How to Buy Dai (DAI) in Cayman Islands

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

Step 1 – Join Coinbase and recieve 10$ for free

In the beginning you'll need to purchase one of the major coins. Exchanges commonly accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for any other Cryptocurrency. Follow the Link below to register and receive your first 10$.

Step 2 – Send Your Bitcoin or Ethereum to an Cryptocurrency Exchange

Your ETH (Ethereum) or BTC (Bitcoin) will need to be sent over to an Crypto Trader now. Every exchange has a deposit form that is alike. Dai (DAI) is accessible on Binance, so we will use that as an sample. Not sure on how to send Coinbase funds to an Exchange? (Follow this guide)

Make sure you have chosen the correct coin you would like to deposit.

BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, et cetera. If you are using a decentralized exchange, like Airswap or DDEX could be opposed (Just follow our manual).

Step 3 – Find (DAI) Dai

Once your deposit has been approved, you will immediately have access to your finances and you can begin buying and trading. To buy Dai (DAI) on Binance, you'll want to go to the tab which is called “Exchange” and after that click on “Basic”.

In order to find (DAI) Dai, you'll need to put the short name of the asset (DAI) into the search-box, which is marked in the image. Be certain of having choosen the correct grouping, we have marked this also. Click on “DAI/BTC” to go ahead.

Step 4 – Buy Dai (DAI)

As soon as you've discovered (DAI) Dai, you will be presented with a Price Chart (in the Center of the picture) and some Order Books (Leftside of the picture). For now we are going to create our Limit Order.

The field with the “Price” tag will be filled automatically with the most up-to-date rate Dai (DAI) was traded for. This can be changed to your desired price. The field with the “Amount” tag is the quantity of DAI you wish to purchase. The “Total” field is the total price in BTC that you'll settle for the complete amount of DAI.

When you are glad, click on “Buy DAI”. Your order will be filled as soon as a Vender trades their DAI for the price you gave.

Step 5 – Withdraw (DAI) Dai

Unless you're regularly trading, best advise is not to keep your crypto coins on an Exchange for an extensive time frame. To withdraw your (DAI) Dai, go to the “Funds” tab and mouse click on “Withdraw”. Dai (DAI) can be securely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Dai (DAI) by using the provided drop-down box. Put into the amount of Dai (DAI) you'd wish to take off. Take into account the shown fees/minimums. Also make sure you have entered your right withdraw address.

When you're satisfied, click on “Submit”. You could be asked for phone/email verification before a take off.

Kudos! You have successfully purchased and stored Dai (DAI) in Cayman Islands.

That's it!

Withdrawals from Exchange can durate between 1 – 30 minutes (depending on network usage). Once you've confirmed your withdrawal with Etherscan.io or Ethplorer.io and the Dai (DAI) is stored within your wallet, you're done.