How to buy USDX (USDX) in Australia
Learn how to buy USDX (USDX) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy USDX
1. Compare crypto exchanges
The easiest way to buy USDX 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 – cryptocurrency and epay payments are widely accepted.
4. Buy USDX
You can now exchange your funds for USDX. 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 USDX to your personal wallet.
Where to buy USDX in Australia
Find an exchange to buy, sell and trade USDX 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 USDX
Look for an exchange that supports both fiat and cryptocurrency to simplify buying USDX.
- Compare cryptocurrency exchanges that support USDX.
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 USDX.
- Buy USDX.
Complete your USDX purchase and then find the best wallet to store USDX.
What to consider when buying USDX
Although USDX is a US dollar stablecoin and, therefore, may be viewed with some safety, there are still several factors that need to be considered before using the token within the Kava DeFi ecosystem. Here are a few points to evaluate before placing funds into this asset:
- Risk of liquidation: To mint USDX requires cryptocurrency collateral. Although a USDX loan requires overcollateralisation, the level of overcollateralisation varies depending on the cryptocurrency involved. Volatility within cryptocurrency markets may result in the value of collateral falling, which may ultimately lead to the risk of liquidation.
- Depeg risk: USDX is intended to be pegged to 1 US dollar. However, the coin has not been designed with any mechanism in mind to keep it this way. The peg is simply controlled by the market of the token. As described in the Kava blog, remaining pegged to $1 is useful but not entirely necessary. Factors that influence USDX’s peg to $1 include, increasing borrowing APYs to decrease demand, increasing savings rate APYs to increase demand, and KAVA token incentives that are handed out to those who mint USDX. As the tie to $1 is not always required, USDX’s peg is described by Kava as ‘loose’.
- Saturated market: USDX has entered a heavily saturated stablecoin market. Although described as a ‘loose’ stablecoin, the coin is still intended for users to avoid volatility when required. While USDX may dominate within the Kava ecosystem, the coin may struggle to gain market share from competitors such as USDT, USDC, and DAI.
How to sell USDX
You can cash out your USDX with the same exchange you bought it through:
- Sign in to the exchange you have USDX on.
If you store your USDX in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of USDX you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of USDX.
Disclaimer: Cryptocurrencies, including USDX, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDX 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 USDX or any other cryptocurrency discussed.
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