How to Buy Dash: A Step-by-Step Guide
Forked from Bitcoin and developed by Evan Duffield in 2014, Dash is an open-source blockchain and cryptocurrency.
If you are intrigued by how to buy Dash but don’t know how the market works - stick with us. We are here to guide you through the end-to-end process.
In this beginner’s guide, we cover everything from the fundamentals of buying Dash to finding a good online broker.
Furthermore, we shed some light on popular Dash investment plan ideas, storage, potential fees, and more.
Buy Dash in 5 Steps
To buy Dash, the first step is to Open an accout with a regulated exchange, depost funds, select DASH from the trading platform list, and lastly check & confirm DASH coins have added to your Wallet.
We’ve included a 5-step walkthrough of how to buy Dash in just 5 steps.
Step 1: Sign up with a regulated crypto platform offering access to Dash
Step 2: Make a deposit into your account
Step 3: Choose DASH from the available list of crypto-assets
Step 4: Enter the amount of Dash you want to purchase
Step 5: Confirm the information entered - your Dash coins will be added to your portfolio
Step 1: Choose an Online Dash Broker or Exchange
As you can see from our 5 step walkthrough above, you should sign up with an online broker to buy Dash.
Should you decide to sign up with popular crypto provider eToro, you will be able to buy Dash coins directly.
The online broker is regulated under various jurisdictions so you are able to buy cryptocurrencies in a safe and simple manner. We are going to cover regulation in more detail further down this guide.
Another option is to buy digital currencies via an online crypto exchange. This allows you to exchange Dash from another cryptocurrency such as Bitcoin or Ethereum.
However, it’s important to be aware that third-party crypto exchanges are more often than not unregulated, and therefore don’t have to follow the rules of any authority.
Online crypto broker eToro is strong in this department, as the crypto platform is not only regulated by organizations such as the FCA, ASIC, and CySEC - but also registered with FINRA in the US.
Regulatory authorities provide safety for investors, due to the strict rules imposed on brokers holding a license. This means that by signing up to a broker like eToro you can buy Dash until your heart’s content - crucially, in a beginner-friendly and super safe space.
Following on from above, regulation should be a priority when considering how to buy Dash online. Regulatory bodies offer you a safety net against shady crypto providers - and you had better believe there are hundreds of such platforms out there.
As we touched on earlier, when signing up at a crypto exchange the chances of being protected by regulation is highly unlikely. This is dangerous ground, as there have been many nightmarish tales over the years of unregulated cryptocurrency exchanges being hacked and billions of dollars being stolen along the way.
This isn’t your only option though, as you can always store your Dash coins yourself after making the purchase. This is done by withdrawing them to your own personal crypto-wallet. However, there is a major drawback to storing your own digital coins.
This means you are wholly accountable for not only the safety of your crypto-wallet but also your own lengthy private key. If you fail at either of these factors, you are pretty much on your own.
In contrast, accomplished and regulated online broker eToro will store your Dash coins for you out of harm’s way. Storing your digital currencies comes at no extra charge, and you can relax in the knowledge that your crypto assets are kept at a regulated platform.
When thinking about how to buy Dash in payment method terms, you shouldn’t have any trouble at all. Modern online brokers usually accept a plethora of payment types.
This is in stark contrast to a few years ago where your only option would have been a bank wire transfer. As you likely know, this is a lengthy process so would have delayed your purchase by some time.
Crypto broker eToro accepts the fastest and most convenient payment types around. This includes debit/credit cards such as Visa, Maestro, Visa Electron, Diners Club, and MasterCard. The online broker is also compatible with super-popular e-wallets like PayPal, Skrill, Neteller, Rapid Transfer, Klarna, and more.
Fees and Commissions
When electing to buy Dash, you should be aware of potential fees and commissions. After all, not much in life is free, and brokers need to make money to keep the wheels turning.
As long as those fees aren’t too high, it’s a win-win situation. The crypto provider gives you access to the market and executes your orders - so time the market right and you can make a profit buying Dash from the comfort of your home.
The vast majority of online brokers will charge commission fees, and they will often be at variance with one another. Our How to Buy Dash Guide found that commission is usually charged on a variable basis against your stake value.
To further explain:
- Crypto platform Coinbase charges 1.49% on every single trade - that’s upon both entry and exit
- This means if you enter the Dash position at $2,000, you need to pay Coinbase $29.80
- Similarly, if you entered the market with $1,000 you would have to pay $14.90 - and so forth
Let’s have a look at a simple example of how this particular fee will impact your ability to make a profit from your Dash purchase:
- You place a $1,000 buy order on Dash
- You pay $14.90 commission to Coinbase (1.49% of $1,000)
- When it’s time to cash out, your Dash coins are worth $1,400
- Again you pay a 1.49% commission - this equates to $20.86
- You paid Coinbase a total of $35.76 in commission
As you can see, even seemingly small fees can soon eat into your gains. If you had signed up with eToro to buy Dash, you would have saved yourself $35.76. This is because eToro is a commission-free broker.
When it comes to deposit fees, these can vary from platform to platform. Coinbase charges 3.99% on all debit card transactions, so the initial $1,000 Dash purchase in our example would have cost you $39.90.
At eToro, the only charge for making a deposit is 0.5%. With that said, this is only chargeable if you are not funding your account with US dollars.
Other Important Factors
We’ve covered some important aspects of how to buy Das - including regulation, fees, and commissions. However, there are other considerations at play.
In the name of thoroughness, see below a few other things to be aware of when searching for a safe place to buy Dash online:
- User-friendliness: User-friendliness is more important than people think. It’s much easier to buy Dash in a space that is simple to navigate, making placing orders a piece of cake for both beginners and experienced investors.
- Minimum Investment: It’s important to check the minimum investment amount before committing to an online broker to buy Dash. If you are a newbie, it wouldn’t be ideal to be stuck with a broker who requires a $250 minimum for every crypto purchase. At eToro you can buy Dash from as little as $25 upwards.
- Storage: Another factor to be mindful of before signing up is storage. Storing Dash coins yourself via an unregulated broker is best avoided for newbies. When buying cryptocurrencies via a regulated crypto platform like eToro, you can store your coins in a safe and trustworthy environment.
Step 2: Come up With an Investment Plan
The saying goes ‘by failing to prepare, you are preparing to fail’. Therefore coming up with an investment plan when thinking about how to buy Dash is a no-brainer.
After all, the world of digital currency investing is a volatile place. Investment plans are utilized by people of all shapes, sizes, and levels of expertise.
If you haven’t got the foggiest idea where to begin - take a look at the list below.
Long-Term or Short-Term
When deliberating how to buy Dash - do think you would prefer to invest in Dash on a short or long-term basis?
Short term crypto-asset investors seek to make small profits on a regular basis, by taking full advantage of short term price fluctuations. This means buying Dash and selling it within days, weeks, or even just minutes.
Digital currencies have been known to shift by double digits in a single day, so as you can imagine, this volatility can be a breeding ground for regular profits. Of course, first, you must time the market correctly.
Long-term Dash investors adopt a ‘buy and hold’ strategy, which means to buy Dash and then hold onto it for weeks or months before cashing out. A long-term investment strategy eliminates the need to concern yourself with short-term price fluctuations of the highly speculative asset.
Target Dash Price
Utilizing a target Dash price is a handy strategy used by many. Let us explain further.
If you had purchased Dash at $105.00 and wanted to grow your investment three-fold, the digital currency would have to rise in value to $315. If you wanted to double your investment, Dash coins would have to increase to $210 - and so on.
This is actually much less unlikely than you might think. This is especially the case when you consider that the price of 1 Dash was $1,642 in 2017. Three years earlier, it was priced at just $0.21. That shows an uncanny price rise in just a few years
Consider Regular Investments
As you can see from above, Dash, and all cryptocurrencies for that matter, regularly experience huge fluctuations in price. This is why it might be a good idea to consider regular investments.
It can be easy to get carried away with spending. Rather than putting huge chunks of your budget into buying Dash - it’s advised to try a ‘slowly slowly’ approach. This means investing a small amount on a regular basis.
For instance, some people opt to make investments on a monthly basis, or weekly. This way you are able to grow your Dash purchases little and often - without affecting your trading capital too dramatically.
As noted earlier, regulated broker eToro enables you to buy Dash from just $25 per transaction. As such, this makes this strategy easily achievable for any beginner!
Would You Consider Investing in Dash?
Step 3: Open a Dash Broker Account
If you have ever traded stocks and such before, you will notice that opening a Dash broker account is the same fundamentally. Simply head over to the official website of the broker you selected and hit the Join Now / Sign Up button.
Next, you need to tell the Dash provider your name, address, telephone number, and email address. All regulated crypto platforms are legally required to verify your identity, too. All you have to do is upload a clear copy of your government-issued photo ID like a passport or driver’s license. This is all standard practice as part of KYC - as per regulatory rules.
As we touched on earlier, by signing up with a regulated online broker you are providing yourself with a safety net against the many scammers in the space. You should avoid signing up with unregulated platforms or third-party exchanges at all costs.
eToro makes the how to buy Dash conundrum a bit of a no brainer. Whilst some crypto platforms take days to validate client ID, this respected and regulated broker uses automated technology - meaning you can usually buy Dash within minutes.
Step 4: Deposit Some Funds
As you will have checked your chosen payment method is accepted - you can go ahead and deposit some funds into your new account to buy Dash.
The fastest and most convenient way to buy Dash is via credit/debit card or e-wallet. eToro makes this process a doddle, as the broker is compatible with a wide variety of payment types including e-wallets such as PayPal and Skrill.
If you prefer a more traditional wire transfer, you may buy Dash this way at eToro. However, it can take some days to process, meaning your cryptocurrency purchase will be delayed.
Most Dash providers you come across will stipulate a minimum deposit amount. Our How to Buy Dash Guide found that most brokers require anything from $0 to over $1,000 to access the market.
At eToro, the minimum deposit is $200, and you can buy Dash from $25 upwards!
Step 5: Set up a Trading Order
Now that you have made a deposit into your new account, you can place an order with your online broker.
The order you create tells the cryptocurrency provider of your position, and the course of action to be taken.
Please see below a list of the most useful orders to buy Dash.
The most simplistic ‘buy order’ is your entry into the market, to enable you to buy Dash.
If you believe that the price of Dash will increase - create a buy order with your online broker. It’s as simple as that.
If the crypto platform offers clients ‘short-selling’ facilities, you can also benefit from the price of Dash falling. This is achieved by creating a sell order.
Limit or Market Order
As you now know, the price of Dash fluctuates with every passing second, and many people take full advantage of these temporary price changes.
Starting with the easiest - a ‘market order’ should be placed if you want to buy Dash at the current or nearest price. This means your online broker will execute the order immediately on your behalf.
There will invariably be a slight difference between the price you agree on when placing your order, and the price you get.
For instance, you might place your market order when Dash is at $100.05 but get $100.04. This amount is usually inconsequential and unavoidable, due to the aforementioned fluctuation in the value of Dash coins.
Now, in the case of a ‘limit order’ - this tells the broker that you wish to buy Dash at a specific price.
Here is an easy to follow example of a limit order:
- Dash is valued at $100.02 but you are looking to enter the market at $103.00
- You create a $103.00 limit order
- If Dash increases to $103.00 - the broker actions your order
- Crucially, your Dash order will remain pending until you cancel it, or the aforementioned price is reached
As you can see from above-market orders are fast and convenient for newbies, and limit orders are a great way to be price specific when buying Dash.
Now that you have a grasp on orders, you need to decide how much you wish to stake - meaning how much Dash do you want to buy or sell.
You will be required to enter a stake on every position before your broker can execute your order for you.
We previously advised that considering modest regular investments is a great way to buy Dash, however, it’s ultimately your decision.
You can mitigate your risks by purchasing Dash at eToro from $25. This is a great way to build up your cryptocurrency portfolio whilst learning the inner workings of the market.
When you have looked over all of the information you have entered and feel happy with your choices, you can confirm.
At this point, your broker can go ahead and execute your buy/sell and market/limit orders and such - at the stake specified by you.
If you head over to your new eToro portfolio, you will see that all of the Dash coins you purchased have been added!
Step 6: Storing Your Dash
Dash and many other cryptocurrencies are stored on a decentralized ledger, which is quite different from the fiat money we store in big corporate banks and pay taxes with.
When it comes to buying Dash, you can choose between a crypto-exchange or an online broker. As we have said though, crypto exchanges are often unsafe and unregulated.
Not only that but when buying Dash via an exchange you will likely have to take full responsibility for your own crypto-wallet. Potentially, this will leave you and your digital currencies vulnerable to hackers.
At popular social crypto platform eToro, you can buy and store Dash in a safe and user-friendly space. The platform is under the watchful supervision of the FCA, ASIC, CySEC, and FINRA for US clients. This means that you can buy and store crypto-assets at no extra cost, without needing to worry about the many crooks out there.
Ready to Invest in Dash?
Step 7: Selling Your Dash
By this point of our How to Buy Dash Guide, you know that the idea is to purchase the digital asset and sell it at the right time. Selling it for more than you bought it for equates to making a profit on your initial purchase.
We noted that to buy Dash via a regulated broker is much safer than an unregulated space. In terms of selling your cryptocurrency, the same applies.
Exchanges require you to transfer digital currencies from your private wallet into the platform. Not only that, but due to the lack of regulation, it’s likely you would have to first exchange your Dash coins to another cryptocurrency like Bitcoin - at a cost. Then, you’ll need to request a withdrawal.
If you decide to use eToro, selling your Dash is a breeze. You simply need to sign in to your account and sell your Dash. The money from the sale will be sent to your original payment method once you request a cash out.
Other Ways to Buy Dash in 2021
Although we have talked about all of the most important elements of how to buy Dash, there are alternative options.
1. Buy Dash Debit Card
Millions of people all over the world use debit cards to pay for items online, and you can also buy Dash in the same way.
Simply fill in your card details as you usually would when shopping online. Enter the amount and verify the information is correct. When it comes to the time to cash out at eToro, simply hit ‘sell’ and the money will be sent to your debit card.
It’s always worth checking with any crypto provider, before signing up, what the minimum deposit and investment amount are to buy Dash with a debit card.
2. Buy Dash Credit Card
Much like the above, you can easily buy Dash using a credit card safely. eToro is compatible with various payment types including both debit and credit cards.
Always check fees with your provider, as our How to Buy Dash Guide found that some credit card companies charge a ‘cash advance fee’. This fee may be familiar to you from ATM withdrawals.
The ‘cash advance fee’ charged tends to be between 3-5% so do conduct your own fact-finding before committing.
3. Buy Dash Paypal
PayPal is known the world over for being a fast and secure way of paying online. Whilst not every online broker will allow clients to buy Dash via Paypal, eToro does!
eToro also accepts e-wallets like Skrill and Neteller, and more - depending on your country of residence.
4. Dash ATM
Walk-up and drive-up ATM enclosures are nothing new. However, Dash ATMs aren’t like traditional ATMs.
On the contrary, instead of withdrawing fiat money, you insert fiat money. Insert the amount you want to buy and the machine will inform you of how much Dash you will get, before printing out a receipt.
It has to be said, that although this all sounds very convenient, the fees charged can be as much as 10-20%. Again, we hark back to safe and regulated brokers like eToro - where you can buy (and sell) Dash on a commission-free basis.
How to Buy Dash 2021 - The Verdict
In our beginners guide on how to buy Dash 2021, we have talked about everything from the basics to strategies and potential fees.
It’s super important to stick like glue to regulated and trusted brokers for some needed protection against scammers. When there is money involved, one should always err on the side of caution.
eToro stands out as a beginner-friendly platform for many different reasons. Namely the fact the website is easy to navigate, and the broker is registered and regulated in several different countries. Here you can easily buy Dash on a commission-free basis.
It takes less than 10 minutes to sign up at eToro and the broker accepts a variety of fast, safe, and secure payment methods.
eToro – Best Broker to Buy DASH
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
How easy is it to buy Dash?
It is easy to buy Dash. However, we recommend doing so via a regulated broker and learning the market before diving in.
What is the safest way to buy Dash?
Undoubtedly the safest way to buy Dash is via a broker such as eToro. With over 13 million clients, the platform is heavily regulated by the FCA, CySEC, and ASIC - not to mention being registered by FINRA in the US.
Can I buy $100 of Dash?
You can buy $100 of Dash. However, if you are a beginner it is recommended to start with small regular investments. At eToro you can buy Dash from as little as $25 each time!
Can you lose money on Dash?
Yes. You can lose money on Dash and any other financial asset. It’s all about gaining an understanding of the market and placing the right order at the right time. If you speculate on the rise or fall of Dash correctly - you will make money. If the opposite happens you will lose money.
What is the most Dash has been worth?
The most Dash has been worth was in 2017 when the cryptocurrency reached $1,642.22.