If you are looking for an online trading platform to invest in the Dash cryptocurrency, then eToro comes with high recommendations. The trading platform is a leader in the global Fintech industry, creating quite a reputation for itself as one of the best in the game since it started operations in 2007. Although eToro initially started the trading platform to offer users access to trade stocks, it now has an array of cryptocurrencies available too. You can easily buy, sell, withdraw and transfer your crypto, including Dash, to and from eToro to any wallet of your choice.
In this guide, you will learn a little more about Dash crypto asset if you don’t yet know much about it. Also, with an understanding of the Dash cryptocurrency, you will understand why the eToro trading platform is a good fit for buying Dash and how to purchase some units on the trading platform.
What is Dash (DASH)?
Dash was created in January 2014 by a software developer, Evan Duffield, a former staffer at Wells Fargo Bank. Dash, short form for “Digital Cash,” is a popular cryptocurrency that focuses on facilitating secure payments through peer-to-peer (P2P) standards. A Bitcoin protocol fork, Dash is an open-source code that makes payments online at low cost, fast, efficient, and friendly rates for users. The crypto asset is an early project that modifies and blends the Bitcoin network’s open-source code to give users a better medium of currency exchange. Its ultimate aim is to aid people to make payments from anywhere around the world at an insanely low fee.
One of the main drawbacks of getting cryptocurrencies to mainstream adoption is that they run at high transaction fees and low costs. What is all the more appalling is that sometimes transaction fees are higher than the transaction amount itself. Dash solves these problems by offering users access to instant confirmation of transactions at a minimal commission fee. All transactions on the Dash network are powered using the DASH coin, its native currency.
According to the Dash official website, its blockchain is made secure through a cryptographic process known as proof-of-work (POW), similar to the Bitcoin network. The process entails powerful computing processors combined to solve complex mathematical problems usually specified by the X11 hash algorithm.
Top Recommended Platforms
Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
The X11 contains eleven techniques of cryptography that belong to a proprietary mining protocol which reduces the power consumption associated with mining. A new block is added to the Dash blockchain after every transaction is validated and passed as successful. Miners who do the work to validate these transactions receive rewards with some DASH coin. The maximum supply of the DASH coin is 18,900,000 tokens and decreases by 7% yearly until they are all mined by 2300.
The DASH coin’s design allows transactions among peers: a situation where people can pay their water and electricity bills, pay for groceries, transact with friends and family, and practically sort out their day-to-day payments using the DASH coin. The platform makes provisions for broader use of the token by building its proprietary mobile wallet application on Apple’s App Store and Google Play Store to send and receive the DASH coins. The value of the DASH coin can increase gradually due in part to its deflationary nature. There is a limited supply of the DASH coin and a burning mechanism to put some DASH coins out of existence by sending them to a burn address.
Key Features of Dash Network
Network Speed
Transactions on the Dash network are executed within the shortest possible time. It takes about two and a half minutes for a block to be created on its protocol. Users have to wait for little time or not at all before the network validates their transactions.
Chainlock
Chainlock protects transactions on the blockchain from 51% attack. When users make transactions that get verified instantly with Instantsend, it opens the possibility of an attack. Chainlock works so that the blockchain can’t produce false data over 51% giving users extra security whenever they transact.
Masternodes
Masternodes on the Dash network share similarities with the full nodes visible on the Bitcoin network. The Masternodes offer specific services within the network protocol while also having to inject an investment of at least 1000 DASH coins into the network. Usually, Masternodes belong to a second-tier network that functions under network miners who make up the first tier. Dash’s Masternodes function as a proof of service algorithm related to the proof-of-work structure on which the Dash network runs.
Sporks
The Sporks feature was created after the Dash community and developers saw the need for a flawless upgrade mechanism. Sporks’ introduction to the blockchain makes it easy for minor and major updates to happen without altering the blockchain network.
Instantsend
The Instantsend feature is one of the best on the Dash network. The Instantsend makes it possible for transactions on the Dash network to become valid instantly. Users can simultaneously send and receive Dash within minutes of running the orders on the DASH network.
Privatesend
If you look to remain anonymous when making transactions, Privatesend makes this possible on the Dash network. Transactions are anonymous and safe, with no possibility of tracing a transaction’s sender and receiver or coin history. The Privatesend features the keeping of transactions between Dash, fiats, and other cryptocurrencies that are fungible.
Purchasing DASH Coin on eToro: The Best Trading Platform for Beginners
eToro trading platform aims to open up the global markets for people to invest and trade in a simple, secure, and transparent way. With over 15 million active users from around the world eToro enable users to invest, and trade in stocks and top cryptocurrencies. The eToro trading platform is particularly valuable for new traders. Its social trading feature allows newbies the opportunity to copy trades from top professionals with outstanding trade histories.
Also, eToro has an array of innovative tools for analyzing markets, which allows traders to make the right trade decisions at every opportunity. The platform allows initial deposits for as low as $50 depending on your country. Users can make deposits using different payment means like bank transfers, credit and debit cards, and PayPal amongst others. It is the perfect place to build your DASH coin portfolio and you can start your journey by opening an account first.
How To Open An eToro Account
In this section, you will go through how to set up an account with eToro, up to buying Dash coin. There are currently over 20 cryptocurrency assets available to trade on eToro, DASH inclusive. Below is how to go about opening an account on the trading platform:
To open an account on eToro, you have to provide personal information about yourself. eToro requests new users to provide information about themselves: first name, last name, email address, username, and password.
Complete Your User Profile on eToro
After you complete the registration process needed to open an account with eToro, you will have to complete your profile before making any deposits. eToro requires some additional information to verify your identity for your account to become operational. This information is compulsory because eToro is a regulated trading platform under the regulation of CIF, FCA, and CySEC, and as such eToro complies to follow their rules.
Users are to provide their contact information, gender, and date of birth. Before this, users are to validate their emails. After creating your account, a mail will be sent to your email address; click on the link, and your account will become valid. It is important to do this so you are certain your email and your account can combine for transaction purposes. Once this is done, you can now proceed to deposit funds into your account.
Secure your account
Before you proceed to deposit funds into your account, it is recommended that you secure your account. Although your account is secure with a password, extra security measures can help you in case of attacks or hacks. The recommended method to secure your account against external attacks is to activate a 2-FA (two-factor authentication) on your account. 2-FA account security involves combining two secure forms of verification for your account. It can be a combination of a mobile number and email or mobile number and an authenticator like Google authenticator or a combination of the three measures.
Deposit Funds Into Your Account
Now that your account is live, you can now deposit money into your account to buy some DASH coins. The average amount eToro allows users to deposit is $50, although this amount could go higher depending on your location. Also, users can make use of several payment platforms to make payments on eToro: from Union Pay to PayPal, credit and debit cards, wire transfers, Skrill, and Neteller. Once you have your chosen payment method in place, click to deposit funds and then transfer funds into your account.
Place A Buy Order For DASH
After your deposit reflects in your account, you can now buy some units of DASH coins. Go to the homepage section, find “Trade Markets” and pick “Crypto”. A list of all cryptocurrencies trading on eToro will come out; pick DASH from the options before you. Click on the “Buy” icon to input details of the number of DASH coin units you want to purchase. Two options to buy (“Trade” and “Order”) will appear when you click “Buy.” Clicking on trade means you want to buy at market price, while order means you want to buy at a specific market price.
Check up on your investment
It is one thing to invest, but it is another to monitor how your investment is going, either positive or negative. You can check up on your investment in DASH coins by checking through the “Portfolio” section. On your portfolio, you will discover whether your DASH holdings are currently in profit or not. Also, you can choose to sell or withdraw your coins at any time you wish. You can choose to send your portfolio to an eToro Crypto Money Wallet or other digital wallets or use a hardware wallet.
Additionally, you can use “Take Profit” to set up a target price at which you want the market to close your trade automatically in profits. The “Stop Loss” option is also helpful to close a trade order at a chosen price lower than your entry.
Why Trade DASH on eToro?
Standard Security
eToro is trusted by more than 15 million users not just as a platform to trade their favorite crypto asset alone but because it maintains industry-standard security measures.
Demo Trading
What better way to learn the ropes of trading than using eToro’s demo trading features? The trading platform offers users a virtual portfolio of $100,000 with which they can test out strategies and setups on their trades risk-free. You can try this out if you are new before using a live account.
Seamless Utility
eToro trading platform enables users to store, manage and transfer their crypto assets from one wallet to another. All this is made available to one account.
Smart Tools
The trading platforms give investors access to power tools for analyzing the market, automated risk management tools, and social trading features. It is no wonder professionals who have been trading for years choose eToro.
Custom Risk Management Features
Users can use “Take Profit” and “Stop Loss” to fit into whatever trade strategy they employ to protect their investments automatically.
Market Updates and Insights
Trading on eToro gives you access to real-time market research information and news on crypto assets. Top traders make use of these updates with their analysis of chart patterns to make trade decisions.
Alternatives to eToro for buying Dash
There are many exchanges where you can buy Dash, but here are some of the most popular and reputable exchanges:
- Binance – Binance is one of the largest cryptocurrency exchanges in the world and offers a wide range of trading pairs for Dash.
- Coinbase – Coinbase is a well-known and reputable exchange that allows you to buy Dash with a credit card, debit card, or bank transfer.
- Kraken – Kraken is a popular exchange that offers low fees and a wide range of trading pairs for Dash.
- Bitfinex – Bitfinex is a cryptocurrency exchange with a good reputation that offers trading pairs for Dash.
- Bittrex – Bittrex is a secure and reliable exchange that offers trading pairs for Dash.
It’s important to do your own research before choosing an exchange, as fees, trading pairs, and features can vary. It’s also a good idea to check the exchange’s reputation and security measures to ensure the safety of your funds.
How to buy Dash on Binance
To buy Dash on Binance, you’ll need to follow these steps:
- Create an account on Binance if you haven’t already done so.
- Log in to your account and navigate to the “Buy Crypto” tab on the top menu.
- Select the payment method you want to use to buy Dash, such as credit/debit card or bank transfer.
- Enter the amount of Dash you want to buy and confirm the transaction.
- Once your purchase is complete, your Dash will be credited to your Binance account.
- You can then withdraw your Dash to your personal wallet or keep it stored in your Binance account.
It’s important to note that different payment methods may have different fees and processing times. Be sure to check the fees and processing times before making a purchase. Additionally, make sure to follow Binance’s security guidelines and use 2-factor authentication to protect your account.
Conclusion
Buying and trading DASH coin on eToro is a simple process, with the platform giving traders an interactive user interface that is easy to maneuver. Both new and old traders can thrive on the platform as it provides financial tools and insights, the ability to learn on the go, copy top performers’ trades also diversify their portfolios.
