DAI is a decentralized stablecoin that strives to sustain its value in correlation with the US dollar. Developed by a Decentralized Autonomous Organization, it was built to serve as a global means of exchange to encourage economic liberty and a window of cryptocurrency opportunities around the world. 

Maker provides a smart contract platform on Ethereum that operates to ensure DAI’s stability by leveraging Collateralized Debt Positions (CDPs). In this guide, we will walk you through the process of how to buy DAI conveniently and safely. 

How to Buy DAI—Quickfire Walkthrough to Buy DAI Tokens in Less Than 10 Minutes

The suitable way to buy DAI is through a decentralized exchange like Pancakeswap. Following this procedure means you do not have to go through a third-party to buy DAI. 

The quick steps below will show you how to buy DAI tokens within 10 minutes. 

  • Step 1: Download Trust Wallet: This app gives you the fastest way to access Pancakeswap. It is supported by Binance and can be downloaded on your iOS or Android device.
  • Step 2: Search for DAI: You can locate the box on the top-right side of the app. Type in ‘DAI,’ and click on the search icon to proceed. 
  • Step 3: Add Funds to Trust Wallet: You need to deposit money into your account to proceed with buying DAI. You can do this by transferring digital tokens from an external wallet. Alternatively, you can use a debit/credit card from within the app to purchase crypto.
  • Step 4: Connect to Pancakeswap: You’ll find “DApps”at the bottom of the app. Click on it, and after that, select ‘Pancakeswap’. Next, click on the ‘Connect’ icon. 
  • Step 5: Buy DAI: Proceed by clicking on the ‘Exchange’ icon. You will see a drop-down box beneath the ‘From’ tab. Click on it and select the cryptocurrency with which you intend to exchange DAI. Beneath the ‘To’ tab, click on ‘DAI’ amongst other cryptocurrencies on the drop-down box. Lastly, input the number of DAI tokens you intend to buy and click on the ‘Swap’ button to validate your trade. 

Upon completion, the DAI tokens you have purchased will reflect in your Trust Wallet. Until you decide to cash out, you can retain them there. Trust Wallet will allow you to withdraw your tokens should you wish to. 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

How to Buy DAI Online—Full Step-by-Step Walkthrough

If you are new to how cryptocurrency exchanges work, you might find the above quick guide a bit daunting. By implication, the quickfire walkthrough might not be comprehensive enough if you’re buying DAI through Pancakeswap for the first time. 

Not to worry, the steps below will offer you a thorough understanding on how to buy DAI. 

Step 1: Get the Trust Wallet

Trust Wallet is the best option for newbies to store cryptocurrency, as well as experienced traders. As stated earlier, Trust Wallet is supported by Binance and in use by millions of cryptocurrency investors.  To access the Trust Wallet, download the app via Google Play or the Apple Store.

Once you install it, set up your account immediately. You will be required to supply the necessary details that will become your login credentials. It is best to create a strong, yet memorable PIN to prevent your account from being hacked. 

You’ll also be required to note down a 12-word passphrase to keep your access intact in case you forget your login credentials.

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

Step 2: Fund Your Trust Wallet 

After completing the initial setup process, you will be required to fund your Trust Wallet. This will allow you to buy DAI with ease. There are two options to fund your Trust Wallet:

Transfer Crypto from an External Wallet

If you have digital currency tokens in another wallet, you can initiate a transfer into your Trust Wallet. 

  • To transfer, click on the ‘Receive’ button and choose the cryptocurrency you want to use. 
  • Next, the unique wallet address for the specific token will be shown to you.
  • Copy the unique wallet address and move to your external wallet. 
  • Paste the copied address, choose the number of coins you want to transfer, and confirm your transaction. 

In about 10-20 minutes, the coins should appear in your Trust Wallet. 

Add Funds With a Debit/Credit Card 

It might be the case that you do not have any cryptocurrency at hand if you are just learning how to buy DAI for the first time. 

You do not have to worry about that because Trust Wallet will let you add funds to your account through a debit/credit card.

  • To add funds through your debit/credit card, click on the ‘Buy’ button which is right at the top of the Trust Wallet app. 
  • You will be given a list of coins that can be purchased with your debit/credit card.
  • The best coin to go with is Binance Coin (BNB). You can also go for Bitcoin or Ethereum. 
  • Because you’re using fiat money (government-issued currency) to purchase crypto, you will be required to undergo a quick KYC (Know Your Customer) process.
  • The KYC process will need you to supply your personal information and send a copy of your government-issued ID. 
  • The next thing to do is to type in your debit/credit card details, the amount of crypto you intend on buying and proceed with the transaction. 

Once completed, the coins should appear in your Trust Wallet immediately 

Step 3: How to Buy DAI via Pancakeswap

On getting to this stage, you should have digital tokens in your Trust Wallet already. Now, you can go ahead to buy DAI by finishing a direct swap. 

  • First, you have to click on the ‘DEX’ button and make sure the ‘Swap’ tab is chosen. 
  • Next is the ‘You Pay’ tab where you will choose the digital currency you intend to use to pay for your DAI tokens. 
  • Note that the digital currency to choose will be the one you transferred in or purchased with your debit/credit card in Step 2. 
  • Also, you will need to select the number of coins to be swapped into DAI. 
  • Beside the ‘You Get’ button, select DAI from the displayed list.

The number of tokens you input under the ‘You Pay’ tab will determine how many DAI tokens you get. Lastly, click the ‘Swap’ button to purchase DAI. 

Step 4: How to Sell DAI

As with many investors, your primary aim for buying DAI is to realize financial gain. So, sometime in the future, you will want to sell your DAI tokens. 

To do this, there are two alternatives up for consideration. The one you choose will depend on what your final action plan is.

  • For instance, if you plan to sell DAI into a different virtual currency, you can again use Pancakeswap to facilitate the process. 
  • This process is merely a reverse of the purchase procedure, so it’s essentially the same thing.
  • To learn how to sell DAI into fiat money, you will need to make use of a third-party exchange. 

To get this done, you might think about making use of the main Binance platform. To do this, transfer the coins into Binance and trade them into fiat currency. Then, you can proceed to request a withdrawal via bank account. 

However, note that you will be required to undergo a KYC process with Binance to withdraw your money. This is owing to existing anti-money laundering regulations. 

Where to Buy DAI Online

Decentralized Finance (DeFi) is a fast growing industry. Being a decentralized stable coin, DAI remains vital to the DeFi architecture. So, you can expect that there are numerous options when it comes to buying DAI. 

Irrespective, as we have explained earlier, Pancakeswap is arguably the best platform for buying DAI. 

Here’s why:

Pancakeswap — Buy DAI With a Decentralized Exchange

One of the benefits of using Pancakeswap is its offering of decentralized exchange services. In short, you can purchase DAI without going through a centralized body. All you need to do is to swap the digital currency of your choice into DAI tokens and you’re good to go. 

To get started, you first have to get a cryptocurrency wallet that works with the Pancakeswap network. There are diverse available options but Trust Wallet is the best. Some of the other options include TokenPocket, Metamask, SafePay Wallet and MathWallet.

After connecting to the wallet of your choice, you can add funds to purchase DAI. The quickest way is to transfer digital coins from another wallet. Another way is to use your debit/credit card—that is if you chose Trust Wallet—which gives you the chance to buy a cryptocurrency with fiat money and swap into Pancakeswap. 

Note that when you use a debit/credit card, you will be required to upload a copy of your government-issued ID. Asides DAI, Pancakeswap supports a number of other digital tokens. They include Bitcoin, Ethereum, Chainlink, and other DeFi coins. Another notable fact about Pancakeswap is that you can earn interest if your digital tokens are idle. This is because having your tokens with the exchange provides it with liquidity, making you eligible for staking rewards. 

Pros:

  • Exchange digital currencies in a decentralized manner
  • No requirement to use a third party when buying and selling cryptocurrency
  • Supports a sizable number of digital tokens
  • Allows you to earn interest on your idle crypto funds
  • Sufficient levels of liquidity – even on smaller tokens
  • Prediction and lottery games


Cons:

  • Might appear daunting at first glance for newbies
  • Does not support fiat payments directly

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

Ways to Buy DAI?

There are a number of ways to buy DAI. The method you choose depends on a few factors. These include your desired payment method, and whether you prefer a centralized or decentralized exchange. 

For clarity, below we talk about the best ways to buy DAI in 2021.

Buy DAI With Debit/Credit Card 

If you’re using a debit card to buy DAI, you will first have to get a cryptocurrency in high demand like Bitcoin or Ethereum. Once received, you then have to swap the cryptocurrency into DAI through the Pancakeswap DEX. 

  • Depending on your choice, you can purchase cryptocurrency through Trust Wallet with a debit/credit card directly. 
  • After completing the purchase, you can proceed to link your Trust Wallet to Pancakeswap. 
  • Then, all you need to do is swap the cryptocurrency bought with your debit/credit card into DAI. 

Do note, regardless of the platform you use in purchasing DAI, you will have to undergo a KYC process. As stated earlier, what this means is that you will need to upload a copy of your government-issued ID. The implication is that you will not be in a position to purchase DAI anonymously. 

Buy DAI with Crypto

If you have crypto already, you can simply swap it into DAI through the Pancakeswap DEX. This way, you do not need to go through a KYC process. 

However, you need to link Pancakeswap to a supported wallet. Again, Trust Wallet is arguably the best choice here. You can transfer your desired cryptocurrency into your Trust Wallet, link to the Pancakeswap DEX, and finalize the swap. 

Should I Buy DAI?

At this point, if you have some reservations about buying DAI, this is a good thing. In such instances, it is best for you to take a look at the market and perform some research. This will allow you to check through the pros and cons of DAI, and consequently make an informed decision. 

To help you through, here are some of the factors to put into consideration when thinking of how to buy DAI. 

Sizable Growth Since 2017 Launch

As of today - 6th July 2021, DAI is ranked number 23 in terms of market capitalization. It was introduced in 2017 and has a circulating supply of over 5 billion DAI. It is also one of the top interest-paying tokens. 

  • In 2020, resulting from the exceptional market volatility since the pandemic began; DAI had a deflationary deleveraging twist that meant it had to be exchanged for about $1.11 before it eventually went back to its $1.00. 
  • DAI has mostly been around the $1.00 market price since launch.
  • But it did reach an all-time high of $1.14 on 18th September 2020.
  • This means those who had bought it at $1 would have enjoyed a 14% increase.

Currently, its valuation is at over $5 billion, and its market dominance as of the time of writing is at 0.38%. 

DAI Price Prediction 

As with other digital currencies, DAI is quite unpredictable. This implies that the value of your DAI investment depends on market speculation and Fear of Missing out (FOMO). With this, it is difficult to make a DAI price prediction.

Most definitely, you will come across many so-called experts online making wild assertions concerning the price of DAI. What you need to know is that these assertions rarely have the backing of tangible data. Essentially, regard opinions of price predictions with extreme caution.

Risks of Buying DAI

There is no cryptocurrency investment without risks. You have to carefully consider the risks involved before you go ahead and buy DAI. The major risk is that the value of DAI tokens drops in the open marketplace. If this happens and you decide to withdraw, you will be getting less back than you invested.  

  • It is very crucial to think about taking a prudent approach to DAI by keeping your stakes moderate.
  • You might consider taking a dollar-cost averaging strategy that ensures you buy DAI in little but consistent amounts. 
  • You can also diversify your DAI investment by purchasing other Defi coins. 

Above all, ensure you perform significant personal research before buying DAI.

Best DAI Wallets

After obtaining DAI tokens, you have to consider how to keep your digital assets secure and safe. To get this done, you need to choose a suitable wallet for that purpose.

Also, as mentioned earlier, DAI stablecoin is a top interest-paying token which is why you need to ensure your tokens are kept safe. 

Below are a set of the best DAI wallets currently in the market. 

Trust Wallet—Best DAI Wallet for Convenience

With Trust Wallet, you can store numerous digital assets on diverse chains securely—including DAI. 

So, if you want to deposit your DAI in a lending treaty or station them in liquidity pools, you are just a click away with Trust Wallet. Likewise, you can link your Trust Wallet to the Pancakeswap DEX for low-cost operation.

Backed up by Binance, it can be downloaded on your iOS and Android device for free. Also, its convenience for buying DAI is unmatched. 

Ledger Nano—Best DAI Wallet for Security

To ensure long-term security of your DAI, Ledger Nano is your best choice. This wallet is credible because it remains offline at all times and you have to physically enter your pin on the device to transfer funds. It is the best option if you’re buying a large number of DAI tokens.

If the wallet is misplaced, stolen or damaged, your DAI token can be gotten back remotely. 

Coinomi Wallet—Best DAI Wallet for Quality Experience

Coinomi is a non-custodial HD wallet that has incorporated exchanges which enable you to swap DAI tokens into a different cryptocurrency of your choice. 

The wallet comes with different features that make it a worthy experience for users. 

How to Buy DAI—Bottom Line

This enlightening guide has outlined out the step-by-step approach to buying DAI from within your comfort zone. Finally, we emphasize that the best way to do so is to use a decentralized exchange like Pancakeswap. 

That way, you will be able to buy DAI tokens without using a centralized intermediary. Additionally, you will be able to run through the entire DAI purchase process in just a few minutes. 

Buy DAI Now via Pancakeswap

 

 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

 

FAQs

How much is DAI?

The value of DAI differs throughout the day, just like any other digital token. As at 6th of July 2021, the price of DAI is at $1 per token.

Is DAI a good buy?

DAI is one of the prominent stablecoins in the DeFi coin arena. It was built to be utilized as a global means of exchange to encourage economic liberty and a window of opportunities around the world. However, as is the case with other digital tokens, there are bullish and bearish moments. Therefore, it is best to consider the risks before buying.

What is the minimum DAI tokens you can buy?

Since DAI is a digital asset with millions of tokens in circulation, you can buy as little or as much as you want. For instance, as DAI is priced at $1, you can invest as low as $20 and as high as $1, 000. For $20 worth, you’ll get 20 tokens. For $1,000 worth, you’ll get 1,000 tokens in your portfolio..

What is the DAI all-time high?

On September 18, 2020, DAI reached an all-time high of $1.14.

How do you buy DAI tokens using a debit card?

We would actually suggest purchasing DAI through a DEX such as Pancakeswap. If, however, you do not have any crypto assets to hand, you can purchase some through Trust Wallet using a debit/credit card. After purchasing, connect with Pancakeswap, and proceed to buy DAI.

How many DAI tokens are there?

As of July 2021, DAI has a circulating supply of over 5 billion tokens and there’s no cap on the maximum supply. The rate at which DAI is supplied is dynamic and influenced by the available collateral size.