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- Trade DAI and 863 other cryptos.
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Dai (DAI) is the 22nd largest cryptocurrency by market cap, valued at US$5,366,098,696.
Dai is a highly volatile asset capable of major price swings in a single day. Today DAI is trading for $0.999901 USD, which is higher than yesterday's trading price of $0.9996322988 USD. Over the past year, Dai's price has seen a decrease 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.
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.
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.
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.
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.
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.
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:
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.
You can keep your DAI on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
Price (USD) $149 |
Price (USD) $149 |
Price (USD) $49.99 |
See more of the best crypto wallets
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:
Compare today's price of Dai ($0.999901 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.
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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