Paybis
With a market cap of $4,325,446,044.00 USD, Dai ranks as the 36th largest cryptocurrency by market capitalization in the world. It operates on the Ethereum blockchain network. It is currently trading at a price of $1.00 USD per coin and trades using the cryptocurrency code DAI.
Dai is a highly volatile asset capable of major price swings in a single day. So before you buy Dai, make sure you understand these unique risks as well as its tax and legal status in Canada.
If you want to buy Dai in Canada or track its performance, keep reading to see the latest DAI price, market cap and trading volume along with a step-by-step guide on how to invest in DAI crypto in Canada.
| Current price | $1.00 |
|---|---|
| All-time high | $1.22 |
| All-time low | $0.88 |
| 1-year price change | ▼ -0.04% |
| Market cap | $4.33B |
| Market cap rank | #36 |
| Total volume (24h) | $118.51M |
| Circulating supply | 4,327,630,210 |
| Network | Ethereum |
| Where to buy DAI | Buy on Paybis |
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process of buying DAI can take as little as 15 minutes, and all you need is a smartphone or computer, an internet connection, photo identification and a means of payment. Follow these five steps to learn how to buy Dai in Canada:
The easiest way to buy Dai is through a cryptocurrency exchange. Choose an exchange that offers low fees, a user-friendly platform or 24-hour customer support. You can easily see top picks in our guide to the best crypto exchanges in Canada, or compare options below.
To create an account on an exchange, you will need to provide an email address, come up with a strong password and verify your identity through a process called KYC, which requires government-issued photo ID.
Once verified, you can deposit CAD using the payment method that best suits you. Common methods like Interac e-Transfer, bank wire and debit card payments are widely accepted on Canadian-friendly exchanges.
You can now exchange your funds for Dai. On beginner-friendly exchanges, this is as simple as searching for the coin name (Dai) or its crypto code (DAI), entering the CAD or DAI amount you want to purchase and clicking "Buy."
Consider transferring your DAI to help protect against hacks, scams, platforms going bankrupt and other risks of keeping crypto on an exchange.
We've curated a list of legitimate crypto exchanges below where you can buy Dai in Canada to help you compare deposit methods, supported fiat currencies and fees.
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.
The Dai (DAI) coin price is $1.00 USD, which is +0.10% higher than the previous day's trading price of $1.00 USD. Over the past 30 days, DAI's price has changed by +0.05%, from $1.00 USD to the current price of $1.00 USD. Compared to this time last year, Dai's coin price has seen a decrease of -0.04%.
Dai reached its all-time high price of $1.22 USD on March 13, 2020. After that, it dropped by -27.71% to its all-time low price of $0.88 USD on March 11, 2023. It has since climbed back up to its current price of $1.00 USD.
Yes, you can buy Dai in Canada. Simply open an account with a crypto exchange that operates in Canada and supports Dai—like the ones in our curated list above—and place a "buy" order. For example, Paybis supports Dai and is a registered crypto exchange in Canada.
Because Dai is decentralized, it isn't tied to any single country. That means you can buy and sell it from anywhere in the world, including Canada, as long as you have internet access.
One of the key barriers to the widespread adoption of cryptocurrencies is their volatility. Bitcoin, Ethereum and other major digital currencies regularly experience substantial price fluctuations. To counter this, stablecoins – tokens pegged to the value of an underlying asset – were introduced.
MakerDAO is the company behind Maker, a smart contracts platform designed to back and stabilise the value of the Dai stablecoin.
DAI is a collateral-backed cryptocurrency designed to have a stable value relative to the US dollar. Anyone who has Ethereum assets can leverage them to generate Dai on the Maker platform through smart contracts known as Collateralised Debt Positions, or CDPs.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Dai with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload government-issued photo ID, and, in some cases, a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Several crypto exchanges in Canada accept credit cards as an instant purchase method. However, before buying Dai with a credit card, you should be aware of the additional cost and risks involved.
For instance, credit card fees are usually higher than bank transfers or e‑Transfers. Some card issuers may even block cryptocurrency transactions or treat them as cash advances, which are more expensive. Plus, if you don't pay off your credit card within your statement period, you may end up paying interest on your card balance and losing money if the price moves quickly.
For example, if you were to use a credit card to buy Dai, you could end up paying this:
If it took you three months to pay off your Dai purchase at a credit card interest rate of 19.99% APR, you would pay an additional $51.47 USD in interest on top of what you originally paid to buy Dai.
This example can help you compare the relative cost of buying Dai with a credit card versus other lower‑fee methods like Interac e-Transfers.
You can check the table of Canadian crypto exchanges above to see which ones accept credit cards for buying Dai, or visit our guide on buying crypto with a credit card for more details.
Yes, it is possible to buy Dai with a debit card, as most Canadian crypto exchanges accept debit cards as an instant payment method.
To buy Dai with a debit card, you'll typically need to go through the standard steps to purchase crypto on your preferred platform and then select debit from the list of payment options (e.g. Interac e-Transfer, debit card, credit card) before completing your purchase.
Just note that there are often higher fees for crypto purchases with cards (both debit and credit) compared to paying with Interac e-Transfer or with another cryptocurrency.
Cryptocurrencies are complicated and volatile assets, so you'll need to thoroughly research any coin before deciding whether to make a purchase. If you're thinking of buying any Dai, consider the following factors first:
If you're looking for certain characteristics in a stablecoin, it's important to be aware of MakerDAO's underlying collateral pool. For example, someone who wants a completely decentralised stablecoin might be wary of the proportion of centralised stablecoins backing MakerDAO's CDPs.
DAI is pegged to the value of US$1 and is designed to offer price stability and protection against crypto market fluctuations. Stablecoins' primary purpose is to allow investors to trade entirely in crypto without needing to worry about massive swings in asset value.
Due to this, stablecoins will not rise (or fall) in value and shouldn't be purchased as a way of making money.
There are two main options for storing Dai once you've bought it—keep it on an exchange or store it in your own personal wallet. Take a look at our guide to the best crypto wallets in Canada to see our top picks.
While it can be more convenient to leave your Dai on an exchange, you're vulnerable to risk if the exchange gets hacked or compromised in another way.
It's generally much safer to store your crypto on a software or hardware wallet, which gives you full control and custody of your coins.
Like all crypto, Dai is considered a commodity for tax purposes by the Canada Revenue Agency (CRA). That means it will be taxed similarly to other investments like stocks and ETFs.
Money you get from selling Dai can be treated as income or capital gains. That said, the CRA will tax crypto profits differently if you're a casual Dai buyer than if your crypto profits are classified as business income.
You can learn more about how crypto taxes work in our guide to crypto tax in Canada.
Keep in mind that buying Dai can be risky. But if you decide to invest in Dai, look for a regulated crypto exchange in Canada that supports DAI, and make sure to store your crypto securely.
Once you've bought Dai, think about your short and long-term goals. Crypto markets can be very volatile, so keep an eye on Dai's price over time to decide whether to keep it on an exchange, sell it or move it to your wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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