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How to buy Alchemix (ALCX) in Canada
Learn how to buy Alchemix (ALCX) on 5+ crypto exchanges in our step-by-step guide.
Alchemix (ALCX) is the 575th largest cryptocurrency by market cap, valued at US$28,354,204.
Alchemix is a highly volatile asset capable of major price swings in a single day. Today ALCX is trading for $15.48 USD, which is higher than yesterday's trading price of $15.03 USD. Over the past year, Alchemix's price has seen a decrease of -47%.
So before you buy Alchemix, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Alchemix.
How to buy Alchemix in 4 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.
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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.
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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.
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Make a deposit
Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy Alchemix
You can now exchange your funds for Alchemix. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Alchemix to your personal wallet.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Where to buy Alchemix in Canada
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 exchange.
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How we keep this Alchemix guide up-to-date
- ALCX price data is regularly updated through data feeds so you always have the latest information.
- Alchemix performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.
How do I find the best places to buy Alchemix?
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 Canada 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?
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.
- 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 ALCX 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?
Once you've created an account, you will need to deposit funds to buy ALCX 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 ALCX:
- 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 ALCX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ALCX on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Alchemix?
The easiest way to buy ALCX 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 ALCX, 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 has been performing recently.
Best Alchemix wallets to store your ALCX
You can keep your ALCX 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 ALCX below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,317+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $186 |
Price (USD) $49.99 |
See more of the best crypto wallets
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Is Alchemix a good investment?
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.
Today's Alchemix price versus ATH
Compare today's price of Alchemix ($15.48 USD) against its all-time-high price of $2066.2 USD on 20 March 2021. The closer the bar is to 100%, the closer ALCX is to reaching its ATH again.
Alchemix's price: $15.48
ATH date: March 20, 2021
ATH date: March 20, 2021
0.75%
Alchemix ATH: $2066.2
How to trade, convert or sell Alchemix
You can convert or sell 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 convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of ALCX you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Alchemix.
- Complete your transaction and move your ALCX to a wallet for storage.
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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