How to buy Algorand (ALGO) from Canada

Nilooka Dissanayake avatar
Written by   |  
David Boyd avatar
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Updated 9 Sep 2022
  • 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

Ndax

On website

Highlights

  • Get $10 when you sign up and deposit at least $100 into your account.
  • Quick deposits and withdrawals via Interac e-Transfer and wire.
  • Low flat trading fee of 0.20% across all pairs, making costs predictable.
  • Built for Canadians, with CAD support and compliance with Canadian banking standards.
  • Advanced trading features like limit orders, recurring buys, and real-time charting for more control.

Pros

  • You can fund your account with CAD through Interac, bank transfer, or wire — no need to convert currencies.
  • Offers a clean, intuitive interface that’s friendly to both beginners and experienced traders.
  • Supports a solid list of popular cryptocurrencies, including Bitcoin, Ethereum, Cardano, and more.
  • Cold storage is used to keep the majority of client funds secure offline.
  • Registered with FINTRAC and held to Canadian AML standards, giving it strong credibility locally.

Cons

  • The flat 0.20% trading fee is competitive but not the lowest in the market.
  • No staking or interest-earning options, which could matter to users looking for passive income.
  • Its mobile app works well for basic tasks, but lacks some of the more advanced charting tools on desktop.
Coinberry

On website

Highlights

  • Register in just 60 seconds and start investing with as little as $50.
  • No CAD deposit and withdrawal fees.
  • Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
VirgoCX

On website

Highlights

  • Get $10 when you sign up and get verified and an additional $20 when you deposit over $100.
  • Trade over 60 cryptocurrencies with no deposit or withdrawal fees for Interac e‑Transfer and wire transfers in CAD.
  • Choose between Quick Trade for fast transactions or Advanced Trade for full control with charts and limit orders.

Pros

  • Designed for newcomers with a clean layout, fast onboarding, and responsive 24/7 live chat support.
  • Offers limit orders, real-time charts, and grid trading—features typically seen on more advanced platforms.
  • Recurring buy function helps automate long-term investing strategies without needing third-party tools.
  • NFT access is built into the platform, so you can buy and sell digital collectibles without leaving VirgoCX.
  • Regulated by FINTRAC and OSC, with client funds stored in insured cold wallets via Coinbase Custody.

Cons

  • Spreads are wider compared to competitors like NDAX or Bitbuy.
  • Fiat withdrawals can take time to be approved.
  • OTC and NFT features may not appeal to casual traders.
Netcoins

Not available for application via this website

Netcoins

Highlights

  • Trade over 35 cryptocurrencies with CAD or USD directly from a regulated Canadian exchange.
  • Backed by BIGG Digital Assets and fully registered with FINTRAC and the British Columbia Securities Commission.
  • Zero funding fees for Interac e-Transfer, bank wire, and crypto deposits.
  • User-friendly web and mobile platform built specifically for Canadian residents.

Pros

  • Fast verification and funding make it easy to start trading within minutes.
  • Transparent fee structure with no surprises on deposits or withdrawals.
  • Offers both hot and cold wallet storage, with most client assets kept offline for added protection.
  • Earn interest on select crypto holdings through Netcoins Earn, with competitive rates.
  • Strong focus on regulatory compliance and security, including 2FA and regular audits.

Cons

  • Smaller crypto selection compared to global platforms.
  • No advanced charting or trading tools, making it less suitable for active or technical traders.
  • Interest-earning feature is only available on a limited number of supported coins.

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.

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