A Step-by-Step-Guide on how to buy Algorand (ALGO)
Step 1 – Signup to Kraken You will first need to purchase one of the bigger currencies. Exchanges normally accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for any other Cryptocurrency. Click below to register and to get Bitcoin (BTC) or Ethereum (ETH).
Step 2 – Send Your Ethereum (ETH) or Bitcoin (BTC) to an Crypto Trader Your Ethereum or Bitcoin will need to be sent over to an Cryptocurrency Exchange now. All exchanges have a deposit form that is similar. Algorand (ALGO) is available on Binance, so we will use that as an sample. Not sure on how to send Coinbase funds to an Crypto Trader? (Follow this guide) Make sure you have selected the precise coin you wish to deposit. Bitcoin must be sent to a BTC deposit address, Ethereum to an ETH deposit address, and so on. In the case you are using a decentralized exchange, such as Airswap or DDEX could be different (Follow our manual).
Step 3 – Find Algorand (ALGO) As soon as your deposit has been approved, you'll directly have access to your finances and you can commence buying and trading. To buy Algorand (ALGO) on Binance, you will want to go to the ”Exchange” tab and after that click on “Basic”. In order to locate Algorand (ALGO), you'll need to insert the cointype (ALGO) into the search-box, which is highlighted in the picture. Make sure you have selected the proper pairing, we've highlighted this also. Click on “ALGO/BTC” to go on.
Step 4 – Purchase Algorand (ALGO) After you have found Algorand (ALGO), you'll be given a Chart with Prices (in the Center of the image) and a few Order Books (on the Left of the image). For now we're going to make our own Limit Order. The ”Price” field will be filled automatically with the most recent tariff Algorand (ALGO) was sold for. You can change this to your favoured price. The ”Amount” field is the amount of ALGO you wish to buy. The field with the “Total” tag is the total price in Bitcoin that you'll settle for the whole amount of ALGO. When you're happy, click on “Buy ALGO”. Your order will be filled when a Seller trades their ALGO for the price you introduced.
Step 5 – Withdraw Algorand (ALGO) Unless you're frequently trading, best advise is not to keep crypto on an Exchange for an longer time frame. To take off your Algorand (ALGO), go to the tab called “Funds” and click on “Withdraw”. Algorand (ALGO) can be stored safely using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate Algorand (ALGO) by using the given drop-down box. Put into the amount of Algorand (ALGO) you'd like to take off. Don't forget the displayed minimus/fees. Also make sure you have entered your right withdraw address. If you are glad, click “Submit”. You could be asked for email/phone verification ahead of a withdrawal.
Kudos! You've successfully bought and stored Algorand (ALGO).That's it! Withdrawals from Crypto Exchange can take between 1 – 30 minutes (depending on network usage). Once you have proved your take off using Ethplorer.io or Etherscan.io and the (ALGO) Algorand is safe in your wallet, you're all done.
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