Alchemix USD (ALUSD) is the 365th largest cryptocurrency by market cap, valued at US$163,327,361.
Alchemix USD is a highly volatile asset capable of major price swings in a single day. Today ALUSD is trading for $0.977415 USD, which is higher than yesterday's trading price of $0.975828498 USD. Over the past year, Alchemix USD's price has seen a decrease of -2%.
So before you buy Alchemix USD, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Alchemix USD.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Alchemix USD in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Alchemix USD is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Alchemix USD
You can now exchange your funds for Alchemix USD. On beginner-friendly exchanges, this is as simple as entering the AUD or ALUSD amount you want to purchase and clicking "buy".
Secure your Alchemix USD
Consider transferring your ALUSD to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Alchemix USD in
Australia
Find an exchange to buy, sell and trade ALUSD by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Alchemix USD guide up-to-date
ALUSD price data is regularly updated through data feeds so you always have the latest information.
What is Alchemix USD?
alUSD is an innovative stablecoin powered by Alchemix Finance, a decentralised finance (DeFi) lending protocol built on the Ethereum blockchain. Alchemix Finance offers users the opportunity to generate crypto-backed loans. However, unlike other DeFi lending and borrowing protocols, the application offers access to loans that automatically repay themselves. For depositing the stablecoin, DAI, into the Alchemix Finance application, the native stablecoin, alUSD, is received in return.
According to the project's website, alUSD is a synthetic asset that is generated when a user deposits the stablecoin DAI into the Alchemix Finance application. This is completed at a ratio of 1:1. The value of alUSD is, therefore, backed by DAI collateral. The Alchemix Finance application then deposits a user's original DAI into yearn.finance vaults to generate yield, which is used to automatically repay the alUSD loan. While yield is being generated from DAI and paying off the alUSD loan, the alUSD stablecoin can be utilised within other DeFi applications - amplifying a user's liquidity.
How do I find the best places to buy Alchemix USD?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Alchemix USD?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Alchemix USD.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing ALUSD with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Alchemix USD?
Once you've created an account, you will need to deposit funds to buy ALUSD with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy ALUSD:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase ALUSD by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ALUSD on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Alchemix USD?
The easiest way to buy ALUSD is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying ALUSD, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Alchemix USD has been performing recently.
Best Alchemix USD wallets to store your ALUSD
You can keep your ALUSD on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your ALUSD below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Alchemix USD a good investment?
Cryptocurrencies are highly volatile assets. It is, therefore, extremely important to evaluate both the token and the associated protocol. Here are a few important considerations to assess before investing in alUSD:
Stablecoin utility: alUSD is a US dollar stablecoin and is, therefore, pegged to the value of the US dollar. As such, alUSD should not be invested in with the expectation of capital gains. Stablecoins are primarily used to shelter from the high volatility of the cryptocurrency markets.
Platform governance: The Alchemix protocol is managed by the community through a decentralised autonomous organisation (DAO), composed of all native ALCX token holders. ALCX enables holders to vote on all proposals and manage its treasury. Proposals may include any changes to the application of the native alUSD token.
Minting alUSD: alUSD can only be generated by depositing the stablecoin DAI into the Alchemix Finance protocol. Vaults enable users to deposit DAI stablecoins as collateral to mint new alUSD. Due to the 200% collateralisation ratio implemented by the application, users can only mint up to 50% of the deposited DAI amount. Users can then utilise alUSD within other DeFi applications such as SushiSwap or Curve Finance. When a user wants to redeem the DAI that was originally deposited, alUSD tokens will need to be burned within Alchemix.
Reliance on DAI: alUSD is backed by the algorithmically-pegged stablecoin DAI, which is associated within the MakerDAO protocol. As a result, the value of alUSD is tied directly to the stability of DAI and the continued operation of the MakerDAO protocol. Those interested in utilising alUSD should make sure they are familiar with MakerDAO and the DAI stablecoin.
Today's Alchemix USD price versus ATH
Compare today's price of Alchemix USD ($0.977415 USD) against its all-time-high price of $2.13 USD on 21 March 2021. The closer the bar is to 100%, the closer ALUSD is to reaching its ATH again.
Alchemix USD's price: $0.977415 USD ATH date: March 21, 2021
45.89%
Alchemix USD ATH: $2.13 USD
How to trade, convert or sell Alchemix USD
You can convert or sell your ALUSD with the same exchange you bought it through:
Sign in to the exchange you have ALUSD on.
If you store your Alchemix USD in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of ALUSD you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Alchemix USD.
Complete your transaction and move your ALUSD to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Alchemix USD, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ALUSD is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Alchemix USD or any other cryptocurrency discussed.
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