How to Buy Algorand (ALGO)
Algorand differentiates its technology through design choices that make it easier for users to help operate the network and be awarded the new ALGO cryptocurrency it creates.
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.
Ready to dive in?
If you’re more advanced and looking to get the 1 ALGO you need to begin participating in the Algorand blockchain, go ahead and click the button below.
Why buy ALGO?
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.
Reasons to buy ALGO
- Use it to power decentralized applications
- Diversify your portfolio
- Make a long-term bet on Algorand’s technology
- Time the market to go after profits
Where can I buy Algorand?
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.
How much ALGO can I buy?
You can purchase 1 ALGO to begin earning even more cryptocurrency, but you don’t have to just buy this amount if you’re just looking for a bit of exposure to this new asset.
The minimum divisible unit of ALGO is called a micro-Algo, which is 1/100,000th of 1 ALGO, meaning that you can likely buy the cryptocurrency on any budget.
Of course, you can buy as much ALGO as you like. A buyer placing a big bet that ALGO price will rise in the future might buy 100,000 ALGO or more.
How to buy Algorand on Kraken
We make buying ALGO safe and easy. Just follow these simple steps to get started:
- Sign up for a Kraken account
Just enter an email address, pick a username and secure your account with a strong password.
- 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 fiat currency (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
- Deposit crypto or fiat currency
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.
- Start buying ALGO!
As soon as your money hits your account, you’re ready to start buying ALGO and other cryptocurrencies. Simply open the New Order page, fill out the order form and click BUY. You'll also have access to our charting tools, 24-hour global client support and advanced options like leveraged margin trading.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying ALGO, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your ALGO
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 and paper 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.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold funds with us while they’re being used to make trades, you may want to consider separating your holdings into multiple wallets. After all, it is never good to keep all of your eggs in one basket, even one protected by the mighty Kraken!
Note: This means you are not able to earn ALGO rewards if you keep your cryptocurrency on Kraken and rely on it to secure your wallet. For more details on which wallets can help you participate in this process, visit the official Algorand website.