How to buy Algorand (ALGO) from Australia

Nilooka Dissanayake avatar
Written by   |  
David Boyd avatar
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Updated 27 Sep 2022
  • Looking to take a position in Algorand for exposure to DeFi?
  • Learn about where you can buy it online.
  • A full step-by-step guide to taking a position.

Algorand (ALGO) is one of the upcoming crypto projects in the DeFi space and one of the largest cap altcoins.

Read on for more details about where you can buy Algorand in Australia with a full guide to the process.

Not sure which exchange to use?

Where to buy Algorand

Swyftx

On website

Highlights

  • Access over 440 assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi tokens like UniCoin.
  • Choose from multiple payment options, including PayID, OSKO, POLi, and bank transfers for deposits and withdrawals.
  • Learn the basics of crypto trading with Swyftx’s demo mode, allowing risk-free mock trading.

Pros

  • Australian-based platform with AUSTRAC regulation.
  • Access to 440+ crypto assets.
  • Quick customer support—live chat replies within 5 minutes.
  • Integrated tax reporting for easy tracking.
  • Supports trading in AUD, USD, and NZD.

Cons

  • Limited access to advanced trading markets.
  • Trading fees start at 0.6% for regular users, higher than some competitors.
eToro Crypto

On website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
CoinSpot

On website

Highlights

  • Trade a wide variety of over 530 cryptocurrencies, including top options like Bitcoin, Ethereum, and Litecoin, suitable for both beginners and seasoned traders.
  • Simple and intuitive interface for easy navigation and management of your cryptocurrency investments.
  • Focuses on strong security with two-factor authentication (2FA) and cold storage for your digital assets.
  • Based in Australia and fully registered with AUSTRAC for compliance and trust.

Pros

  • Trade at just 0.1% fee and withdraw in AUD for free.
  • Purchase crypto packages (Bundles) in a single transaction.
  • Multiple deposit options with free PayID and Direct Deposit.
  • Access to the CoinSpot NFT Marketplace.
  • User-friendly mobile app for easy trading on the go.
  • Earn $10 in BTC by referring a friend.
  • 24/7 customer support is available.

Cons

  • Margin trading is not available, as it focuses on buying, selling, and swapping a wide range of cryptocurrencies.
  • Fewer selections of cryptocurrencies compared to larger global exchanges.
Cointree

On website

Highlights

  • Buy, sell, and trade on Australia’s best crypto exchange—get $10 BTC after verification. Just use promo code 10BTC.
  • Secure, Safe, & Easy - Trade 280+ cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Dogecoin
  • Crypto investing for your SMSF with detailed ATO-compliant reporting— Get started in 5 minutes

Pros

  • Well-established platform since 2013.
  • Trade easily with Australian dollars.
  • Competitive fees for quick buys and sells.
  • View and copy portfolios of successful traders.
  • Fast and straightforward trading with the Cointree app.
  • 24/7 customer support is available.
  • AUSTRAC regulated for added security.

Cons

  • Account verification can take up to 48 hours.
  • No access to a spot market for direct trading.
  • Maximum trade size is limited to $50,000
Coinstash

On website

Highlights

  • Offers more than 1,100 cryptocurrencies.
  • Very competitive 0.85% trading fee.
  • Registered digital currency exchange under AFSL and AUSTRAC.

Pros

  • Safely buy and sell coins from the DeFi space directly on Coinstash.
  • Has an intuitive and easy-to-use interface.
  • Some of its features include Automatic Purchase and Bundles.
  • Accepts bank transfers, PayID, and Osko deposits.
  • Free and instant deposits & withdrawals.
  • Live chat is in place to give you instant support.

Cons

  • Deposits using credit and debit cards are not available.
  • While the withdrawal limit is set at $100,000, it is still higher than many other exchanges.

First time buying?

How to buy Algorand

Step 1: Choose an exchange that has Algorand listed

Algorand can be bought at a growing number of cryptocurrency exchanges, the most convenient way to buy cryptocurrency.

When comparing exchanges, make sure that the one you want to use supports Alogorand. Normally an exchange maintains a single page that lists all the coins available on their platform.

Other features worth reviewing include trading fees (sometimes a spread, sometimes a set maker and taker fee), whether there are fees to deposit and withdraw fiat currency, account funding options that suit you, if they offer a crypto card for easy access to your account funds, etc.

Step 2: Get verified

When signing up for an account at a crypto exchange, you'll be required to provide personal details such as your name, phone number, and email address, etc.

At most exchanges, you’ll be asked to prove your identity using any valid photo ID like your driver's license or passport. The verification process can take a few minutes. Once your identity is confirmed, you will be able to start trading.

Step 3: Set a budget

It is best only to invest money you can afford to lose. This is particularly true in the case of cryptocurrencies as they are volatile assets.

Step 4: Fund your account

You can deposit funds in your account with a transfer of fiat funds (AUD) from a bank account or debit card. Some exchanges offer additional options for depositing funds like Osko, PayID, PayPal, POLi, Skrill, etc.

If you use a card to deposit funds, you'll most likely be charged a fee. Not all exchanges allow crypto-to-crypto deposits.

Step 5: Buy

Market orders are a good option if you just want to take a position in Algorand quickly and aren't worried about slippage costs. Most exchanges let you set up trigger orders that are executed immediately when Algorand is trading at a defined price.

Some exchanges allow you to create automatic orders to buy more Algorand at specific intervals, such as buying $100 worth every week or month (depending on your budget). This helps to average down the cost over time.

After you buy

Where to store your Algorand

If you just want easy access to your tokens, keep them at the exchange where you bought them. Alternatively, you can transfer them to a wallet you own on another exchange at a later date. Hot wallets, being connected to the internet, are more vulnerable to hacking, theft, and malware.

Cold wallets, however, are not connected to the Internet. They're the preferred way to store tokens you don’t plan on trading with.

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business