How to buy Alchemix USD (ALUSD) in Australia
Learn how to buy Alchemix USD (ALUSD) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy Alchemix USD in Australia
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
It looks like ALUSD may not be available to purchase on an exchange in Australia.
You can still purchase ALUSD by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase ALUSD using a decentralised exchange.
- Find ALUSD on a decentralised exchange and make sure Alchemix USD can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for ALUSD using an exchange like . You will need to purchase enough ETH to swap for ALUSD as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for ALUSD on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the ALUSD tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Australia.
What to consider when buying Alchemix USD
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.
How to sell Alchemix USD
You can cash out 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 sell it on.
- Place a sell order.
Choose the amount of ALUSD you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Alchemix USD.
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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