How to Buy Dai (DAI)
Looking to avoid volatility in the cryptocurrency markets? Maybe you want to time trades and transfer value denominated in fiat, without the headache and cost of conversions?
If so, you may be interested in buying DAI, a crypto asset that runs on Ethereum and mirrors the value of the U.S. dollar.
In fact, each DAI is redeemable for its dollar amount in ETH, Ethereum’s cryptocurrency, and though it may fluctuate from time to time, it can offer traders the stability of fiat currencies with the efficiency of cryptocurrency.
For more details on how DAI works on a technical level and the company that created DAI, read our ‘What is Dai?’ guide, which offers a more extensive breakdown.
Ready to start?
If you’re more advanced and looking to get right in and start trading, go ahead and buy some DAI!
Why buy DAI?
Since it is pegged to the value of the U.S. dollar, DAI can offer a powerful tool for avoiding the sometimes extreme volatility of the cryptocurrency markets.
For example, by moving value to DAI, you might reduce your risk of exposure to a sudden drop in the price of cryptocurrencies. Having DAI (as opposed to the U.S. dollar) can also remove transaction costs and delays that impair trade execution within the crypto market.
So, you may want to consider buying DAI if you want to:
- Move U.S. dollars in and out of Kraken quickly and cheaply
- Efficiently move U.S. dollars without the risk of price fluctuation
- Settle your funds at the end of a trading session
- Take out a loan and use crypto-assets as collateral
- Use a crypto asset to pay for goods and services
Where can I buy DAI?
There are a number of ways to buy DAI. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken.
Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your DAI, it can be challenging if not impossible to recover your funds.
At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.
How much DAI can I buy?
Looking to buy DAI on a budget? Don’t worry, Kraken offers a minimum order size of 5 DAI to help you gain exposure to a variety of assets.
Of course, you can also execute larger DAI buy orders as well. It wouldn’t be out of the ordinary for larger traders to purchase or trade 5,000 DAI or more on Kraken.
How to buy DAI on Kraken
Follow the steps below to start buying DAI on Kraken:
Sign up for a Kraken account.
First, enter a valid email address, create a new username and set a strong password to protect your account.
Verify your account.
After providing your name, date of birth, country of residence and phone number, you can buy DAI with cryptocurrencies like ETH and DASH. In order to use fiat currency (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.
Deposit fiat currency.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
Once your account is funded with fiat, you’re ready to purchase DAI. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.
*Availability of margin trading services is subject to certain limitations and eligibility criteria.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying DAI, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your DAI
Once you buy DAI, you’ll need somewhere to safely store your cryptocurrency.
Kraken is secure, but it’s always safest to store your DAI in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.
DAI is a cryptocurrency built on top of Ethereum, meaning that it can be stored in any Ethereum wallets, of which there are many. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage.
When choosing a crypto wallet for your DAI, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold DAI in their accounts, we highly encourage you to separate your DAI holdings into multiple wallets.
Start buying DAI
Ready to buy DAI so you can time your next crypto trade? Click the button below to buy and start trading with DAI on Kraken today!
You can also check out our full funding options for more details here.