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 or Bitcoin to an Exchange Your Bitcoin or Ethereum has to be sent over to an Crypto Trader now. Every exchange has a deposit form that is similar. Algorand (ALGO) is available on Binance, so we will use that as an example. Not sure on how to send Coinbase funds to an Crypto Exchange? (Just follow this guide) Make sure you've selected the exact coin you wish to deposit. Bitcoin must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etcetera. In the case you are dealing with a decentralized exchange, like Airswap or DDEX could be opposed (Follow our how-to).
Step 3 – Locate Algorand (ALGO) Once your deposit has been verified, you'll immediately have access to your finances and you can commence buying and trading. To invest in Algorand (ALGO) on Binance, you'll want to go to the ”Exchange” tab and after that mouse click on “Basic”. To locate Algorand (ALGO), you will need to insert the short name of the asset (ALGO) into the search box, which is marked in the image. Make sure you have selected the right pairing, we have highlighted this also. Click on “ALGO/BTC” to proceed.
Step 4 – Buy Algorand (ALGO) After you've found Algorand (ALGO), you will be presented with a Price Chart (in the Center of the image) and some Order Books (Leftside of the image). Next we're going to create our own Limit Order. The field with the “Price” tag will be filled automatically with the most latest rate Algorand (ALGO) was sold for. This can be changed to your favoured price. The ”Amount” field is the amount of ALGO you wish to buy. The field with the “Total” tag is the whole price in Bitcoin that you'll settle for the complete quantity of ALGO. When you're glad, click on “Buy ALGO”. Your plan will be filled as soon as a Vendor trades their ALGO for the price you offered.
Step 5 – Withdraw Algorand (ALGO) Unless you are regularly trading, never keep your crypto on an Crypto Trader for an extensive time period. To withdraw your Algorand (ALGO), go to the tab called “Funds” and click on “Withdraw”. Algorand (ALGO) can be safely stored using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide) Find Algorand (ALGO) by using the provided drop-down box. Enter the volumen of Algorand (ALGO) you would like to take off. Don't forget the demonstrated fees/minimums. Also make sure you have filled your correct withdraw address. If you're satisfied, make a mouse click on “Submit”. You could be asked for verfication via phone/email before a take off.
Kudos! You've successfully bought and safed Algorand (ALGO).That's it! Take offs from Crypto Exchange can take between 1 – 30 minutes (rely on usage of the network). As soon as you've confirmed your withdrawal with Ethplorer.io or Etherscan.io and the (ALGO) Algorand is stored inside your wallet, you are finished.
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