How to Buy Dash in 2022
Dash, like Bitcoin, is a peer-to-peer digital currency that works without central control. The cryptocurrency aims to assist users in getting paid, shop, and paying their bills.
You may be wondering whether to add Dash to your investment portfolio, or you simply want to understand the best way to buy dash. This page provides a comprehensive guide on all this, plus much more.
Best Brokers To Buy Dash in 2022
Selecting the best place to buy Dash may be challenging. We have put together a list of the best brokers where you can buy and even start trading Dash instantly.
What Is the Difference Between Buying and Trading Dash?
Buying Dash involves exchanging fiat currencies or another cryptocurrency for Dash tokens. Buying and storing are preferable for long-term investment.
Trading allows you to use the Dash asset without owning it. Traders can select from many trading options provided by brokers, such as a contract for differences, margin trading, and spread betting to try and make a profit.
How To Buy Dash Online?
Using an exchange is the easiest method to buy Dash online. See below the step by step guide:
Step 1- Find a suitable exchange
This step will require some due diligence on your part. You want to sign up for an exchange that is reputable, has low fees, high liquidity, and is secure.
Step 2- Sign up and fund a purchase
Sign up and complete the Know Your Customer (KYC) verification process. This may take days or minutes, depending on the exchange.
Different funding options are available depending on the exchange and the jurisdiction.
Connect your bank account, credit, or debit card to the exchange and make a deposit. Note that you can use crypto like Bitcoin or tether to fund a purchase.
Step 3- Make a purchase
On the buy widget, enter the amount you wish to spend for the Dash. A corresponding number of Dash tokens will be shown depending on the market price. Confirm the purchase.
Step 4- Secure storage
We recommend moving your Dash from the exchange to an external wallet.
Examples of exchanges that accept fiat for Dash are Binance US, Coinbase, Bitfinex, and Kraken.
Examples of exchanges that accept crypto for Dash are Binance, Gate.io, Huobi global, and Kucoin.
How To Trade Dash?
You may prefer to trade Dash and avoid the hassle of buying and storing it. Here is a step-by-step guide.
Step 1 - Find a suitable broker
A good broker will have minimal fees, various trading instruments, different methods of payment, and withdrawal. Confirm that the broker is regulated in your country.
Sign up and complete KYC verification.
Step 2 - Deposit money into your account
Crypto brokers will provide you with various funding options, which may even include Paypal and Skrill.
Step 3 - Decide how to trade
There are common trading methods such as futures, CFDs, and margin trading. Beginners should open a demo account and practice trading first.
Step 4 - Start trading
Only one thing left - get started!
What Are the Different Ways To Pay for Dash?
Payment methods will largely depend on the exchange, partnerships, and jurisdiction.
The method requires connecting your bank account to the exchange. Some popular bank transfer methods include:
SEPA - Europe
Faster payments - UK
ACH - USA
Direct Entry - Australia
Easy to use
Allows for significant transaction limits on some exchanges
It may take considerable time to fund the account.
Exposure to fraud risk due to sharing details online
Examples of exchanges that accept bank transfers are Binance US and Coinbase.
Credit and Debit Cards
Credit and debit cards are a standard method on fiat-crypto exchanges and brokers. Investors will need to submit their card details and approve the purchase.
Easy to use.
Secure for cards that have the 3D secure feature.
Susceptible to transaction limits.
Examples of exchanges/brokers that accept credit cards include Bitfinex and eToro.
Buyers can sign up on peer-to-peer (P2P) marketplaces where vendors advertise their Dash tokens.
The escrow service makes the transaction secure
Simple exchange process
Avoid fees associated with exchanges and brokers.
Cash purchases may come at a premium due to differences in market rates.
Examples of P2P marketplaces that offer Dash are LocalcoinSwap and Localcryptos.
Popular wire transfer methods SWIFT and FedWire.
Allows for larger deposits.
It can be complicated for beginners
May have a higher deposit limit,e.g. eToro has a minimum deposit of $500.
Exchanges that offer wire transfer include eToro and Coinbase.
Using other cryptocurrencies
Crypto to crypto exchanges will not allow fiat currency as a funding method. Users have to deposit cryptocurrencies like Tether, Bitcoin, or Ethereum.
Swapping crypto is free on most exchanges.
Widespread adoption by platforms, including decentralised exchanges.
Transactions are fast compared to bank transfers and e-wallets.
Investors may avoid currency conversion charges.
It might be complicated for beginners
May involve a longer process
What To Consider When Buying Dash?
Competition - Dash operates in a crowded peer-to-peer digital currencies space. Other examples of crypto that offer the same functionality include Monero, MobileCoin, Bitcoin, and Ripple. For long-term holders, check features that make Dash a worthwhile investment compared to the other projects.
Check the community for activity, check forums like Reddit and Twitter to get a good sense of what the project holds.
Fees - As an investment, fees are a critical consideration bearing in mind they eat into your funds. Select brokers and exchanges that offer the least fees. Some of the fees to check are deposit, withdrawal, convenience, and trading fees.
Trading fees - This is critical for short-term investors. The charges can be fixed according to various tiers. Other exchanges evaluate the 30-day trading volume of an account and provide a tiered fee structure.
Regulations - We recommend buying Dash from regulated brokers and exchanges. Taxes that vary across countries can have an impact on your trading activity.
Volatility - Like any other crypto, Dash suffers from significant volatility. When buying crypto, keep in mind that volatility may affect your investment.
Short-term holding - Investors need to conduct fundamental and technical analysis before deciding to trade Dash. Short-term investors should typically use a bull market or bet on major updates or announcements about Dash.
Availability on Crypto platforms - Dash is readily available on many platforms, including exchanges, P2P marketplaces, and brokers. It is therefore easy to buy and sell Dash.
Is It Safe To Buy Dash Online?
We recommend purchasing Dash from regulated exchanges.
Before putting your money in, consider the exchange and your personal online security. Note that exchanges are prime targets for hackers.
Here are a few ways to ensure your online purchase is secure.
Two-factor Authentication -This has become a must on most exchanges. Other platforms may require you to activate the 2FA. Codes can be sent to SMS or by email. Other platforms will provide a secret question and answer feature for withdrawals.
Secure wallets - Storing your Dash tokens on an exchange is a bad idea. There has been a surge of security breaches, and your tokens may disappear. We advise transferring them to a hardware wallet, especially for holders.
Ask for help on official sites only.- Get help from official sources only, which may include live chat or email on exchanges. Avoid the use of platforms like Telegram or unofficial communities.
Using a secure internet connection - Investors should avoid accessing exchanges or wallets on public networks. For significant investment, we recommend the use of a VPN.
Provide only mandatory KYC - Providing personal details on exchanges is compulsory in some jurisdictions. We recommend providing only what is compulsory to complete the verification process.
Buy Dash from a secure website - You can check the volume that an exchange moves or reviews from verifiable sites. A secure exchange or broker will also have a valid SSL on their website.
Bug bounty programs - Exchanges that have these programs show they are serious about cyber security. They help strengthen and seal security loopholes.
How To Store Dash?
Realize that storing Dash on exchanges is not recommended. External wallets are a safer bet, especially cold wallets. There are two broad categories of crypto wallets:
There are web, desktop, and mobile wallets. All these are accessible online. Mobile and desktop wallets have to be downloaded. Hot wallets are beneficial to traders who wish to move their crypto assets quickly. Most are also free.
Hot wallets for Dash tokens: Dash wallet, Exodus and Coinomi.
These are offline and more secure. They are less convenient for traders who want to trade Dash frequently. There are two types of cold wallets - hardware and paper wallets. Hardware wallets are USB-like devices and paper wallets.
Cold wallet: KeepKey, Ledger, and Cobo Vault.
How To Sell Dash?
When the moment comes to sell your Dash token, you can use an exchange, P2P marketplace, or a crypto broker. In the section below, we highlight the pros and cons of using these different platforms so that you can have an easy time selecting
Sell your Dash for fiat currency like USD and GBP. You can withdraw the cash and send it straight to your bank account. Here are the steps to guide you.
Register/Login into the account
If Dash is not stored on the exchange, you will have to transfer the tokens from your wallet to the exchange.
Sell the dash
Fast deposits and withdrawals
Easy to open an account and get started
Withdrawal fees may apply
Brokers offer trading instruments and risk management features which users can utilise to trade Dash.
Quick sell options and execution.
Risk management features
Ability to customise the sell order
Sell for fiat currencies
Variety of withdrawal options
Using trading instruments is risky.
Some brokers charge high fees.
Is It Worth Buying Dash Right Now?
Investors must understand that buying Dash carries a risk due to the price volatility. Dash looks like a worthwhile prospect, although it faces stiff competition.
Coinmarketcap presently ranks Dash at position 73, with a market cap of about $2 billion. The price of Dash has seen an upward trajectory in 2021, apart from May, June, and September, when prices tumbled. Barring any unforeseen factors, prices may slowly continue to rise, although this is subject to many factors.
Dash achieved its all-time high price in 2018, recording $1493. It is difficult to imagine this hitting the same ceiling. However, the short-term prospects look somewhat optimistic. Still, note that the cryptocurrency market is highly volatile and you should invest only what you are willing to lose. Conduct an independent market analysis and make a decision based on your risk appetite.
Dash is a digital currency that facilitates payments. It competes with the likes of Bitcoin and Ethereum, although its transactions are privacy-centric.
We have explained how to buy dash and keep your data and Dash safe on this page. We have highlighted the critical considerations before buying cryptocurrency.
With that in mind, the best way to buy Dash is through bank transfer. These transfers have minimal fees compared to other funding methods. Investors can sell their Dash for fiat or swap for another cryptocurrency.