- Looking to take a position in Algorand for exposure to DeFi?
- Learn about where you can buy it online.
- A full step-by-step guide to taking a position.
Algorand (ALGO) is one of the upcoming crypto projects in the DeFi space and one of the largest cap altcoins.
Read on for more details about where you can buy Algorand in Canada with a full guide to the process.
Not sure which exchange to use?
Where to buy Algorand
First time buying?
How to buy Algorand
Step 1: Choose an exchange that has Algorand listed
Algorand can be bought at a growing number of cryptocurrency exchanges, the most convenient way to buy cryptocurrency.
When comparing exchanges, make sure that the one you want to use supports Alogorand. Normally an exchange maintains a single page that lists all the coins available on their platform.
Other features worth reviewing include trading fees (sometimes a spread, sometimes a set maker and taker fee), whether there are fees to deposit and withdraw fiat currency, account funding options that suit you, if they offer a crypto card for easy access to your account funds, etc.
Step 2: Get verified
When signing up for an account at a crypto exchange, you'll be required to provide personal details such as your name, phone number, and email address, etc.
At most exchanges, you’ll be asked to prove your identity using any valid photo ID like your driver's license or passport. The verification process can take a few minutes. Once your identity is confirmed, you will be able to start trading.
Step 3: Set a budget
It is best only to invest money you can afford to lose. This is particularly true in the case of cryptocurrencies as they are volatile assets.
Step 4: Fund your account
You can deposit funds in your account with a transfer of fiat funds (CAD) from a bank account or debit card. Some exchanges offer additional options for depositing funds like Interac e-Transfer, PayPal, Skrill, etc.
If you use a card to deposit funds, you'll most likely be charged a fee. Not all exchanges allow crypto-to-crypto deposits.
Step 5: Buy
Market orders are a good option if you just want to take a position in Algorand quickly and aren't worried about slippage costs. Most exchanges let you set up trigger orders that are executed immediately when Algorand is trading at a defined price.
Some exchanges allow you to create automatic orders to buy more Algorand at specific intervals, such as buying $100 worth every week or month (depending on your budget). This helps to average down the cost over time.
After you buy
Where to store your Algorand
If you just want easy access to your tokens, keep them at the exchange where you bought them. Alternatively, you can transfer them to a wallet you own on another exchange at a later date. Hot wallets, being connected to the internet, are more vulnerable to hacking, theft, and malware.
Cold wallets, however, are not connected to the Internet. They're the preferred way to store tokens you don’t plan on trading with.