Algorand (ALGO) is the 66th largest cryptocurrency by market cap, valued at US$1,827,164,119.
Algorand is a highly volatile asset capable of major price swings in a single day. Today ALGO is trading for $0.220733 USD, which is lower than yesterday's trading price of $0.2353769536 USD. Over the past year, Algorand's price has seen an increase of 58%.
So before you buy Algorand, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Algorand.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Algorand in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Algorand is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Algorand
You can now exchange your funds for Algorand. On beginner-friendly exchanges, this is as simple as entering the AUD or ALGO amount you want to purchase and clicking "buy".
Secure your Algorand
Consider transferring your ALGO to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Algorand in
Australia
Find an exchange to buy, sell and trade ALGO by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Algorand guide up-to-date
ALGO price data is regularly updated through data feeds so you always have the latest information.
What is Algorand?
Algorand, founded in 2017, says it's a permissionless, public and decentralized blockchain. It's similar to Bitcoin or Ethereum in this respect.
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.
How do I find the best places to buy Algorand?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Algorand?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Algorand.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing ALGO with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Algorand?
Once you've created an account, you will need to deposit funds to buy ALGO with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy ALGO:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase ALGO by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ALGO on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Algorand?
The easiest way to buy ALGO is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying ALGO, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Algorand has been performing recently.
Best Algorand wallets to store your ALGO
You can keep your ALGO on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your ALGO below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Algorand a good investment?
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:
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 gray area, and it may be unpredictably affected by regulatory shifts.
User participation. Algorand emphasizes user participation, but this might be lacking if everyone is only interested in it for speculation.
Today's Algorand price versus ATH
Compare today's price of Algorand ($0.220733 USD) against its all-time-high price of $3.56 USD on 20 June 2019. The closer the bar is to 100%, the closer ALGO is to reaching its ATH again.
Algorand's price: $0.220733 USD ATH date: June 20, 2019
6.20%
Algorand ATH: $3.56 USD
How to trade, convert or sell Algorand
You can convert or sell your ALGO with the same exchange you bought it through:
Sign in to the exchange you have ALGO on.
If you store your Algorand in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of ALGO you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Algorand.
Complete your transaction and move your ALGO to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Algorand, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ALGO is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Algorand or any other cryptocurrency discussed.
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