You want to buy Algorand but you feel lost as to how to proceed? Do not panic, this detailed tutorial will help you at every step to easily buy ALGO with eToro, a regulated platform in France.
Where to Acquire Crypto Algorand?
The first thing to do if you want buy Algorand is what platform you’re going to do it on. There are many of them and you can make this choice according to certain criteria that are important to you. This may concern the costs of buying or withdrawing the ALGO token, the reputation of the platform or its ease of use.
If this is your first purchase of cryptocurrency, then ergonomics should be the major criterion for you to buy Algorand crypto without encountering any obstacles.
Thereby, we suggest you use the crypto broker eToro if you are in this case, or if you attach importance to ergonomics. You will be able to buy ALGO very quickly with just a few clicks with its intuitive interface.
To help you with your choice, we have compiled the table below of the most popular exchanges that allow you to buy Algorand crypto.
Buy Algorand, detailed tutorial with the crypto broker eToro
Follow this step-by-step tutorial to buy ALGO in just a few minutes with eToro. Regulated in France by the Autorité des marchés financiers (AMF), eToro is a platform you can use with confidence.
Start by creating your account on eToro by clicking on the following button (affiliate link) then click on ” start investing » :
Then, complete a short questionnaire that is used to assess your investment experience. You must now complete your identity verification (KYC), as requested by the financial regulator.
So bring your ID, your tax number and your phone number, and complete the verification of your account to continue. Wait a few minutes for the platform to verify the validity of your information.
You are now ready to buy Algorand ! Start by depositing funds in euros to your eToro wallet by clicking on “ Make a deposit » in the middle of the dashboard:
Here, you have the choice between opting for payment by credit card or by bank transfer. Note that the fees are the same regardless of the deposit method. However, the minimum deposit amount by bank transfer is 500 euros.
Fill in the amount of your investment (500 euros in our example) and fill in the necessary fields. Then click on ” Deposit » :
Note that your euros are automatically converted into US dollars (USD) after your deposit. Now all you have to do is search for ” Algorand ” Where ” ALGO ” at the top of the page. Click on ” Invest » :
Finally, fill in the amount in dollars (100 dollars in our example) that you wish to invest in the crypto Algorand, then click on “ Invest “.
Congratulation ! It was pretty easy, and now you have ALGO tokens! You can do what you want with them, send them to an external wallet for example.
👉 Need more detailed explanations? Here is our opinion and complete tutorial on eToro
Other Options for Buying Algorand
Given the popularity of the Algorand project, its ALGO token is obviously available on many other platforms, such as Bitpanda, FTX or Binance.
These platforms have their own characteristics, whether in terms of ergonomics or prices. Some like Binance offer additional services such as stakingwhich allows investors to collect passive income with Algorand crypto.
You can transfer your ALGO tokens even if you bought them on eToro to take advantage of this type of service on another platform like Binance. Note, however, that Bitpanda only allows you to trade ALGO, it is not possible to deposit or withdraw this cryptocurrency from the platform.
Overview of the Algorand Blockchain
The Algorand blockchain is a smart contract platform, like Ethereum and BNB Chain, which aims to solve the famous blockchain trilemma. This is a theory that states that a blockchain cannot achieve a high level of security, decentralization and scalability at the same time.
To try to solve this trilemma, the Algorand blockchain relies on the Pure Proof of Stakeor pure proof of stake, to secure its network, as well as on an on-chain governance system.
Concretely, users are chosen randomly to participate in the production of a block. The more ALGO tokens a user has, the more likely they are to be chosen. A committee of voters validates the block thus created with 66.66% of the votes.
The Algorand network has two types of nodes: relay nodeswhich maintain connections with other nodes, and participant nodes, essentially connected to relay nodes. Anyone can create a node from home to participate in the network. Thus the relay nodes of the Algorand blockchain are distributed throughout the world, which offers a high level of security in Algorand.
Finally, the Algorand blockchain is capable of processing 6,000 transactions per second with a transaction finality of around 3.7 seconds. The native token of the Algorand blockchain is ALGO.
👉 Want to know more about Algorand (ALGO)? Find our detailed analysis on the Algorand blockchain
Buying Algorand in 2022, an interesting investment?
The ALGO token is valued at $2.2 billion at the time of writing these lines. It is one of the most valuable layer 1 blockchain tokens on the cryptocurrency market, close to NEAR Protocol.
Algorand Logo (ALGO), by Cryptoast
The price of the ALGO token has fallen by around 85% since its peak in 2021, partly because of the bear market we are going through and which has affected all cryptocurrencies. It should then be asked whether buying Algorand is still relevant in 2022.
At the level of its activity in 2022, we can observe that a major partnership has been concluded with FIFA. Indeed, Algorand is the official FIFA blockchain and a European and North American sponsor for the 2022 FIFA World Cup.
In July 2022, the Algorand teams unveiled a report calling on policymakers to consider their blockchain to create central bank digital currencies (MNBC). However, other competitors like Ethereum could be considered, if a central bank is indeed turning to blockchains for the creation of MNBC.
At the level of its on-chain activity, we observe organic growth of its total locked value (TVL) in decentralized finance despite the ongoing bear market.
From 90 million (end of 2021) to 330 million dollars at the time of writing these lines (October 2022), this growth is driven by AlgofiAlgorand’s DeFi hub, and Folk Financea lending protocol on the Algorand blockchain.
Whatever, we suggest you conduct your own research on the Algorand project to determine for yourself whether buying ALGO is worthwhile in 2022.
FAQ: frequently asked questions about Algorand
What is the date of creation of Algorand?
The Algorand project has accumulated $126 million in funding between private sales in 2018 and its Initial Coin Offering (ICO) in 2019. Its mainnet was deployed in June 2019.
The ALGO token, what can it be used for?
The ALGO is a utility and governance token. It allows to participate in the consensus and to secure the network with staking, and to vote on the proposals for the evolution of the protocol. It is also used to pay for costs related to the Algorand network, such as transaction fees and the execution of smart contracts.
How to follow the course and price of Algorand?
Our ALGO price tracker page is your best tool to keep up to date with the course of the Algorand whether in dollars or euros. Other interesting information is compiled there such as the price chart, market capitalization and spot trading volume of the last 24 hours.
Protecting your ALGO tokens, explanations
After purchasing your ALGO tokens, you may want to know how to protect them. To do this, nothing could be simpler, you just need to store them on a digital wallet that supports the Algorand network like MyAlgo Wallet.
For more security, you can go to the Ledger physical walletswhich provide a higher level of protection for your ALGO tokens.
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