cryptocurrency exchanges that have significant liquidity to trade Algorand are Coinbase and Binance. These trading platforms are reputable, so you can rest easy knowing your investments are in good hands.

How to Store ALGO Safely

A cryptocurrency wallet is a private device or online account that helps you store your tokens and coins more securely. There are two primary types of cryptocurrency wallets: hardware wallets and software wallets. A hardware wallet is a USB-like device that stores your investments in offline “cold storage,” while a software wallet is a computer or mobile application that stores your tokens online. Both types of wallets have their advantages — for example, hardware wallets provide you with the highest possible level of security, but software wallets accommodate more token types. Let’s take a look at a few of our favorite wallets that support Algorand below. 

• Best Hardware Wallet: Ledger Nano X

The Ledger Nano X is among the most popular and most secure options for Algorand hardware storage. It offers top-notch security and can store over 100 unique applications onto a single device. The Nano X also seamlessly connects with the Ledger Live app, which allows you to track and manage your holdings in real-time. You can even connect directly with a cryptocurrency exchange and send your coins back to your digital wallet. 

• Best Software Wallet: Algorand Wallet

The Algorand Wallet is Algorand’s proprietary software wallet option, providing users with top-level security for their ALGO tokens. The wallet offers a quick and user-friendly setup for managing cryptocurrency, allowing users to see their transaction history and send funds easily. It prioritizes data safety by not collecting personal information.

Trade or Sell Your ALGO Tokens

When your order is complete, your job as an investor really begins. Now, you’ll decide how you want to earn a return on your initial Algorand investment. There are two major ways that investors see a return on their cryptocurrency investments:

• Long-term investing:  Many cryptocurrency investors take a long-term approach to investing, holding onto their coins and tokens for months or even years at a time before taking profits. In March 2020, for example, 1 Bitcoin was equal to about $6,500. In January 2021, 1 Bitcoin was valued at more than $38,000 per coin! If you believe the price of Algorand will rise over the course of months, be sure to store your investment in a secure, private wallet. Then again, Bitcoin failed to rise more due to the depegging of Terra.
• Short-term day or swing trading: The cryptocurrency market is notoriously volatile, especially when it comes to short-term price movements of smaller crypto projects. Investors can capitalize on these short price movements by strategically converting their Algorand to a stablecoin like Tether when it’s most advantageous. When you decide to take profits, you’ll convert your stablecoin back to fiat currency and transfer it back to your bank account.

Current Crypto Prices

Unlike the stock or bond market, digital assets trade 24 hours a day, 7 days a week. 2024 has been a bullish year so far for most cryptocurrencies, with many reaching new all-time highs. This is driven by several factors including increased institutional adoption, favorable regulatory developments and a growing positive sentiment among retail investors. To stay up to date with current cryptocurrency prices, check out the table of real-time price data below.

Adding Algorand to your Portfolio

Decentralized finance is currently among the largest implementations of cryptocurrency in the world. Adding complementing DeFi investments to your portfolio can help you diversify your investment in this emerging space and protect your initial capital. Be sure to explore other projects like Chainlink (LINK), Ethereum (ETH) and Shiba Inu (SHIB) when completing your crypto portfolio.