Buy Algorand ALGO

Easily and securely buy Algorand with the best crypto platform in Europe.

  • Lowest trading fees: 0.15%
  • Buy ALGO with iDEAL, Bancontact or SEPA
  • Maximum safety with Proof of Reserves
Algorand ALGO
EUR
ALGO
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What is Algorand (ALGO)?

Algorand is a blockchain that aims to provide a decentralized, scalable, and secure crypto solution. On the platform, you can perform crypto transactions efficiently and securely thanks to the unique consensus model called Pure Proof-of-Stake (PPoS). With this system, transactions can be processed without high energy consumption, unlike Proof-of-Work. This consensus model is similar to the traditional Proof-of-Stake used by Ethereum, but with a major difference: every holder of ALGO coins (the native coin of Algorand) can help validate transactions and add new blocks to the Algorand blockchain.

In a traditional Proof-of-Stake blockchain, users must stake their tokens to contribute to the network. This means that anyone who owns ALGO can contribute to the network in a random way to prevent centralization. The selection is made via a cryptographic lottery, which is extremely fast and efficient.

Since 2022, ALGO also has a governance function. Holders of ALGO can vote on important updates and changes to the network. To vote, users must lock their tokens for three months on external wallets like Ledger, Exodus Wallet, and MyALGO Wallet. In return for their participation, users receive rewards.
Do you want to send ALGO coins to an external wallet? At Finst, we support this option.
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Network information

Name
Algorand
Ticker
ALGO
Network name
Algorand Network
Explorer URL
https://allo.info/

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Buy Algorand with your favorite order type

  • Market order

    Buy Algorand instantly at the best available price. Ideal for quick and easy purchases.

  • Limit order

    Set your maximum price for Algorand. Your order will be executed when your limit price is reached on the market

  • Auto Invest

    Automate your crypto purchases on a daily, weekly, bi-weekly, or monthly basis.

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FAQ

  • How to buy Algorand?

    Follow the steps below to easily and securely buy Algorand.

    1. Sign up

      Create an account with a reputable crypto platform like Finst.

    2. Deposit EUR

      Deposit Euros using payment methods like iDEAL, Bancontact, or SEPA.

    3. Start investing

      Buy Algorand and securely store it on our platform.

  • Can I automatically invest in Algorand on a recurring basis (DCA)?

    Yes, with Auto Invest, you can set up daily, weekly, bi-weekly, or monthly purchases of your favorite crypto using the Dollar Cost Averaging (DCA) strategy. Create your own investment plan and DCA Algorand without any action required or additional fees.

    Do you prefer to store your crypto on your external wallet? At Finst, we have various cryptocurrencies enabled for automatic withdrawals, which are sent straight to your wallet after each recurring purchase.

  • What fees do I need to pay when buying Algorand?

    When you buy Algorand through Finst, you benefit from the most competitive trading fees of 0,15% per transaction.

    Any fees you may encounter when trading crypto are clearly shown for every transaction on our platform.

    It's important to note that network fees are outside of our control, as they are determined by the blockchain networks themselves.

    This means that while network fees may vary depending on the blockchain and current demand, our trading fee remains consistent, helping you better manage your transaction costs.

  • Which order types can I use to buy Algorand?

    At Finst, we support several order types to buy Algorand: Market Order, Limit Order, and Auto Invest (DCA).

    - With a Market Order, you buy Algorand instantly at the best available market price.

    - Do you want to buy Algorand at a lower price? With a Limit Order, you set the maximum price you're willing to pay for Algorand. Your order will be executed once your limit price is reached on the market.

    - Do you want to invest in Algorand without constantly checking the market? With Auto Invest, you can schedule automatic and recurring purchases. Whether you want to buy daily, weekly, bi-weekly, or monthly - you choose the frequency.

  • Can I use limit order to buy Algorand?

    Yes, on our platform, you can easily buy Algorand with a Limit Order. This allows you to set the maximum price you're willing to pay. Your order will be executed once the price of Algorand reaches your limit price or lower.

    A Limit Order is ideal if you want to wait for a better price without constantly monitoring the market.

  • Is it safe to buy Algorand?

    Yes, it is safe to buy Algorand through Finst. We are registered as a Crypto Service Provider (no. R189158) with the Dutch Central Bank (DNB), and we are the first and only Dutch crypto platform that successfully obtained a Proof of Reserves (PoR) from an independent and reputable audit firm (Audit Now). At Finst, your assets are segregated and held on a 1:1 basis, plus reserves.

  • Is it legal to buy Algorand?

    Yes, buying Algorand is legal in Europe. However, we advise you to do your own research before making a purchase.

  • Can I buy Algorand anonymously?

    No, due to laws and regulations, it is not possible to buy Algorand or other cryptocurrencies anonymously on a regulated crypto platform in Europe.

  • Can I buy Algorand with iDEAL?

    Yes, at Finst, you can easily buy Algorand with iDEAL. We also support popular payment methods like SEPA and Bancontact.

  • Do you have to buy one Algorand?

    At Finst, you can start investing in Algorand with as little as €1. For many coins, it is not necessary to buy a whole coin.

  • What are the risks of investing in Algorand?

    Investing in cryptocurrencies like Algorand involves risks of losses. You can lose (part of) your deposit. Before you decide to buy Algorand, it is important to understand the risks.

    Volatility: The price of Algorand can fluctuate significantly. This means that its value can rise and fall quickly.

    No guaranteed profit: Previous price increases do not guarantee future returns. Therefore, only invest money that you can afford to lose.

    External factors: The price of Algorand is influenced by external factors, such as economic conditions and the actions of influential individuals, governments, and institutions. These factors can have a positive or negative impact on the price.

  • How to store Algorand?

    You can securely store your Algorand in your Finst wallet. Some cryptocurrencies also support external wallets, allowing you to send your crypto to your own wallet if desired. We use state-of-the-art security measures to keep you and your crypto safe.

    We work with Fireblocks, one of the most trusted crypto security infrastructure providers, to safely store your Algorand. They make use of Multi-Party Computation (MPC) technology which is an advanced cryptographic technology used to protect your digital assets.

    Additionally, Finst is the first and only Dutch crypto platform that has successfully conducted an extensive Proof of Reserves (PoR) audit. With Finst, your assets are segregated and held on a 1:1 basis, plus reserves.

  • Can I send my Algorand to an external wallet?

    Yes, you can send your Algorand to an external wallet. With Finst, you can easily send your Algorand to a hardware or a software wallet.

  • Can I store Algorand on a hardware wallet?

    Yes, you can store Algorand (ALGO) on hardware wallets such as Ledger or Trezor.

  • Can I send Algorand to an external wallet?

    Yes, you can send Algorand to an external wallet. At Finst, you can easily send your Algorand to a hardware or software wallet.

  • Can I store Algorand on a hardware wallet?

    Yes, you can store Algorand (ALGO) on hardware wallets like Ledger or Trezor.

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How does Algorand (ALGO) work?

Algorand operates using the Pure Proof-of-Stake (PPoS) consensus mechanism. In this system, participants are randomly chosen to validate transactions based on their ALGO holdings. This ensures:

  • Scalability: Algorand can process thousands of transactions per second. A new block is added to the blockchain every 3.3 seconds.
  • Decentralization: Every ALGO holder has a chance to participate in validation without minimum staking requirements.
  • Security: PPoS randomly selects who can validate a block, making the system resistant to malicious attacks and centralization.

Layers of Algorand:
Algorand is a scalable solution, thanks to the use of multiple layers. On top of Algorand's mainnet (core chain) are Layer-1 and Layer-2, each serving a unique purpose:
  • Layer-1: Supports simple decentralized applications (dApps) with fast and efficient smart contracts (ASC1), NFTs, tokens (ASA), and atomic transfers. Everything happens on-chain.
  • Layer-2: Suitable for complex dApps that require more computational power, such as advanced DeFi protocols, interoperability, and scalable applications via off-chain calculations.

In short, the layers work together to ensure both usability and scalability: Layer-1 for simple dApps and Layer-2 for high-computing dApps.

What can you do with ALGO?

ALGO plays an important role within the Algorand ecosystem. Here are some things you can do with it:

  • Transactions: Perform fast and inexpensive transactions. For 0.001 ALGO (less than a cent), a transaction is processed within a second.
  • Governance: ALGO holders can vote on the future of the network. By voting, you earn rewards in ALGO coins.
  • Financial applications: ALGO can be used on DeFi platforms for lending, borrowing, and liquidity provision.
  • NFTs: Create and trade NFTs on the Algorand network. ALGO serves as the payment method on NFT platforms within the ecosystem.
  • dApps and smart contracts: ALGO is used within decentralized applications and smart contracts on Algorand.

Who are the founders of Algorand?

Algorand was founded in 2017 by renowned cryptographer and computer scientist Silvio Micali. He is a professor at the Massachusetts Institute of Technology (MIT) and has received a Turing Award for his work in cryptography. He founded Algorand with the goal of developing a secure blockchain while maintaining the decentralization of the network.
The test network for Algorand was launched in April 2019, followed by the official launch of the mainnet in June 2019.

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