What is Dash?
Dash is an open source digital currency based on the Bitcoin protocol that features several improvements over
the
original protocol. These advanced capabilities include near instant transactions (InstantSend), private
transactions
(PrivateSend) and a decentralized governance structure with a built-in voting procedure to accelerate
decision
making. Dash's decentralized governance and budgeting system makes it the second decentralized autonomous
organization.
How to buy Dash?
You can buy Dash on by opening an account on a cryptocurrency marketplaces like exchanges and broker
services.
Usually, you will additionally be required to verify your identity with a marketplace, e.g. by uploading
identity
documents like your passport. You may also need to setup a Dash wallet to store your Dash in case the chosen
marketplace does not offer one natively on their platform. The account creation, identity verification and
payment
processes can take from few minutes to several weeks.
Where to buy Dash?
There are different kinds of cryptocurrency marketplaces.
Exchanges resemble traditional stock exchanges such as the New York Stock Exchange (NYSE).
When you buy Dash
on a
cryptocurrency exchange, you trade directly with other traders, yet without any personal contact to these.
To make
this work, cryptocurrency exchanges have a matchmaking algorithm in place which determines the price of Dash
and
finds sellers for your order. Due to their advanced trading features that are tailored towards the needs of
professional traders, cryptocurrency exchanges can be a bit hard-to-use and confusing for beginners.
Brokers, by contrast, sell Dash out of their own asset stock. This means that when you buy
Dash from a
broker, there
is no transaction with other traders, but the broker service. Cryptocurrency brokers often charge a higher
fee than
cryptocurrency exchanges, whilst offing a better user experience and more payment methods than
cryptocurrency
exchanges.
Lastly, peer-to-peer (P2P) directories are platforms where you can trade Dash directly with
other traders.
However,
it is more risky to buy Dash on a P2P directory due to the lack of a third party.
What to consider when buying Dash
This leaves us with the question: “What’s the best marketplace for you?” Well, you’ve come to the right
place:
Cryptoradar lists popular places to buy Dash from all around the globe. Simply use our filters to find a
marketplace
that meets your requirements.
Verification: Most marketplaces require you to verify your verification and your permanent
residence. This
can
usually be done by uploading a copy of your passport and a recent utility bill. The verification process can
take
anywhere from few minutes to several weeks.
Wallet Service: A Dash wallet is an app or hardware device where you can store your Dash. We
recommend
newbies to
choose a marketplace that provides a built-in wallet service. However, note that it is usually the safer
option to
manage your wallet yourself - even though it requires some learning. Find more information about different
types of
wallets here.
Prices & Fees: The price of Dash is determined by supply and demand, i.e. it is based on the
number of people
willing
to sell and buy. While cryptocurrency exchanges determine the prices on their platform, broker services
align their
prices on the current prices of the major exchanges, but usually charge a markup and fees for their
services. In
addition to trading fees, there may be fees to deposit and withdraw fiat currencies or Dash.
Payment method: Before you can buy Dash you need to send fiat money to a marketplace. Most
exchanges only
offer wire
transfer, while broker services often offer a larger number of payment methods such as credit cards or
Skrill for an
additional fee.
Security: Security is an important factor when trading cryptocurrency. Cryptoradar helps you
filter
marketplaces for
security features. We also advise you not to store significant amounts of fiat or cryptocurrencies on
marketplaces
as they may be subject to cyber attacks.
When to buy Dash?
Is now a good time to buy Dash? We don’t know. However, if you are looking at a specific price at which you
would
like to buy Dash, we can help you to not miss a favourable opportunity: Sign up for a Cryptoradar account
and set up
a price alert to get notified when Dash trades below or above your target price.