How to Buy
Algorand

Find out how to buy Algorand and other cryptocurrencies on Crypto.com.

Introduction

Algorand is a blockchain platform designed for scalability, security, and decentralisation, utilising a unique Pure Proof of Stake (PPoS) consensus mechanism. This approach allows Algorand to process transactions quickly and efficiently, with low fees and minimal environmental impact. The native Algorand token (ALGO) is used for transaction fees, network participation, and governance, allowing holders to vote on protocol changes and future upgrades. Some users consider buying Algorand to engage with its ecosystem, which supports decentralised finance (DeFi), digital payments, and smart contracts. As adoption grows, Algorand continues to position itself as a platform for innovative blockchain applications and sustainable technology.

Step-by-step

Create an account

Download the App and start the sign-up process. Users need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying the ID may take longer than a few minutes, depending on where you live.

Add a payment method

Tap on the payment method box and connect a payment method. Users can use a bank account, debit card, or initiate a wire.

Start a trade

On Crypto.com, select Buy & Sell. In the Crypto.com App, tap the ( + ) Buy on the Home tab.

Select Algorand from list of assets

On Crypto.com, click the Buy panel to search and select Algorand. In the Crypto.com mobile App, search for Algorand by typing ‘Algorand’ into the search bar. When Algorand appears in the results, tap it to open up the purchase screen.

Enter the amount you want to buy

Use the number pad to input the amount in local currency to spend. The App will automatically convert that into a Algorand amount. Users can tap the arrow buttons to the right of the dollar amount to switch the number to the equivalent amount of Algorand.

How to Store Crypto

Another decision to make when buying Algorand is how it will be stored. Cold wallets (also known as hardware wallets) are physical, offline devices that hold the private keys used to access the cryptocurrency. They are not vulnerable to software attacks but may not be suitable for beginners. Learn more about the pros and cons of hardware wallets and how to choose the right one here.Hot wallets are connected to the internet, making the user’s cryptocurrency more accessible on a daily basis, whether for spending or trading. Security, regulatory compliance, and privacy should be top of mind when deciding on a hot wallet, like the Crypto.com App, the industry leader in security.Crypto.com is the first cryptocurrency company in the world to obtain several independently assessed certifications. The company has also released its Proof of Reserves (PoR), which is a way to ensure that a platform holds enough assets to cover all of its client balances. The PoR was conducted and certified by an independent auditor to ensure the integrity and anonymity of the entire process. Crypto.com’s users can view the PoR report and verify their funds.

How to Sell Algorand

After buying Algorand, Crypto.com App users always have the option to sell it for other cryptocurrencies or fiat currencies. Here’s how to sell Algorand:1. Tap ‘Sell‘ on the Crypto.com App home screen.2. Under Crypto, select Algorand to buy and tap ‘Sell’ again.3. Review the transaction details and tap ‘Continue’.4. Confirm the transaction with a passcode or biometric verification.

Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

How to BuyAlgorand