How to buy Algorand (ALGO) from the USA

By   |   Verified by Andrew Boyd   |   Updated 27th September 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 with a full guide to the process.

Not sure which exchange to use?

Where to buy Algorand

eToro Crypto

On eToro's website

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

eToro Crypto

Highlights

  • Buy $100 worth of crypto and get a bonus of $10.
  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Coinbase

On Coinbase's website

Finty may be compensated when you click on the link.

Highlights

  • Get $5 in Bitcoin after your first trade on Coinbase.
  • Buy and sell popular digital currencies, keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Maintains crypto-insurance and all USD cash balances are covered by FDIC insurance, up to a maximum of $250,000.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.
Gemini Exchange

On Gemini's website

Gemini Exchange

Highlights

  • Gemini Exchange makes it simple to research the crypto market, buy bitcoin and other cryptos, and build a portfolio for the future of money.
  • Set recurring buys and dynamic price alerts.
  • All crypto held online in Gemini's exchange wallet is insured and it uses the best-in-industry cold storage coverage with leading insurance providers.

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.

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 (USD) from a bank account or debit card. Some exchanges offer additional options for depositing funds like Payoneer, PayPal, Skrill, Venmo, 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.