Buying Algorand has become relatively easy. It can simply be done by PayPal, card, or even cash.
This is a small guide we’ve made to make your job easier. So if you are interested in buying Algorand (ALGO), read it till the end.
Though people always say that buying cryptocurrencies from your debit or credit card is difficult, it is not.
How to Buy Algorand with Credit Card or Debit Card?
The first thing you can do is to buy Bitcoins or Ethereum with your credit card from a Algorand (ALGO) exchange. These can later be changed into Algorand.
Follow these steps:
- Purchase Ethereum or Bitcoin from the currency swap you prefer.
- Transfer the purchased Ethereum or Bitcoin to a currency swap that supports Algorand.
- Finally, exchange the purchased cryptocurrency into Algorand.
1. Create an Account on Coinbase
In order to buy Bitcoin (BTC) or Ethereum (ETH), which will later be exchanged into Algorand (ALGO) – you have the make an account on Coinbase.
Click this link to create an account.
Click on “sign up” and enter your required information like name, location, password, and e-mail – make sure these details match your Photo ID. Otherwise, it can create trouble.
Coinbase is controlled by the US authorities and follows strict fiscal rules. As a result, they have to confirm your identity. However, some time and effort are invested, but this makes Coinbase the most trusted and reliable way to convert ordinary currency into cryptocurrency.
Verify Your Coinbase Account
Coinbase has to verify your account for safety. They will ask you for your contact number, verify your bank account or your card (credit or debit), will ask you to upload an image of your photo ID as well. Only after the verification you will be able to buy cryptocurrency.
In case you purchase cryptocurrency through the card, your purchase will take no time, but the fees will be charged higher than the usual. If you make payment through the bank account transfers, it can take up to 7 days to receive your coins, but it will surely be cheaper than your card purchase.
Once your purchase details are verified, click on the buy / sell button, which happens to be on the top menu.
For example, if you are buying Ethereum, simply click on Ethereum and fill in the amount of money you are willing to spend or the number of coins you want to buy at the bottom of the page.
When you are done with all of these, just click on the “Buy” button.
The next thing you need to do is confirm your purchase. Do this by clicking on the “Confirm Buy” button.
By now, you have purchased Ethereum, do not close Coinbase – this has to be used again.
2. Create an Account on Binance
Right now you can buy Algorand (ALGO) at a good number of cryptocurrency exchanges.
Binance allows you to purchase coins directly with Euros, Dollars, and Rubbles. The most convenient way of buying Algorand (ALGO) through Binance is to purchase Ethereum or Bitcoin from Coinbase and later to exchange / trade it for Algorand through your Binance account at the best Algorand price.
Go to this link, then click “Register” on the top right.
Create an account by entering your email address and a password (strong passwords for security).
Once you click the register option, an email will be sent to confirm your registration. Click the link from your email to continue.
You will now be taken to a login form, enter your email address and password, then press “Login”.
A pop-up will appear to advise your to set up 2FA (two-factor authentication) on your account. You should really do this to protect your money from any hacking attempt.
3. Find your Ethereum Wallet Address on Binance
You will see a “WALLET” option on the top menu, hover the mouse cursor over it, then click “Overview”.
Click on “Deposit” and choose “Deposit Crypto”.
The coin list will show, select “ETH”.
A long string of numbers and letters will appear – this is your Ethereum deposit address.
Copy the address and save it somewhere safe, you are going to need it soon.
Note: You should recheck if you selected Ethereum only because if by mistake you send coins to the wrong wallet, they will get destroyed.
4. Transfer Ethereum from Coinbase to Binance
Go back to the Coinbase website.
Click on “Accounts” displayed on the top menu bar and locate your Ethereum wallet. It should be on the left.
The recipient box will pop up. Paste the Ethereum wallet address copied from Binance into the “Recipient” box.
Enter the amount of Ethereum coins you wish to transfer into the “Amount” box. In case you want to transfer everything, you can simply choose the “use max” option.
After following all these steps, Coinbase might ask for your confirmation with your phone or password.
Follow the instructions until Ethereum coins have been sent from CoinBase.
The transfer of Ethereum coins might take a little while to get into your Binance account.
Usually, it takes about 20 – 60 minutes for the Ethereum coins to be transferred in your Binance wallet. It can take longer in busy times.
To view your balance, Binance will update it automatically. However, you will be notified by e-mail about your transaction.
5. Exchange Ethereum for Algorand (ALGO)
The moment you get notified of your transaction and your account balance shows the arrival of Ethereum, you will be ready to trade Ethereum for Algorand.
Visit the Exchange from the top menu.
For this step, we will assume you deposited ETH. If you deposited BTC, don’t worry – the process is exactly the same.
On the top right corner, choose ETH and search for ALGO. The ALGO/ETH trading pair should appear.
Click on the trading pair and a price chart will appear in the center.
There are two ways you can buy coins:
“Limit” order option: you can to set the price at which you want to buy ALGO.
“Market” option: fills out your order at the best price automatically.
If you want to buy ALGO when it reaches a certain price, use the Limit order. Enter the price you desire (in ETH) and the amount of ALGO you want to purchase, then click the Buy ALGO button.
Tip: If you deposited a good amount of coins, try to not purchase your ALGO all at once – instead, you should buy it at different price levels. The strategy is known as unit cost averaging.
If you want to buy ALGO at the latest price, click on the Market tab, then enter the amount of ALGO you want to buy. The order should be done almost instantly and the coins will be added to your Binance balance soon.
You are now a proud investor in TRON (ALGO)!
Best Algorand (ALGO) Hardware Wallets
Cryptocurrency transactions are one of the most popular things on hacker’s radars.
The best option to save your cryptocurrency is to put it in wallets.
It is a hardware wallet with high security and a 5-star rating. It costs around $65, supports ERC20 and multiple coins, and has fantastic reviews – this is the best option to go for.
Trezor also happens to be a hardware wallet with high-tech security. It is rated at 4.5 stars. Trezor supports ERC20 and multiple coins. It costs around $97. It is an excellent option to go for.
Keepkey is a hardware wallet with the utmost security and supports ERC20 and multiple coins. You have to pay $129 for Keepkey Wallet. It has a 3.5-star rating. This is an excellent option to go for, but Trezor and Ledger are better in terms of expense and security.
Coinomi is a software wallet that is compatible with Android, iOs, Windows, Linux, and macOS. It also supports ERC20 and multiple coins. This wallet is free of cost and has a 3-star rating if, in case it’s difficult for you to carry a hardware wallet, you can simply go for Coinomi.
Keeping your Cryptocurrency safe is very important. You have to look at it from all perspectives.
We all are aware of the frauds which are taking place these days. The hackers have reached a level where only exceptions can stop them. People have developed all possible means of stealing.
Talking about purchasing crypto, there are a number of advantages of investing in crypto-currency. The asset transfers have become much more manageable, the transactions are confidential, you simply hold ownership of the currency, they give access to credit, and at last, they come with strong security.
Keep your hard-earned coins safe!
Frequently Asked Questions
Can I Buy Algorand With PayPal?
You cannot directly buy Algorand using PayPal at this time. If you want to use PayPal, you will have to buy Bitcoin or Ethereum first and then exchange it for Algorand by using a cryptocurrency platform like Binance.
Can I Buy ALGO With Cash?
You cannot directly buy ALGO with cash. Even if some ATMs support Algorand, they are less than 1% of all cryptocurrency ATMs.
If you want to buy Algorand with cash, you will have to buy Bitcoin first and then exchange bitcoins for Algorand using a platform like Binance.
Can I Buy Algorand With Bitcoin?
Yes, you can buy ALGO with BTC easily by using Binance to exchange Bitcoins for Algorand.
Can I Buy Algorand With Ethereum?
Yes, you can buy ALGO with ETH by using a platform like Binance to exchange Ethereum for Algorand.
What is the best payment method to use?
The cheapest way to do it is to buy BTC with your bank and exchange BTC for ALGO.
The fastest way is to buy it with a credit card, but the fees are higher.
How I Protect ALGO Once I Purchase It?
The best way is to store your Algorand in a secure wallet. Don’t leave your Algorand on an exchange, they may be at risk if the exchange platform or your account get hacked.
How Can I Sell Algorand (ALGO)?
Binance is a good place to exchange your ALGO to other cryptocurrencies. If you want to exchange it to regular currency, trade your Algorand for Bitcoin and exchange BTC into euro, dollars or any other currencies.
Can I Mine Algorand?
Yes, ALGO can be mined with ASIC mining machines.