How to buy Alchemix (ALCX) in Australia
Learn how to buy Alchemix (ALCX) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy Alchemix
1. Compare crypto exchanges
The easiest way to buy Alchemix 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.
2. 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.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, poli and osko payments are widely accepted.
4. Buy Alchemix
You can now exchange your funds for Alchemix. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your Alchemix to your personal wallet.
Where to buy Alchemix in Australia
Find an exchange to buy, sell and trade ALCX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy Alchemix
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Alchemix.
- Compare cryptocurrency exchanges that support ALCX.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Alchemix.
- Buy Alchemix.
Complete your Alchemix purchase and then find the best wallet to store ALCX.
What to consider when buying Alchemix
As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to ALCX, here are a few things to consider:
- Token supply: The ALCX token has no maximum supply cap. 478,612 tokens were pre-mined to fund initial platform development, staking pools, and bug bounty programs. Although the token is inflationary - more ALCX tokens are generated over time - the emission rate for token generation is designed to decrease. Inflation is expected to drop to approximately 4.5% three years after launch.
- Fair launch: The ALCX token has been earned and owned primarily by the community backing the Alchemix Finance application. Unlike other DeFi protocols, the token was not distributed through either private sales or early investors. Approximately 60% of the tokens have been allocated to the community for yield farming.
- Scalability: The platform runs on Ethereum, which is one of the most congested blockchains within the cryptocurrency industry. As a result, fees for using the Alchemix Finance platform can be high at times. The platform will likely need to integrate a layer-2 scaling solution or second blockchain to encourage wider adoption.
- Security: DeFi protocols continuously face exploit risk due to the nascence of the underlying technology and infrastructure. Despite passing a security audit from Certik, a vulnerability was found in its alETH contract in June 2021. It was immediately fixed thanks to the smart contract specialist, SlowMist. The protocol was audited again in February 2022 by Runtime Verification.
How to sell Alchemix
You can cash out your ALCX with the same exchange you bought it through:
- Sign in to the exchange you have ALCX on.
If you store your Alchemix in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of ALCX you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Alchemix.
Disclaimer: Cryptocurrencies, including Alchemix, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ALCX 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 or any other cryptocurrency discussed.
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