How to Buy DAI

Dai (DAI) cryptocurrency ranks at 20 place by capitalization. It’s 26 February 2024 on $4,947,609,742 year. Circulating supply: 4,953,999,458. Maximum supply – N/A. The price of DAI for today – $0.9991 with trading volume of $141,524,570 for 24 hours. The maximum price of Dai was registered on 13 March 2020 year and was – $1.220. The lowest price of DAI, $0.8820, was registered on 11 March 2023.
Dai (DAI)
$0.9991 -0.03% ↓
24h price change
-0.0003310 $
Capitalization
$4,947,609,742
24h trading volume
$141,524,570
on the official website

How to Buy DAI Price in USD: Convert to US Dollar

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on the official website
Data updated 2/26/2024

    Dai (DAI) is an Ethereum based stablecoin soft-pegged to the US dollar. This means that, unlike centralized stablecoins, Dai is not backed by a dollar reserve and backing on the Maker DAO platform is used instead.

    Below we learn more about what DAI is and how to buy it.

    How to buy Dai
    DAI logo

    What is Dai

    DAI is an ERC-20 token whose value is pegged to the US dollar. 1 DAI is equal to $1. Since its inception, DAI has become one of the popular stablecoins in the market, especially in the decentralized finance (DeFi) space.

    DAI as a project was launched in 2015. DAI tokens are issued by MakerDAO, a decentralized autonomous organization founded by Rune Christensen, a Danish entrepreneur. Any holder of Maker Tokens (MKR) has a right to participate in the decisions made by the MakerDAO and can propose changes on how the DAI stablecoin should work.

    The DAI stablecoin is not a new phenomenon in the cryptosphere. The first coin pegged to the US dollar (USD) was Tether (USDT).

    Rather than holding US dollars in a centralized reserve as backing, DAI uses the algorithm to maintain a soft peg. This algorithm creates a new DAI using smart contracts. Smart contracts generate DAI whenever an appropriate amount of Ethereum-based assets are held by the as backing protocol.

    Holding assets as backing is only part of how DAI maintains the USD peg.

    Oasis DApp MakerDAO also acts as a lending platform where anyone can deposit Ethereum-based tokens. In exchange for deposited ERC-20 tokens borrowers can receive a loan in the form of DAI tokens with a dynamic interest rate. The algorithm is designed to maintain a stable DAI price by adjusting interest rates on DAI borrowings based on market trends.

    If there is too much DAI in circulation and the price starts to fall, the interest rate goes up to help borrowers repay their loans and stabilize prices. All of this happens based on decisions that are made by the algorithm of the protocol and the MakerDAO, not by a central authority like a reserve bank.

    Makerdao Homepage
    MakerDAO homepage

    Where to buy Dai

    There are several ways to buy DAI: cryptocurrency exchanges, payment systems, p2p-platforms, banks like Revolut, etc.

    Despite the variety of options for buying this cryptocurrency, crypto exchange is the best choice, since the exchange always has the most favorable rate and high liquidity.

    Many trading platforms allow you to buy cryptocurrencies by a card for fiat money (dollars, euros, etc.). In addition, you can use the p2p-platform of the exchange, which hosts offers for the sale of coins with a large selection of payment methods.

    Dai Buying Instructions

    Since the purchase of cryptocurrency on the exchange is the most profitable, we will consider it step by step.

    Decide on the level of risk

    Investing in any cryptocurrencies is a high-risk activity. To protect yourself from possible losses and not lose all your money, follow simple rules:

    • Do not invest all your money in a digital asset, especially in an unfamiliar project;
    • Don’t buy with the last money;
    • Don’t invest money you can’t afford to lose.

    Choose a crypto exchange

    Cryptocurrency exchanges differ from each other in terms of trading. Therefore, when choosing a platform, the following parameters should be taken into account:

    • Easy registration and verification;
    • Support a sufficient number of trading pairs;
    • Amount of commissions (deposit/withdrawal/trading);
    • The possibility to replenish the deposit from the card;
    • Presence of additional services.

    In addition to these features, it is important to read user reviews. Meaningful assessments about the work of a particular service will help you better navigate and pay attention to the pros and cons of the platform.

    The best crypto exchanges for buying DAI can be found below:

    Exchange
    Website
    BTC trading volume, 24h
    1Binance
    Binance
    BTC trading volume, 24h
    89.14
    2HTX
    HTX
    BTC trading volume, 24h
    69.95
    3OKX
    OKX
    BTC trading volume, 24h
    36.04
    4Bybit
    Bybit
    BTC trading volume, 24h
    24.90
    5MEXC
    MEXC
    BTC trading volume, 24h
    4.962

    Register an account

    The user can buy DAI on any exchange where the coin is traded. Editors’ choice is to buy DAI on the largest cryptocurrency exchangeBinance. This site is characterized by favorable conditions, a large number of trading pairs, high liquidity, advanced functionality and other advantages.

    Before starting work on the exchange, a new user needs to register an account. To create an account on Binance:

    1. Open Binance official site;
    2. Click on Register in the top right corner;
      Begin Binance Registration
      Starting registration on Binance
    3. Select country of residence → Create personal account;
      Create a personal account
      Creating a personal account
    4. Enter email address, create strong password, click Next;
      Account Details
      Account details
    5. Verify email and phone number. To do this, enter the activation code which been sent to your e-mail, and then make it again with the code received on your phone.

    After that, the account will be registered and you can start working with the exchange.

    More detailed instructions on registering on Binance: Binance exchange overview.

    Top up your account

    Depending on the exchange you choose, there may be different ways to fund your account. Before buying DAI on the exchange, you need to clarify in which currency pair the coin is traded, and then select the appropriate deposit method. On Binance, DAI is traded against BTC, BNB, ETH and USDT.

    DAI Trading Pairs
    DAI trading pairs

    For example, let’s top up an account in USDT as the most common stablecoin. For this:

    1. Log into your personal account;
    2. Click Wallet → Fiat and Spot in the top right corner;
      Begin depositing on Binance
      Start depositing on Binance
    3. Select USDT as a deposit coin and press Deposit;
      Select USDT to top up
      Selecting USDT
    4. Select network;
    5. Copy address and paste it into the address field on the platform you want to withdraw from;
      Top up your Binance exchange account
      Depositing a Binance exchange account
    6. Check if the money was transfered to your Binance account.

    Buy Dai (DAI)

    After replenishing the account, you can buy DAI. To buy DAI on the Binance spot market:

    1. Click Trade → Spot in your account;
      Binance Spot Market Selection
      Binance spot market selection
    2. Select the trading pair USDT/DAI (there is no DAI/USDT pair and you need to sell USDT to buy DAI);
      Select trading pair
      Selecting a trading pair
    3. Specify order type, for example, Market;
    4. Enter the amount of the USDT for selling;
    5. Click Sell USDT.
      Exchange USDT to DAI
      Exchanging USDT for DAI

    How to sell Dai

    To exchange DAI for USDT, you need to follow the same sequence of actions, just fill out the form on the right side and click the Buy USDT button.

    Exchange DAI to USDT
    Exchanging DAI for USDT

    Where to store DAI

    DAI can be stored using most ERC-20 compliant mobile and hardware wallets. However, not all wallets provide equal access to the MakerDAO ecosystem.

    If your goal is frequent exchange trading and cryptocurrency transactions, you can use a reliable hot wallet that is ERC-20 compliant, for example Exodus Wallet. When placing funds in “hot” wallets, you need to remember about additional security measures: enable two-factor authentication, store wallet recovery password in a safe place, etc.

    If you want to be able to generate DAI by depositing Ethereum-based assets into the MakerDAO Oasis DApp, you can use a wallet with direct Oasis DApp integration like:

    • MetaMask: Popular mobile app and browser wallet extension. MetaMask is handy for managing all ERC-20 tokens, including DAI. Since it offers direct integration with Oasis, you can deposit from your DApp wallet and then instantly receive DAI to your MetaMask wallet;
    • MyEtherWallet: one of MetaMask’s main competitors. It is a free software wallet that you can use as a mobile app or browser extension. MyEtherWallet can be quickly and easily connected to DApps like Oasis.

    The Oasis DApp also allows you to connect a hardware or software wallet using Wallet Connect. Other popular software wallets can be used with WalletConnect such as Atomic Wallet and Trust Wallet to get all the benefits of Oasis and other similar DApps.

    For users who hold assets for a long time and do not often trade on the exchange, it is better to use a cold hardware wallet. Popular DAI-compliant hardware wallets include Ledger and Trezor.

    The Oasis DApp has direct integration with Ledger and Trezor devices, so you can access MakerDAO ecosystem from your hardware wallet.

    Crypto Wallets
    Crypto wallets
    Read also: Best crypto wallets.

    How to withdraw Dai to my wallet?

    Let’s see how to withdraw DAI cryptocurrency from the Binance exchange to Exodus wallet:

    1. Enter your Binance account;
    2. Select Wallet → Fiat and Spot;
      Start withdrawal from exchange
      Starting withdrawal from exchange
    3. Select the coin DAI and press Withdraw;
      Coin Selection
      Coin selection
    4. Specify the network for transfer, for example, ETH (make sure that the networks on the exchange and in the receiving wallet are matching);
      Network selection
      Network selection
    5. Copy wallet address to transfer DAI. To do this, open a crypto wallet where coins will be withdrawn, for example, Exodus;
    6. Select DAI in wallet;
      DAI coin in Exodus
      DAI coin in Exodus
    7. Click the Receive tab. The system will display address and QR-code;
      DAI address in Exodus
      DAI address in exodus
    8. Copy this address and paste it in the line Address in the withdrawal form on the exchange (or scan the QR-code) → confirm the transaction;
      Output Details
      Withdraw details
    9. Check if there is a cryptocurrency in the wallet.

    FAQ

    How to buy Dai?
    The most profitable way to buy DAI is on a cryptocurrency exchange. For this:

    1. Select exchange;
    2. Register account;
    3. Top up your account;
    4. Open terminal and select DAI currency pair;
    5. Set order type, e.g. Market;
    6. Fill in order details and make an exchange.

    Where can I buy Dai?
    You can buy DAI on the crypto exchange, through payment systems, p2p platforms and so on. The choice of method depends on the preferences of the user, but the exchanges is considered the most profitable, since there is the most favorable rate and high liquidity. Trusted crypto exchange options for buying DAI: Binance, OKX, Bybit.
    When is the best time to buy Dai?
    The best market entry for DAI can be determined based on fundamental and technical analysis data. This approach will reduce risks and potential losses. For those who find it difficult to do this, we recommend using ready-made analytical reviews of experts, reading user reviews, studying the project roadmap, etc.
    Should I buy Dai?
    In order to decide whether to buy DAI, you need to understand what the coin is used for. One of the most common use cases for DAI is risk hedging. It is possible to exchange some of the most volatile cryptocurrencies for stable Dai, and lock in profits without leaving the crypto market.

    Another way to use Dai is staking, which involves receiving a reward in exchange for staked cryptocurrency. You can stake Dai with MakerDAO through the Oasis app. There are also several crypto exchanges that offer Dai staking.

    In any case, the decision to buy DAI should be considered, as all investments in any cryptocurrencies are risky.

    Which wallet should I store Dai in?
    The most secure way to store DAI is through hardware wallets like Ledger and Trezor. You can also use the well-established hot wallets like Exodus, MetaMask and others.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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