Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Algorand. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent amount of reliable and regulated crypto trading platforms, so it’s quite easy finding an exchange that has Algorand. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Algorand in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Algorand in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Algorand, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Algorand.
Also, check out our comparison of the best bitcoin trading platforms in Australia if you’re curious to know more about which ones we would recommend.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy Algorand, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy Algorand
The final step is to go to their asset list, find Algorand, navigate to the buy section, and then trade your AUD for some ALGO. Once you’ve bought Algorand, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy Algorand (ALGO)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.
How to Sell Algorand
If you’re thinking about selling Algorand, just follow the steps below.
- Sign in to the crypto exchange (like Swyftx).
- Click on Algorand in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell Algorand for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Algorand in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy Algorand with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Algorand. Have a look on their site first, you might be lucky.
How to buy Algorand with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Algorand with your credit/debit card.
Algorand is a network that uses blockchain technology to support a wide range of applications. It is decentralized and self-sustaining. These systems possess all the essential properties necessary for real-world applications. They are reliable, scalable, efficient, and secure. Algorand supports computations which require reliable performance guarantees to build trust.
Algorand's mainnet, which was launched in June 2019, was capable of processing almost one million transactions per hour by December 2020. Here are the Algorand transaction statistics. Algorand's initial coin offer (ICO) was held June 2019, at a cost of $2.4 per token.
Algorand was designed to increase efficiency and speed up transactions in response to the slow transaction times of Bitcoin and other blockchains. Algorand does not require mining and has lower transaction fees than Bitcoin. It uses a permissionless proof of stake (PoS) blockchain protocol.
The Algorand Foundation announced a grant of $10M for Applied Blockchain in order to build the London Bridge. The trustless bridge will allow Ethereum compatibility to Algorand Blockchain. Algorand has struggled to attract liquidity into its ecosystem, despite promises of low cost transactions, low latency and high scaling. Algorand will be able connect to Ethereum's most robust DApp ecosystem, and attract more liquidity through a bridge to it. Algorand Foundation wants to verify other chains using AlograndaEUR(tm). Incorporating state proofs in the form of Compact Certificates into the Algorand Consensus will enable this. The ultimate goal of the foundation is to consolidate Algorand's DeFi ecosystem.