Dai (DAI) is the 49th largest cryptocurrency by market cap, valued at US$3,408,866,639.
Dai is a highly volatile asset capable of major price swings in a single day. Today DAI is trading for $1 USD, which is higher than yesterday's trading price of $0.9980558869 USD. Over the past year, Dai's price has seen an increase of 0%.
So before you buy Dai, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Dai.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Dai in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Dai is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Dai
You can now exchange your funds for Dai. On beginner-friendly exchanges, this is as simple as entering the AUD or DAI amount you want to purchase and clicking "buy".
Secure your Dai
Consider transferring your DAI to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Dai in
Australia
Find an exchange to buy, sell and trade DAI by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Dai guide up-to-date
DAI price data is regularly updated through data feeds so you always have the latest information.
What is Dai?
One of the key barriers to the widespread adoption of cryptocurrencies is their volatility. Bitcoin, Ethereum and other major digital currencies regularly experience substantial price fluctuations. To counter this, stablecoins – tokens pegged to the value of an underlying asset – were introduced.
MakerDAO is the company behind Maker, a smart contracts platform designed to back and stabilise the value of the Dai stablecoin.
DAI is a collateral-backed cryptocurrency designed to have a stable value relative to the US dollar. Anyone who has Ethereum assets can leverage them to generate Dai on the Maker platform through smart contracts known as Collateralised Debt Positions, or CDPs.
How do I find the best places to buy Dai?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Dai?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Dai.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing DAI with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Dai?
Once you've created an account, you will need to deposit funds to buy DAI with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy DAI:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase DAI by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for DAI on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Dai?
The easiest way to buy DAI is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying DAI, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Dai has been performing recently.
Best Dai wallets to store your DAI
You can keep your DAI on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your DAI below.
March 11, 2023: The price of DAI depegged and fell to 87 cents USD in line with USDC. This was due to DAI being largely collateralised by USDC. USDC's parent company, Circle, revealed it was affected by the closure Silicon Valley Bank which caused the price of USDC to fall.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Dai a good investment?
Cryptocurrencies are complicated and volatile assets, so you'll need to thoroughly research any coin before deciding whether to make a purchase. If you're thinking of buying any Dai, consider the following factors first:
Collateralisation. The value of DAI is dependent on the value of the underlying collateral in MakerDAO. If you're looking for certain characteristics in a stablecoin, it's important to be aware of MakerDAO's underlying collateral pool. For example, someone who wants a completely decentralised stablecoin might be wary of the proportion of centralised stablecoins backing MakerDAO's CDPs.
Stablecoins. DAI is pegged to the value of US$1 and is designed to offer price stability and protection against crypto market fluctuations. Stablecoins' primary purpose is to allow investors to trade entirely in crypto without needing to worry about massive swings in asset value. Due to this, stablecoins will not rise (or fall) in value and shouldn't be purchased as a way of making money.
Competition. The stablecoin space is becoming increasingly competitive, with a host of other projects (including Tether, DigixDAO and Basis) all offering their own price-stable cryptocurrencies.
Today's Dai price versus ATH
Compare today's price of Dai ($1 USD) against its all-time-high price of $1.22 USD on 13 March 2020. The closer the bar is to 100%, the closer DAI is to reaching its ATH again.
Dai's price: $1 USD ATH date: March 13, 2020
81.97%
Dai ATH: $1.22 USD
How to trade, convert or sell Dai
You can convert or sell your DAI with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including Dai, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DAI is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Dai or any other cryptocurrency discussed.
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