There is considerable confusion over which species is "Siamese Algae Eater" and one cannot trust stores unless they have the scientific name, and even then...be cautious. I'll answer your initial questions with some data previously researched for another site's profile, hope this helps.
The common name Siamese Algae Eater is regularly applied to several related but distinct species. The species Crossocheilus langei is the one most often encountered in the hobby as the Siamese Algae Eater [SAE] and is the best at eating black brush [aka red beard] algae. The "true" SAE is actually Crossocheilus siamensis, a species initially described by H.M. Smith in 1931 as Epalzeorhynchus siamensis and moved by Banarescu into the genus Crossocheilus in 1986, and which has probably never been seen by hobbyists since the holotype [the specimen collected and used for the description] is the only one known. To further confuse, C. siamensis is now considered a synonym for the actual species name, Crossocheilus oblongus.
Confusion abounds with this fish, beyond the fore-going. There are several near-identical species within Crossocheilus, and they are occasionally seen in the hobby. Their usefulness as "algae eaters" is variable, depending upon the species. Then there are two other fish often confused with the SAE, known as the False Siamese Algae Eater, Garra cambodgiensis, and the Flying Fox, Epalzeorhynchos kalopterus. Both of these regularly appear in the hobby, but neither will handle brush/beard algae like the common SAE. The False SAE can be distinguished by the dark lateral band that ends at the caudal peduncle whereas on the subject fish this band continues into the caudal fin. The Flying Fox has white-edged red and black coloured fins, not clear fins as in the subject species.
Then there is theChinese Algae Eater, a fish that is sometimes offered as a "SAE." It is much less desirable for several reasons including its rather nasty temperament as it ages, and it doesn't eat algae except when juvenile. Species is Gyrinocheilus aymonieri.
This fish occurs in flowing waters and is intolerant of high nitrates and any build-up of organic waste, requiring clean, well-oxygenated water; it is an active swimmer and thus needs space. It will therefore be best in a river or stream aquascape having a reasonable current from the filter along with a substrate of gravel, sand and pebbles, with larger rocks simulating boulders and some bogwood added. As noted, it should be kept in a group of 6 or more so that the natural interaction between fish can be enjoyed.
Generally peaceful, suitable for the larger community aquarium with other peaceful fishes such as barbs, danios and most loaches. A shoaling fish by nature, it does best in a group of 6 or more and a distinct hierarchy will be formed within the group. This fish will attain six inches, and should have a 4-foot tank.
Byron.