What is Algorand (ALGO)?
Algorand is a decentralized financial network and cryptocurrency platform. Designed for low environmental impact, its pure proof-of-stake (PPoS) consensus mechanism enables high transaction speeds and instant settlement, without sacrificing security or decentralization. Algorand nodes reach consensus about what should appear in the blockchain through this PPoS consensus based on a staking system (instead of a Proof of Work mining system like Bitcoin’s) to verify new transactions and produce new crypto tokens. The ALGO cryptocurrency is used to participate in transaction processing and network governance. You can buy and sell ALGO for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade ALGO for BTC the same way you trade CAD for USD. You can also trade ALGO to CAD based on the ALGO price. To learn how to buy Algorand / ALGO, scroll down to see how to buy Algorand.
How to buy Algorand (ALGO)?
Here's how to buy Algorand on Coinsquare
To buy Algorand, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying ALGO. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select ALGO from the list on the trade section
Coinsquare lets you trade ALGO without leaving the app. You can also check the Algorand price and convert ALGO to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the ALGO price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Algorand (ALGO)
Congratulations! You’re now the proud owner of ALGO. You can either HODL or use it to exchange ALGO to CAD.
Where do I keep my Algorand (ALGO)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. We’re constantly organizing funds to ensure our customers trade instantly and securely. There are different storage options available for your cryptocurrency, your choice should ultimately be the one that suits your needs. Mobile and web wallets can make transactions easy as the currencies are accessible directly from your phone or device, whereas hardware wallets are best suited for secure, long-term storage as they eliminate the vulnerability found in online environments.
Ready to add Algorand (ALGO) to your portfolio?
Create your account, fund it with spare change and get a little bit of ALGO.
