early levels

So you've recently put together your Alchemist's Stone and got to Artisan level. The first transmute you'll gain access to is the Mithril-Truesilver one. (There's also the Iron-Gold one, but that one is not as good, so you might as well skip buying it. The only reason to use the Iron-Gold transmute is for cheap leveling of your alchemy skill, to get to 275. You can make a profit with it, but it won't be very large.)