DAI Exchange on eToroX
Created in 2017 by CEO Rune Christensen of MakerDAO, a popular decentralised finance application (DeFi), DAI is an Ethereum-based stablecoin pegged to the US dollar. It is one of 17 stablecoins currently being traded on the eToroX exchange, including the USD Coin, eToroX’s tokenised US Dollar (USDEX), the Euro (EURX) and the Pound Sterling (GBPX), with 99 trading pairs available on eToroX. These new stablecoins aim to bring stability, and bridge the gap between the world of cryptoassets and traditional financial markets.
DAI has been described as “the world’s first unbiased currency — a stable, decentralised currency that does not discriminate.” DAI is backed and stabilised by a smart contract platform on the Ethereum blockchain — enabling users to deposit assets into a smart contract as collateral for a loan. The beauty of this token is that the user has no need to rely on third parties.
In theory, the price of DAI is linked to the US dollar on a 1:1 value basis, so if you trade DAI on eToroX, it should be the same as trading US fiat dollars.
DAI Trading on eToroX Exchange
Stablecoins represent a fusion of the traditional world of financial markets and the world of blockchain.
If you would like to buy DAI, first fund your account. You can do this with Bitcoin or Ethereum, or any other supported cryptoassets, which will allow you to trade against USDEX and then against DAI.
DAI is currently paired on eToroX exchange against several related digital asset pairs: BTC/DAI (Bitcoin/DAI), ETH/DAI (Ethereum/DAI), MKR/DAI (Maker/DAI).
What affects DAI
DAI is influenced by these drivers:
- The price of the US dollar
- The number of DAI in circulation (currently 87 million tokens) down from 96 million, making the DAI “healthier”
- Controversy surrounding Tether + attractive DAI interest rates have raised demand for DAI
Why Trade DAI with eToroX
In the disruptive world of cryptoassets, eToroX offers you a secure exchange platform on which to trade. eToroX is the crypto and blockchain arm of the social trading platform eToro, and is regulated by the Gibraltar Financial Services Commission (GFSC). This ensures exchange and trading of DAI and other cryptoasset pairs in a safe, secure and transparent environment.
How to get started with DAI
First, open and verify your Exchange account, log in using your credentials and transfer supported cryptoassets to the trading exchange. Then, you will be able to trade DAI against another stablecoin or cryptoasset pair.
The procedure is simple using the online form. You can also create a profile by using your Gmail or Facebook account, and complete the onboarding process until your account is fully verified.
If you have an existing verified eToro account, there’s no need for further registration. Simply sign in using your existing eToro credentials.
To fund your exchange account, if you already have crypto stored somewhere (a private digital wallet, for example), send it directly from there; or you can download the eToro Wallet (from either the Google Play Store or the Apple App Store) and also send directly from there. Using either method you will be able to transfer them to the exchange and buy DAI.
The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.