- Buy DAI and 50+ other cryptos
- Pay by bank transfer, credit or debit card
- Spend anytime with the MCO Visa card
Updated . What changed?
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
A stablecoin pegged to the price of the US dollar, MakerDAO’s Dai can be bought and sold on a decent range of crypto exchanges.
If you want to add some Dai to your portfolio you can buy it with other cryptocurrencies, or directly with AUD on certain exchanges. Keep reading to find out how.
This is our quick guide to just one way to buy DAI. Compare some other options in the table below.
Having trouble wrapping your head around the terminology behind the Dai stablecoin? This should help.
Maker is a smart contracts platform governed by MakerDAO, a decentralised autonomous organisation (DAO) run on the Ethereum blockchain.
The Maker platform has two native currencies, one of which is a stablecoin named Dai. Dai is listed on cryptocurrency exchanges under the ticker symbol DAI, which is why you might sometimes see it written using all capital letters.
If you want to get your hands on this stablecoin, you can buy it directly with AUD on select exchanges like CoinJar, or acquire a digital currency listed in a trading pair with Dai, such as Bitcoin or Ether, and then exchange it for Dai.
Dai can be traded on a variety of crypto exchanges, so compare the features and fees of those exchanges so you can choose a platform that’s right for you. Here’s an example of how to use Ethereum to buy Dai on the Bibox crypto exchange.
If you want to sell your Dai tokens, the process you’ll need to follow is quite similar to that outlined in step 4. However, please be aware that Dai is only listed in trading pairs alongside a limited range of currencies, so you may not be able to make a direct exchange for the coin or token you want.
While you can store your Dai tokens on an exchange if you prefer, the risk of hacking and theft means it’s generally considered a safer option to transfer your tokens to a secure wallet.
Dai is an ERC20 token on the Ethereum network, so there are plenty of wallets to choose from. Some of the popular ERC20-compatible wallets you may like to consider include:
One of the key barriers to the widespread adoption of cryptocurrencies is their volatility. Bitcoin, Ether and other major digital currencies have all been known to experience substantial price fluctuations, sometimes rising or falling as much as 25% in the space of a single day. If cryptocurrencies are to offer a viable alternative to fiat currency for everyday use, many believe we’ll need the introduction of a price-stable cryptocurrency – widely known as a stablecoin.
MakerDAO is the company behind Maker, a smart contracts platform designed to back and stabilise the value of the Dai stablecoin. The Maker platform has two currencies:
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.
As explained in the whitepaper:
CDPs hold collateral assets deposited by a user and permit this user to generate Dai, but generating also accrues debt. This debt effectively locks the deposited collateral assets inside the CDP until it is later covered by paying back an equivalent amount of Dai, at which point the owner can again withdraw their collateral. Active CDPs are always collateralised in excess, meaning that the value of the collateral is higher than the value of the debt.
Why are stablecoins so important? Apart from providing much-needed legitimacy to digital currencies as a whole, Dai has a number of use cases for both individuals and businesses.
Cryptocurrencies are complicated and volatile assets, so you’ll need to thoroughly research any coin before deciding whether to make a purchase. There are many competing factors that can potentially drive a currency’s value up or down, so if you’re thinking of buying any Dai, consider the following factors first:
Consider all these factors and any other potential risks before deciding whether you should buy any DAI.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.
SPONSORED: The best way to compare cryptocurrency exchanges is to know how to do it yourself.
Learn more about the YFI cryptocurrency in this beginner’s and buyer’s guide.
SPONSORED: What are the trends that look set to define cryptocurrency in 2020?
Confused about DeFi? Find out how it works in this easy-to-read guide.
Learn more about the Crypto.com platform in our complete review.
How it works, the problems it solves and how and why Cambodia's upcoming CBDC uses blockchain.
If you want to buy cryptocurrency without ID in Australia, find out everything you need to know in this guide on how to buy bitcoin anonymously.
Regulators may inadvertently stamp out other stablecoins in an effort to stomp Libra.
Learn more about Synthetix, including how it works and where to buy it.
Read the Gemini cryptocurrency exchange review to walk through its features and see how it works.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.