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.
| Provider | Payment Method | Fees |
|---|---|---|
| Kraken | UK Bank Transfer | Up to 0.26% |
| Coinbase (Advanced) | UK Bank Transfer | Up to 0.60% |
| CoinJar | UK Bank Transfer | 1% |
| CoinJar | Credit & Debit Card | 2% |
| Crypto.com App | UK Bank Transfer | Variable |
| BC Bitcoin | UK Bank Transfer | 5% |
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 CoinJar. It’s currently charging a fee of 2% to instantly buy Algorand (ALGO) and 20+ other cryptocurrencies with a credit or debit card.
The second cheapest place where you can buy Algorand (ALGO) and more than 250 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
You’re able to buy Algorand (ALGO) on two of the best cryptocurrency exchanges available in the UK – Coinbase (Advanced) and Kraken.
Both of these cryptocurrency exchanges allows you to deposit GBP with a UK bank transfer (without any charge). Because each of them supports Faster Payments (FPS), 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 |
|---|---|---|
| Kraken | Up to 0.16% | Up to 0.26% |
| Coinbase (Advanced) | Up to 0.40% | Up to 0.60% |
You can buy Algorand (ALGO) directly with GBP using both of these cryptocurrency exchanges. This means you don’t have to faff around with converting your GBP into another cryptocurrency that can be exchanged for it Algorand (ALGO).
But FYI: to get these fees on Coinbase, you MUST toggle the Advanced UI. If you don’t do this, then you’ll pay Coinbase’s standard fees (which are much higher).
To find out more about which option is right for you, check out:
- Coinbase’s website, or my Coinbase review.
- Kraken’s website, or my Kraken review.
2. CoinJar
CoinJar allows you to buy, sell, and store Algorand (ALGO) and 50+ other cryptocurrencies (with more added all the time).
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 deposit GBP into CoinJar using a UK bank transfer, or instantly buy any supported cryptocurrency with a credit or debit card. You’ll be charged a fixed fee of 1% when you buy Algorand (ALGO) or another cryptocurrency with your cash balance, or 2% if you use a debit or credit card to make the purchase.
The prices you’re quoted on CoinJar might be a little higher than what you’d get on a cryptocurrency exchange. This varies day-to-day, but it has been quite marginal whenever I’ve checked.
Although buying Algorand (ALGO) with a debit or credit card is undoubtedly more convenient, I’ve consistently found that (after my initial transfer) deposits I’ve made using a UK bank transfer from the same bank account have been credited within minutes to my CoinJar account.
3. BC Bitcoin
BC Bitcoin is a highly-rated cryptocurrency brokerage that was founded in October 2017.
It allows you to buy Algorand (ALGO) and almost ANY other cryptoasset that you might want. The main exceptions to this are privacy-focused cryptocurrencies like Monero (XMR) or Zcash (ZEC).
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. You’ll get charged a lower rate of 4% if you buy more than £5000 at a time.
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 WebsiteBC Bitcoin Review
What is Algorand (ALGO)?
Algorand is a third-generation blockchain-based cryptocurrency designed to be secure, scalable, and decentralized.
Quick Facts:
- Developed by renowned computer scientist Silvio Micali in 2019.
- Top 25 cryptocurrency based on market cap.
- Total supply of 10 billion tokens.
- Highly scalable (capable of processing over 1,000 TPS).
- Roughly 1 million network transactions per day.
- Network transaction costs as low as .001 ALGOs.
- Fast transaction times (block finalization speeds of <5 seconds)
- Designed to never be forked.
The network’s native token is called Algo (ALGO) and 7 billion tokens are currently in circulation. ALGO has a total supply of 10 billion and the remaining tokens will come into circulation via staking rewards.
The project was started by MIT professor Silvio Micali, who developed Algorand as a proposed solution to the blockchain trilemma.
The blockchain trilemma states that any given blockchain platform cannot be secure, scalable, and decentralized all at the same time. For example, if you want fast transactions, you must give up security. If you want fast and secured transactions, you must sacrifice decentralization.
Algorand aims to solve this issue through its Pure Proof of Stake (PPOs) consensus protocol.
This allows the Algorand network to process over 1,000 transactions per second (TPS). By comparison, the Ethereum network only processes around 20 TPS.
On top of this, Algorand (ALGO) doesn’t require a minimum number of staked ALGO coins to participate in block validation. By contrast, Ethereum (ETH) requires users to stake a minimum of 32 ETH tokens if they wish to participate. The idea behind this is to help the Algorand network be more decentralized.
Lastly, Algorand is designed to never fork, meaning data can never be removed from the blockchain.
Here’s a look at how Algorand (ALGO) and its Pure Proof of Work protocol works:
Algorand’s main competitors are other highly scalable blockchain platforms with fast transaction times. Notable names include:
- Solana (SOL)
- Cardano (ADA)
- Tezos (XTZ)
- Hedera Hashgraph (HBAR)
Some examples of real-world use cases for the Algorand network might include:
- Escrow services
- Processing loans and loan payments
- Crowdfunding
- Voting
- Tokenization of new and existing assets
- Subscription services
- DeFi
Scalability refers to how well a particular piece of software functions under an increased workload.
Networks like Bitcoin (BTC) and Ethereum (ETH) have become slower and more expensive to use as more and more demand for block space has been placed on them.
Other cryptocurrencies, like Algorand, are able to handle many more transactions at the same time.
Algorand’s has both layer 1 smart contract and layer 2 off-chain capabilities. To learn more about the functionality offered by Algorand (ALGO), read here.
The Algorand blockchain requires only 1 network confirmation.
Best Algorand (ALGO) Wallets
While keeping your Algorand on a centralized exchange may be convenient (especially for conducting fast trades), doing so doesn’t give you ownership of the private keys.
Because of this, most crypto-enthusiasts move their coins to a compatible wallet for long-term storage.
The Algorand foundation currently recommends two wallets:
- Algorand Official Wallet: Perhaps the most popular option among ALGO holders, the official wallet comes as a mobile app and is available on iOS, Android, and Android APK. The interface is simple, easy to use, and allows users to earn interest on their ALGO just by holding it in the wallet.
- myAlgoWallet: myAlgoWallet is a browser-based wallet developed by randlabs.io, a firm dedicated to developing technology for the Algorand (ALGO) blockchain. The wallet is easy to use and – like the official Algorand wallet – automatically generates rewards just for holding ALGO.
MyAlgoWallet can facilitate simple swaps between ALGO and other cryptocurrencies and can even interact with hardware wallets like the Ledger Nano S.
Other hot wallet options include:
- Trust Wallet: Trust Wallet was developed by Binance and has proven to be one of the most popular personal wallets for holding cryptocurrency. The wallet can also be used for storing NFTs and several non ERC-20 tokens – ALGO included.
- Atomic Wallet: Along with an easy-to-use interface, Atomic Wallet provides real-time market data and several staking options. The wallet supports over 300 coins and tokens and allows users to make card purchases straight from the app.
- Guarda Wallet: Guarda supports over 50 major blockchains including the Algorand network. Additionally, it’s one of the few wallets that features a well-developed borrowing platform. Staking options are also available.
For cold wallet options:
- Ledger Nano X: The Nano X model also supports over 1800 coins and is one of the most popular hardware wallets on the market. The wallet’s companion app, Ledge Live, also works with Algorand (ALGO).
- Ledger Nano S: The Nano S model also supports the Algorand network but is considerably less expensive than the Nano X model.
No. Although over 100 different blockchain networks can be added to MetaMask, Algorand is not one of them.
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