This guide will walk you through the best crypto exchanges and ways to buy Algorand (ALGO) in the UK.
Quick Guide: How to Buy Algorand in the UK With Credit/Debit Card
The best place to buy Algorand in the UK with a debit/credit card is CoinJar. The exchange charges a trading fee of 2%.
Transactions are very quick. Meanwhile, users also get access to other top crypto listings on the platform.
Another cheap alternative where you can buy Algorand in the UK is on Crypto.com. This global exchange offers access to more than 150 cryptos listing alongside Algorand.
Trading with Crypto.com incurs a 2.99% transaction fee. Quoted prices are usually higher than normal exchange rates.
Apart from these two exchanges, there are other exchange platforms that offer ALGO trading. In most cases, however, they charge an excessively high trading fee ranging from 4% or more.
It should be noted that you will be charged an additional fee from your card provider as a cash advance if you use your credit card on exchanges.
Best Places to Purchase Algorand in the UK
Crypto exchanges provide a convenient and seamless method of buying and trading Algorand by depositing GBP through a UK Bank transfer.
Since exchanges offer deposits in GBP fiat currency, traders don’t have to worry over additional trading fees from spread or exchange fees.
CoinJar is a Melbourne-based crypto exchange that allows traders to trade and store cryptocurrencies, including Algorand. It has moderate crypto listing with periodic crypto listings.
Another perk is its intuitive and easy-to-use user interface. This makes it exceptionally easy to buy and sell crypto assets.
Meanwhile, it allows for instant GBP deposit via bank transfer and credit/debit card. Debit/Credit card transactions incur a 2% fee, however, when trading Algorand on CoinJar, transactions from the cash balance incur a 1% fee.
One downside of trading with CoinJar is their quote price on cryptocurrency assets. Most quoted prices are slightly higher than the real price. This generally varies from time to time, however.
Meanwhile, CoinJar’s extremely fast transaction time is a perk every UK trader will want to go for. Debit/Credit cards are extremely convenient and easy to use. Even the bank deposits reflect within seconds.
2. BC Bitcoin
BC Bitcoin is another highly recommended option to buy Algorand in the UK. Founded in October 2017, BC Bitcoin is a UK-based crypto exchange that offers brokerage services.
Traders, especially UK residents, can buy any crypto assets, including Algorand on BC Bitcoin. Although some privacy-focused cryptocurrencies like Monero and Zcash are not listed on the exchange, they offer a wide variety of large market cap coins.
Meanwhile, the platform also supports various convenient payment methods, including SEPA Bank Transfer, Debit/Credit cards, and UK Faster Payment Transfer. As a result, UK traders can conveniently buy coins with GBP within minutes.
However, BC Bitcoin charges a high trading fee of 5% when buying Algorand using UK Bank Transfer. The minimum trading volume is £250. There are also provisions for live chat or phone support for multiple and bulk orders.
What is Algorand Token?
Algorand is a decentralized blockchain-based network with a highly secure and scalable property. The third-generation cryptocurrency supports a wide range of applications, including computation and effective real-world use cases.
- Algo was developed by Silvio Micali, a computer science professor, at the Massachusetts Institute of Technology in 2019.
- It possesses a high scalability power of up to 1000 TPS.
- It is capable of processing more than 1 million transactions daily.
- Low trading and transaction fees are pegged at 0.001 ALGO, equivalent to $0.0008
- It is ranked one of the top 30 coins by market cap.
- Token supply is capped at 10 billion units.
- It cannot be forked.
ALGO token is the Algorand network’s native token. Although it has a maximum supply of 10 billion tokens, only 7 billion are in circulation. The remaining tokens will be released into circulation as staking rewards.
The network was developed by a renowned MIT computer science professor, Silvio Micali. He designed Algorand to serve as a solution for the blockchain trilemma.
The latter means a blockchain platform will face one of three optimization issues, security, scalability, or decentralization. There are concerns with this about the effectiveness and efficiency of regular blockchain platforms.
Algorand was developed to solve the trilemma through its Pure Proof of Stake (PPOs) protocol. This will allow the program to have improved scalability. In contrast to Ethereum’s 20 TPS, Algorand will be able to process more than 1000 transactions per second (1000 TPS).
Furthermore, in contrast to Ethereum, which requires a minimum of 32 ETH to participate in its block validation, Algorand does not have any minimum ALGP requirements to participate in its block validation. This helps the network promote its decentralization watchword.
Moreover, the network cannot be forked into another blockchain or cryptocurrency.
Best Wallets for Algorand (ALGO)
Keeping your Algorand on your crypto exchange is convenient, especially for short-term holders or executing trades faster. However, it doesn’t give you total access to your wallet or your private keys.
Also, exchange-based wallets are prone to cyberattacks, which is why many traders, especially experienced ones, resort to using compatible wallets to store their assets.
The two most recommended wallets from Algorand Foundation are:
- Official Algorand Wallet: This is the most widely used wallet option for storing ALGO. It is available for mobile devices on iOS App Store and as an Android App. It features a simple user interface with exciting features.
- myAlgoWallet: This is another excellent wallet for storing your ALGO. It is a browser-based wallet that is particularly important for PC devices. The wallet is developed by Randlabs, a firm for building and developing the Algorand blockchain. Like the Algorand Wallet, it has an easy-to-use and simple user interface. By holding their ALGO token in this wallet, users will receive rewards.
Additionally, it features important options, including swapping to other cryptos. It also has a feature that allows it to interact with cold and hardware wallets like Ledger Nano S.
Other hot wallet options include:
- Trust Wallet: Trust Wallet is a mobile-based wallet owned by Binance. The wallet has proven to be one of the best mobile-based personal wallets for years. It supports many assets, including ERC-20, BEP20, and even NFT assets. It also supports ALGO.
- Atomic Wallet: This wallet is another secured hot wallet with a simple user interface. It provides excellent real-time price and market data. It features staking and swapping options with more than 300 cryptocurrencies. Additionally, users can make card purchases instantly right from the app.
- Guarda Wallet: This wallet supports more than 50 major crypto blockchains, including Algorand. It is one of the few wallets where users can borrow or lend crypto assets conveniently. It also has a staking option.
- Ledger Nano X: The Ledger Nano series is the best cold wallet for storing any type of cryptocurrency. The Nano X supports more than 1900 cryptocurrencies, including Algorand. It also has a live companion app where users can transfer or exchange their coins.
- Ledger Nano S: This version is less expensive and offers fewer features than the Nano X. It is an excellent cold wallet storage option for Algorand.
Important Info About Algorand (ALGO)
Main Competitors of Algorand (ALGO)
Algorand has many competitors that provide similar or better scalability options, and fast transaction processing time. Coins that have similar importance include;
- Tezos (XTZ)
- Cardano (ADA)
- Hdera Hashgraph (HBAR)
- Solana (SOL)
Real-world use cases of Algorand (ALGO)
Some of the important use cases and applications of Algorand are as follows:
- Voting system
- Lending and loan payments
- Payment services
- Escrow services
- Tokenization of assets
Scalability as a main advantage of Algorand
Scalability is simply how well a token or software can perform effectively under a high workload.
Scalability is important because popular blockchain networks like Bitcoin and Ethereum are experiencing strained activities due to high workloads. As a result, they are becoming increasingly expensive to use as more transaction blocks are placed on them.
Meanwhile, cryptocurrencies like Algorand have high scalability to handle a large number of transactions at once.
Does MetaMask Support Algorand?
Although many popular wallets support Algorand, Metamask is not one of them. However, Metamask supports more than 100 crypto blockchain networks.