Buy Dai: A Comprehensive Guide on How to Buy DAI – Best Exchanges & Brokers

Dai, a leading stablecoin, has gained significant popularity since its inception. Its stability and decentralized nature make it an attractive option for investors. We’ll guide you through simple, fast, and secure methods to buy and store Dai. To make it easier, we believe Coinbase is the best platform to buy Dai. Why Coinbase?

The following table explains why Coinbase is the best choice for buying Dai.

Buy DAI on Coinbase

Dai is a stablecoin that has earned significant trust in the crypto community. Its decentralized nature and stability make it an attractive option for investors. We’ll walk you through simple, fast, and secure ways to buy and store Dai. To keep it simple, we think Coinbase is the best option to buy Dai. Why Coinbase?

Coinbase is a regulated crypto custodian with licenses across the globe. This ensures that Coinbase meets strict security standards and is monitored by financial authorities. In fact, BlackRock, the world’s largest asset manager, relies on Coinbase for custody of Bitcoin within its Bitcoin ETFs, showcasing the high level of security Coinbase provides.

While you can use external wallets, Coinbase offers a highly secure environment for storing your Dai. Unlike some platforms that delay withdrawals, Coinbase processes them instantly, giving you quick access to your funds.

Cost-effectiveness is another strong point. Coinbase’s fees are very competitive at 0.15%, much lower than the industry average. For comparison, Bison, an exchange affiliated with the German stock exchange, charges a hefty 1.5% for transactions involving cryptocurrencies.

Coinbase prioritizes your security with features like two-factor authentication, ensuring an additional layer of protection for your account. They also offer customer support, typically responding within 24 hours. (We’ve personally experienced their team’s responsiveness and helpfulness.)

The platform is designed to be intuitive and user-friendly, catering to both beginners and seasoned traders. With dedicated apps for Android and iOS, you can manage your Dai portfolio and make transactions conveniently from anywhere.

Coinbase is one of the most popular and easiest platforms to buy Dai (DAI). Here’s how to buy Dai easily, securely, and quickly on Coinbase.

Step 1: Sign Up for Coinbase

To get started with buying Dai, first create an account on Coinbase. Visit Coinbase.com and click “Get Started.” Enter your name, email, and password. Once done, click “Create Account.”

Step 2: Verify Your Identity

For regulatory compliance, Coinbase will require identity verification. You will need to upload a government-issued ID and provide personal details like your address and date of birth. This process only takes a few minutes.

Step 3: Add a Payment Method

To buy Dai, link a payment method. Coinbase supports various options:

• Bank Account: Link your bank for lower fees and higher transaction limits.
• Credit or Debit Card: Best for quick purchases, though fees are higher compared to bank transfers.
• PayPal: Coinbase also supports PayPal for deposits and withdrawals in certain regions.

Step 4: Buy Dai

Once your account is set up and payment method linked, you’re ready to buy Dai!

1. On the Coinbase dashboard, go to the “Buy/Sell” section.
2. Select Dai (DAI) from the list of available cryptocurrencies.
3. Enter the amount of Dai you want to buy, either in your local currency (e.g., USD, EUR) or DAI.
4. Select your payment method (e.g., bank account, credit card).
5. Review the transaction details, including any fees, and click “Buy Now” to finalize the purchase.

Step 5: Store Your Dai Securely

After purchasing Dai, it will be stored in your Coinbase wallet. For enhanced security, it’s recommended to transfer your Dai to a personal wallet (such as a hardware wallet from Ledger or Trezor) instead of keeping it on Coinbase, which is an online exchange.

Benefits of Buying Dai on Coinbase:

• User-Friendly Interface: Coinbase’s easy-to-navigate platform makes it accessible for beginners.
• High Security: Coinbase employs robust security features, including two-factor authentication (2FA) and insurance for funds stored in Coinbase Vault.
• Wide Payment Options: Coinbase supports various payment methods, such as bank transfers, credit cards, and PayPal.

Buy DAI on Binance

Binance is one of the world’s largest and most popular cryptocurrency exchanges, known for its robust security and user-friendly platform. Until recently (May 2019), buying Dai directly with Euro (EUR) or US Dollars (USD) on Binance wasn’t an option. However, that has changed, and now you can easily purchase Dai with a credit card or trade Dai using other cryptocurrencies. In this guide, we’ll walk you through both options!

Step 1: Register on Binance

Unlike many other exchanges, Binance offers the option to verify your identity. Though verification is not mandatory, completing it will increase your daily withdrawal limit to 100 BTC. Without verification, the daily limit is 2 BTC, but you can still use all other features of the platform.

Step 2: Buy Dai with a Credit Card

To buy Dai via credit card on Binance, follow these steps:

1. Navigate to the Credit Card Section: In the top menu, click on “Buy Crypto” and then select “Buy with Credit Card.”
2. Select Your Payment Currency: Choose Dai (DAI) as your cryptocurrency and select your payment currency (Euro or USD).
3. Enter Your Personal Information: Fill in your details in the provided fields.
4. Verify Email and Phone Number: You will need to verify your email and phone number using a code.
5. Proceed to Payment: After verification, click “Next” to enter your credit card information.
6. Upload ID for Verification: To complete the process, upload the front and back of your passport to verify your identity.

Important Notes Before and After Your Purchase

• Dai Price Fluctuation: The Dai amount displayed is based on the current price and may change. If the rate fluctuates by more than ±2.5%, you will be asked to reconfirm the transaction via email from Simplex, Binance’s third-party provider.
• Transaction Fees: Simplex charges a fee of 3.5% per transaction or USD 10, whichever is higher.
• Transaction Limits: The daily limit for purchases is USD 20,000 per user, and the monthly limit is USD 50,000. The minimum transaction amount is USD 50.
• Track Payment Status: After completing your purchase, you can check your payment status and deposit history through Simplex.

Step 3: How to Trade Dai on Binance

If you already have other cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), or Tether (USDT), you can deposit them into your Binance account and trade them for Dai (DAI). Here’s how to exchange Ethereum (ETH) for Dai (DAI):

1. Deposit Ethereum (ETH): If you already have Ethereum (ETH) on another exchange or wallet, you can directly send it to your Binance Ethereum wallet address. If you don’t have Ethereum yet, you can purchase it on a platform like Litebit. During the purchase process, simply provide your Binance Ethereum wallet address, so Litebit can transfer the ETH to Binance immediately after the transaction is complete.
2. Access the Deposit Section: Once logged in, click on “Funds” in the navigation bar and then select “Deposit.”
3. Find Your Ethereum Wallet Address: In the search box, type “ETH” and select “Ethereum” from the list. You will see your unique Ethereum wallet address, which you can use to transfer your Ethereum from another wallet or exchange to Binance.
4. Exchange Ethereum for Dai: Once your Ethereum has arrived in your Binance account, you can trade it for Dai by going to the “Markets” tab, selecting “ETH/DAI,” and placing an order.

Additional Trading Tips

• Leverage Trading: Binance offers margin trading with leverage for advanced users, allowing you to amplify your trades and maximize potential profits (with higher risk). Make sure to fully understand leverage before using this feature.
• Security: Ensure you activate two-factor authentication (2FA) to protect your account. Binance also offers various security features like cold storage for crypto funds and insurance coverage in case of major losses.

Buy DAI on Kraken

Kraken is a regulated crypto custodian with licenses in various jurisdictions globally, ensuring it meets stringent security standards and is overseen by financial authorities. This offers peace of mind to users by guaranteeing the safety of your assets. Kraken is trusted by institutional investors, including major financial entities, for the custody of cryptocurrencies, which highlights the high level of security the platform provides.

Kraken offers the flexibility to use external wallets, but it also provides a highly secure environment for storing your Dai. Unlike some platforms, Kraken processes withdrawals quickly, allowing you to access your funds with ease.

When it comes to cost-effectiveness, Kraken’s fees are highly competitive. Its tiered fee structure offers low rates, with the lowest fees reaching 0.16% for makers and 0.26% for takers, which are significantly lower than many competitors.

User security is a top priority at Kraken, with features like two-factor authentication (2FA) and advanced encryption protecting your account. The platform also provides fast and helpful customer support when needed.

Kraken is designed to be user-friendly, catering to both beginners and experienced traders. Its intuitive interface is enhanced by mobile apps for Android and iOS, making it easy to manage your Dai portfolio and execute trades on the go.

Kraken is one of the most trusted and secure platforms to buy Dai (DAI). Here’s how you can buy Dai securely and efficiently on Kraken.

Step 1: Sign Up for Kraken

To get started with buying Dai, create an account on Kraken’s platform. Visit Kraken.com and click on “Create Account.” Enter your name, email, and set up a secure password. Afterward, click “Create Account.”

Step 2: Verify Your Identity

Kraken requires you to verify your identity to comply with financial regulations. You will need to upload a government-issued ID and provide personal details, such as your address and date of birth. This process helps ensure your security and may take just a few minutes.

Step 3: Add a Payment Method

To buy Dai, you must link a payment method. Kraken supports various payment options, including:

• Bank Account: For lower fees and higher transaction limits.
• Credit or Debit Card: Best for faster purchases, though fees may be higher than bank transfers.
• Wire Transfers: Suitable for larger purchases, Kraken supports wire transfers in several countries.

Step 4: Buy Dai

Once your account is set up and a payment method is linked, you’re ready to buy Dai!

• On the Kraken dashboard, go to the “Buy Crypto” section.
• Select Dai (DAI) from the list of available cryptocurrencies.
• Enter the amount of Dai you’d like to purchase, either in your local currency (e.g., USD, EUR) or in DAI.
• Choose your payment method (e.g., bank account, debit card).
• Review the transaction details, including any fees, and click “Buy Now” to finalize your purchase.

Step 5: Store Your Dai Securely

After purchasing Dai, it will be stored in your Kraken wallet. For enhanced security, it’s recommended to transfer your Dai to a personal wallet, such as a hardware wallet (e.g., Ledger or Trezor), instead of leaving it on Kraken, an online exchange.

Benefits of Buying Dai on Kraken:

• User-Friendly Interface: Kraken’s intuitive design makes it easy for both beginners and experienced traders.
• High Security: Kraken uses top-tier security measures like two-factor authentication (2FA) and offers insurance for funds held in its vault.
• Competitive Fees: Kraken’s competitive fee structure makes it an attractive option for all types of transactions.
• Multiple Payment Options: Kraken supports various payment methods, including bank transfers, credit cards, and wire transfers, to suit different user needs.

Buy DAI on Kriptomat

About Kriptomat

In contrast to the established broker eToro, Kriptomat is a relatively young crypto exchange, but no less reliable. On Kriptomat, you can buy over 30 cryptocurrencies directly with Euro, USD, etc., and send them directly to an external wallet. However, it is important to note that trading is currently restricted to Europe, meaning investors from regions like the USA are unable to use the platform.

Kriptomat focuses on providing a modern and easy-to-use interface, making it ideal for beginners to buy and trade cryptocurrencies. As far as legitimacy is concerned, Kriptomat is licensed by the Estonian government, which assures its regulatory compliance.

Additionally, Kriptomat offers a major advantage in terms of fees. Unlike other exchanges and brokers, Kriptomat does not charge a price premium. The purchase price matches the spot price of Dai. Kriptomat only charges a small transaction fee for each order, which is clearly displayed during the transaction process. The deposit fees are as follows:

Set up a Dai account on Kriptomat

First and foremost, Kriptomat adheres to strict European Union regulations and requires complete identity verification. To buy Dai on Kriptomat, you must first create an account. Go to the official website kriptomat.io and click on the orange “Register” button. A pop-up window will appear asking you to provide your first and last name, email address, and a password for your account.

Kriptomat will send you a confirmation link via email. Click on the link to verify your account. Once verified, you can log in to your Kriptomat account using your credentials. However, the registration process is not complete yet.

Before you can buy Dai or use other features of the exchange, you will need to verify your phone number. Kriptomat will send you an SMS with a verification code that you need to enter on the website. But the registration isn’t fully complete just yet. As per strict EU guidelines, you’ll need to reveal your full identity. Click on the prompt to begin the verification process.

A new pop-up window will appear where you need to enter your address (street, house number, city, country). You’ll also need to upload a scanned or photographed image of your passport or ID card. Kriptomat offers a quick and smooth process for this. You can easily continue the registration on your smartphone. Simply click on the link and Kriptomat will send you an SMS to continue the process.

You can then take a photo of your ID (both front and back) with your smartphone and upload it instantly. The final step involves taking a selfie for identity verification. Allow Kriptomat access to your camera and take a selfie directly.

If you wish to buy cryptocurrencies via SEPA bank transfer, you must also add a bank account to your Kriptomat account. You can then deposit money via SEPA and use your “credit” to buy Dai and other cryptocurrencies. For those using Neteller, Skrill, or credit cards, adding a bank account isn’t necessary. Once the registration is complete, you will have access to the following purchase limits. There is no distinction between verification levels, as on other crypto exchanges, because you have already completed full verification.

Buy Dai on Kriptomat

Buying Dai on Kriptomat is straightforward and user-friendly. First, go to the “Buy/Sell” tab (step 1), then click on the “Buy” tab (step 2). In the area below, select Dai (DAI) to purchase it.

You can then choose from four different payment methods (step 3). While you must add a bank account for SEPA bank transfers, the other payment methods (credit card, Neteller, Skrill) allow you to purchase Dai immediately without needing to enter further data.

In step 4 (see screenshot), simply enter the amount of Dai (DAI) you want to purchase. After clicking “Buy Dai,” you will see the transaction fees for the order. To complete the purchase, click “Confirm transaction.”

Kriptomat will confirm your purchase and redirect you to your “My Wallet” section. Within seconds, your purchased Dai will appear here. For a quick overview of the buying process, you can watch the video tutorial below:

Buy DAI at Anycoin

Anycoin is a popular cryptocurrency exchange platform that provides a simple and secure way to buy and sell Dai (DAI) and other cryptocurrencies. It caters to both beginners and more experienced traders, offering an intuitive interface and a variety of features designed to make crypto trading easier and more secure.

Key Features of Anycoin:

1. User-Friendly Interface: Anycoin offers a straightforward and clean platform, making it easy for new users to start trading and for more experienced traders to access advanced features.
2. Wide Selection of Cryptocurrencies: Anycoin supports a range of cryptocurrencies, including Dai (DAI), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more, allowing you to diversify your portfolio easily.
3. High Security Standards: Security is a priority for Anycoin, with features like two-factor authentication (2FA) and SSL encryption to protect user accounts and transactions. This ensures your crypto holdings are safe from external threats.
4. Low Fees: Anycoin aims to provide competitive fees for trading and transactions, making it an attractive option for those looking to minimize costs while trading digital assets.
5. Multiple Payment Methods: Users can purchase cryptocurrencies using various payment methods, including bank transfers, credit cards, and sometimes even PayPal, depending on their location.
6. Fast Transactions: Anycoin processes transactions quickly, allowing users to purchase cryptocurrencies without long delays. This quick access to funds is a major benefit for those who need to act fast in the market.
7. Support for Wallets: While Anycoin provides its own wallet to store your crypto assets, it’s also recommended to use your own personal wallet for added security. This can include hardware wallets or other types of secure storage.
8. Dedicated Customer Support: Anycoin offers customer support, providing assistance with any issues or inquiries that might arise during your experience on the platform.
9. Mobile Apps: Anycoin has apps available for both Android and iOS devices, making it easy to manage your portfolio and execute trades on the go.

How to Buy Dai on Anycoin:

1. Create an Account: Start by visiting the Anycoin website and clicking on “Sign Up.” Enter your name, email address, and create a password. Afterward, you’ll receive a verification email to confirm your account.
2. Verify Your Identity: Anycoin will ask you to complete a verification process to comply with regulatory requirements. This may involve submitting a government-issued ID and some personal information.
3. Link a Payment Method: To buy Dai, link a payment method to your account. Anycoin supports various payment options like bank transfers, credit cards, and PayPal.
4. Make Your Purchase: Once your account is verified and your payment method is linked, go to the “Buy” section, select Dai (DAI), and enter the amount you wish to purchase. Review the transaction details and fees, then complete your purchase.
5. Store Your Dai Securely: After buying Dai, it will be stored in your Anycoin wallet. However, for extra security, it’s recommended to transfer your crypto to a personal wallet (e.g., a hardware wallet) for safe storage.

Benefits of Using Anycoin:

• Simple and Easy to Use: With its user-friendly interface, Anycoin makes cryptocurrency trading accessible to everyone, including beginners.
• Secure Platform: Advanced security measures, including 2FA and SSL encryption, help ensure your funds are safe.
• Variety of Cryptocurrencies: You can easily buy Dai (DAI) and other major cryptocurrencies on Anycoin.
• Competitive Fees: Anycoin offers low transaction fees, making it a cost-effective platform for crypto trading.
• Quick Transactions: The platform processes transactions quickly, providing fast access to your purchased assets.

Buy DAI at ByBit

Bybit is a popular cryptocurrency exchange platform that specializes in trading digital assets such as Dai (DAI), Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. Known for its advanced features and high liquidity, Bybit is primarily used by more experienced traders, especially those interested in leveraging trading and derivatives.

Key Features of Bybit:

1. Advanced Trading Tools: Bybit offers a range of professional trading tools including spot trading, margin trading, and derivatives trading (futures contracts). The platform also provides advanced charting features and technical analysis tools to help users make informed decisions.
2. High Liquidity: Bybit is known for its high liquidity, which is particularly beneficial for traders who need to execute large trades without significant slippage. This makes it a reliable platform for both day traders and those looking for long-term positions.
3. Leverage Trading: One of Bybit’s standout features is its leverage trading options. Users can trade with leverage, enabling them to amplify their positions and increase potential profits. However, this also comes with higher risks, and it’s important to use leverage cautiously.
4. User-Friendly Interface: Despite offering advanced trading options, Bybit maintains an intuitive and user-friendly interface, making it accessible for both beginner and experienced traders. The platform’s clean design helps users navigate the various trading tools easily.
5. Security Features: Bybit places a strong emphasis on security with features such as two-factor authentication (2FA), cold storage for crypto assets, and an insurance fund to cover any potential losses during extreme market conditions. These measures help ensure the safety of user funds.
6. Mobile App: Bybit offers mobile apps for both Android and iOS, allowing users to trade and manage their crypto assets on the go. The mobile apps have many of the same features as the desktop platform, providing flexibility for traders who need to stay connected to the markets at all times.
7. Fast Transactions: Bybit offers quick and seamless transactions, with order execution speeds often cited as one of the fastest in the industry. This ensures that trades are executed without delay, which is crucial in volatile markets.
8. Referral Program: Bybit has a referral program that allows users to earn rewards by inviting others to join the platform. This is a great way for traders to earn additional income while growing the community.
9. Customer Support: Bybit provides 24/7 customer support to help users with any issues or questions. The platform offers support through live chat, email, and other communication channels, ensuring that help is readily available.

How to Buy Dai on Bybit:

1. Create an Account: Start by visiting the Bybit website and clicking “Sign Up.” You’ll need to provide your email address and create a secure password. After registering, you will receive a verification email to activate your account.
2. Verify Your Identity: To comply with regulatory standards, Bybit may ask you to complete a KYC (Know Your Customer) verification process. This can involve uploading a government-issued ID and some personal information to verify your identity.
3. Deposit Funds: Once your account is set up, you need to fund your account. Bybit supports deposits in several cryptocurrencies, including Bitcoin, Ethereum, and USDT (Tether). You can deposit these digital assets directly into your Bybit wallet.
   4. Buy Dai: To buy Dai on Bybit:
   • Navigate to the “Spot” trading section on the platform.
   • Select Dai (DAI) as the cryptocurrency you wish to purchase.
   • Choose your trading pair (e.g., DAI/USDT).
   • Enter the amount you want to buy and review the transaction details.
   • Confirm the purchase to complete the transaction.

   5. Store Your Dai: After purchasing Dai, you can store it in your Bybit wallet. However, for added security, it’s recommended to transfer your Dai to a private wallet, such as a hardware wallet (e.g., Ledger or Trezor), rather than keeping it on the exchange.

Benefits of Using Bybit:

• Advanced Trading Options: Bybit is ideal for traders looking for advanced features like margin trading and leverage, along with access to a wide range of crypto assets.
• Fast Execution and High Liquidity: The platform provides fast order execution and deep liquidity, which is crucial for active traders in fast-moving markets.
• Security: Bybit prioritizes user security with features like two-factor authentication (2FA), cold storage, and an insurance fund.
• Mobile Trading: Bybit’s mobile apps allow users to trade and monitor their portfolios from anywhere.
• Competitive Fees: Bybit offers competitive trading fees, making it an attractive option for traders looking to minimize costs.
• 24/7 Support: Bybit provides round-the-clock customer support to help resolve any issues or concerns quickly.

Best DAI wallet: Electrum

When using a desktop wallet, we have had very good experiences with the Dai Electrum Wallet. We will show you briefly how to download and use it. First, you have to go to the official site and download the wallet (click!). If you click on the link, you will be redirected to the website where you can download the wallet. Scroll down a bit and then click on the button “Download Electrum“.

Now you will land on a page where you need to choose the appropriate wallet for your operating system. If you are using Windows, you will need to download the Wallet version for Windows. For example, if you are a Windows user, click on “Windows Installer” (see picture: red arrow). If you want the app for Android, you need to select this installer accordingly:

Once the file is downloaded, click on the setup file. Select a directory where the wallet should be installed and click on “Install”. The installation should not take longer than 2 minutes. Once the installation is complete, click “Close”.

Congratulations: the wallet is installed. Now you start the Dai Electrum Wallet by double-clicking the Electrum icon on the desktop. First, the software will ask you how you want to connect to a server. As a beginner, we recommend that you select “Auto connect” at this point.

The Electrum software will then detect that you have not yet created a wallet. At this point, you simply have to click “Continue” and can give the wallet another name if necessary. Then you have the option to set up different types of wallets. If you find setting up the wallet difficult at this stage, we recommend that you choose the “Standard wallet” option. The standard wallet is completely free of charge and works very well.

Alternatively, it’s safer to create a “Wallet with two-factor authentication“. You’ll need a smartphone and the Google Authenticator app, available on both the App Store and Google Play. If you want to use the wallet with two-factor authentication, note that there is a fee associated. We recommend this option as it significantly increases the security of your wallet.

Once you click on “Next,” a new seed must be generated. The seed also depends on the address format. We recommend using the “Segwit” setting, as this is the most common address format compared to the older one. After that, you’ll see your seed—a series of 12 words, which is your key to the wallet if you lose your password or your computer fails. It’s extremely important that you write down this seed somewhere safe, preferably on paper, and store it securely.

In the next step, you will be asked to enter the seed again. After successfully doing this, Electrum will prompt you to create a password. The longer, the better. Also, use a combination of numbers and special characters. You will use this password every time you open the wallet, so be sure to keep it safe.

Now, you are ready to access the actual user interface of the Dai Electrum Wallet. The “Receiving Address” you’ll need to use for deposits will be displayed in the upper right corner under the “Receive” column. Copy this address and enter it at Litebit, or any other exchange where you want to receive Dai, as the “Receiving Address.” After entering the receiving address in Litebit, simply select a payment method and click “Buy”. Generally, the transaction should be credited to your wallet within 24 hours.

If you have any questions, feel free to leave a comment, and we will be happy to assist you!