How to Buy Algorand (ALGO)

In fact, new ALGO cryptocurrency generated by the software is awarded to every user who maintains a balance of at least 1 ALGO in a wallet they control with each block.

By not requiring users to expend computing power or real-world electricity costs to acquire new cryptocurrency, Algorand’s developers assert its blockchain can validate transactions more quickly, while avoiding technical issues that lengthen confirmation times in other designs.

If you’re new to Algorand, check out our “What is Algorand?” guide for a more detailed rundown.

Algorand users must maintain a balance of at least 1 ALGO to earn a share of the new cryptocurrency the software creates every time a block is added to the blockchain.

This is notable, as over time, nearly 20% (1.75 billion) of the 10 billion ALGO ever to be created are to be awarded to those who help operate the network.

Note: You are not able to earn rewards if you keep your ALGO on an exchange – like Kraken! – and rely on it to secure your wallet. We are also not able to retroactively reward ALGO to users who may have earned new crypto had they kept their funds in a wallet that they had custodied.

There are a number of ways to buy ALGO. As with any cryptocurrency, you can purchase it directly from another individual in person or over the internet. Or you can try to locate a crypto ATM near you that offers ALGO. However, crypto ATM rates can be exorbitant and there is no guarantee that you can find a counterpart to make the trade with.

The easiest way, however, is to purchase it through a trusted exchange, such as Kraken.

Kraken is rated one of the most secure and trusted crypto exchanges in the world. This is essential because once ALGO is lost, it is nearly impossible to recover. At Kraken, we take security seriously with state-of-the-art technology, policies, and procedures that will protect client funds. We do not compromise when it comes to security, and neither should you.

We make buying ALGO safe and easy. Just follow these simple steps to get started:

1. Sign up for a Kraken account
   Just enter an email address, pick a username and secure your account with a strong password.

2. Verify your account
   With just your name, date of birth, country and phone number you’re ready to start trading cryptocurrency pairs. In order to buy ALGO with cash (i.e. USD or EUR) however, you'll need to provide your address, as well as some identity and proof-of-residence documents. Learn more here

3. Deposit crypto or cash
   Depositing crypto to Kraken is as easy as transferring it to any crypto address. We offer a variety of funding methods depending on your location and preferences. Browse through our support documents to choose the best option for you.

4. Purchase ALGO!
   Once your account is funded with cash, you’re ready to buy ALGO. You’ll also get access to our advanced charting tools, 24-hour global client support and margin* and futures trading**. All of these features are why millions of global traders love Kraken.

*Availability of margin trading services is subject to certain limitations and eligibility criteria.

**Trading futures, derivatives and other instruments using leverage involves an element of risk and may not be suitable for everyone. Read Kraken’s risk disclosure to learn more.

Once you’re done buying algorand, you should look for a way to secure it. The safe method is to use a wallet, a device or application that stores the private and public keys you’ll need to make transactions. 

There are many types of wallets you can use to keep your digital assets safe. Mobile and web-based wallets make frequent transactions easy. Hardware wallets are best suited for secure, long-term storage. When you’re choosing a crypto wallet, think of what you plan to do with your tokens. A wallet that best suits your needs is always the right choice.

If you’re ready to take the next step and want to buy some algorand, click the button below!