How to Buy Dai (DAI) in Faroe Islands

A Step-by-Step-Guide on how to buy Dai (DAI) in Faroe Islands

Step 1 – Signup to Coinbase and get 10$ for free

You'll first need to purchase one of the major currencies. Exchanges normally accept either Ethereum (ETH) or Bitcoin (BTC) in exchange for alternative Coins. Click below for registration and getting your welcome 10$.

Step 2 – Send Your Funds to an Exchange

Your Bitcoin (BTC) or Ethereum (ETH) has to be sent over to an Crypto Exchange now. Every exchange has a deposit form that is similar. Dai (DAI) is accessible on Binance, so we're going to use that as an sample. Unsure on how to send Coinbase funds to an Crypto Exchange? (Follow this how-to)

Make sure you've selected the right coin you want to deposit.

Bitcoin must be sent to a Bitcoin deposit address, ETH to an Ethereum deposit address, et cetera. If you're working with a decentralized exchange, like Airswap or DDEX could be different (Follow our guide).

Step 3 – Locate (DAI) Dai

Once your deposit has been approved, you'll directly have access to your funds and you can launch invest and trading. To purchase (DAI) Dai on Binance, you'll want to hover over the tab which is calledExchangeand then mouse click onBasic”.

In order to locate (DAI) Dai, you will need to put the short name of the asset (DAI) into the search-box, which is marked in the picture. Be certain of having choosen the correct pairing, we have highlighted this too. Click onDAI/BTCto progress.

Step 4 – Purchase Dai (DAI)

As soon as you've located Dai (DAI), you'll be given a Chart with Prices (in the Center of the image) and some Order Books (on the Left of the picture). For now we're creating our Limit Order.

The field with thePricetag will be automatically filled with the latest tariff (DAI) Dai was sold for. You can change this to your preferred price. TheAmountfield is the quantity of DAI you want to buy. The field with theTotaltag is the whole price in BTC that you will settle for the whole volumen of DAI.

When you're glad, make a mouse click onBuy DAI”. Your order will be filled when a Vendor sells their DAI for the price you introduced.

Step 5 – Withdraw Dai (DAI)

Unless you are frequently trading, best advise is not to keep your crypto coins on an Exchange for an longer time frame. In order to withdraw your Dai (DAI), go to theFundstab and mouse click onWithdraw”. Dai (DAI) can be securely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Dai (DAI) by using the given drop-down box. Put into the amount of Dai (DAI) you'd wish to withdraw. Take into account the presented minimus/fees. Also make sure you have filled your right withdraw address.

If you are satisfied, click onSubmit”. You may be asked for email/phone verification ahead of a withdrawal.

Congratulations! You have successfully bought and stored Dai (DAI) in Faroe Islands.

That's it!

Take offs from Crypto Trader can durate anywhere from 1 – 30 minutes (rely on usage of the network). Once you have confirmed your take off using Etherscan.io or Ethplorer.io and the (DAI) Dai is safe inside your wallet, you're all done.