Adding funds to your wallet
To trade on Augur, you'll need to convert your local currency to the cryptocurrencies DAI, which is used for trading and generally equal to one USD (1 DAI = 1 USD). You'll also need to hold ETH. When you wish to withdraw, you may convert DAI and ETH to your currency of choice with a number of providers.
There are several ways to add funds within Augur. First, log in using your wallet. In the upper right corner, the wallet dropdown will display balances of Augur's relevant currencies (note: currencies with a balance of 0 will not be displayed).
- DAI ($USD): DAI is soft-pegged 1:1 with US Dollars and it is the currency which is accepted on Augur to make trades. Using DAI is functionally equivalent to using dollars and DAI can be redeemed for dollars from services such as Coinbase and others.
- ETH: ETH is used to pay the toll for transactions. Because Augur is a decentralized network, users need to pay small fees to the miners who are facilitating its operation.
- REP: REP is a currency unique to Augur, which is only necessary if you are creating markets or participating in the reporting / disputing process. You can stake REP in order to earn fees for reporting / disputing outcomes.
There are several methods to fund your wallet with DAI ($).
You can buy DAI and ETH securely through Portis, Fortmatic, or Torus. Choose the amount you'd like to add and select 'Buy with Portis' to be taken to their payment gateway.
In the wallet dropdown, select 'add funds', then select Credit/Debit card.
- Buy the cryptocurrency DAI ($) in the amount you would like to fund your Augur wallet with.
- Select 'Withdraw' from within your DAI account on Coinbase and copy your Augur account address and entering it into the address field on Coinbase.
- Review your withdrawal and send your DAI
Note: You can also buy REP on Coinbase.
- Locate the section labeled 'withdraw' or 'send' within the given the wallet or exchange
- Copy your Augur account address and enter into the ‘Send’ or ‘withdraw’ form from the wallet, app, or exchange where your DAI is
- Review your withdrawal and send the amount of DAI you'd like to fund your Augur wallet with.
Note: You can also send REP from another wallet or exchange.
If you have a current balance of one of the three relevant currencies in your wallet, you can always convert them for the other two within the app, as necessary.
In the wallet dropdown, select 'add funds', then select Convert.
Augur runs on a peer-to-peer network which requires small fees to be paid for actions such as taking trades.
You will need to hold another currency, ETH, to pay these fees.