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How & Where to Buy Dai A Step-by-Step Guide to Buying DAI

  1. Sign up at Gemini, the #1 rated DAI exchange.
  2. Fund your account with cash or crypto.
  3. Buy DaiDAI
  1. STEP 1Find the Best DAI Exchange
    • 1486429286
      Ease of use
      Very Easy
      Time to 1st Buy
      10 min
      24h Volume
      $20,659,392
      Coins
      45

      Founded by the Winklevoss twins, who also conceived Facebook, Gemini is an ultra-convenient and incredibly legitimate platform that has gone through every level of financial scrutiny possible to be the most reliable cryptocurrency exchange in the US. Truly too legit to quit, this is one of the few exchanges where your funds are actually insured in case of theft. USD-only, features most of the well-known cryptocurrencies.

    • binance.us logo
      Ease of use
      Easy
      Time to 1st Buy
      24 hrs
      24h Volume
      $27,986,487
      Coins
      58

      Founded in 2019 as the USA-focused branch of the Binance family of exchanges, Binance.US supports trading in over 50 cryptocurrencies, and has the same industry standard low 0.1% fees as the original international Binance exchange. American users can buy crypto directly with a debit card, but Binance.US is not available in 7 states including New York & Texas.

    • fLpdtiaZ
      Ease of use
      Easy
      Time to 1st Buy
      2 hrs
      24h Volume
      $
      Coins
      59

      No platform has been able to attract first-time cryptocurrency investors quite like Coinbase. Each quarter, millions of new users sign up and take advantage of the simplest and smoothest customer purchasing journey in the market. Coinbase also aims to educate beginners, paying them in crypto to learn about different projects.

    • Current Coinbase Pro Review
      Ease of use
      Very Easy
      Time to 1st Buy
      24h Volume
      $-1
      Coins
      54

      Coinbase’s advanced cryptocurrency trading platform, fitted with lower fees and far more functionality. Formerly the highly popular GDAX, Coinbase Pro was purchased and rebranded with great success, now boasting the world’s third-highest daily trading volume and average liquidity. Highly secure with zero hacks. Accounts can be connected to Coinbase to access wallet holdings.

    • kraken exchange
      Ease of use
      Very Easy
      Time to 1st Buy
      24h Volume
      $189,010,906
      Coins
      66

      A decade of security, honesty, and transparency has given San Francisco’s Kraken an impressive reputation and helped it to become the fourth-largest cryptocurrency exchange in the business. The brokerage service offered by Kraken has more coins to buy and sell directly with cash than most of their competitors. Debit and credit card purchases are permitted with comparably low fees. Well-suited to beginners and those who want to buy and hold coins long-term.

    Go to Gemini and create an account. In some cases, the exchange will need some personal information like email address, phone number, name, address, and a copy of your government ID or passport.

    This is completely normal and all exchanges we list on this page have security in place to protect your personal info.

  2. STEP 2Fund Your Account

    It is now time to add funds to your newly created exchange account. This will allow you to purchase Dai DaiDAI quickly.

    Upon signing up at the exchange, you should be shown easy to follow instructions to buy DAI with cash from your bank account or credit or debit card. Some exchanges also accept alternative funding methods such as Paypal, Apple Pay, Skrill, or Sofort by Klarna. You can also deposit any supported cryptocurrencies directly into your exchange account and trade them for DAI.

Frequently Asked Questions About Buying & Selling Dai (DAI)

How do I Buy DAI with Crypto?

If you want to buy DAI with a cryptocurrency like Bitcoin, Ethereum, Litecoin, XRP, or BNB, then you can simply sign up for Gemini and send your crypto to your account.

You can view the supported cryptocurrencies for the exchange you selected by going to the assets or wallet screen. Once you see a list of coins, you should be able to select one and click "deposit" which will show you the address to send your crypto to Gemini.

You will then copy that address and paste it into the wallet holding your cryptocurrency and send.

Depending on the blockchain used and how quickly the exchange processes deposits, your funds should show up in your exchange balance within minutes.

How do I sell Dai (DAI)?

To sell DAI, simply reverse the buying process described above. You will likely need to trade your DaiDAI into a USD coin like usdtUSDT. Look for a "Sell" button in your account wallet and sell for Dollars, then initiate a transfer to your bank account. To withdraw cash to your bank, you will likely need to complete a full KYC (Know Your Customer) process if you haven't already.

Dai Research Center

Dai Technical Details & Statistics

Tokenomics
  • Market Rank32
  • Market Cap6,473,874,713
  • Circulating Supply6,474,951,714
  • Total Supply6,474,952,202 DAI
Yesterday's Trading
  • 24 HR Volume534,032,971 USD
  • Yesterday's High / Low---
  • Yesterday's Open / Close---
  • Yesterday's Change---
All Time Performance
  • All Time High---
  • All Time Low---

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.