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 Bitcoin (BTC) or Ethereum (ETH) to an Cryptocurrency Exchange Your BTC (Bitcoin) or ETH (Ethereum) has to be sent over to an Exchange now. Every exchange has a deposit form that is similar. Algorand (ALGO) is obtainable on Binance, so we're going to 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 would like to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etcetera. In the case you're dealing with a decentralized exchange, such as Airswap or DDEX could be opposed (Follow our manual).
Step 3 – Find Algorand (ALGO) Once your deposit has been affirmed, you'll immediately have access to your funds and you can initiate buying and trading. To invest in Algorand (ALGO) on Binance, you will want to go to the ”Exchange” tab and after that click on “Basic”. To spot Algorand (ALGO), you'll need to put the short name of the asset (ALGO) into the search-box, which is marked in the image. Make sure you have selected the correct grouping, we've highlighted this too. Click on “ALGO/BTC” to proceed.
Step 4 – Buy Algorand (ALGO) As soon as you have found Algorand (ALGO), you'll be given a Chart with Prices (in the Center of the image) and some Order Books (Leftside of the picture). And now we're going to create our own Limit Order. The field with the “Price” tag will be filled with the most recent tariff Algorand (ALGO) was traded for. You can change this to your preferred price. The field with the “Amount” tag is the amount of ALGO you like to buy. The ”Total” field is the aggregated price in Bitcoin that you'll settle for the whole quantity of ALGO. When you are 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 are regularly trading, best advise is not to keep coins on an Crypto Trader for an longer time period. To take off your Algorand (ALGO), hover over the ”Funds” tab and click on “Withdraw”. Algorand (ALGO) can be stored securely using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate Algorand (ALGO) by using the given drop-down box. Drop in the volumen of Algorand (ALGO) you'd like to withdraw. Don't forget the displayed fees/minimums. Also make sure you have entered your right withdraw address. If you're satisfied, make a mouse click on “Submit”. You could be requested for verfication via phone/email ahead of a withdrawal.