What’s the cheapest place where you can buy Algorand (ALGO) in the UK?
In this quick guide, I’m going to walk through the best places (that I’m aware of) where you can buy ALGO with GBP in the UK.
Best Ways to Buy Algorand (ALGO) in the UK
Here’s a quick overview of the best places where you can buy Algorand (ALGO) in the UK.
|Binance||UK Bank Transfer||Up to 0.10%|
|Kraken||UK Bank Transfer||Up to 0.26%|
|Coinbase Pro||UK Bank Transfer||Up to 0.50%|
|CoinJar||UK Bank Transfer||1%|
|Crypto.com App||UK Bank Transfer||Variable|
|BC Bitcoin||UK Bank Transfer||3% (Exclusive Discount)|
Each of these places has Faster Payments (FPS) support. After your first transfer to them, this means that GBP deposits should be credited quite quickly. In some cases, just minutes.
The cheapest place that allows you to use a credit or debit card to buy Algorand (ALGO) is Binance. It’s currently charging a fee of 1.8% to deposit GBP with a card.
The second cheapest place where you can buy Algorand (ALGO) and more than 100 other cryptocurrencies with a credit or debit card is the Crypto.com app. In the UK, you’ll be charged a fixed fee of 2.99%. However, the prices you’re quoted will be above the real exchange rate (which varies day-to-day).
Most other places that I’ve checked will charge around 4% (or more) in fees to use a credit or debit card to buy Algorand (ALGO) and other cryptocurrencies.
But keep in mind: If you use a credit card to deposit funds or buy a cryptocurrency, it’ll usually be considered a cash advance. This means you’ll be usually be charged extra fees by the company that issues your card.
How to Buy Algorand UK
1. Cryptocurrency Exchanges
Each of these cryptocurrency exchanges allows you to deposit GBP with a UK bank transfer (without any charge). Because they all support Faster Payments, I’ve found that the GBP I send to any of them is quickly credited (within 10-15 minutes).
Here are the trading fees that each of them charges:
|Provider||Fees: Maker||Fees: Taker|
|Binance||Up to 0.10%||Up to 0.10%|
|Kraken||Up to 0.16%||Up to 0.26%|
|Coinbase Pro||Up to 0.50%||Up to 0.50%|
With Binance, you’re also able to easily unlock a 25% fee discount if you use Binance Coin (BNB) to pay your trading fees.
While Binance is the cheapest of the three, you’re not able to buy Algorand (ALGO) directly using GBP on its platform. This means you’ll have to convert your GBP into another cryptocurrency which can be exchanged for Algorand (ALGO).
To find out more about everything that Binance offers, check out my Binance review. It’s becoming more than just a place to buy and sell cryptocurrencies.
CoinJar allows you to buy, sell, and store Algorand (ALGO) and 23 other cryptocurrencies.
The mobile app and web interface are great. They’re both clean, simple, and intuitive – which makes it easy to buy and sell a growing number of cryptocurrencies. This includes Litecoin (LTC), Compound (COMP), Basic Attention Token (BAT), and more.
You can only transfer GBP to CoinJar using a UK bank transfer. After my initial transfer, deposits from the same bank account have been credited within minutes to my CoinJar account.
CoinJar charges a fixed fee of 1% when you buy or sell any supported cryptocurrency. The prices you’re quoted might be a little higher than what you’d get on a cryptocurrency exchange, though. This varies day-to-day, but it has been quite marginal whenever I’ve checked.CoinJar ReviewCoinJar Website
3. BC Bitcoin
BC Bitcoin is a highly-rated UK-based cryptocurrency brokerage that was founded in October 2017.
You can send funds to BC Bitcoin using a UK bank transfer (via Faster Payments), credit/debit card, or a SEPA bank transfer.
The cheapest option is a UK bank transfer. Because BC Bitcoin utilises Faster Payments, they should receive any GBP you transfer using a UK bank transfer quickly. If nothing goes wrong, they’ll send the coins over within about 10-15 minutes.
You’ll usually be charged 5% in fees if you buy Algorand (ALGO) using a UK bank transfer with BC Bitcoin. However, register using our exclusive sign-up portal and you’ll be charged a lower rate of 3%. You’ll get this lower rate if you want to buy other cryptocurrencies using BC Bitcoin too.
The minimum order value is £250 – which is higher than most other places. However, you can order multiple cryptocurrencies at the same time if you reach out to them via live chat or over the phone.BC Bitcoin ReviewGet Exclusive Discount
Thanks for checking out this guide about how to buy Algorand (ALGO) in the UK!
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