Best Dash Trading Brokers 2018
Dash is a peer-to-peer controlled cryptocurrency which offers itself as an instant and private payment solution as well as a platform where solutions contracts can be performed and paid for using the Dash currency. So which brokers allow the trading of Dash? Let’s find out inside.
What is Dash?
- What Led to the Creation of Dash?
- Dash as a Currency for Online Shopping
- Dash Trading Explained
- How to Buy Dash Online
- Speculative Trading with Dash
- Dash Trading Sites, Brokers, and Software
Dash’s central offering is the provision of a uniquely designed peer-to-peer network which provides miners with incentives and rewards for securing the blockchain technology on which the platform runs. Users who validate transactions on the blockchain are also rewarded with master nodes.
Dash presents a two-tier system:
- The 1st tier is made up of miners who actively solve complex calculations in order to acquire the Dash cryptocoin.
- The 2nd tier is the allocation of Masternodes, which control the more complex functions on the Dash network that have to do with sending money, receiving money, privacy and governance and elimination of low-cost network attacks.
What Led to the Creation of Dash?
Online shopping is a breeze in many parts of the world, but close to 20 years after the first online stores opened and offered payment solutions such as PayPal. However, many parts of the world still cannot shop online freely for several reasons.
- PayPal and many other payment methods such as Skrill have a list of countries that are blacklisted from using their service. This action has locked out many people from the online shopping space.
- Certain countries are also placed on a send-only list, meaning they can make payments using PayPal but cannot accept payments. It begs the question: should certain people be barred from becoming e-commerce merchants as a result of where they come from? Some payment processors seem to think so, but not the Dash team.
- Then there are the transaction charges. Some payment methods charge you for loading your wallet, spending from your wallet or even inactivity in your wallet!
- There is also the issue of security. The greatest problem with online payment is the issue of fraud and identity theft. This is a reason which has been touted by some payment processors as the reason for locking out some countries from their networks.
- Cross border payments using conventional digital currencies is also a challenge in many places.
These issues are what Dash has been built to take care of. Anyone anywhere should be able to shop online or sell products as a merchant.
Dash as a Currency for Online Shopping
You can shop directly with Dash, or you can use the Dash VISA card to shop with Dash.
- Dash presents an online shopping cart as well as a Direct Payment API which enables merchants to accept Dash payments for their goods or services. Payments can be made using InstantSend. BlockPay is a point of sale platform where Dash can be used as a payment method.
- ShakePay is a web-based exchange service which issues a cryptocurrency-based VISA card which can be used in online shops or converted to fiat currency. You can load your card with Dash, spend on stores that accept Dash, and convert any unused balances to physical cash. The ShakePay app is available on the Google Play Store.
Dash Trading Explained
Dash can be acquired in several ways.
- Dash can be mined. However, mining gets technically more difficult and expensive as more coins are obtained from this process. Besides, not everyone can do this.
- You can purchase Dash in several ways.
- You can buy Dash from an ATM.
- You can trade fiat currency or other cryptocurrencies for Dash on an exchange.
Trading or exchanging currencies for Dash and vice versa requires the use of the Dash wallet. Three wallet types exist.
- The Dash Core wallet is a professional wallet which possesses full Dash features and comes with the blockchain fully downloaded. It is regarded as the “heavy” version of the Dash wallets. There is a time lag that occurs when the wallet is booted, as it needs time to integrate with the blockchain before use.
- The Electrum Wallet is regarded as a light version of the Dash wallets. It lacks the blockchain component of the Dash Core and does not contain master nodes. It is active on startup almost immediately. This version is what is used for making and receiving payments as well as monitoring transactions.
- There is a Cloud/Web-based Wallet version. This version also includes Mobile Wallets which are found in the Google Play and App stores. The web-based DashWallets require a third party to store the wallets for you.
- You also have the option of a physical wallet. This hardware device is usually tamper-proof and comes with the capability to store your private Dash keys. The hardware device enables access to the wallet without an internet connection. Trezor and KeepKey are popular access keys stored with the hardware wallet.
- Paper wallets are used offline and are quite secure.
How to Buy Dash Online
In order to use Dash, you have to acquire it. Truth be told, not everyone has the means or technicality to mine Dash. Therefore, the easiest means of acquiring Dash is to buy it.
Buying with Fiat Currency
You can buy Dash from exchanges using fiat currency. In other words, you can purchase Dash from selected exchanges using US Dollars, Euros and British Pounds. There are specific exchanges where this can be done.
Buying Dash with a fiat currency can be done in two ways.
- Direct Dash purchase (Fiat currency -> Dash)
- Indirect purchase (Fiat currency -> transferred to exchange -> Used to purchase Dash)
There are rules that are in force in different countries on how fiat currency is transferred to cryptocurrency exchanges. Funding your Dash wallet on an exchange or on a trading platform requires the possession of an acceptable means of payment. The following payment methods are the ones commonly used:
- Credit/debit cards
- PayPal (selected countries only).
- Digital currency wallets such as Skrill, Moneta, GiroPay, Neteller, OKPay, Yandex. Money, etc.
- Bank wires (SWIFT and SEPA).
Ensure that your country is allowed to use a payment method before you sign up for any one. Be aware that you will be charged a commission anytime you transact on your Dash wallet. You must consider this when choosing a payment method with which to fund your Dash account.
Buying Dash from an ATM
Some selected ATMs present the opportunity to buy Dash. Coinatmradar is a website which showcases the various ATM locations where you can purchase Dash using your ATM or debit card.
Speculative Trading with Dash
The increased volatility in the price of Dash has created a new market for the cryptocurrency: online trading. Dash can be traded in the Over-the-Counter (OTC)
market on exchanges, or traded as a Contract for Difference (CFD) asset on forex platforms. Buying or selling dash on the OTC market involves using exchanges that are designated for this purpose.
Trading Dash on the OTC Market
In order to trade Dash, you have to have a means of buying Dash, storing it, and trading it. Therefore, you must have a wallet with a unique wallet address. The wallet is like your bank, and attached to the wallet is a unique wallet address. You can download and setup a free wallet from any of the brokers or exchanges we shall list at the end of the article. Once you have your wallet setup, you must fund it with the initial amount of money that will be used for trading.
Funding your wallet can be done using fiat currency, or using Bitcoin, Litecoin or other cryptocurrencies. These differ from exchange to exchange. When trading Dash on an exchange, endeavor to do this with only verified sellers with good track records.
CFD Trading of Dash
Dash contracts can be traded as CFDs on several forex trading platforms. These platforms list Dash as a pairing with the US Dollar. Typically, the spreads are large and accounts need to be well funded to be able to handle the margin requirements.
Trading Dash as a CFD asset requires exquisite knowledge of technical analysis. This method of Dash trading has some advantages:
- You can setup large positions with a smaller amount of money and reap the profits as if you came up with the full amount. This is because trading of Dash CFDs is highly leveraged. Some platforms may even offer up to 1:400 leverage, requiring the trader to come up with just 2.5% of the total amount required to setup the position.
- Trading of Dash can be done every single day. The market does not close on weekends. Therefore, Dash CFDs could be your money making machine 24/7.
Dash Trading Sites, Brokers, and Software
A Dash exchange is a marketplace where Dash can be bought or sold in exchange for fiat currency, digital currencies or other cryptocurrencies. The strategy is to purchase at lower prices, hold for appreciation of price and resell for a profit.
There are some traders who do not want the complication of staring at charts all day in order to find the best trading opportunities. Such traders may simply prefer to buy, hold and re-sell Dash on an exchange.
In choosing an acceptable exchange for your Dash trading or exchange, it is pertinent to consider several factors. Some of these factors are as follows:
- You must consider what payment methods will work for your country, or whether an exchange even allows traders from your country to maintain an account. There is a lot of concern about the anonymity that use of Dash and other cryptocurrencies bring to the plate, and conventional financial institutions are setting limits to what you can do when buying Dash with fiat currency.
- Where you have the means of sending money to a Dash exchange, what commissions and transaction costs will you incur? Some exchanges charge a lot for transactions and this could erode your profits deeply.
- Does the exchange have a good track record when it comes to speedy fulfillment of withdrawal requests?
The answers to these questions will guide you on how to choose the best exchange for your business.
In conclusion, we present the best Dash trading brokers for 2017. Use your Dash to trade, or use it to shop. Whether you choose to trade with Dash or shop with it, you have to acquire an initial amount of Dash. To do this, you need to come up with brokers or exchanges that will enable you to acquire your first consignment of Dash.
In coming up with this list, we considered brokers and exchanges that could come up with the following:
- Sound regulation and a track record of transparency, honesty, and openness in trade operations.
- Brokers with transparent pricing traders.
- For traders, brokers that allow the use of trading robots to trade the Dash CFD assets.
- Exchanges and brokers that offer great security against cyber threats to Dash users.
- Brokers that fulfill withdrawal requests in a timely manner.
- Exchanges and brokers that offer several means of payment for greater inclusiveness among nationals of various countries.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|