How & Where to Buy Algorand (ALGO) in 2024 – The Ultimate Beginners Guide

In this guide, you will learn where to buy Algorand crypto in 2024. We will provide you with an overview of the four best crypto exchanges that list ALGO. We will tell you what makes them the top places to buy cryptos and also point out their core features. You will also learn what Algorand is, how it works, its price history, and if it is worth buying.

The guide even provides you with a step-by-step to buying Algorand on one of the best altcoin exchanges.

How to Buy Algorand (ALGO)

Here is a quick glance at the process of buying Algorand in the US today. It teaches you how to invest in cryptos like Algorand on eToro – the SEC-regulated crypto brokerage. The buying process takes minutes and you only need $10 to get started.

• Step 1: Register an eToro account – Create a free crypto trader account on eToro. The account creation process is straightforward, and the broker only asks for basic personal information. You will also need to verify your identity.
• Step 2: Deposit funds – Fund this account with at least $10. You may use any of the popular fiat payment processors. These include PayPal, credit cards, debit cards, bank deposits, and even ACH transfers.
• Step 3: Search for Algorand – On the eToro home, enter the term “Algorand” or its ticker symbol “ALGO” and press the search button. Click on the “Trade” icon that appears.
• Step 4: Buy ALGO – You will be redirected to a trading tab. Use it to customize the trade by indicating how much you intend to invest in Algorand. Hit the “Open Trade” button to confirm the investment.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

We will provide you with a more detailed walkthrough of the Algo buying process later on in this article. This article also goes over everything you need to know about buying Algorand tokens right now. We discuss the top reasons for investing in ALGO tokens today and ways of buying Algorand in 2024. But first, we look at the best crypto exchanges around where you can buy one of the most sustainable cryptos.

Where to Buy Aave (ALGO) in Right Now

Algorand is a top 50 cryptocurrency by market valuation – according to data from CoinMarketCap. It is also hugely popular and decently liquid, which has helped it list all the top cryptos. And after thoroughly vetting tens of exchanges that list ALGO, we settled on these four as the best crypto trading platforms where you can invest in ALGO today.

1. eToro – Overall Best Place to Buy Algorand (ALGO) Coins Today

eToro is our top pick for the best places to buy Algorand in 2024. We rank it this high first because it appeals to both beginner and expert crypto traders. Beginners are drawn in by its straightforward client onboarding process and easily navigable interface. They also like that it integrates comprehensive trader education resources with such topics as how to invest in cryptos. Plus, it presents them with a free demo account with $10,000 in virtual funds.

To appeal to pro traders, eToro integrates advanced trading, research, and analysis tools. These include charting tools, 75+ technical indicators, and even a sentimental analysis tool. It has also worked on its site uptime and maintains some of the fastest transaction processing speeds.

Why eToro?

eToro is also decently liquid and charges highly competitive fees. When you buy ALGO on eToro, for example, you will only be charged 1% of the trade volume. These make it one of the best crypto exchanges for active traders.

In addition to all these, eToro supports copy and social trading. Copy trading involves copying the trade settings of highly successful traders. It lets beginner traders earn passively when they automate the copying strategy. Popular investors who let others copy their settings will also receive a commission from eToro. Social investing, on the other hand, allows for seamless interactions between all eToro platform users.

Several other factors help make eToro one of the best places to buy the most promising cryptos like Algorand. For starters, eToro maintains an accessible and highly responsive customer support team. Secondly, eToro is one of the safest crypto exchanges as it has never been hacked. It even provides platform users with two free and safe crypto wallets – a web wallet and a mobile wallet app.

If you want to learn how eToro compares to other crypto exchanges, read our eToro vs. Coinbase and eToro vs. Binance comparative guides.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

2. KuCoin – Best Algorand (ALGO) Exchange for Passive Investing and Low Fees

KuCoin is one of the best and most popular crypto exchanges around – famed for its low fees. For example, when buying Algorand tokens on KuCoin, you pay a highly variable fee influenced by the trade volume. This ranges between 0.1% and 0%. High-volume traders may even enjoy rebates of up to 0.05%. If you settle this fee using KCS tokens (native coin for the KuCoin exchange), you automatically qualify for a 20% fee discount.

KuCoin is also one of the best places to buy Algorand tokens because it supports multiple passive income generators. These include staking, saving, shark fin, dual investing, KCS bonus, and even crypto lending. The exchange also hosts multiple highly efficient bots that you can use to automate your crypto trades. It even has a token launchpad that lets you invest in the next crypto to explode early.

Why KuCoin?

You may also want to invest in Algorand via KuCoin because it presents you with many ways of buying cryptos. For starters, KuCoin lets you buy crypto instantly using available account balances or cards. You may also buy crypto with fiat on KuCoin via the supported fiat-to-crypto on-ramps. Further, KuCoin integrates a peer-to-peer trading platform that supports multiple payment options. It is one of the best places to buy crypto for free.

Other factors making KuCoin the best place to buy Algorand include its support for 700+ cryptos. Here, you interact with all the hottest cryptos and trade all the best DeFi coin pairs. Further, KuCoin supports margin and derivative trading. Here, you trade spot cryptos with leverages of up to 10X and crypto futures and options with leverages of up to 100X.

3. Crypto.com – Best Place to Buy Algorand (ALGO) for Beginners

Crypto.com has consistently featured among the best altcoin exchanges for beginners. It has a straightforward client onboarding process as well as a highly navigable trading interface. It also integrates many educational resources aimed at helping beginners into its website. These teach beginners how to invest safely as well as how to keep their cryptos safe. Plus, it has an affordable minimum deposit limit of $1.

The exchange also hosts beginner-friendly passive income generators. These include a crypto staking program with high rewards and a safe crypto lending platform with high interest. Further, Crypto.com helps novice investors keep their crypto safe by providing them with free digital wallets. These are a web wallet that holds 90%+ of their coins offline, as well as a DeFi mobile wallet app.

Note that the DeFi wallet does more than keep your altcoins safe. It also introduces you to the DeFi word. Here, you get to interact with 500,000+ of the best DeFi coins and hundreds of DeFi platforms. You earn when you invest and trade these tokens, contribute liquidity to the different platforms or engage in staking.

Why Crypto.com?

There are multiple other reasons why we believe Crypto.com to be one of the best crypto trading platforms. First is the fact that it maintains highly competitive trading fees. These range between 0.075% and 0%.

You do not pay maker fees and get to enjoy a fee discount of between 3% and 30% if you have staked CRO tokens. It also has some of the fastest transaction processing speeds. Not forgetting that it publishes audited proof of reserves regularly.

If you want to learn how Crypto.com fairs against equally popular crypto exchanges, read our Crypto.com vs. Coinbase comparative guide.

4. Binance – Best Place to buy Algorand (ALGO) for Active Traders

A number of factors make Binance the best place to buy ALGO tokens today. First is its deep liquidity and support for a decent number of coins. In addition to ALGO, you can buy 600+ assets on Binance and trade 1000+ crypto pairs on the exchange. These, and its ultra-fast transaction processing speeds, make it one of the best crypto trading platforms for active traders.

We also feature it here because of its competitive trading fees. When buying Algorand on Binance, for example, you will only pay a volume-based maker/taker fee of between 0.1% and 0.012%. And if you settle this fee using BNB coins, you will automatically qualify for a 25% fee discount.

Why Binance?

Binance also lists highly among the safest altcoin trading platforms around. It has put in place adequate measures around the safety and integrity of client funds and private data. It, for instance, requires all its platform users to activate multi-factor authentication.

T even maintains a $1+ Billion in-house insurance scheme – SAFU. These funds are meant to reimburse clients in the case of a security breach that leads to the loss of client funds. Binance has also played a key role in helping traders on the platform as well as other trading platforms recover client funds.

Multiple other factors help make Binance one of the best altcoin exchanges around. These include its user-friendliness, which is marked by its straightforward client registration process and navigable trading interface. Others include the fact that it integrates multiple passive income generators. These include staking, saving, dual investing, liquidity mining, and even a Launchpad.

If you want to know how Binance compares to other popular exchanges, read our Binance vs. Coinbase comparative guide.

What is Algorand (ALGO)?

Algorand developers describe it as the world’s most decentralized, scalable, secure, and green blockchain ecosystem. It, indeed, is a blockchain platform designed for scalability and security. Algorand was specially designed to solve the blockchain trilemma by guaranteeing faster transactions, strong security, and full decentralization. It, for instance, processes 10,000 transactions per second and has a 3.3-second settlement finality.

It was created to serve as a better alternative to existing blockchain networks – like Bitcoin and Ethereum. These struggle with high fees, security, and slow transactions. Algorand hopes to woe developers to its ecosystem by providing a faster, more secure, and cheaper network to build on.

Note that Algorand is a smart contract platform. This implies that you can create programs and dApps that address most real-world challenges in this ecosystem. Some of the real-world use cases targeted by Algorand developers include finance, supply chain, and voting.

ALGO is the native token of the Algorand blockchain network. It is used to secure the platform by network validators. It is also used to facilitate transactions on the network.

Algorand Price History

The Algorand mainnet went live in June 2019. The ALGO ICO also took place at the same time, with each token selling for $2.40. It would eventually hit the markets, trading around $3.28 – its current all-time high. Since then, the altcoin prices have been on a sustained downfall. It was even labelled the worst-performing coin of 2019 when it lost more than 90% of its value less than six months after launch.

By March 2020, ALGO was trading around $0.13 – more than 96% below its all-time high. It attempted a rebound during the 2021 bull market but failed to recapture its ICO price – settling around $2.20. The token’s depressed price action continued throughout the 2022/2023 bear market. It even set a new all-time low of $0.08 in September 2023 – close to 98% below its all-time high.

Algorand token’s woes may be attributed to a number of factors. First was its overzealous self-valuation that gave ALGO an ICO price of $2.4. With a maximum supply of 10 Billion tokens, this valued ALGO at around $24 Billion. At the time, this would have made Algorand the third most valuable crypto. The move gutted the crypto community’s confidence in the altcoin.

Additionally, a number of external factors have continually pulled ALGO token prices down. First was the extended bear market. Second was the shutting down of Alfogi – the largest DeFi protocol on Algorand in June 2023. At the time, it held more than 55% of all ALGOs in circulation.

Further, in the SEC cases against Coinbase exchange and Binance.US, the regulator wants the courts to declare ALGO an unregistered security. All these have only shaken trader confidence in ALGO tokens further.

Algorand (ALGO) Price Prediction

With so many factors acting on ALGO’s price, it is hard to tell how the altcoin will perform moving forward. There, nevertheless, is a level of optimism that the upcoming bull market will help it escape the dip. In the last half of 2023, ALGO rallied by more than 100%. This was in reaction to a recovering market and the anticipation of the 2024/2025 bull market.

Below, we look at how the majority of analysts, investors, and forecasters believe ALGO will perform moving forward.

• ALGO price prediction 2024: If the crypto market starts rallying, optimists expect ALGO to grow by as much as 750% to break above $1.50.
• ALGO price prediction 2025: The Bitcoin halving is expected to trigger a bull run at some point in late 2024 or 2025. By then, some expect Algorand token prices to have reached $2.50.

Is Algorand (ALGO) a Good Investment?

There are a number of reasons why you should consider investing in Algorand today. Not the least is its obedience to market trends, which predisposes it to possible gains moving forward. Below, we look at the top five reasons that make ALGO worth buying right now.

• Dramatic returns on investment: There is a slight chance that Algorand will eventually rebound and recapture its all-time high. When this happens, you will be staring at an ROI of more than 16500%.
• Accessible and highly liquid: ALGO is also worth buying because it is easily accessible and highly liquid. It is already listed with virtually all the best crypto trading platforms.
• Solid fundamentals: Despite the beating ALGO token places have endured since launch, the Algorand ecosystem has solid fundamentals. The growing adoption of blockchain and crypto technologies are, therefore, expected to drive developer activity and use cases. The resultant effect of this is increased demand and price of ALGO tokens.
• Growing adoption: The number of developers building on Algorand is rising again. So are the use cases of dApps, smart contracts, and crypto programs developed on the network. These and the growing popularity of blockchain are bound to trigger a rise in demand and price for ALGO tokens.

Ways of Buying Algorand (ALGO) Today

In this section, we will be looking at the most common ways of investing in Algorand on the best crypto exchanges.

How to Buy Algorand (ALGO) with PayPal and eWallets

There are three primary ways of buying crypto with PayPal. First, you may buy cryptos like Bitcoin, Bitcoin Cash, Litecoin, and Ethereum directly on the PayPal website. You can also buy cryptos like ALGO on crypto exchanges that accept PayPal deposits.

Examples are eToro, KuCoin, and Coinbase. Further, you may buy ALGO with PayPal and other eWallets on peer-to-peer crypto trading platforms. Exchanges with P2P trading platforms include Binance and KuCoin.

There are three core upsides to buying Algorand with PayPal and eWallets. First, PayPal has some of the fastest payment processing speeds. Secondly, most exchanges – like eToro and Crypto.com – do not charge a deposit processing fee for PayPal or eWallet deposits. Lastly, PayPal maintains low payment transfer fees. On the flipside, though, PayPal and eWallets have relatively low maximum daily transaction limits.

How to Buy Algorand (ALGO) with Credit cards and Debit cards

Cards are one of the most popular payment options in the world. Crypto exchanges appreciate this and most will, therefore, let you buy cryptos with credit cards and debit cards. You can buy ALGO instantly with cards, or you can use third-party fiat-to-crypto on-ramps. You may also buy cryptos like ALGO with cards on peer-to-peer trading platforms at no cost.

As is the case with PayPal and eWallets, there are several advantages of buying crypto with cards. First is the fact that card deposits into your exchange are processed near instantly. Secondly, most exchanges do charge a deposit processing fee for card deposits. Further, most card issuers maintain a competitive transaction processing fee. The only downside to using cards is that they have low maximum daily cash transaction limits.

How to Buy Algorand (ALGO) with Bank Deposit

Banks are the most accessible payment method in the world. This explains why virtually all the best crypto exchanges around accept bank deposits. There are different ways of buying ALGO and other cryptos with bank deposits.

First, you may transfer funds directly to the exchange and use that account balance to buy crypto instantly. You may also buy crypto with a bank deposit via the integrated fiat-to-crypto on-ramps. Lastly, you can buy crypto with bank deposits on integrated peer-to-peer trading platforms.

The upside to buying crypto with bank deposits is that most exchanges do not charge a deposit processing fee. They also have high maximum deposit limits for bank transfers. On the flip side, though, bank deposits take longer before reflecting in your crypto trading account.

Additionally, most banks charge high payment processing. Further, most crypto exchanges have higher deposit minimums for bank transfers. In the case of eToro, for example, the minimum deposit limit for bank transfers is $500.

The Step-by-Step Guide to Buying Algorand (ALGO)

In this section, we detail the step-by-step guide to buying ALGO on eToro. As we have already mentioned, the process is straightforward, only takes a few minutes, and you can start investing with as little as $10.

Step 1: Create a trader account

Start by creating a free crypt trader account on eToro. Open the official eToro.com website or download the eToro crypto trading mobile app. Hit the “Join Now” button on either platform and complete the user registration form that pops up. It will only ask for basic personal information and inquire about your trading experience. You will also need to come up with a unique username and strong password for this account.

Step 2: Verify your identity

The registration process on eToro is only considered complete after you have verified your identity. Simply upload a copy of your government-issued ID, which could be your passport or driver’s license. You will receive an account approval notification within 24 hours.

Step 3: Fund the account

Log in to the approved crypto trader account and hit the “Deposit Funds” icon on the user dashboard. A funding tab will pop up indicating all the deposit methods available to you – based on your country of residence. Click on one and follow the prompts to deposit at least $10 to this account.

Step 4: Search for Algorand

Back on the user dashboard, click on the “Discover” button. This reveals all the financial instruments supported on the platform. Choose “Cryptos” and find Algorand from the list of supported digital assets.

Step 5: Buy Algorand

Hit the “BUY” option against ALGO and a trading tab will appear. Use it to customize this investment by indicating how much you want to invest in Algorand. Then, hit the “Open Trade” button to confirm the purchase of ALGO.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Step 6: Download and activate the eToro Money Wallet

The ALGO tokens you just purchased will be deposited into the exchange-provided digital wallet. If you wish to move them to a third-party exchange or wallet, you first need to move these funds to the eToro Money wallet app. Simply download the mobile wallet app on the App Store or Play Store. Use the credentials created in Step 1 above to log in.

Link the trading app to the mobile wallet and move the funds to the wallet. You will be charged a crypto transfer fee of 0.5% of the trade volume (capped at $50). You can now transfer the cryptos to another exchange or third-party wallet. Note, however, that you can’t move the funds back to the exchange-provided wallet.

How to Sell Algorand (ALGO)

The crypto buying process on eToro is equally straightforward. Here is a quick step-by-step guide detailing how to sell Algorand on eToro.

• Step 1: Start by logging back into your eToro trader account.
• Step 2: On your user dashboard, click on the Portfolio icon. This will reveal all your open crypto positions.
• Step 3: Choose “ALGO” and hit the “Close” trade option.
• Step 4: Indicate whether you want to sell a portion of coins or the entire position and hit “close” to execute.

Note: The cash equivalent of the Aave coins you just sold will be immediately deposited into your account. Use this balance to buy more crypto or simply withdraw it.

Conclusion – Where to Buy Algorand (ALGO)

Buying Algorand doesn’t have to be complicated. In the above guide, we have discussed everything you need to know about investing in ALGO tokens today. We have provided you with an overview of the top crypto exchanges that list Algorand and some of the best cryptos to buy right now. We have also discussed Algorand’s depressed price performance and went over the top reasons to buy ALGO today.

Want to jump straight to buying ALGO tokens right now? Follow the step-by-step guide to buying Algorand that we have discussed hereinabove. It teaches you how to buy cryptos on eToro with as little as $10 in minutes.

Reviewed and Fact Checked by Kamal Masri, Crypto Writer and Investment Analyst.

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Cryptoassets are a highly volatile unregulated investment product.

References:

• https://coinmarketcap.com/
• https://www.binance.com/en/blog/all/when-funds-go-missing-how-we-helped-a-binance-user-track-and-recover-nearly-$30000-in-stolen-funds–421499824684901098
• https://www.bloomberg.com/news/articles/2022-04-22/binance-recovers-stolen-disguised-crypto-loot-from-mega-hack
• https://cryptoslate.com/with-a-90-ytd-loss-algorand-is-the-worst-performer-of-the-year/
• https://www.coindesk.com/business/2023/07/11/defi-protocol-holding-55-of-algorand-value-to-shut-down/

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Author: Wajeeh Khan

Wajeeh Khan is a financial researcher and writer with 7 years of experience. He has immense exposure to a range of financial assets, including stock, cryptocurrencies and forex - and is particularly well-versed in asset valuation, analysis, and portfolio management. Since 2016, Khan has worked with notable online platforms within financial journalism, including Invezz, Trading-Education, Dog of Wall Street, and News Break. All in all, he has written, editted, and published over 7,000 articles, guides, and market insight. Online casinos started as a hobby for Khan in 2018. But in only two years, it had already become another niche that he started actively researching. Over the past three years, he has written a diversified set of content around gambling for clients from all over the world. Academically, Khan has a Bachelor's in Economics and a Master's degree in Finance. He's also completed a bunch of courses on digital journalism and financial markets at large.

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