Do you want to buy Algorand but feel lost on how to proceed? Don’t panic, this detailed tutorial will help you at every stage to easily buy ALGO with eToro, a regulated platform in France.
Where to acquire cryptocurrencies Algorand?
The first thing to do if you want buy Algorand is the platform you will do this on. There are many of them and you can make this choice based on certain criteria that are important to you. This can relate to the costs of purchasing or withdrawing the ALGO token, the reputation of the platform or its ease of use.
If this is your first cryptocurrency purchase, then ergonomics should be the main criterion to buy Algorand crypto without encountering obstacles.
Thereby, we recommend you to use the eToro crypto broker 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 thanks to its intuitive interface.
To help you in your choice, we have compiled the table below of the most popular exchanges that allow you to buy Algorand cryptocurrencies.
Buy Algorand, detailed tutorial with the eToro crypto broker
Follow this step by step tutorial to purchase ALGO in 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 which is used to evaluate your investment experience. Now you need to complete Identity Verification (KYC), as required by the financial regulator.
Then bring your ID, your social security 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 purchase Algorand ! Start by depositing euro funds into your eToro wallet by clicking on ” Make a deposit »In the center of the dashboard:
Here you can choose whether to opt for payment by credit card or by bank transfer. Please note that the fees are the same regardless of the deposit method. However, the minimum deposit amount by bank transfer is 500 euros.
Enter the amount of your investment (500 euros in our example) and fill in the necessary fields. Then click ” To deposit »:
Note that your Euros are automatically converted to US Dollars (USD) after your deposit. Now you just have to search ” Algorand ” Where is it ” ALGO “at the top of the page. Click on” Invest »:
Finally, enter the dollar amount ($ 100 in our example) you would like to invest in the Algorand crypto, then click ” Invest “.
Congratulations! That was easy enough and now you have ALGO tokens! You can do whatever you want with them, for example send them to an external wallet.
👉 Do you need more detailed explanations? here is ours full eToro review and tutorial
Other options for purchasing 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, both in terms of ergonomics and price. Some like Binance’s offering additional services such as stakingwhich allows investors to collect passive income with Algorand crypto.
You can transfer your ALGO tokens even if you have purchased them on eToro to take advantage of this type of service on another platform such as Binance. Note, however, that Bitpanda only allows you to trade with ALGO, it is not possible to deposit or withdraw this cryptocurrency from the platform.
Overview of the Blockchain Algorand
The Algorand blockchain is a smart contract platform, such as 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 Pure proof of participationor pure proof of participation, to protect its network, as well as on an on-chain governance system.
Concretely, users are chosen randomly participate in the production of a block. The more ALGO tokens a user has, the more likely they are to be chosen. A commission of electors validates the block thus created with 66.66% of the votes.
The Algorand network has two types of nodes: forwarding nodeswhich maintains connections with other nodes, e participating nodes, essentially connected to forwarding nodes. Anyone can create a home node to join the network. Thus the forwarding nodes of the Algorand blockchain are distributed all over the world, which it offers a high level of security in Algorand.
In the end, the Algorand blockchain is capable of processing 6,000 transactions per second with a transaction purpose of approximately 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 worth $ 2.2 billion at the time of writing these lines. It is one of the most valuable level 1 blockchain tokens on the cryptocurrency market, close to the NEAR protocol.
Algorand (ALGO) logo, by Cryptoast
The price of the ALGO token has dropped by about 85% since its peak in 2021, also due to the bear market we are experiencing and which has hit all cryptocurrencies. One should therefore ask whether the purchase of Algorand is still relevant in 2022.
At the level of its activity in 2022, we can observe that an important partnership with FIFA has been concluded. In fact, 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 were presented a report calling on policy makers to consider their blockchain to create central bank digital currencies (MNBC). However, other competitors such as Ethereum could be considered, if a central bank really turns to blockchains for the creation of MNBC.
At the level of its chain activity, we observe organic growth of its total value blocked (TVL) in decentralized finance despite the ongoing bear market.
From $ 90 million (end of 2021) to $ 330 million at the time of writing (October 2022), this growth is driven by AlgofiAlgorand’s DeFi hub e Popular financea loan protocol on the Algorand blockchain.
Whatever, we suggest that you conduct your research on the Algorand project to determine for yourself whether the purchase of ALGO is worth it in 2022.
FAQ: Frequently asked questions about Algorand
What is the date of creation of Algorand?
The Algorand project amassed $ 126 million in funding between private sales in 2018 and its Initial Coin Offering (ICO) in 2019. Its core network was rolled out in June 2019.
The ALGO token, what is it for?
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 Algorand course and price?
Note on the ALGO price tracking page is your best tool to keep up to date with the course of the Algorand both in dollars and euros. Other interesting information is gathered there such as the price chart, market cap and spot trading volume of the last 24 hours.
Protection of your ALGO tokens, explanations
After purchasing your ALGO tokens, you may want to know how to protect them. To do this nothing simpler, just save them on a digital wallet that supports the Algorand network like MyAlgo wallet.
For more safety, you can go up Physical Ledger walletswhich provide a higher level of protection for your ALGO tokens.
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