How to Buy Dai (DAI) in Nigeria

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

Step 1 – Signup to Coinbase – Get Free $10

You will first need to buy units of the bigger currencies. Exchanges normally accept either Bitcoin (BTC) or Ethereum (ETH) in exchange for alternative Coins. Click the button below to register and to get your first $10.

Step 2 – Transfer Your BTC (Bitcoin) or ETH (Ethereum) to an Crypto Exchange

Your Bitcoin (BTC) or Ethereum (ETH) will need to be sent over to an Crypto Trader now. All exchanges have a deposit form that is similar. Dai (DAI) is available on Binance, so we're going to use that as an example. Not sure on how to send funds from Coinbase to an Exchange? (Follow this how-to)

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

Bitcoin must be sent to a BTC deposit address, ETH to an ETH deposit address, etc. If you're using a decentralized exchange, such as Airswap or DDEX could be opposed (Just follow our guide).

Step 3 – Locate Dai (DAI)

Once your deposit has been approved, you will now have access to your assets and you can begin purchasing and trading. To purchase (DAI) Dai on Binance, you will want to hover over the tab which is called “Exchange” and then click on “Basic”.

In order to discover (DAI) Dai, you will need to put the short name of the asset (DAI) into the search box, which is highlighted in the image. Make sure you have selected the proper grouping, we have highlighted this too. Click on “DAI/BTC” to go ahead.

Step 4 – Acquisition of Dai (DAI)

Once you have found (DAI) Dai, you'll be presented with a Chart with Prices (in the Center of the picture) and a few Order Books (Leftside of the image). And now we are going to make our Limit Order.

The field with the “Price” tag will be automatically filled with the recent valuation Dai (DAI) was traded for. This can be changed to your desired rate. The field with the “Amount” tag is the volumen of DAI you wish to purchase. The “Total” field is the whole price in BTC that you will pay for the complete volumen of DAI.

When you are happy, click on “Buy DAI”. Your plan will be filled when a Vender sells their DAI for the price you submitted.

Step 5 – Withdraw (DAI) Dai

Unless you are frequently trading, you should never keepyour crypto on an Exchange for an longer time period. To withdraw your (DAI) Dai, hover over the “Funds” tab and click on “Withdraw”. Dai (DAI) can be safely stored using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide)

Find Dai (DAI) by using the provided drop-down box. Drop in the amount of Dai (DAI) you would wish to withdraw. Take into account the displayed fees/minimums. Also make sure you have filled your correct withdraw address.

If you're happy, click “Submit”. You could be requested for verfication via email/phone before a withdrawal.

Kudos! You've successfully bought and safed Dai (DAI) in Nigeria.

That's it!

Withdrawals from Exchange can durate anywhere from 1 – 30 minutes (rely on usage of the network). Once you've proved your withdrawal using Etherscan.io or Ethplorer.io and the Dai (DAI) is safe in your wallet, you're done.