How to Buy Algorand in Canada
Netcoins is the easiest, most trusted way to buy ALGO in Canada.
Algorand is creating an open and borderless economy where everyone can participate .
Founded in 2017, Algorand was created by Silvio Micali (MIT professor, computer scientist) and supported by the Algorand Foundation. It wasn’t until 2019 when Algorand was finally launched.
To clarify, Algorand is the name of the network (or blockchain) and Algo is the name of the cryptocurrency. People can use Algo to send money to anybody around the world in an instant way, without wire transfers, banks or exchanges. In fact, sending Algo only takes 4.5 seconds. Because of its speed, security and scalability, Algorand is creating a new type of digital, open and borderless economy that works for everyone.
Buy Algo in 3 steps
Create an Account
Provide some personal details and get verified in minutes through our automated KYC process.
Fund (No Fees)
Fund your account with a cryptocurrency deposit, Interac e-Transfer, or bank wire transfer.
Buy and sell as little as $10, or up to $10 million with no slippage due to our deep liquidity.
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Is Algorand Safe?
Algorand was launched in 2019 as a platform to create decentralized applications (known as dapps). It uses a unique protocol called “Pure Proof of Stake (PPoS),” which is designed to be fast, scalable and energy-efficient.
The Algorand blockchain is attempting to solve what is known as the “blockchain trilemma,” which is achieving a balance of security, scalability and decentralization all at once. Most blockchains will sacrifice at least one of these factors. Learn 6 things to consider when vetting a crypto investment here.
What makes Algorand special is that it processes transactions pretty quickly. It can support around 1,000 transactions per second (including smart contract transactions). To put it into context, Ethereum processes around 15-30 transactions per second and Bitcoin around five. However, Ethereum 2.0 is looking to increase its numbers to around 1,000 – 2,000 transactions per second when it launches.
What’s more, the network is carbon-negative, meaning it doesn’t add to global carbon output. That’s because carbon emissions created by Proof-of-Stake protocols tend to be low. Plus, Algorand Inc. is donating money to Climate Trade, a company that is searching for solutions to offset carbon emissions.
Finally, the max supply of ALGO will be 10 billion ALGO. Currently there are over 6.5 billion in circulation at the moment. Scarcity can play a key role in providing value to an asset, which is one of the many reasons why people buy ALGO in Canada.
Having said that, ALGO is still considered a risky investment. Although ALGO has made overnight millionaires, it has also made people lose all their savings. After all, volatility works in both directions.
High volatility assets can work in your favour and yield great potential for return, but they can also work against you by causing you to take on big losses. That is why it’s important to heed the age-old advice: never invest more than you’re ready or willing to lose.
It’s ultimately up to you to decide how much you wish to invest in ALGO. The beauty of ALGO is that anyone, anywhere around the world can buy fractions of it. If you decide to buy ALGO but are not sure how much to buy, you can start by practicing any one of these strategies:
- Investing a percentage of your wealth into ALGO (like 1% or 10%)
- Dollar-cost-averaging (buying a set amount of ALGO every day, week or month)
- Buying the dip (buying when ALGO prices decrease)
- Starting as small as $10 to test it out yourself.
It’s important to zoom out. When zooming out, you’ll notice cryptocurrencies generally trends upward despite taking small dips along the way.
Finally, it can be wise to build an investment portfolio that has a mix of traditional assets (like real estate, gold, stocks) and non-traditional assets (like ALGO) in order to protect your wealth.
How Do I Store My Algo?
You can buy ALGO from crypto trading platforms, like Netcoins, and leave your ALGO inside the platform. However, there are much safer options to storing your ALGO as leaving them in exchanges can expose them to certain risks like hacking and theft.
The safest option to keeping your ALGO secure is to transfer them into a crypto wallet. A crypto wallet is a type of digital wallet that is used to send and receive ALGO, similar to a Google wallet or a physical wallet.
There are four different types of crypto wallets: hardware wallets, desktop wallets, mobile wallets and web wallets.
Hardware wallets look like a USB device. They are considered to be offline wallets because they’re not connected to the internet. The fact they’re offline makes them more difficult to find and to hack. As such, they’re typically considered the safest option to store your crypto.
Desktop wallets on the other hand are programs that store your crypto on your computer’s hard drive. Mobile wallets perform the same function as a desktop wallet but on a mobile device instead.
Finally, a web wallet is an online service that sends and stores your crypto on your behalf anywhere, anytime. Similar to checking your email.
Desktop, mobile and web wallets are all connected to the internet (and referred to as “hot wallets”). Like mentioned earlier, they are more susceptible to potential risks. On the other hand, hardware wallets (or “cold wallets”) are considered safer options as they are not connected to the internet.
This is why it’s often advised that Canadians pull out their ALGO from crypto trading platforms and send them directly to a hardware wallet. Only in this way, are they in full possession of their ALGO and can keep them secure.
Is Algorand a Good Investment in 2022 & Beyond?
If Algorand continues to innovate and solve for the blockchain trilemma it could be one of the most successful blockchains out there. By securely scaling transactions through the PPoS protocol, it could effectively compete with VISA and Mastercards’ payment network and gain worldwide adoption.
Plus, the network will continue to see upgrades and new features added to it. To quote Silvio Micali:
“Algorand is growing. Today, an average of 500,000 transactions per day are posted on our chain. More than 500 companies are busy developing applications on Algorand, taking advantage of our unique Layer-1 smart contracts and other functionalities that enrich our platform. Their applications will soon generate plenty of new transactions. This is why, while continuing to add new functionalities to Algorand, we are improving our performance, without sacrificing decentralization.”
Algorand could have a bright future ahead thanks to its leadership team, large ecosystem of partners and the use cases it supports.
Given its relatively low price, it can be a good idea to invest a small portion into ALGO. After all, Algorand saw great success in 2021 and will likely continue to see success into 2022.
How much Algo can I buy?
You don’t need to buy a lot of Algo to get started!
You can buy fractions of an Algo. The smallest possible unit of Algo is called a microAlgo. 1,000,000 microAlgos equals 1 Algo. Many beginners start their journey by accumulating small amounts of Algo.
You can start as small as $10, or invest up to $10 million with Netcoins.
Why buy Algo?
Like many other blockchains, Algorand is trying to create efficient and smooth transactions. However, there are other unique features that make the Algorand network quite special.
First of all, the network is interoperable, meaning it can work across various blockchains. It also uses smart contracts to allow for transactions to be sent without centralization.
Since it’s launch, Algorand has been a fast-growing network. That’s why Algo has grown to become a top-25 cryptocurrency by market cap ($18 billion at the time of this writing).
The Algorand network was built so it cannot fork (or diverge into a new network). This is why you can trust that your Algo are always where they are supposed to be.
Although Algorand is a transparent network, it uses advanced cryptography (which makes its information unbreakable) to protect information about Algo payments.
An Algo can be sent to anyone in 4.5 seconds. That means there is no questioning whether a payment was successful since you have almost instant confirmation.
All of Algo’s supply (10 billion) was created when Algorand was launched back in 2019. That means anyone can go ahead and check the network to see how many Algos are currently in use.
Frequently Asked Questions
Why buy Algo?
Algo is a great way for investors to diversify their investment portfolio by having a mix of traditional (stocks, bonds, etc) and non-traditional assets (Algo).
People buy Algo for three main reasons:
- it is one of the fastest, more secure cryptocurrencies
- it is creating a borderless economy that can process payments in less than 4.5 seconds – no matter how many users there are on the network
- offers smart contracts
As a relatively young cryptocurrency, Algo has seen impressive growth and continues to have a bright future ahead.
Are there any risks involved if i buy algo?
All forms of investments carry with them an inherent level of risk so you should never invest more than you’re willing or ready to lose.
Cryptocurrencies like Algo are known to be volatile and the price fluctuates quite a bit on a day to day basis. What’s important to understand as well is to zoom out and look at the bigger picture.
If you do buy Algo, also remember to properly secure your account with Two Factor Authentication and follow security best practices!
How much Algo should i buy?
You can buy a substantial amount of Algo with as little as $10, or invest a certain % of your wealth.
When investing in cryptocurrencies, many beginners start off by dollar cost averaging in, which is the practice of putting in a set amount of money towards Algo in regular intervals (for example $10 every month).
Why is KYC (Verification) required?
As a Money Service Business (MSB) registered with FINTRAC, we are required to have a Know-Your-Customer (KYC) process and compliance program in place.
KYC is a process that allows us to verify the identity of our customers, as per Canadian regulations.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process.
If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business in Canada.
How can I fund my account?
Your Netcoins account can be funded with a cryptocurrency deposit, Interac e-Transfer, or a bank wire transfer. There are no funding fees imposed by us.
Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy Algo in Canada.
Can I send my crypto to an external wallet?
Yes, you can either keep a crypto balance within your Netcoins account or withdraw it into your own external wallet. While FIAT withdrawals are free, there is a small withdrawal fee associated with crypto withdrawals.