There is no real easy way to convert your cash into Dai directly, regardless if you are using USD, Euros, GBP, Canadian Dollars, Paypal, Credit Card, etc.. the list goes on.
In order to buy Dai or DAI you first need to convert your currency of choice into one of the main crypto currencies like Bitcoin, Ethereum, or Litecoin, and send it to an exchange where you can easily trade your BTC, ETH, or LTC for DAI.
For this beginner’s guide we will show you one of longest standing exchanges and still today one of the fastest and easiest ways of getting started trading and investing in crypto: CoinBase.
Head over to CoinBase.com and create an account. Use our link here or click the image below to get $10 in BTC when you purchase your first $100. If you already have a CoinBase account or already own some cryptocurrency, skip ahead to Step 4.
After logging in, click on the Settings menu, then the Accounts tab. Click the “Link a New Account” button and add your payment information.
Finally, CoinBase will perform 2 small transactions on your card or bank account. Log in to your online bank or credit card to verify the small transactions CoinBase performed to verify your payment method.
Click the Buy/Sell tab and buy some crypto!
Select your desired coin, enter the amount, and confirm your transaction in the second step. BTC and ETH are some of the most widely accepted at exchanges for Dai.
At this point you could even just hold on to your new cryptocurrencies in your CoinBase account and let it (hopefully!!!) appreciate before investing in any alt coins and sell it later.
Let’s get setup and ready to send your new coins to an exchange where Dai is being traded.
For this tutorial we will use Binance as our exchange.
Head to Binance.com or click the image below to set up your exchange account.
There are also several other alternative exchanges available if you prefer:
Exchanges currently accepting new sign ups:
Setup and verify your account’s email. After logging in you can set up 2FA for more security on your account.
Now you are in your fancy new cryptocurrency exchange account and ready to trade your coins purchased from CoinBase into Dai.
In the Funds menu click on Deposits and you will land on this page here:
Select the coin you purchased on CoinBase here and you will get your unique address to send to.
Head back to CoinBase and send over your coins to your new exchange account. Click the Accounts tab to bring up your current balances, and the Send button to begin.
Input exchange address and confirm the transaction. Be very VERY careful to have your exact address entered. As a rule of thumb I like to double and triple check everything when sending any crypto and you should too.
Head back to your exchange account and confirm your balance. It may take a few minutes for your coins to appear. You will see it show up on the transactions tab in Binance once complete.
We are now ready to buy Dai. Head to the exchange tab (use basic to start) and place a buy order on the BTC to DAI exchange. Keep in mind some exchanges may have minimum buy amounts so be sure to check before starting. You can find the coins listed on the right on Binance:
Click on the Dai exchange you want and the bottom Buy / Sell area will change to that DAI exchange. Enter your exact amount (or a percentage of your balance if you prefer) and wait for your trade to happen.
Once your order is fulfilled and the trade is complete, you are now the proud owner of some shiny new Dai! From here you can choose to keep it in the exchange and let it (hopefully!!) appreciate, trade it for another alt coin, or pretty much do whatever you want with it.
However I would recommend using a more secure wallet, which brings us to our final step.
Send it to a secure wallet! Hardware wallet, software or even a simple piece of paper, there is tons out there to chose from. We recommend the following wallets for storing your Dai:
Let us know if you had any questions or issues in the comments below. Happy trading!