A Step-by-Step-Guide on how to buy Algorand (ALGO)
Step 1 – Signup to CEX.io You'll first need to buy units of the top-tier currencies. Exchanges commonly accept either BTC (Bitcoin) or ETH (Ethereum) in exchange for any other Cryptocurrency. Follow the Link below for registration and to get your BTC (Bitcoin) or ETH (Ethereum).
Step 2 – Transmit Your BTC (Bitcoin) or ETH (Ethereum) to an Crypto Exchange Your Bitcoin or Ethereum has to be sent over to an Crypto Exchange now. All exchanges have a deposit form that is identical. Algorand (ALGO) is obtainable on Binance, so we will use that as an example. Not sure on how to send Coinbase funds to an Crypto Exchange? (Follow this manual) Make sure you have chosen the right coin you wish to deposit. Bitcoin must be sent to a Bitcoin deposit address, ETH to an ETH deposit address, etcetera. In the case you are using a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our guide).
Step 3 – Find Algorand (ALGO) As soon as your deposit has been affirmed, you'll directly have access to your funds and you can initiate buying and trading. To purchase Algorand (ALGO) on Binance, you'll want to hover over the tab which is called “Exchange” and then click on “Basic”. In order to locate Algorand (ALGO), you'll need to insert the short name of the asset (ALGO) into the search-box, which is highlighted in the picture. Make sure you have choosen the right grouping, we've highlighted this also. Click on “ALGO/BTC” to proceed.
Step 4 – Purchasing Algorand (ALGO) Once you have spotted Algorand (ALGO), you will be presented with a Price Chart (in the Center of the image) and some Order Books (Leftside of the image). Next we are creating our Limit Order. The field with the “Price” tag will be filled with the up-to-date tariff Algorand (ALGO) was traded for. You can change this to your preferred price. The field with the “Amount” tag is the amount of ALGO you wish to buy. The field with the “Total” tag is the aggregated price in Bitcoin that you will pay for the complete amount of ALGO. If you're satisfied, make a mouse click on “Buy ALGO”. Your plan will be filled when a Vender trades their ALGO for the price you gave.
Step 5 – Withdraw Algorand (ALGO) Unless you're regularly trading, best advise is not to keep your coins on an Cryptocurrency Exchange for an extensive period of time. In order to withdraw your Algorand (ALGO), hover over the tab called “Funds” and click on “Withdraw”. Algorand (ALGO) can be safely stored using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide) Locate Algorand (ALGO) by using the given drop-down box. Drop in the amount of Algorand (ALGO) you'd wish to withdraw. Take into account the demonstrated fees/minimums. Also make sure you have filled your precise withdraw address. If you're happy, make a mouse click on “Submit”. You may be asked for verfication via phone/email ahead of a withdrawal.