How to Buy Algorand New Zealand – How to Buy ALGO in Under 5 Minutes

Fact Checked by Gary McFarlane

Founded by Silvio Micali in 2017, Algorand is designed to be a secure, scalable and decentralized currency offering improved efficiency in the cryptocurrency industry. The protocol seeks to ensure that transactions are both speedy and cost-effective, making the network highly appealing to developers and consumers alike.

With its undismissable appeal, you might be contemplating purchasing the Algorand token in New Zealand If so, this How to Buy Algorand Guide will provide you with everything you need to complete your investment safely. 

Best Platform to Buy Algorand – eToro

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  • Ability to copy more experienced investors and their decisions
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How to Buy ALGO New Zealand- The Quick Four-Step Strategy

In order to add the ALGO token to your portfolio, you will have to choose a suitable broker that supports the coin. 

  • Step 1: Sign up to eToro – If you haven’t already got an account, you’ll need to register with eToro. Firstly, go to eToro.com and click the “Join Now” button. You will need to enter your email address and create a password. Once your account is created, the next step is to verify your identity.
  • Step 2: Verify your details – Since eToro is a regulated exchange, allowing you to take advantage of increased protection and security, you are required to verify your account by providing a photo ID, your social Security number and proof of home address.
  • Step 3: Fund your eToro account – Now verification is complete, you’ll need to deposit some funds. eToro allows users to deposit using either a credit/debit card, wire/bank transfer, or e-wallet.
  • Step 4: Buy your ALGO – When the depositing of funds is complete, simply search “ALGO”, press “trade”, enter the amount you desire and click “buy”.

Where to Buy ALGO in New Zealand full Broker review

When you decide to buy Algorand, the first decision you need to make is navigating and selecting the right broker. This can be rather time-consuming since the cryptocurrency industry has many platforms that list Algorand. Consequently, choosing the most suitable one can be challenging, especially for beginners. The ALGO platforms below have been assessed based on safety, fees, payments, and more. After reading this section, you can make an informed decision to choose the platform that offers the services you find most suitable for buying Algorand.

1. eToro – Overall Best Way to Buy Algorand in New Zealand

With four regulators behind eToro, this broker is one of the most credible places to buy Algorand and takes our top pick. The platform features a user-friendly interface that makes the whole process of buying ALGO tokens seamless. All you have to do is to make an account, add funds, and utilize the order page to enter your Algorand stake. Upon completing your purchase, your coins can also be stored in the wallet provided.

In regards to investment tools, we find eToro to be a top broker as the platform offers you numerous features that you can utilize to trade smartly. First, as a beginner you can utilize the copy trading tool to passively make investments, mirroring reputable traders. Consequently, the future trades of that investor will proportionally reflect in your portfolio.

Additionally, eToro provides educational resources designed to train you to understand the Algorand project better. Utilizing these resources will optimise you to make informed decisions when buying the token. Concluding, by offering all of these features eToro is superior for beginners looking to buy Algorand.

Pros

  • Good reputation 
  • Great for beginners 
  • Educational resources
  • Copy trading 
  • Low fees 

Cons

  • Potentially too simple for advanced traders

67% of retail investor accounts lose money when trading CFDs with this provider.

2. Coinbase – Best Way for Beginners to Buy Algorand in New Zealand

Coinbase has a loyal network of 35+ million active users, and is ideal for beginner traders looking to buy crypto assets for the first time. The broker is praised for its simple user interface, a great feature that many beginners consider when assessing investment platforms. As a result you can buy ALGO tokens via the platform within five minutes. All you have to do is to sign up, add funds to your account, and place your order.

In terms of its toolset, Coinbase has a great ‘recurring buy’ feature meaning you can automatically purchase ALGO tokens on a regular basis. On the other hand, a notable concern with this broker is the platform’s fee structure. If you’re buying Algorand with your debit/credit card,Coinbase charges a standard trading commission of 1.49%, making the entire cost you’ll incur exceed 3.99%. Therefore, despite being a beginner-friendly platform and secure, those fees need to be taken into account before deciding to proceed.

 

Pros

  • Ideal for beginners 
  • Recurring buy feature
  • Supporting debit card payment 
  • High security

Cons

  • Fees aren’t the lowest on the market 

67% of retail investor accounts lose money when trading CFDs with this provider.

3. Kraken – Great Place to Buy Algorand for Pro Investors

As a platform with no hidden fees, Kraken is one of the best places to purchase Algorand. The platform allows you to margin trade with up to 5x leverage. Margin trading is common among pro traders who use this feature to make substantial earnings. With that in mind, if you’ve garnered some experience in the cryptocurrency industry, Kraken is easily catered towards you. Please note, margin trading is equally high-risk, meaning you can lose money fast.

When it comes to platform challenges, the first notable annoyance with Kraken is the inability to store your Algorand tokens on the platform securely. This makes it inconvenient to sell your coins as your tokens need to be shuffled back in order to cash out your investment. Additionally, rates aren’t as competitive as one would hope for with a 3.75% fee. 

 

Pros

  • No hidden fees 
  • Large coin collection
  • Accepts debit/credit cards and bank transfers

Cons

  • Higher fees 

67% of retail investor accounts lose money when trading CFDs with this provider.

4. Binance Best Exchange to Buy ALGO with Low Commissions

If you want a cryptocurrency exchange with numerous markets in which you can invest, and competitive fees then Binance is the match. When you opt to buy Algorand via this platform, you also gain access to more than 100 alternative cryptocurrency markets. 

The crypto exchange offers competitive fees, in contrast to its main rivals, with the spot trading fee just 0.1% and the instant buy/sell fee set at 0.5%. Furthermore, Binance offers you an avenue to earn a passive income from your tokens. Binance Earn is a feature that allows you to optimise your tokens by lending them for interest, staking the coins, or any other means offered by the platform. These are desirable features that top investors consider when choosing where to buy their tokens as passive income is a great perk of the cryptocurrency industry. When it comes to beginner users, Binance also allows you to store your tokens on the platform itself, making it convenient for first-time traders. 

 

Pros

  • Ability to earn a passive income 
  • Impressive token collection 
  • Market-leading trading commission
  • High liquidity levels 

Cons

  • Not the most beginner friendly 
  • Rather expensive fee structure overall

67% of retail investor accounts lose money when trading CFDs with this provider.

5. Coinjar – Great Place to Buy ALGO New Zealand 

At first glance, CoinJar poses as a standard cryptocurrency exchange, but this couldn’t be further from the truth. CoinJar provides clients with exchange access, crypto management services and a crypto wallet. This all takes place on a streamlined user-friendly platform where you can buy, sell, and trade heaps of crypto coins with the click of a button. 

CoinJar Exchange boasts its place as the fastest digital currency exchange in New Zealand, supporting high-frequency execution for traders of all levels. The perks of speed coupled with it’s caterability for the wider spectrum of traders is keeping on top of market trends and withdrawing your funds is bliss. Especially for experienced traders, being able to keep on top of your A game is the top priority. 

 

Pros

  • Fastest exchange in New Zealand 
  • Caters to beginner and experienced traders 
  • Convenient mobile trading app
  •  Verified in less than 10 minutes.

Cons

  • Potential deposit and withdrawal fees for AUS 
  • No live chat or phone support available

67% of retail investor accounts lose money when trading CFDs with this provider.

 

How to Buy ALGO in New Zealand – Detailed and Explained in Full

We have evaluated the key factors to consider when choosing a platform to buy Algorand and compared the brokers that meet these requirements. Now, we have provided a detailed walkthrough on how to buy Algorand for the first time below.

Following our analysis of various platforms, eToro is undoubtedly the best place to buy ALGO tokens. With heavy regulation and its low-fee structure, it certainly ticks all the boxes. Therefore, the steps discussed below are explained using eToro.

 

Step 1: Open an Account with a Broker

The first step when buying any cryptocurrency is to set up an account with a broker. We recommend eToro because of its blend of security, features, and easy-to-use interface. Simply type “eToro.com” in your browser, click “Join Now” and input your details.

Step 2: Verify your Account

After registering with eToro, you’ll now need to provide your documents. With eToro being a regulated platform it’s standard practice with most trustworthy exchanges. You’ll have to upload a photo ID (e.g passport or driving licence) and proof of address (e.g utility bill or bank statement).

Step 3: Fund your eToro Account

Now your account has been verified, you’re ready to deposit funds. You can do this using either a bank card, bank/wire transfer, or by using an e-wallet (PayPal, Skrill, etc). Please make sure you’re choosing the method that best suits you – we have explained the pros and cons of each method within this guide. 

Step 4: Search for ALGO

Once you’ve funded your account, it’s time to purchase some ALGO. Simply, type in “ALGO” in the search bar and select.

Step 5: Buy ALGO

Finally, enter the amount you want to purchase and hit “Buy”. After your purchase, a wallet will be automatically created for you and the funds will be deposited there. Congratulations, you just made your first ALGO purchase! 

Purchasing ALGO – Is it a Good Investment?

As a smart investor, you must consider whether Algorand is the right fit for your cryptocurrency portfolio. Answering this question is not as straightforward as online predictions might make it appear.

Therefore, it’s best to heavily research the project and consider the advantages and disadvantages before taking the leap. By doing so, you’ll gain more insights into the token and this will guide you through the process of deciding on whether to buy Algorand or otherwise.

Since the beginning of 2021, ALGO has been on a steady incline with the price currently sitting at $1.85. The price is predicted to further increase if Algorand focuses on the development of its platform and the optimization of apps, expected to hit a maximum of $3 by the end of 2021. 

If predictions follow suit, if you were to invest $1000 into ALGO you would have 540 ALGO tokens with a net worth of $1620 by year end. 

The Advantages of Investing in ALGO

Increased decentralisation

Since Algorand is a Blockchain network that aims to build a borderless economy using a decentralized, unregulated public Blockchain it needs an architecture that encourages us to be involved. In Blockchain technology, Algorand is facing one of the most significant challenges we’ve seen time and time again with both Bitcoin and Ethereum, this is how to create a rapid and flexible network without losing decentralization. Unlike the latter who are too late to follow the new economy, the Algorand team understands that there will be no mass acceptance without a scalable solution. The advantage of this framework leads to accessibility, immediate process, direct use, adoption, and efficiency which are great perks for investors. 

Extremely affordable

Affordability plays an integral role in the number of investor interests, especially for beginners. ALGO presents the perfect opportunity for you to enter into cryptocurrency investments without having to fork out huge sums of money. For the experienced trader, you can purchase many ALGOs with the potential of the digital asset in the future in mind. With this, if the future of ALGO is as bright as it appears you could be seeing a relatively higher return.

Proof of stake model

Currently, Algorand supports a capacity of more than 1,000 transactions per second, and this number is expected to increase over time making it highly efficient. Much of ALGOs efficiency gains are due to its pure proof-of-stake model.  Users are randomly and secretly selected to propose blocks and vote on block proposals. Each user’s influence on the choice of a new block is proportional to its stake (number of tokens) in the system. As a result, the security of the whole economy is left in the control of the majority of the economy, the system is secure when most of the money is in honest hands.

The Disadvantages of Investing in ALGO

Smart Contract Competition

When Algorand entered the market in 2017, there were many cryptos already in circulation and this number only continues to grow. With this being the case Algorand faces competition from well-established projects such as Stellar which sees huge volume from its DeFi apps, Tron Network, Binance Smart Chain, and EOSIO which continues to form partnerships and embark on upgrades. In the long term, with the competition from smart contract chains, Algorand will have to carry on improving its network or innovations to avoid being undervalued.

Tighter regulations on Indirect Players of Cryptocurrencies

As it appears, it seems regulatory bodies are finding new ways to prevent the use of cryptocurrencies. This began in China and spread to Japan, Turkey and the UK. All of which have actively either banned the use of cryptocurrencies or have regulatory bodies making the use rather difficult to implement. Once institutions experience the heat from such strong regulatory bodies worldwide, it will be exciting to see how digital assets are going to respond in terms of price. This could impact negatively on ALGO. Despite the quest of regular citizens to move into a fully decentralized economy, you always have to deposit and exchange fiat for crypto. Once fiat cannot be converted to digital assets, the future could be dire.  

How Much Does it Cost to Buy ALGO?

When it comes to cost, ALGO is one of the most cost-effective tokens out there making it perfect if you’re seeking affordability. The Token currently sits at $1.85 with a market cap of $11.231B. 

Purchasing ALGO– How to Pay for It

You can buy Algorand using different payment methods. The one you eventually choose will be based on your personal preferences and we’ve broken down the options for you below. 

Buy ALGO Using PayPal

If the broker you’ve chosen supports e-wallets, it’s likely that Paypal will be one of the listed options. This is the case with eToro, where you can buy Algorand using Paypal. Other options include Neteller, Skrill, and more.

Buy ALGO Using a Credit/Debit Card

You can also choose to use your credit card or debit card to buy Algorand as a fast payment option that many investors elect to use. However, you should check with your credit card provider to determine if there are any fees you should know about before proceeding. Once again, when you use this payment option on eToro, you’ll incur a 0.5% fee. When you use the same payment option on Kraken, you’ll incur a 3.75% fee, so make sure you opt for the cheapest broker if credit/debit is your desired payment method. 

Buy ALGO with Bitcoin

For cryptocurrency exchanges with different markets for Algorand, you’re likely to find Bitcoin listed as a supported option. Meaning, you’ll be able to swap Bitcoin for Algorand. In that case, you’ll first have to buy Bitcoin and then proceed to exchange the coin for Algorand.

Conclusion

In this guide, we have explained to you the process of how to buy Algorand online. We have also explored the importance of choosing the right broker so that you can invest in a safe and cost-effective way. 

From our observations of many platforms in this space, eToro ranks in our top spot as the best place to buy Algorand. The broker is heavily regulated, beginner-friendly and provides a low-cost but top quality service. If you want a broker that allows you to buy, store, and sell ALGO tokens all in one platform, eToro ticks every box. 

eToro- The #1 Broker to Buy ALGO in New Zealand

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

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About Nicola Vickery PRO INVESTOR

Nicola is a UK based writer with a wealth of experience in subjects relating to financial matters. She has produced a wide range of publications for fintech startups to help with business growth.