How to buy ALGO (Algorand) in Australia

Dominic Harper // May 14 // 0 Comments

Key Takeaways

  • Algorand (ALGO) is a decentralized blockchain network and cryptocurrency known for its speed and advanced capabilities.
  • ALGO offers advantages over other blockchains, including lower transaction fees and faster transaction speed compared to Ethereum.
  • To buy ALGO in Australia, choose a reputable and secure crypto exchange like CoinSpot, which supports over 370 cryptocurrencies.
  • Follow these steps: sign up with a crypto exchange, verify your account, deposit funds, go to the buy section, select the amount of ALGO to buy, complete the purchase, and store your ALGO securely in a wallet.

Also referred to as the Ethereum Killer, Algorand is a relatively new decentralised blockchain technology network, with ALGO as its native currency. The idea of Algorand is to mix the good features of well-established currencies such as Bitcoin and Ethereum with improved speed and less computing power necessary to run the system.

The obvious benefits of Algorand are speed and its advanced capabilities. It is fast, decentralised, and low-cost. According to Kristin Boggiano, a co-founder of CrossTower, Algorand is much more cost-effective and faster than most of the other blockchains. Talking about speed, one thing to notice is that the transaction takes about five seconds. Meanwhile, Bitcoin transaction speed is around nine minutes, which makes a significant difference.

According to many experts, Algorand is a token that may negatively affect Ethereum's status. For example, transaction fees on Algorand tend to be much lower and faster, which makes a significant advantage. Compared to Ethereum 2.0, both of these use a proof-of-stake method to list new coins. However, Ethereum requires 32 ethers to participate in the Ethereum network, compared to Algorand which requires only one ALGO coin.

If you believe in the future of Algorand and want to invest in some ALGO now, we will show you how in this easy step-by-step guide.

Where to buy ALGO (Algorand)?

ALGO is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.

In this guide of how to buy ALGO (Algorand), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:

  • Over 370+ different cryptocurrencies supported, including ALGO
  • Most secure and trusted crypto exchange in Australia
  • Largest Australian exchange with more than 2.5 million users
  • Staking on 21 coins
  • Live Chat support
  • NFT marketplace where you can buy NFTs using any cryptocurrency you like

Exchanges where you can buy ALGO

Crypto Exchange
Crypto Exchange
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
BTC, ETH, LTC, XRP, EOS & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 370+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
Included in the spread
0.0%/0.1% for spot, 0.0%/0.01% for futures

How to buy ALGO (Algorand)?

7 easy steps

Buying ALGO (Algorand) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own ALGO in no time.

  1. Sign up with a cryptocurrency exchange
  2. Verify your account
  3. Deposit money into your account
  4. Go to the Buy section in the crypto exchange
  5. Select how much ALGO (Algorand) you want to buy
  6. Buy ALGO (Algorand)
  7. Store your ALGO safely

1. Sign up with a crypto exchange

The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.

To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.

2. Verify your account

After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.

3. Deposit money into your account

Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.

4. Go to the Buy section in your account

Once your money is in your CoinSpot account, you are ready to buy some ALGO (Algorand). Click on Buy/Sell in the menu along the top, then search ALGO. Click on Buy ALGO and you will see the purchase screen, like the screenshot below. The price of ALGO is shown clearly in the middle of the screen. 

5. Select how much ALGO you want to buy

Select how much AUD you want to spend on ALGO, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive. 

6. Buy ALGO (Algorand)

When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some ALGO!

7. Store your ALGO safely

Now that you have made your purchase of ALGO (Algorand) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much ALGO you own, and the value in AUD. You can leave your ALGO in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your ALGO to a personal wallet. You can click here to read about the best crypto wallets for Australians

Frequently Asked Questions

Is buying ALGO (Algorand) legal in Australia?

Yes, it is perfectly legal to buy, sell and own ALGO (Algorand) in Australia.

How to buy ALGO (Algorand) with debit/credit card in Australia?

Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx, or read our full review here first.

Is buying ALGO (Algorand) safe in Australia?

If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy ALGO in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy ALGO (Algorand) using their platform.

How do I buy other crypto in Australia?

If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of ALGO.

About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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