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 – Transfer Your Ethereum or Bitcoin to an Crypto Exchange Your Ethereum or Bitcoin has to be sent over to an Crypto Exchange now. Every exchange has a deposit form that is alike. Algorand (ALGO) is accessible on Binance, so we will use that as an sample. Not sure on how to send funds from Coinbase to an Crypto Exchange? (Follow this manual) Make sure you have chosen the right coin you want to deposit. Bitcoin must be sent to a Bitcoin deposit address, Ethereum to an Ethereum deposit address, etcetera. If you're dealing with a decentralized exchange, such as Airswap or DDEX could be different (Follow our how-to).
Step 3 – Locate Algorand (ALGO) As soon as your deposit has been approved, you'll now have access to your assets and you can launch buying and trading. To purchase Algorand (ALGO) on Binance, you'll want to go to the ”Exchange” tab and then mouse click on “Basic”. To locate Algorand (ALGO), you'll need to put the cointype (ALGO) into the search-box, which is highlighted in the graphic. Be certain of having selected the right pairing, we have highlighted this too. Click on “ALGO/BTC” to go ahead.
Step 4 – Buy Algorand (ALGO) After you've spotted Algorand (ALGO), you'll be presented with a Chart with Prices (in the Center of the image) and some Order Books (Leftside of the image). And now we are going to make our own Limit Order. The field with the “Price” tag will be filled automatically with the most recent rate Algorand (ALGO) was sold for. This can be changed to your desired rate. The field with the “Amount” tag is the quantity of ALGO you wish to buy. The field with the “Total” tag is the whole price in Bitcoin that you'll settle for the whole quantity of ALGO. If you're glad, click on “Buy ALGO”. Your plan will be filled as soon as a Vender sells their ALGO for the price you gave.
Step 5 – Withdraw Algorand (ALGO) Unless you are regularly trading, you should never keepyour crypto coins on an Exchange for an longer period of time. In order to withdraw your Algorand (ALGO), hover over the ”Funds” tab and mouse click on “Withdraw”. Algorand (ALGO) can be securely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate Algorand (ALGO) by using the provided drop-down box. Enter the volumen of Algorand (ALGO) you'd like to withdraw. Don't forget the demonstrated minimus/fees. Also make sure you have filled your correct withdraw address. If you are happy, make a mouse click on “Submit”. You could be requested for email/phone verification ahead of a withdrawal.