How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase DAI on BYDFi. We'll guide you through it
Choose how to purchase DAI on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (DAI). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store DAI in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your DAI to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy DAI on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive DAI
Trade
Answers
Is Dai (DAI) a Good Investment?
Dai is a highly secure cryptocurrency that can be a valuable addition to your investment portfolio. If you are seeking a reliable entry point into the crypto market or exploring digital assets as a payment method, consider including Dai.
With its substantial market cap, trading volume, and liquidity, DAI ranks among the top stablecoins in the crypto market. Unlike some of its counterparts, DAI is backed by additional collateral, making it a dependable stablecoin that maintains its peg to the US dollar even during extreme market volatility.
Thanks to the decentralized autonomous organization, MakerDAO, DAI's price remains closely tied to the USD, offering stability and predictability. Investing in DAI allows you to diversify your crypto capital and hold a portion of your investment in a price-stable asset.
If you are searching for a low-risk method to earn returns from cryptocurrencies, investing in DAI tokens is an excellent option. By holding DAI and lending liquidity, you can generate passive income and grow your crypto holdings more securely, with lower exposure compared to actively trading the market.
History of DAI Stablecoin
Created in 2014, the Maker Protocol laid the foundation for MakerDAO in 2015. During this time, the CEO and founder of the project, Rune Christensen, proposed the concept of the Dai stablecoin, initially known as the eDollar.
In December 2017, around two years after its inception, MakerDAO was launched. What distinguishes DAI markets from other stablecoins is that they are backed by collateral in the form of multiple assets, rather than a single type of asset.
In November 2019, Maker renamed the original Dai stablecoin to Sai to pave the way for Dai v2.0. While both Sai and Dai are ERC-20 tokens built on Ethereum, the new DAI became a multi-collateral backed stablecoin, while the previous version remained a single-collateral backed digital asset.
What are the Differences Between Dai v1.0 and Dai v2.0?
Dai v1.0, also known as Sai, is backed by a single type of asset as collateral. In contrast, Dai v2.0 or DAI is backed by multiple types of collateral stored and managed in Maker Vaults.
The new ERC-20 token Dai v2.0 or DAI was announced in October 2019 and released a month later. Maker provided a migration tool for SAI holders to transition to the new stablecoin. DAI offers enhanced flexibility in managing its price stability mechanism compared to SAI.
This allows Dai v2.0 to increase its circulating supply faster, making it more responsive to the growing demand for the stablecoin in the market.
Another significant difference is that Sai, the single-collateral Dai (SCD), utilized Collateralized Debt Positions (CDPs) to manage the collateral backing the stablecoin. On the other hand, the multi-collateral Dai (MCD) uses Maker Vaults to manage the various assets that serve as collateral for DAI or Dai v2.0 crypto asset.
How to Stake Dai (DAI)
You can stake Dai (DAI) on various DeFi platforms to earn attractive returns. Before staking your Dai stablecoins, it is important to research and choose a platform that offers the best rewards and security.
Follow these steps to stake Dai and generate passive income:
- Create an account on a DeFi platform that supports Dai staking.
- Purchase Dai from a cryptocurrency exchange, DEX, or wallet like BYDFi.
- Transfer your purchased Dai to the DeFi protocol where you have an account.
- Go to the staking section and select Dai as the staking option.
- Check the offered APYs and enter the amount of Dai you want to stake.
- Review all transaction details, including payout frequency, before proceeding.
- Click on the Stake button to lock up your Dai tokens on the platform.
- Periodically redeem your rewards to safely grow your Dai holdings.
