How to buy Algorand on Binance? This guide will explain the buying process on Binance in detail in 3 simple steps.
The crypto markets are very famous for their different cycles in terms of price($). For instance, every 4 years there is the Halving Event(Bitcoin) that pushes the market into a new bullish cycle. Even though, there is a lot of volatility in the markets many new blockchain projects have been in continuous development. One of the projects leading the way is this layer-one blockchain project called Algorand(ALGO).
At the start of 2023, the outlook for the ALGO project looks very promising with serious growth taking place; At the time of writing the ALGO token has made an impressive 80% rise from the beginning of January. Although this rise has been furious, there is plenty of room to grow for the future that lies ahead.
This guide is going to show you how to get your first ALGO coins, via one of the world’s most popular exchanges, Binance.
How To Buy Algorand using Binance: Quicktake
In general, buying Algorand(ALGO) on Binance is a straightforward process, however, first-timers must do some extra necessary steps before they can own the ALGO coins.
In short, below is the buying process for Algorand on Binance:
- Register at Binance for free by email or mobile phone
- Verify your account(KYC)
- Buy ALGO tokens with a credit card at Binance
- Or: Send crypto(BTC, ETH, BNB, or any other) to Binance
- Exchange these tokens for ALGO
Later on in this guide, I’ll go into detail about how every step works including some alternatives. Also, it’s good to know that you can do bank transfers including, SWIFT, SEPA, or IDEAL. It all depends on your local situation.
What is Algorand(ALGO) project?
Algorand is a decentralized blockchain-based network, that is designed based on the concept of Ethereum. Meaning, the network is self-sustaining and supports a large range of applications which are called dApps. These dApps are using smart contracts to do transactions that are secure, scalable, and efficient. Also, Algorand will support computations that require reliable performance guarantees to create new forms of trust.
In particular, Algorand is invented to speed up transactions and improve efficiency, in response to the slow transaction times of many traditional blockchain networks. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin’s energy-intensive process). As it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
What is the ALGO token?
The ALGO token is the blood and veins of the Algorand decentralized network. The token functions as a currency to do transactions, calculate computational power or can be used by earning rewards when staking from your wallet address. At the moment, there are roughly 7 billion coins in circulation and finally, it will be capped at 10 billion tokens.
Cryptocurrency Trading Pairs for Algorand(ALGO) on Binance
Binance has some rich options for traders to buy or sell ALGO coins in several trading pairs:
Binance has zero fees for the BTC/USDT, BTC/BUSD, BTC/EUR, and 10 other BTC trading pairs.
|✔️ Good to know – I have listed the Algorand(ALGO) project as one of the most promising coins to buy on Binance for 2023 and beyond. The article describes some interesting crypto projects to follow.|
How Do I Buy ALGO on Binance(In 3 Steps)
How to buy ALGO coins on Binance? At this stage, I’ll explain in more detail what is needed for every step to acquire some brand new ALGO cryptocurrency.
Of course, it’s totally up to you to decide if you want to trade these ALGO tokens, earn additional passive income by staking, or just hold these coins in your wallet.
1. Register for an account at Binance
The first step will be to register for an account at Binance. If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform. However, if the goal is to have higher limits, the process needs verification and can take some more time to be completed.
It’s important to know that you have two options for signing up: by email or by mobile phone.
2. Verify your Account
Before you can start buying ALGO on Binance you must confirm your account. Additionally, this can be done in two ways and depends upon the way you did your registration.
The first way would be to confirm your email address by clicking on the link that has been sent to you.
On the other hand, if you used your mobile phone you have to enter a confirmation code that has been sent to you by SMS. Remember that this code remains valid for just 30 minutes!
Verification on Binance
For cryptocurrency traders, there are three levels on the Binance platform: Level 1, Level 2, and Level 3. In the first place, there is Level 1 which allows you to start trading on the platform without any verification or KYC procedure.
Additionally, you are only allowed to trade or withdraw at a maximum of 2 BTC per 24 hours. If you are a professional trader and want to trade in bigger volumes then you have to upgrade(with KYC procedure) to level 2 or even 3. Level 2 allows you to trade and withdraw at a maximum of 100 BTC per 24 hours.
3. Deposit Money or Crypto and Buy ALGO
After you have verified your account(whether by email or mobile) it’s time to get some funds on Binance. Additionally, the following screen appears to get started on Binance:
At this point you have three options to acquire some Algorand(ALGO):
- deposit fiat
- deposit crypto
- buy crypto with a credit card
Also, make sure you have set the 2FA authorization to upgrade your security at Binance.
Deposit Fiat at Binance
If you want to deposit money by bank transfer it’s possible to do this with EUR, RUB, GBP, and other currencies. Besides, it depends on what country you live in to choose the method for deposit:
- SEPA/SWIFT transfer
- Bank card
Buy Algorand(ALGO) with a credit card
The quickest way to acquire ALGO coins will be by using a Visa credit card. Also, remember that this is the most expensive way as you have to pay a 3% fee for it.
To point out, when using the trading interface on Binance, you only pay a 0.01% fee over the trade.
Here are the steps for buying ALGO coins with a credit card:
- On Binance in the menu choose ‘Buy Crypto‘
- Click ‘Credit/Debit Card‘
- A new window opens where you can Buy Crypto with Card
- Enter the number of ALGO tokens
- Finally, choose ALGO to Receive and click ‘Continue‘
Another option that answers the question ‘how to buy ALGO on Binance’ is by just depositing crypto(BTC, ETH, or any other). Moreover, this is the quickest and cheapest way to acquire ALGO coins in just minutes.
In other words, if you already have some crypto in a local wallet or at another exchange, just sent it over to Binance and you can start using Binance right away!
All in all, at this point you deposited some crypto to Binance to trade for ALGO or you bought directly with a credit card. In the next steps of this guide, I’ll explain more about the Binance trading engine and how to withdraw funds if needed.
Wait for Deposits of Funds
Binance is a centralized trading platform that allows you to do deposits. Whether this is in crypto or in regular fiat currency. Both methods allow you to wait, however, there is a big difference in waiting time.
For instance, if you deposited crypto you only have to wait minutes and this depends on the blockchain network you are using. When crypto funds arrive at Binance, they will give you a notification and you can start trading right away.
On the other hand, there are bank transfers for regular currencies. This takes longer(1 to 3 business days) and you’ll get a notification by e-mail when funds have arrived at the platform.
Trade USDT for ALGO on Binance
Above all, Binance is a trading platform, despite all the new functionalities that have been added to this crypto platform in the previous years. Therefore, in this section, I’ll explain more about how to use the trading engine in a very simple way.
As mentioned earlier in this guide, there are 6 trading pairs available for the ALGO token. In this example, I’m going to use the ALGO/USDT trading pair and perform a regular trade on Binance.
How to Trade ALGO coins on Binance
If you are new to trading cryptocurrency and never have used a trading engine before I’ll advise you to start using the basic option under the menu item ‘Trade‘.
Moreover, to get ALGO coins the quickest way is to perform a market buy order here. How to do this?
- On the navigation bar at the top of the site, hover over “Trade” and click “Spot”
- The next step is to go to the box on the right side of the page. Select the coin you wish to trade with (ALGO) and search for ALGO. Select the pair that comes up (e.g. ALGO/USDT).
- Next is to perform a market buy here, at the bottom of the screen where it says ‘Buy ALGO‘
- Now click/choose the ‘Market‘ option which is beside ‘Limit‘
- Next is to enter the amount to buy or just move the slider(below)
- Finally, click on ‘Buy ALGO‘
Binance Advanced Trading
Ultimately, Binance offers a lot of data, such as price and order history, to help you make trades at the right time. They also give you the ability to set limit orders. This means you set the price you want to buy (or sell) ALGO for, and once it hits that price, the exchange will automatically make your trade.
These advanced trading options have been created for those users with more knowledge about markets and how virtual currencies and exchanges work. Although it seems complex, it is very easy to use for those users with some experience in the cryptocurrency market. On top of that, there is leveraged trading for professional traders or those who can handle taking more risks.
Optional: Withdraw ALGO tokens from Binance
It’s a good idea, when not trading, to move your coins off the exchange and into a secure wallet that you control. This way the security of your funds is in your hands, you are not at the mercy of the exchange’s security measures.
To do this, you will need a wallet that supports Algorand tokens. The Trust mobile wallet is a feature-rich software wallet and is available for iPhone and Android. Alternatives include the Ledger Nano hardware wallet(offline) for extra security.
When you have a wallet ready, you can withdraw your tokens from Binance. Go to the menu at the top of the page, select “Funds”, then “Withdrawals”. Choose ALGO from the dropdown menu.
In the past, Binance was affected by a hack that resulted in the loss of around 7,000 BTC. Although the exchange was able to give users back the funds lost, it is always better to be in control of the private keys of the digital assets.
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How to Withdraw ALGO From Binance
Put in the address from your ALGO wallet as the ALGO ‘Withdrawal Address’. Double-check that the address is correct, choose how much you want to withdraw, and hit submit. Binance will confirm when your transaction has been completed.
…That’s it! At this point, you just bought or traded your first ALGO tokens on Binance which is one of the most popular trading engines in the world. Happy trading 😁
FAQ – Buy ALGO Coins Using Binance
Can I Directly Buy ALGO on Binance
The quickest and easiest way to buy ALGO coins on Binance is by using a credit/debit card. Even though this method has an easy and smooth experience, I’ll advise you to use the trading engine instead. The fees you have to pay for using VISA Mastercard are about 3% per transaction. When using the Binance trading engine you only have to pay 0.01% for a single transaction.
Can I Buy on Binance by using a Bank account?
Yes. You can link a bank account to Binance which enables you to make secure deposits and buy crypto via Instant EFT from a ZAR fiat account easily. Payments made via Instant EFT are less fraudulent than card payments. Other methods include SWIFT, SEPA, and IDEAL.
Do I need a wallet if I have Binance?
Binance is a centralized cryptocurrency trading platform that holds and secures your funds on its platform. To do this, they are offering custodial wallet services for any coin listed on the platform. In other words, when planning to use Binance for trading and buying crypto you don’t need to install a wallet on your device.
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