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How to Buy Dai (DAI) in 4 Easy Steps

Quick Answer:

You can buy Dai and have it in your wallet in less than one hour in 4 simple steps:

  1. Find the best exchange that sells Dai.
  2. Register a new account.
  3. Fund your account.
  4. Buy Dai.

These steps are simple if you know where to buy Dai cryptocurrency -- but knowing where to buy is the hard part.

Many cryptocurrencies are only offered on less well-known exchanges, and finding the best place to buy Dai (DAI) and then figuring out if that exchange is trustworthy is more than most people - even experienced crypto traders - can handle!

We've done all the hard research for you. Let's get started.

Step 1Find the Best Dai Exchange

Ultimately, doing your own research in crypto is the best way to learn the processes of moving your money, finding promising investment opportunities, and buying and selling cryptocurrencies.

We have done years of work to make this as simple as possible for you.

Why You Should Trust Our Recommendations


We started with 346 crypto exchanges.

We start by evaluating our comprehensive list of 346 exchanges that we have spent 7+ years and 600+ hours gathering data on.


Only 72 of these exchanges sell Dai.

We then filter down the entire set of possible marketplaces to only the ones that have active DAI markets.


Only 33 of these exchanges have $100m in daily trade volume.

We then remove any exchanges that don't have adequate trading volume to make buys and sales of all sizes.


Only 7 remaining exchanges received a 7/10 Trust Score.

We give each exchange a trust review rating using history, longevity, proof of reserves, and reputation.


Apply our editorial review process to rank the remaining exchanges.

We manually review the remaining candidates to declare a winner.

The Winner is Binance

World's largest crypto exchange, known for its wide range of trading options, low fees, and strong security features.

VISIT Binance Read Review
Reasons we ♥ Binance:
Low Fees
Wide Selection of Cryptocurrencies
Extensive Trading Tools and Options
Robust Security Features
Educational and Extra Features
Apple Pay
Google Pay
Bank Transfer (ACH)
Wire Transfer
Debit Card

Step 2Register Your New Account

Users have the option to sign up using their email address, phone number, or directly with an Apple or Google account. It's important to select the account type carefully, as it cannot be changed after registration.

  • Go to Binance Website: Visit the Binance website and click on 'Register'. Choose your preferred registration method (email address, phone number, Apple, or Google account).
  • Enter Email/Phone Number: If registering with an email or phone number, enter the details. Optionally, if referred by a friend, enter their Referral ID. Agree to the Terms of Service and Privacy Policy, then click 'Next'.
  • Verification Code: Receive a 6-digit verification code via email or phone. Enter this code within 30 minutes and submit it.
  • Create Password: Create a secure password for the account. It must have at least 8 characters, including at least one uppercase letter and one number. Click 'Next'.
  • Account Creation Confirmation: Upon completing these steps, the Binance account is successfully created​​.

Step 3Fund Your Account

Once you have registered or logged in to your account at Binance, there are several funding methods you can use to buy Dai cryptocurrency.

You can buy Dai on Binance using:

  • Apple Pay: Instant processing time
  • Google Pay: Instant processing time
  • Bank Transfer (ACH): 1-3 days processing time
  • Wire Transfer: 1-3 days processing time
  • Debit Card: 1-3 days processing time
  • SEPA: 0-5 days processing time

Step 4Buy Dai (DAI)

After registering and funding your account at Binance, you should be able to buy Dai after your deposit finishes processing. After you receive your DAI, make sure to secure it and follow best security practices to avoid losing it scams or hacks.

Best Dai Exchanges

Dai is also available on these exchanges:

About Dai

What is Dai?

Dai (DAI) is an Ethereum token stablecoin whose value is always pegged to roughly $1 USD. Unlike most other stablecoins, it is not backed by a reserve of fiat currency that equals the total number of its units in circulation but Collateralized Debt Position (CDP) smart contracts. In essence, anyone can contribute collateral to the Dai system and exchange them for Dai tokens, each of which will always have the value of $1 USD. This is made possible through coordination by the Maker DAO Ethereum platform which uses a combination of automation and manual, democratically decided adjustments to the governance of its collateral holdings.

History of Dai

The idea behind Dai stems from the creation of lead developer Rune Christensen, Maker DAO, which had an enormously successful ICO in 2016. Maker was announced in August 2015 as the “first tradeable token on the Ethereum network” and raised funds by issuing MKR tokens for BTC and ETH through its own exchange, before the launch of the Maker platform in April 2016. The original idea was to create a “centralized decentralized” bank for Ethereum, the cornerstone of which would be a dollar-pegged asset. The first Dai were created in December 2017 and the project has since gained a large amount of traction, moving into the top 100 coins by market cap in the third quarter of 2018.

How Dai Works

Dai uses a complex system of smart contracts, guided by the functions of Maker DAO, in order to keep the value of its token stabilized and pegged to the value of $1 USD. In order to fund the creation of new units of Dai, users put collateral in the form of Ethereum and other Ethereum tokens into the Maker DAO system, which are then managed and traded by autonomous processes as well as by governance provided by a body of human electorates. Electorates are rewarded for providing correct guidance that maintains the stability of Dai and punished if Dai becomes too far removed from the value of which it is supposed to be pegged. Anyone can make new Dai by adding a CDP to Maker DAO, which can then be traded and used just as any other cryptocurrency would. Dai can also be removed from circulation in exchange for a proportional amount of capital back to the CDP holder upon request.

Why Dai?

As a stablecoin, Dai has many benefits not enjoyed by most other cryptocurrencies and also has a unique status among other stablecoins. Some of these benefits include:

DAO guidance. Dai uses a digitally autonomous organization (Maker) in order to provide its governance, meaning its oversight body is decentralized and it is not reliant on third parties to keep careful audits of a tremendous amount of capital which serves to back its value (unlike Tether and TrueUSD).

Universal participation. Unlike with its competitors, anyone can obtain their own Dai by creating a CDP via Maker, meaning regulatory adherence measures such as KYC and AML are not necessary requirements to obtain it.

ERC20 compliant token. As an Ethereum-based token, Dai enjoys all the benefits of security, speed of transacting and widespread compatibility provided by the Ethereum Network.

Dai (DAI)
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