DAI is a stable coin that cannot be seized or censored by governments or regulatory agencies.
DAI is the most private ERC-20 token for transacting on Ethereum. It’s pegged to 1 USD and doesn’t require any registration or KYC. In addition, it is faster, cheaper, and more efficient than any other stablecoin available.
DAI is the first, stable cryptocurrency to be issued on the Ethereum blockchain. Since its inception in 2013, DAI has seen steady progress in overall market cap growth and usage.
Dai price chart (DAI / NGN)
Step 1: Register with a cryptocurrency exchange
To participate in the world of crypto-trading, you first need to sign up with a cryptocurrency exchange. These platforms are where you can buy, sell, and hold cryptocurrency.
There are plenty of cryptocurrency scams out there, so be sure to buy and sell on a reputable exchange.
Binance is one of the best places to buy Dai, especially if you live in the Nigeria. Registration is quick and simple, and the DAI is very easy to buy with NGN.
Why is Binance the best?
Low transactions fees of 0.1% and below
25% on trading fees paid with the BNB token
Binance is available all over the world
Supports a wide selection of over 500+ crypto assets
Over 50+ fiat currencies supported
Binance staking allows users to earn rewards on their crypto holdings
More trading options, including spot trading, margin trading, P2P, and futures trading
NFT marketplace to buy and sell NFTs
Different trading interfaces to accommodate every users’ trading experience
The Binance mobile app enables users to access their accounts and trade on the go
Binance Visa Card to spend your crypto hassle-free
The Binance Trust Wallet supports 53 blockchains and 1M+ assets.
Unfortunately, Binance is not available in the United States, and Americans can only trade on Binance.US, a Binance version that’s compatible with U.S. regulation.
How to Register on Binance
Firstly, click on the button below to register with Binance, it’s free and easy
Important: Use our unique link and get 15% off commissions on Binance.
To get started, just enter your email address, create a password for your account and click [Create Account].
Your password should be a combination of numbers and letters. It should contain at least 8 characters, 1 upper case letter and 1 number for security.
For security verification, drag the puzzle piece to the right until it fits into its slot.
A 6-digit code will be sent to you via email. Enter it in the next screen.
Finally, you will reach the Welcome to Binance screen. This screen will outline some of the core features.
Step 2: Verify Your Account
Verification is a process used by exchanges to establish the identity of customers. It is necessary for any kind of financial transaction, especially those with higher levels of security or legitimacy. Any user who wants to trade crypto on exchanges must go through verification.
For new users, you may click [Get verified] on the homepage directly.
Click [Start Now] to verify your account.
Select your country (In your case Nigeria) of residence. You will then see the list of verification requirements for your country. Click [Continue].
Enter your personal information and click [Continue].
Next, you will need to upload pictures of your ID documents. Most users can choose to verify with a passport, ID card, or driver’s license.
After uploading the document photos, the system will ask for a selfie. Click [Upload File] to upload an existing photo from your computer.
After that, the system will ask you to complete face verification. Click [Continue] to finish face verification on your computer.
After you complete the process, please wait for Binance to review your data promptly. Once your application has been verified, Binance will send you an email notification.
Cryptocurrencies and blockchain continue to be favored targets for criminal activity. The ability to make anonymous transactions can allow criminals to engage in financial transactions with more impunity. KYC protocols and identity verification is an essential element for policing the market and protecting crypto investors from theft.
Step 3: Fund Your Account and buy Dai
To invest in Dai, you’ll need to deposit some money into your account.
Log in to your account, head over to the “Buy Crypto” section on the Binance toolbar, and choose the “Credit/Debit Card” option.
Select Dai and enter your order amount. The total price with fees will be calculated in the second bar.
After that, you will be prompted to enter your card details and after confirmation, you will finally buy your first Dai. Usually, it will take between 10 and 30 minutes for the crypto to appear in your Binance account.
How to Save 40% on Fees When Buying Dai
One way you can lower your trading fee is by keeping some Binance Coin in your account at all times so your fees can be taken from that. Doing this gets you 25% off all trading fees.
In total, you get a 40% discount on all transaction fees!
Alternative ways to buy Dai
If you were unable to buy Dai on the exchange using NGN, you can buy it using another cryptocurrency, such as Bitcoin. You can always buy BTC for the first time using platforms such as LocalBitcoins, then transfer your BTC to a Binance to buy Dai. In this case, you can further reduce costs.
Below are a few of the sellers in the Nigeria who sell bitcoins with NGN.
NO THIRD PARTY PAYMENT!! (WARNING)..
*YOUR NAMES MUST BE EXACTLY THE SAME ON BOTH YOUR BANK ACCOUNT AND LOCAL BITCOINS ACCOUNT(VERIFIED)
FORGET IT, IF YOU PAY FROM AN ACCOUNT THAT IS NOT YOUR PERSONAL ACCOUNT OR THE NAMES ARE NOT THE SAME WITH YOUR LOCAL BITCOINS REAL NAMES, I WILL NOT RELEASE BITCOINS. (NO BUSINESS ACCT PLS)
FRAUDSTER MUST NOT TRY OUT ANY LUCK WITH ME.
HONEST TRADERS ARE ALWAYS WELCOME!
Responsible traders are always welcome to trade.
Payment should be made as a direct bank deposit or as an Internet bank transfer from an account with the same name as the one on your LBC profile or trade will be cancelled.
No cash deposit, No ATM deposit, No cheque deposit please, No QUICKTELLER, no PAGA, no POS transfers.
Dont pay using the account given to you in our previous trade, wait for me to give you an account in new trade. Some account are are having issue, if you pay into them, you are on your own.
Only make a request if you can complete the payment within 1 hour. Only mark as paid after you have actually completed the payment. Any Questions , Please Do not hesitate to contact me.
UNACCEPTABLE PAYMENT METHODS
1. No cheque deposit over-the-counter
2. ATM CARD TRANSFER, MOBILE MONEY, SMS/USSD BANKING,POS,QUICKTELLER, PAGA, POCKETMONI AND SIMILAR/CARD-RELATED TRANSFER METHODS DIRECTLY TO MY BANK ACCOUNT IS STRICTLY FORBIDDEN. SUCH TRANSACTIONS WILL BE DECLINED AND I WILL ASK THE BANK TO REFUND WITH ALL CHARGES AT YOUR EXPENSE. TAKE NOTE, I WILL NOT DO INTERNET TRANSFER TO YOU AS REFUND BUT YOU WILL HAVE TO WAIT FOR HOW LONG IT WILL TAKE THE BANK TO RETURN YOUR MONEY.
3. NO THIRD PARTY PAYMENT. DO NOT ASK ANY BODY TO PAY ON YOUR BEHALF.
4. I MAY DEMAND FOR ID IF TRANSACTION IS SUSPICIOUS.
5. No cash deposit
N.S - Please note that you have the right to cancel trade if Price is not Ok by you (But do not lock BTC while waiting for PRICE to fall or raise, cancel instantly if you must cancel) and I also have the same right to ask buyer to cancel the trade if I am not okay with the price or other security issues.