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How To Buy Algorand
Last Reviewed: January 2023
Algorand (ALGO) is one of the most well-known cryptocurrencies and it provides safe, quick and cheap transactions on it's highly developed blockchain.
There are several websites and articles trying to inform you on how to buy Algorand, but unfortunately most of them end up promoting their own or affiliate products. This article is not sponsored nor does it contain any affiliate links. We'll try to give you the best and most trustworthy options for how to buy Algorand (ALGO).
Not sure if Algorand is a Good Investment? We're not going to give financial advice, but AlgoDaddy did make an in-depth Algorand Price Prediction for 2030, which could help you decide.
How To Buy Algorand
There are several different options if you're looking to buy Algorand and not any of its tokens (also known as Algorand Standard Assets). These are the different options you can use in order to purchase your ALGO.
- Pera Algo Wallet
- Decentralized Exchange
- Crypto Exchanges
- Etoro Social Trading Platform
Below we explain each way of buying Algorand in depth, as well as providing quick pros and cons of each method.
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1. Buy Algorand Through Pera Algo Wallet
One of the more novice solutions of buying Algorand is using the Pera Algo Wallet, which was previously known as the official Algorand wallet. It offers the ability to quickly and safely buy Algorand instantly through the mobile application itself, but for which they charge a comparatively high fee compared to what you'd pay trading from FIAT on an crypto exchange.
Positives
💚 Easy & User-Friendly Experience
💚 Ability to Use Credit/Debit Card
💚 Ability to Use Google or Apple Pay
💚 You Own The Keys To Your ALGO
Algo Wallet Negatives
🔺 Requires Setting up The Pera Algo Wallet
🔺 Generally Higher Fees Than Exchanges
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2. Buy ALGO From Crypto Exchanges
One of the most common suggestions for how to buy Algorand is through the crypto exchanges. Algorand is listed on over 20 exchanges, some more reliable than others. Thus, we can't list all of them here. Instead we're only gonna list the crypto exchanges that offers Proof of Funds. We are sourcing this information from CoinCodex.
Crypto Exchanges generally provides a user-friendly experience, but requires signing up in advance and by all established exchanges requires KYC, which stands for "Know Your Client". KYC means that you have to provide proof of your personal identity. Moreover, we highly recommend not leaving your ALGO on the exchanges after your purchase, but instead to instantly transfer them to an Algorand wallet or ledger.
Crypto Exchanges Where To Buy Algorand Safely
These are the trusted exchanges we suggest using to buy ALGO:
- Kraken
- Binance
- Coinbase
- KuCoin
- OKX
Positives
💚 Easy & User-Friendly Experience
💚 Allows Different Payment Solutions
💚 Generally Low Trading Fees
💚 Quick Withdrawal Times
Negatives
🔺 Not Your Keys, Not Your Crypto (Read More)
🔺 Generally High Fees Credit/Debit Card Fees
🔺 Some Exchanges Charge Deposit Fees
🔺 Requires KYC
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3. Swap To ALGO on a Decentralized Exchange (DEX)
Using a decentralized exchange is the more difficult ways of how to buy Algorand. AlgoDaddy recommends using Tinyman, since it's the oldest and most trustworthy DEX on Algorand.
Buying Algorand through a DEX is recommended primarily for those already using a compatible software wallet. In addition, it requires you to already having funds in available in the form of a USD stable coin on said wallet, such as USDT or USDC. However, using a DEX is the cheapest and quickest way of purchasing Algorand. What's more is that it's an easy way to further engage in the Algorand ecosystem.
Positives
💚 Very Low Fees
💚 Quick Processing Times
💚 You Own The Keys To Your ALGO
Negatives
🔺 Requires Setting up an Algorand Wallet or Ledger
🔺 Requires owning USDC or USDT on an Algorand Wallet or Ledger
🔺 The Most Difficult Options For Beginners
🔺 Can Make Tax Declaration Difficult
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4. Etoro Social Trading Platform
Etoro is a social trading platform offering trading for both stocks and crypto. The benefit is that it's easier to use for beginners, as it resembles a conventional trading platform. However do note that for non-US residents the minimal deposit is at least $50 USD, and there have been reports that transferring crypto off the platform and into the wallet can take up to 2 months.
Positives
💚 Beginner Friendly Experience
💚 Offers a Variety of Payment Methods
💚 Low Trading Fees
Negatives
🔺 Not Your Keys, Not Your Crypto
🔺 Long Processing Time For Withdrawing Crypto
🔺 Requires High Minimal Deposit and Purchase Amounts
🔺 Requires KYC
Note that cryptocurrency assets are a highly volatile and an unregulated investment product. AlgoDaddy.org is not responsible for any financial decisions made by it's readers.
