How To Buy Alchemix (ALCX) Guide
Launched in February 2021, Alchemix taps into the greatest potential of self-paying loans, a unique way for users to access the value of their locked assets in the form of synthetic tokens. In this article, we'll take you through a step-by-step process on how to buy Alchemix (ALCX) on Binance and several benefits of the project.
Where To Buy Alchemix?
Some of the most popular exchanges to buy ALCX include Binance, Coinbase, KuCoin, and Kraken. When choosing an exchange to purchase ALCX, it's essential to consider factors such as fees, security, user interface and supported payment methods. It's also important to note that some exchanges may only be available in some countries or regions.
Step-By-Step Guide On How To Buy Alchemix :
Follow the below steps to buy Alchemix using the Binance exchange.
Step 1: Register for a Binance account
Register using our Affiliate link to get a $600 worth of welcome bonus.
The first step is to register for a Binance account; if you already have a Binance account, you can skip this step.
To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also use the main sign-up with an email or phone option.
After completing this step, you will receive an email confirmation from Binance.
Create an account using your personal phone number or email address on Binance. Registering as an entity if you want to buy Alchemix as a Limited company business on the Binance exchange is also an option.
Step 2: Verify your identity on Binance
Before you can buy ALCX on Binance, you will need to verify your identity. To do this, click the "Profile" button on the top right-hand corner of the page and select "Identity Verification."
Follow the instructions provided by Binance to complete the verification process.
To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.
Step 3: Buy ALCX
There are numerous ways to buy Alchemix on the Binance exchange, and it all comes down to your preference. We will explore some popular methods to buy Alchemix on Binance.
Option 1: Fund your Binance account with crypto
This method is helpful for anyone who owns crypto on other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Alchemix with Bitcoin as Binance supports trading BTC/ALCX pair.
After verifying your identity, you can fund your Binance account with crypto. To do this, click the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy ALCX.
On the deposit Crypto page, choose the crypto (in this case, we selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed, Binance will credit the crypto.
Convert Bitcoin Crypto to Alchemix (ALCX)
After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to ALCX.
There are two ways to convert your crypto to ALCX: Market order or Limit order.
Buying ALCX with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.
Buying ALCX with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.
The above screenshot shows an example of placing a limit order to buy Alchemix using BNB. You can click on the bars icon next to the limit button to display the price chart of your selected crypto convert pair. Click on Confirm order to get 155 ALCX tokens into your account.
Congrats! You have now bought Alchemix by funding your Binance account with crypto and using Binance Convert.
Option 2: Fund your Binance account with Fiat
This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.
When using the Bank transfer method to fund your account, make sure to follow the below tips:
Your bank account name must match the name registered to your Binance account.
Please include your full name in your bank transfer's Reference/Remark section.
If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.
After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.
As shown above, buy Alchemix immediately with your preferred fiat currency! You will get an estimated price of ALCX based on the currency of choice, and you enter the desired amount of ALCX to buy and confirm the order.
Congrats! You have now bought ALCX by funding your Binance account with fiat currency and using a Binance Cash balance.
Option 3: Buy Alchemix with a Credit/Debit Card (Popular method to buy Alchemix)
To buy ALCX on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top navigation menu.
On the buy crypto with card page, you will see various options to choose the fiat currency to buy Alchemix. Enter the desired amount of ALCX tokens to purchase and click Continue.
In the payment method section, if you just created your Binance account, add the card details you will use to purchase ALCX.
Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy ALCX" button to complete the purchase.
Congrats! You have now bought ALCX by funding with your Credit/Debit card!
Recurring Plan
Unlike other tokens, such as Polygon (MATIC) or Cardano (ADA), the recurring plan is currently unavailable to Alchemix (ALCX).
The recurring model typically allows you to regularly invest in cryptocurrency with a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of a coin/token and bullish on its future price movements, it is an excellent way to DCA into the project.
Step 4: Buy Alchemix - Payment Methods
Buy Alchemix with Paypal: Binance does not currently support purchasing Alchemix (ALCX) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and then transfer those funds to your Binance account to purchase Alchemix. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you can start transactions on Coinbase immediately.
Buy Alchemix with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your credit card details.
Buy Alchemix with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your debit card details.
Step 5: Withdraw ALCX from Binance
After buying ALCX on Binance, withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your ALCX. Ensure you enter the correct address, as transactions on the blockchain are irreversible.
You must also enter the amount of ALCX you want to withdraw. Once you have entered the correct wallet address and the amount of ALCX you wish to withdraw, click the "Submit" button. Binance will then process your withdrawal request, and your ALCX will be sent to the wallet address you provided.
Tips for buying ALCX on Binance
- Always double-check your order details before placing a trade to ensure everything is correct.
- Consider using the "Limit" order type instead of the "Market" one when buying ALCX. With a limit order, you can set the price you are willing to pay for ALCX, whereas with a market order, you will pay the current market price for ALCX, which may not be the best price.
- Consider using two-factor authentication (2FA) to enhance security after registration.
8 Reasons To Buy Alchemix Right Now
Should I buy Alchemix? If you are considering whether you should buy Alchemix or not, then the below points may provide some clarity about the project.
- Innovative platform: Alchemix is an innovative decentralized finance (DeFi) platform that allows users to mint synthetic assets, called alUSD, against their deposited assets.
- Secure: Alchemix is built on the Ethereum blockchain and benefits from its security features, such as smart contracts and immutability.
- Yield farming: Alchemix offers users an opportunity to earn a yield on their deposits through yield farming on several supported platforms.
- Staking rewards: Users can earn staking rewards by staking ALCX, the platform's native token.
- Auto-repay functionality: Alchemix's auto-repay functionality automatically repays the user's debt on the deposited assets as the user earns yield on their deposits.
- Community governance: Alchemix is a community-governed platform, with ALCX token holders having voting rights on key decisions.
- Experienced team: The Alchemix team is composed of experienced developers, blockchain experts, and DeFi enthusiasts.
- Future development: Alchemix has a strong roadmap for future development, including the launch of new features, partnerships, and integrations, which could lead to increased demand for the platform and its native token.
