Algorand is regarded as one of the most scalable blockchain networks available, and crypto investors are looking for how to buy Algorand.
This guide focuses on how and where new investors can buy Algorand, and the best wallets to store Algorand.
How to Buy Algorand – Quick Steps
- Open an account: Visit the platform you wish to trade with and enter your email address. As proof of identification, upload your driver’s license or passport.
- Deposit: Make a $50 deposit using a credit card, debit card, bank transfer, PayPal, Neteller, or another mode of payment.
- Search for Algorand: Type in the ticker symbol ‘ALGO’ into the search bar and click on search.
- Buy: Search for Algorand, click ‘Trade.’ After you’ve entered the amount of Algorand you want to buy, click ‘Open Trade.’
Where to Buy Algorand
There are several crypto platforms that offer Algorand as a viable investment option. However, this guide is focused on the top crypto platforms to invest in Algorand with regards to fees, assets, diversity and regulation.
1. Crypto.com – Best platform to buy Algorand using fiat currency
Crypto.com is a platform that provides customers with access to a diverse range of assets at reasonable prices. The cryptocurrency exchange provides consumers with access to at least 250 crypto assets, including Algorand.
The minimum for trading on crypto.com varies for each cryptocurrency, but the average is $1. Users are not charged for trading or simple transactions on the platform. However, when utilising debit/credit cards to make payments, a 2.99% transaction fee is necessary to complete the transaction.
Users can avoid this hefty fee by using the Automated Clearing House (ACH) payment method to deposit funds into their platform account.The Crypto.com platform is ideal for consumers who like to purchase assets using traditional currencies, as the site supports a wide range of fiat currencies. The platform offers an easy-to-use interface and is available for iOS and Android phones. Crypto.com offers numerous funding options. It includes the likes of credit/debit cards, ACH transfers, crypto.com Pap, and others.
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2. Binance – Best Place to Buy Algorand for Low Fees
Binance is the world’s largest cryptocurrency exchange in terms of trading volume, demonstrating a plentiful supply of liquidity for all investors.
Binance also offers among the lowest trading fees in the cryptocurrency industry, with fees set at 0.10% flat. For investors who own the platform’s native token Binance Coin (BNB), the charge is reduced by a quarter. This incentivizes investors to hold BNB and reduce their trading fees on Algorand investments.
With a minimum deposit of $10, users can trade spots, margin, futures, and perpetual contracts on Binance.
Furthermore, Binance allows crypto investors to make passive income from their holdings by staking and saving for bigger returns.
Even though the platform operates as largely unregulated, Binance is known to follow strict know-your-customer (KYC) standards which keeps user funds and information safe. Users can purchase ALGO cryptocurrency through PayPal, bank wire transfer, peer-to-peer (P2P), and e-wallet alternatives.
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3. Coinbase – Best Platform to Buy Algorand for Novices
Coinbase is a cryptocurrency exchange that allows users to buy, sell, and store digital assets. It’s one of the best places to buy Algorand because of its user-friendly interface, which caters to the needs of new investors. 
The website provides a variety of materials and tools to help crypto newcomers understand key ideas and apply them to their advantage. Customers can use Coinbase to buy, sell, and exchange over 100 different cryptocurrencies.
The Financial Conduct Authority (FCA) oversees Coinbase’s E-Money Services protect customer information and assets.
The site charges a 3.99% deposit fee on debit card deposits. Other fees are generated based on the size of the deal, with transactions under $10,000 incurring a 0.50% taker and a 0.5% maker fee.
Users who want to buy Algorand on Coinbase will find that the platform offers Apple Pay and Google Pay, among many other options. The platform also offers popular funding options such as wire transfers, ACH transfers, and debit cards.
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What is Algorand?
Algorand is a pure proof-of-stake (PPoS) blockchain that solves the trilemma of scalability, speed and security, plaguing blockchains. The Algorand blockchain is set apart with its advanced capabilities, which label it a carbon-negative blockchain, fast and cost-effective.
The blockchain can process thousands of transactions in seconds with instant finality with only a fraction of a penny.
Algorand is one of the notable infrastructure layers on which other crypto networks can be built and decentralized apps (DApps) and tokens.
Using the PPoS mechanism, Algorand randomly selects committees from its holders to validate and approve the next block in the chain. The randomized system results from a cryptographic tool known as the Verifiable Random Function (VRF). The Algorand tool selects only a few miners to reward its ALGO token after successfully lending their processing power to the network.
Is Algorand a Good Investment?
Algorand is consistently ranked as one of the best altcoins to buy by traders and analysts – here’s a look at why crypto enthusiasts are asking if Algorand is a good investment moving forward.
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Interoperability
The Algorand blockchain is known for working across other blockchains, allowing developers to create digital assets and smart contracts. Algorand’s layer-one network provides a blockchain-based ecosystem that allows fungible tokens and Non-fungible tokens (NFTs) to interact with each other.
The interoperable nature of the Algorand blockchain allows developers to build a range of applications that can function well across other blockchains. Crypto investors enthusiastic about connectivity in the decentralized ecosystem can look towards Algorand as a worthwhile option.
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Smart Contracts
The Algorand network uses two special types of smart contracts to complete transactions without a centralized third party. Algorand uses stateless smart contracts and stateful smart contracts. The stateless smart contracts facilitate various transactions when various conditions which are agreed upon are met. Stateful smart contracts are stored perpetually and can be used for other purposes.
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Impressive Growth Potential
Algorand has an impressive growth potential due to the asset’s numerous use cases to developers and users alike. With the growing adoption of cryptocurrencies, investors looking a build a high-yielding portfolio should consider Algorand as an investment option.
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Applications
Algorand blockchain can be applied in various sectors to improve transaction processes such as finance, gaming, infrastructure and business. The blockchain provides scalability to the processes associated with these sectors, making it one of the most diversified networks in the industry.
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Store of Value
Unlike most assets, Algorand makes a great store of value as it is a decentralised digital currency and does not require an authoritative body to oversee its transactions. The Blockchain rewards investors for locking away funds by granting them voting power to air their opinions in the communities and get rewarded after a specific duration.
What is Algorand Used For?
Algorand serves numerous purposes in the crypto space. A list of the top uses of Algorand is discussed below:
- To Improve Scalability, Speed and Security
Most blockchains have trouble creating a balance with solving the issues of scalability, speed and security, without sacrificing one for another. Algorand was created to provide a lasting solution to these problems without sacrificing any of them.
- Pure Proof of Stake Consensus
The Algorand blockchain takes a step further to use a more democratized pure proof-of-stake consensus mechanism. This upgrade allows Algorand to process smart contracts on sub-chains, then added to the main chain.
- Speed
The Algorand blockchain processes up to 1,300 transactions per second (TPS) which is significantly higher than Ethereum and Bitcoin. In addition to its speed, Algorand is improving its speed with an instant finality function that immediately adds verified data permanently to the block.
Algorand Price
Algorand currently trades below the Simple Moving Average (SMA) value of $1.24 and the Moving Average Exponential (EMA) value of $0.78 at $0.75. The digital asset is below the 23.6% Fibonacci retracement level of $1.70 and 61.8% Fibonacci value of $1.49.
Algorand Price Prediction
Despite the drop in coin prices, predictions for the Algorand price are still relatively bullish.
WalletInvestor believes that ALGO could reach $3.2 by the end of the year. The platform has also set a forecast of $7.9 in the next 5 years.
Digital Coin Price has set a target of $3 for the coin by the end of 2025, while Price Prediction sees a possible peg of $211.25 in the next five years.
See our updated Algorand price prediction here.
Ways of Buying Algorand
No, let’s examine the different channels that make it possible for you to purchase Algorand. Generally, the available channels to you include:
- Buy Algorand with PayPal
PayPal needs no introduction. This San Francisco-based service is the most popular online payment processor in the world, with hundreds of millions of customers and merchants using it to clear payments.
PayPal’s biggest selling point is its seamless combination of security and convenience. PayPal is a convenient payment option, and it is also ubiquitous. Every broer we’ve reviewed above allows you to use the channel to buy Algorand.
- Buy Algorand with Credit or Debit Card
Card purchases for Algorand are also possible. Like PayPal, credit cards are popular because they’re ubiquitous. Nearly every adult in the developed world has access to a card, which they use to process payments whenever they like.
Today, most of the best cryptocurrency exchanges offer card purchases. But, like PayPal, the most important consideration for credit cards are the fees. Different card manufacturers charge different fees, and they can consider factors like the transaction size and your location when setting these charges. So, look out for the applicable charges for card purchases and proceed accordingly.
How to Sell Algorand
Selling coins on trading platforms is even easier than buying. To close your position, follow these steps:
- Click on the “Portfolio” button to view the coins available
- Select “ALGO” among the assets in your portfolio
- Click on the red cross on the right side to close the trade
- Click on “Close Trade.”
Conclusion
Above is your complete guide to Algorand. Investors looking to invest in Algorand will definitely do themselves a lot of good by reading it. With the Algorand price pretty attractive right now, it’s understandable that you would want to buy it.
For those who would like to know where to buy ALGO, we recommend using Crypto.com. This platform is renowned for many things, including its user-friendly interface and quick setup process.