How to Buy DAI with Credit or Debit Card Instantly

DAI is a stablecoin cryptocurrency created and managed by MakerDAO, a decentralized autonomous organization (DAO) that facilitates on-chain lending and borrowing. DAI is an ERC-20 token governed by smart contracts on the Ethereum blockchain.

As a stablecoin, the value of DAI is pegged at a 1:1 ratio to USD. This stability is achieved through collateralized debt positions (CDPs) and DAI Savings Rate (DSR) mechanisms, which maintain the stability of DAI, keeping its value close to $1. This stability makes it potentially suitable for various use cases such as remittance payments, everyday purchases, and as a store of value.

Read on to learn how to purchase DAI with a credit or debit card instantly.

Step-by-step guide on how to buy DAI

Like any cryptocurrency, a crypto wallet is required to purchase DAI. This allows users to buy, sell, store, and trade DAI, as well as other digital assets integrated with their chosen wallet. But generally, the first step to purchasing this cryptocurrency is finding a reliable and trustworthy cryptocurrency exchange.

CEX.IO offers numerous pathways to conveniently acquire DAI, as well as other cryptocurrencies, from its massive library of 100+ assets. Our crypto exchange offers a free crypto wallet with complimentary custodial services, an amenity that may incur additional fees from competing providers.

Below are the steps to buy DAI on CEX.IO.

1. Registration

Curious participants can visit the official CEX.IO website and create an account. The registration process is convenient and usually takes under five minutes to complete. To expedite the process, new customers can gather the required Know Your Customer (KYC) documents ahead of time. That way, harnessing uninterrupted access to a menu of services, including live cryptocurrency prices, can become a top priority. 

Hint: Verified accounts enjoy an even smoother transacting environment by unlocking the full potential of CEX.IO’s product ecosystem.

2. Navigate to buy DAI

Once logged in, eligible participants will be able to access an array of services, including buying and selling DAI stablecoin. The most popular way to purchase DAI is via the Instant Buy feature on the dashboard.

Experienced crypto enthusiasts usually study current DAI price charts before purchasing to assess whether market conditions are favorable. 

3. Choose a fiat currency

Depending on their country of residence, users have several fiat currency denominations to choose from, including:

• USD
• EUR
• GBP

4. Specify amount

After choosing their preferred fiat currency, users can enter the amount they wish to spend on DAI. This amount is often selected after a careful personal risk assessment, and the priorities set for one’s crypto journey. Once the amount is specified, customers can proceed by clicking the Buy Crypto Instantly button.

5. Select a payment method

At CEX.IO, users can choose between several deposit methods, depending on their geographical location. Instant crypto purchases are available with debit and credit cards, as well as Google Pay and Apple Pay services. 

6. Complete purchase

After selecting the desired cryptocurrency, choosing the amount, and the most convenient funding method, double-check the transaction details before finalizing the payment. If everything is correct, users can proceed with the purchase.

7. Confirm transaction

Depending on the selected payment method, users may need to complete 3-D security verification to finalize the DAI purchase. This can come in the form of a one-time password (OTP code), email, or SMS verification.

Payment methods to purchase DAI

CEX.IO customers have several payment methods at their disposal. However, the availability of some purchasing solutions may vary depending on the user’s location. Those residing in the U.S. can select between:

• Credit and debit cards
• Google Pay and Apple Pay
• PayPal

On the other hand, users from eligible jurisdictions can choose among popular solutions, such as:

• Buy crypto with Google Pay
• Link Mastercard or Visa to transact
• Buy crypto with a bank account
• Alternative methods (Skrill and Neteller)

Note that the availability of purchasing methods may differ between jurisdictions.

Where can I buy DAI?

When it comes to acquiring DAI, the good news is that users are spoiled for choices. But deciding on a reputable exchange with robust security measures is a good starting point. However, it would be a good idea to consider a platform that offers multiple functionalities and features that cater to the diverse needs of crypto enthusiasts.

For example, CEX.IO offers crypto trading and cryptocurrency staking that can provide added value and flexibility to users looking to explore emerging opportunities outside of DAI.

How to buy DAI in the U.S.?

To purchase DAI, U.S. residents must select a cryptocurrency exchange that operates within the country and complies with relevant regulations in their jurisdiction. For example, CEX.IO offers users convenient pathways to seamlessly buy cryptocurrency in the U.S. from their preferred browser, or via our mobile app.

Also, it is vital to note that users with a U.S. residence must verify their account by providing their government-issued ID and Social Security Number. Once approved, users may then link a credit/debit card or PayPal account becomes available.

FAQ

How to find the cheapest way to buy DAI?

The cost of buying DAI depends on several factors, such as location,  exchange fees, the chosen payment method, and current market conditions. Traders are encouraged to conduct thorough research and compare exchanges to find the most cost-effective solution for acquiring DAI.

How to ensure the safety of your transaction when buying DAI?

Purchasing DAI through a trustless and reputable cryptocurrency exchange with robust security measures is generally considered safe. Traders should conduct due diligence and verify the platform’s reputation, security features, and regulatory compliance before making any transactions.

What are the fees to buy DAI at CEX.IO?

Deposit, withdrawal, and trading fees can vary depending on location and the selected payment method. To study CEX.IO’s transaction fees and trading conditions, click the links provided. 

How to buy DAI with a bank account at CEX.IO?

To purchase DAI using a bank account at CEX.IO, users must first register and pass Identity and Address verification. After that, eligible participants can link their bank account and make fiat deposits using a bank transfer. The deposited funds can be used to purchase DAI using Spot Trading or the Convert feature in the CEX.IO Wallet. Please note that bank transfers are not currently available for U.S.-based users.