Where to buy Dai: DAI Buying Guide 2022
By Colin F. 5 min read
Where to buy Dai
Below are the popular crypto exchanges based on user experience,security,fee structure and supported coin, that you can use to purchase Dai (DAI) in 2022.
Before moving forward i want to make it clear that the ranking of these exchanges are in no particular order. With that in mind - Let’s explore these crypto platforms one by one so that you can select the best cryptocurrency exchange to buying your Dai.
1. Binance
Binance is well-known for its cryptocurrency-to-cryptocurrency trading services. Binance came onto the scene during the 2017 crypto craze and has since risen to become the world's leading cryptocurrency exchange.
By trading volume, Binance is the world's largest online cryptocurrency exchange. The exchange is also one of the most rapidly growing venues in the cryptocurrency market today. You can easily buy and sell Dai (DAI) using our step by step guide.
The exchange offers investors one of the most diverse selections of cryptos accessible on the market today. The currencies and tokens on sale range from the markets largest by market cap to some smaller and less well-known coins and tokens.
Binance Features
- Binance trading has some of the lowest costs in the business.
- On Binance, you can trade over 180 cryptocurrencies.
- The exchange is available through online and mobile apps for Android and iOS, as well as desktop programmes for macOS and Windows.
- Binance Futures provides up to 125x leverage while margin trading provides up to 3x leverage.
- It offers a dedicated help Centre where you may contact the support team or get actual beginning tips and explanations of various exchange operations.
- It also allows you to make passive income from your crypto assets through staking, crypto lending, and other methods.
Getting Started with Binance
Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward, and you do not need to verify your account for level 1, which has a daily withdrawal limit of 2BTC.
For level 2, which enables up to 100BTC every day, you must upload a picture ID and wait for approval. There are still greater restrictions, but you must contact them personally to arrange for them.
Follow the steps below to open a Binance account:
Step 1: Visit the Binance Website
Step 2: Click on the “Register” option in the upper right-hand corner and complete the relevant information. Binance will validate your account details throughout the registration process, which may take a few minutes.
Step 3: Enable 2-Factor Authentication.
Step 4: Select and Link you payment Methods.
Step 5: Deposit and Start trading.
How to buy Dai on Binance
Binance has a rich collection of tools and dashboards that might be overwhelming. Its Buy Crypto page makes it easy to cut through the confusion and conduct straightforward transactions. It has a simple interface where you can buy, sell, or convert cryptocurrency.
1. Login to your Binance account and on the homepage click on the “Buy Crypto “Button.
2. You can purchase Dai (DAI) using a variety of fiat currencies. Enter the amount of fiat money you wish to spend, and the system will calculate the amount of Dai you can acquire.
3. Select the payment method and fill the required information than Continue.
4. Please double-check the payment information and costs, and complete your purchase within 1 minute, otherwise the amount of Dai you may get will be adjusted depending on the current market price.
5. You'll be taken to your bank's OTP Transaction Page. To validate the payment, follow the on-screen instructions. Following that, you will be able to see the acquired DAI in your Binance Spot Wallet immediately.
2. Coinbase Exchange
Coinbase was established in 2012 as a platform for sending and receiving Bitcoin. The firm has expanded to accommodate dozens of distinct cryptocurrencies and now employs over 2,700 people globally. Coinbase is a decentralised organization with no central offices. You can easily buy and sell Dai (DAI) on Coinbase Exchange using our step by step guide.
The exchange has users in over 100 countries, and clients exchange over $327 billion every quarter. Coinbase oversees a thriving bitcoin ecosystem that serves 9,000 financial institutions.
It has two distinct trading platforms, as well as a separate bitcoin wallet service. You're likely to find all you need to create and manage a bitcoin portfolio or trading plan among the Coinbase offerings.
Getting Started with Coinbase Exchange
Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward. You can open an account with Coinbase by following the easy steps outlined below.
Step 1: Go to Coinbase official website and click the Get Started button in the top right corner of the webpage.
Step 2: Enter your personal information and email with a secure password.
Step 3: Click the create account button after checking the box at the bottom of the form.
Step 4: Verify your supplied email address by clicking on the verification link that was delivered to your inbox.
Step 5: You must provide your cellphone number with the country code to complete the two-step verification process.
Step 6: Enter the code that was delivered to your mobile device and click the Verify button. If you haven't received a code, select the Resend code option.
Coinbase Exchange Pros
- Cryptocurrency exchange that is safe and secure.
- Simple and user-friendly interface.
- Limits and liquidity are impressive.
- Accepted in more than 30 countries.
- Top rated best mobile app.
- Advanced trading platform provides free cryptocurrencies to let you learn about new digital tokens.
- Provides a Coinbase debit card that may be used to spend bitcoin anywhere.
Coinbase Exchange Cons
- To buy cryptocurrency with a debit card, you must pay a charge of 3.99 percent.
- The standard trading commission is 1.49 percent.
- Trading instruments are limited.
- There are no copy trading or social trading capabilities.
- Crypto exclusively - no other assets, like as stocks, are available for investment.
How to buy Dai on Coinbase Exchange
Follow our step by step guide below to start buying Dai (DAI) on Coinbase Exchange:
1. Log in to your Coinbase account.
2. On the upper right-hand side, click Buy / Sell.
3. Select Dai from the list of cryptocurrencies and click the Buy button.
4. Enter the amount you want to buy in DAI or your local money.
5. Choose a payment method (Credit card, Bank Transfer or Crypto).
6. To confirm your purchase, click Preview Buy (you can always click the back arrow to make a change).
7. If all of the information is accurate, click Buy to complete your transaction.
3. FTX
FTX is a cryptocurrency futures exchange that has swiftly established itself in a rapidly growing section of the cryptocurrency trading industry.
The exchange has received a lot of favorable feedback from the crypto trading community and already has strong daily trading volumes. This is pretty significant given the platform's relative young and the fact that FTX is not available to anybody located in the United States.
The exchange debuted in May 2019 and offers its users a variety of unique trading products such as Bitcoin options, over 45 leveraged tokens, 20 continuous swaps, MOVE contracts, and futures markets.
Getting Started with FTX
The signup procedure is basic and similar to that of other cryptocurrency exchanges. You can begin by doing the following:
Step 1: By selecting the "Register" tab at the top right of the home page. In the pop-up registration box that appears, enter your email address and password.
Step 2: To register an account and receive a confirmation email, click the "Sign Up" button.
Step 3: By clicking on "Account Security" and selecting Authy, Google Authenticator, or SMS, you may now safeguard your account.
Step 4: You can now deposit funds to trade; however, your account has a total withdrawal restriction of $1,000 until KYC verification is completed.
Step 5: To finish the KYC verification procedure and unlock larger withdrawal limits, go to the "Settings" tab.
FTX Pros
- Over 130 cryptocurrencies and 10 fiat currencies are supported.
- Swap coins and fiat currency quickly and simply.
- There are several marketplaces, which are ideal for futures traders.
- Apps for iOS and Android are available.
- Staking is offered on a few currencies, including FTT, which provides further benefits.
FTX Cons
- The product is not available in the United States but you can use their US version.
- There is no live chat assistance.
How to buy Dai on FTX
Buying Dai on FTX Exchange is pretty easy and you can follow the below guide to purchase your first DAI
1. Log in to your FTX account.
2. On the upper right-hand side, click Wallet.
3. Select the asset you want to Deposit by clicking the Deposit button.
4. Enter the amount you want to buy in crypto or your local money.
5. Choose a payment method. To confirm your purchase, click Deposit USD (you can always click the back arrow to make a change).
6. If all of the information is accurate, click Buy to complete your transaction.
4. Kraken
Kraken is a well-known cryptocurrency exchange owing to its numerous features and top-tier security. Kraken is a perfect exchange for anybody, whether you are a rookie investor, an experienced day trader, or an institutional customer, since it supports over 50+ cryptocurrencies, 7 fiat currencies, and extra services.
Kraken Features
As one of the most established cryptocurrency exchanges in not just the United States, but the whole globe, you would be correct in assuming Kraken has amazing features. There are several reasons why people choose Kraken, and I'll go through a few of them below.
- Low transaction costs begin at 0.16 percent / 0.26 percent (maker/taker).
- Mobile applications for iOS and Android are available for over 50 different cryptocurrencies.
- Buy cryptocurrency using fiat money.
- Trade cryptocurrencies on the market or buy/sell them instantaneously.
- 24/7 Team of Live Chat Support.
- Kraken Terminal - sophisticated charts and tools.
- Futures trading and margin trading Stake cryptocurrency and fiat currency to earn interest and expand your investment.
- For significant trades, an OTC desk with individual assistance is available.
- Trading crypto in foreign currencies.
- Crypto exchange that is dependable, safe, and trustworthy
How to buy Dai on Kraken
Buying Dai (DAI) on Kraken is quite simple and straightforward.
1. Using the Buy Crypto button at the top of the page, pick the 'Buy' option.
2. Enter the name of the asset you want to purchase in the search area (in our case it is Dai). You may also go through the list of accessible crypto assets.
3. Enter the amount of cash you wish to spend, or use the toggle button to enter the amount of Dai you want to buy. Check that you have selected the right "Pay With" method before clicking the Preview button.
4. A confirmation screen will appear, displaying the asset volume being purchased, the stated asset price, fees, and the purchase cash amount.
5. If everything appears to be in order, click Submit Order to finish the order.
6. When buying with a debit or credit card, further validation with 3D Secure will be required.
Other Exchanges to buy Dai
Aside from using above popular platforms, there are variety of smaller cryptocurrency exchanges where you can buy DAI.
| 1. BKEX | Join Now |
| 2. Balancer (v2) | Join Now |
| 3. SpookySwap | Join Now |
| 4. WhiteBIT | Join Now |
| 5. Uniswap (Optimism) | Join Now |
| 6. Tokpie | Join Now |
| 7. SpiritSwap | Join Now |
Buy Dai on Decentralized Exchanges.
Below, you will find comprehensive and detailed review about top rated decentralized exchanges using which you can buy Dai (DAI) easily.
1. Uniswap (v3)
Uniswap is a decentralised exchange (DEX) that allows users to finance liquidity pools and benefit from them.
The platform's user-friendly online interface allows users to exchange Ethereum-powered ERC-20 tokens. Previously, decentralised exchanges had small order books and poor UXs, leaving a huge opportunity for successful decentralised exchange.
Users no longer have to accept defects because they can easily exchange Ethereum-based protocols using a web 3.0 wallet thanks to Uniswap. You can do so without having to deposit or withdraw funds from a centrally controlled order book. Uniswap allows users to trade without the intervention of a third party.
How to buy Dai on Uniswap (v3)
In this section, we'll go through below steps on how to make your first Dai purchase on Uniswap.
Uniswap allows you to buy Dai (DAI) and any of the thousands of ERC20 tokens offered by the Ethereum network. To do so, you'll need sufficient ETH on hand to cover any transaction costs, as well as anything to exchange for the ERC20 token you desire mostly Ethereum or USDT (ERC-20).
Step 1: Navigate to the Uniswap exchange platform. Click the 'Connect to a wallet' option in the upper right corner and log in with the Metamask or Trust wallet.
Step 2: After logging in, the trading dashboard will be shown. Select the token you want to trade for, and the token you want in the top section (in our case Dai), You can also search Dai (DAI) in Coinmarketcap and copy/paste the DAI contract in uniswap.
Step 3: You are now ready to place your order. You can put a number in the top area to specify how much you want to spend, or a number in the bottom field to specify how much you want to purchase.
Step 4: At the bottom of the order menu, you'll see how much you'll be charged. If you're satisfied with these numbers, click the 'Swap' option. When you're finished, confirm the transaction, and it'll be processed. Once completed, your tokens will be available in your ERC20 wallet.
2. Sushiswap
SushiSwap is an exchange that is moving in line with the larger uniswap ecosystem. It uses a system called an automated market maker to settle orders just like uniswap or pancakeswap.
While traditional exchanges have order books with buyers and sellers, SushiSwap uses an algorithm to create a "liquidity pool" of tokens. This way, users are able to trade in a range of prices. Tokens are listed in the "liquidity pool" based on price history.
There are a number of people behind the project, including 0xMaki, who is an anonymous core contributor, and Joseph Delong, the Chief Technology Officer. These members will also remain anonymous, as it is the policy of the company not to disclose who they are or their positions with the project. Although SushiSwap has no current investors, there are discussions about acquiring funds in the future.
The first step is to connect your wallet to the SushiSwap pool. This is very easy, as the platform supports MetaMask and WalletConnect. Once connected, you'll need to select a token and swap it with desired token.
3. Quickswap
The QuickSwap network is a fork of UniSwap DEX. It is a DEX on Polygon blockchain, and uses the Ethereum blockchain.
On QuickSwap network, users can trade tokens on the Ethereum and Polygon networks. You can use the same QUICK account on both networks. It is important to understand that each network is different.
Before using QuickSwap, you should have a crypto wallet. Connect Quickswap you with your wallet. Most wallets are free, but the best ones come with multiple security features, you need to choose a hardware wallet to ensure the highest levels of security.
4. Pangolin
The Pangolin project is a decentralized exchange that uses Avalanche Blockchain as a backend. This platform's automated market-making model allows users to make trades at a fraction of the price of the underlying currencies.
The native token of Pangolin (PNG) allows users to vote on development decisions and the creation of new liquidity pools. It will be distributed in a transparent fashion, and the community will be able to make decisions about what to do with it.
With transaction fees as low as a few cents, users can easily invest in the crypto market. In addition to the PNG, other top tokens on the platform include Wrapped AVAX (WAVAX), BENQI (QI), and Roco Finance (ROCO).
5. PancakeSwap (v2)
PancakeSwap Exchange started in September 2020 on the Binance Smart Chain as an alternate automated market maker (AMM) to Uniswap Exchange, with cheaper transaction fees and faster speeds. While it began as just a copy and paste of Uniswap on some other blockchain, PancakeSwap Exchange has now evolved a number of features that have allowed it to be utilized more often than Uniswap.
With a variety of features and opportunities for users to make earnings, the platform currently has more Total Value Secured than Uniswap. PancakeSwap Exchange can meet your demands if you are seeking for a decentralised exchange with cheap fees and transaction expenses.
How to buy Dai on PancakeSwap (v2)
In this section, we'll go through below steps on how to make your first Dai purchase on Pancakeswap.
Step 1: Go to Pancakeswap.finance, click Connect Wallet and select Metamask or Trust Wallet. After connecting your wallet to Pancakeswap, you can now begin trading tokens on the Pancake official site.
Step 2: Click Trade > Swap from the main menu. Select the token you want to trade for, and the token you want in the top section (in our case Dai), You can also search Dai (DAI) in Coinmarketcap and copy/paste the DAI contract in Pancakeswap.
Step 3: You are now ready to place your order. You can put a number in the top area to specify how much you want to spend, or a number in the bottom field to specify how much you want to purchase.
Step 4: Before you finalize the conversion, go through the details and double-check that everything is in order. When you're finished, simply press "Swap" and then "Confirm Swap." That’s all.
As soon as the trade is verified, Dai will appear in your wallet.
Conclusion
Choosing the best cryptocurrency platform for Dai (DAI) might be a difficult task, there are various factors that one should consider before selecting a crypto exchange. These include the fees structure, security, exchange features, and whether it is based on fiat or crypto.
Remember, once you have shortlisted some exchanges, do your research on each of them to identify the most appropriate for you.