Dash Day Trading 2024 – Tutorial and Brokers
Dash is a peer-to-peer cryptocurrency that focuses on security and speed. This page will break down precisely how trading Dash works and the best brokers to trade with. We also cover the history of Dash, wallets, mining, and benefits. Finally, price predictions and guidance on how to start day trading Dash coins will be detailed.
Dash Brokers
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1eToro USAInvest $100 and get $10Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings
$100$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
2Pocket Option50% Deposit Bonus
Ratings
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
3UpholdTerms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Ratings
$0$1CryptosDesktop Platform, Mobile AppWire Transfer, ACH Transfer, Bitcoin Payments, Debit Card, Credit Card, Mastercard, Visa, Ethereum PaymentsUSD, EUR, GBP -
4Sage FX$1,500 trading competition
$100.01 Lots1:500PendingForex, indices, cryptosTradeLockerCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD -
5KrakenLower fees when trading volume exceeds $50,000 in 30 days
$10VariableFCA, FinCEN, FINTRAC, AUSTRAC, FSACryptosAlgoTraderBitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD, JPY, CHF -
6Pionex
Here is a summary of why we recommend these brokers:
- eToro USA - eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
- Pocket Option - Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
- Uphold - You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
- Sage FX - Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.
- Kraken - Kraken is a specialized crypto exchange and supports more than 220 cryptocurrencies. These include all of the established tokens like Bitcoin as well as some altcoins. Traders can make trades on spot crypto markets with up to 1:5 leverage or on futures with up to 1:50. Fees are low and the platform is super easy to pick up.
- Pionex - Make spot, future and leveraged trades on 120 cryptocurrencies via Pionex's proprietary platform with built-in trading bots and highly customizable automated trading options. On the negative side, the range of tokens is narrower than many alternatives.
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
Jemma Grist, Reviewer
eToro USA Quick Facts
Bonus Offer | Invest $100 and get $10 |
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Coins | BTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | BTC 0.75% |
Crypto Lending | No |
Crypto Staking | No |
Platforms | eToro Trading Platform & CopyTrader |
Minimum Deposit | $100 |
Regulator | SEC, FINRA |
Account Currencies | USD |
Pros
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
Cons
- Average fees may cut into the profit margins of day traders
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Jemma Grist, Reviewer
Pocket Option Quick Facts
Bonus Offer | 50% Deposit Bonus |
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Coins | BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | N/A |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Web, MT4, MT5 |
Minimum Deposit | $50 |
Regulator | MISA |
Account Currencies | USD |
Pros
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
Cons
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
Uphold
"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."
William Berg, Reviewer
Uphold Quick Facts
Coins | BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more |
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Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Up to 1.5% |
Crypto Lending | No |
Crypto Staking | Yes |
Platforms | Desktop Platform, Mobile App |
Minimum Deposit | $0 |
Account Currencies | USD, EUR, GBP |
Pros
- UK users can get the Uphold card with up to 2% cashback in XRP
- Two-step authentication bolsters user security
- Uphold continues to remain ahead of the industry, often being one of the first platforms to list new crypto tokens
Cons
- The charting analysis features on the platform trail specialist exchanges
- Uphold operates with limited regulatory oversight
- Customer service is slow based on tests, with limited contact options
Sage FX
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
Tobias Robinson, Reviewer
Sage FX Quick Facts
Bonus Offer | $1,500 trading competition |
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Coins | BTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Floating |
Crypto Lending | No |
Crypto Staking | No |
Platforms | TradeLocker |
Minimum Deposit | $10 |
Regulator | Pending |
Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Flexible accounts with STP and ECN solutions available
- Bonus offers and trading competitions
- Ability to deposit and withdraw via Bitcoin
Cons
- Lacks educational resources and other extra features
- Not regulated by any reputable body
- Relatively narrow range of asset classes
Kraken
"Kraken will suit traders looking for a diverse list of cryptos including Bitcoin and a good security track record."
William Berg, Reviewer
Kraken Quick Facts
Bonus Offer | Lower fees when trading volume exceeds $50,000 in 30 days |
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Coins | AAVE, ALGO, ANT, REP, REPV2, BAT, BAL, XBT, BCH, ADA, LINK, COMP, ATOM, CRV, DAI, DASH, MANA, XDG, EWT, EOS, ETH, ETC, FIL, FLOW, GNO, ICX, KAVA, KEEP, KSM, KNC, LSK, LTC, MLN, XMR, NANO, OCEAN, OMG, OXT, PAXG, DOT and many more |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | 0-0.26% average |
Crypto Lending | No |
Crypto Staking | Yes |
Platforms | AlgoTrader |
Minimum Deposit | $10 |
Regulator | FCA, FinCEN, FINTRAC, AUSTRAC, FSA |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF |
Pros
- Low exchange fees on Kraken Pro
- Excellent range of 220+ more established cryptocurrencies
- Great trading platform and mobile app
Cons
- Low leverage on spot trading
- Does not support many newer altcoins
- Slow verification process on Pro account
Pionex
"Pionex is an excellent option for crypto traders with an interest in cutting-edge AI like ChatGPT and automated trading."
William Berg, Reviewer
Pionex Quick Facts
Coins | BTC, LTC, ETH, BUSD, EOS, BTT, TRX, NFT, DOGE, XRP, HT, ALICE, FIL, DOT, JST, AXS, UNI, AAVE, WIN, SUN, CAKE, LINK, BAKE, BCH, ETC, SNX, TFUEL, ADA, PUNDIX, ICP, MDX, FLOW, DODO, MFT, BSV, MATIC, CSPR, SHIB, ATOM, SUSHI and many more |
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Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Market |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Own |
Minimum Deposit | $0 |
Regulator | FinCEN |
Pros
- 12 free integrated trading bots with no coding or programming requirements
- 40+ cryptocurrency funding coins accepted
- Powerful integrated AI chatbot 'PionexGPT' helps users programme trading bots on Pine script
Cons
- Limited contact options
- Does not accept fiat deposits
- No demo account
What is Dash?
Formerly known as Darkcoin and Xcoin, Dash was introduced to build on bitcoin’s offering by bringing users increased privacy and speed. It was, in fact, the world’s first self-governing and self-funding blockchain protocol. This allows the network to pay both individuals and businesses that add value to the system. 10% of each block portion is handed back to the developers. The cryptocurrency is also deflationary as the maximum total supply is 22 million coins.
The cryptocurrency uses the following 11 rounds of hashing algorithms to optimise security:
- Blake
- Bmw
- Groestl
- Jh
- Keccak
- Skein
- Luffa
- Cubehash
- Shavite
- Simd
- Echo
Dash uses a two-tier network as opposed to a single-tier. The first tier is formed of miners and normal users. The second tier consists of masternodes, who offer advanced services to the network.
As their official website details, you can use Dash coins to make instant and anonymous payments either online or in-store. Thousands of users host the platform across the globe.
History
On January 18th, 2014, Dash was released as Xcoin (XCO). 10 days later the name was changed to ‘Darkcoin’. On March 25th the following year, the coin was rebranded as Dash, a blend of ‘digital cash’.
1.9 million Dash coins were mined in the first couple of days, accounting for around 10% of the total supply. Creator, Evan Duffield, pointed to a bug that was born from when the Litecoin code was hard forked to create Dash. This “incorrectly converted the difficulty, then tried using a corrupt value to calculate the subsidy”.
Although the founder offered to relaunch the coins when the problem has been remedied, the majority of the community disagreed. As a result, the original distribution was left alone and most of the coins mined initially were dispensed on cryptocurrency exchanges over the next few months at low prices.
The Dash Core Team then quickly grew to 30 full-time employees, while 20 part-time employees and tens of unpaid volunteers also joined the ranks. All of these employees are compensated by Dash’s unique budget system. This means they do not rely on donations or sponsorships, which may result in conflicts of interest.
By the time June 2017 rolled around, the daily trading volume of Dash coins had reached around $100 million per day. The overall market capitalisation had also hit the $4.8 billion mark.
2017 also saw Dash enter a partnership with Wall of Coins. This is a web-based and peer-to-peer platform where individuals can buy and sell Dash coins with cash. It also helps facilitate the purchase of these altcoins at traditional institutions, including:
- Chase
- Wells Fargo
- MoneyGram
- Western Union
This move helped improve reviews on cryptocurrency forums and blogs, enhancing future price forecasts and encouraging wide-spread adoption.
Dash Features
Masternodes
Bitcoin is a single-tier network, so miners perform all jobs. Dash, however, takes a two-tier network approach. This means specific network functions, including building new blocks, are completed by the miners. Dash’s second tier is then formed of masternodes who undertake the InstantSend, PrivateSend, and governance functions.
Masternodes need to hold 1000 Dash to fend off sybil attacks. While this collateral can be spent at any point, to do so would end the association of the masternode with the network. As a result of masternodes offering crucial functions, miners and masternodes each receive 45% of block rewards. The final 10% then goes into the ‘treasury’ or ‘budget’ system.
It is widely agreed in the cryptocurrency space that this system has significant potential. It is perhaps unsurprising then that a number of digital currencies have since adopted the structure. This approach has also helped drive investment and long-term outlooks.
PrivateSend
One of the advantages that frequently comes up in Dash coin discussions centres around PrivateSend. But how exactly does it work? CoinJoin laid the foundation for this coin-mixing function. Essentially, it mixes identical inputs from a number of users into one transaction with numerous outputs. As a result, directly tracking transaction addresses is extremely challenging.
Furthermore, using masternodes stops the use of just one website. Chaining via blending numerous masternodes and limiting the mixing to only specific denominations and passive mode all help to ensure anonymity. By using the special network code DTSX when submitting transactions, masternodes promise even greater privacy.
However, note the maximum transaction via PrivateSend is 1000 Dash coins.
InstantSend
Transfer and validation rates can be slow, particularly in cryptocurrencies such as bitcoin. In fact, performance is so bad, users sometimes have to wait hours.
Yet as the name suggests, InstantSend helps facilitate rapid transaction speeds. Inputs lock into certain transactions and are verified be general agreement in the masternode network. Questionable transactions and blocks will face rejection. Alternatively, a standard block confirmation process can validate transactions if an agreement cannot be reached.
The key information to take from this feature is that it fixes the double-spending problem, without the extensive confirmation times found in the likes of bitcoin. This may seem like it should be one of the basics of cryptocurrencies, but Dash was among the first to address this issue.
Benefits
Below is a summary of key Dash benefits that make it an attractive proposition for day traders after substantial returns:
- Security – Over 4,500 servers and 200 TerraHash of X11 ASIC computing power confirm transactions. Sophisticated encryption and the trustless protocol all result in security you can rely on.
- Rapid evolution – Their innovative incentive system has helped the cryptocurrency grow to over 4,000 masternodes since its 2014 launch. That makes it one of the largest peer-to-peer networks and one of the most secure, promising access to your digital currency 24/7, whatever your location.
- Speed – The Dash system uses InstantX. You can access this from your wallet and it will fully process transactions in just four seconds.
- Low transaction fees – The majority of transactions cost a few cents to send. This is significantly cheaper than the likes of PayPal and Moneygram.
- First self-governing and self-funding protocol – Another factor contributing to Dash’s worth is their accessibility to anyone who can help develop their platform. The cryptocurrency funds its own growth, while also ensuring all can be held accountable. All you need to do is send off a Treasury proposal and present your idea.
- Popularity – You only need to head over to BitcoinTalk to see Dash is one of the most talked about digital currencies. Its development, usage and differences from competitors have all been clearly explained online. There has been a real focus on ensuring individuals have all necessary definitions and news of all-time highs to enhance future expectations. The result is a widespread interest which could lead to price fluctuations and opportunities for intraday traders.
Drawbacks
Before you start loading up price charts and developing strategies for day trading with Dash, there are some drawbacks, including:
- Anonymity flaws – It is possible to unwind the mixing of transactions used to mask identity with certain tools.
- Funding concerns – Marketing budgets and resources are taking precedence over innovation. From a long-term outlook, this could lead to a decline in features and functionality at the expense of reeling in new customers.
- Critical mass – Dash is yet to achieve a critical mass of merchants and users. This makes creating long-term price forecasts challenging at best.
- Competition – A quick look at Dash’s background and you quickly realise the cryptocurrency market is already tough and it’s unclear whether Dash will be able to maintain let alone increase their market capitalisation.
- Coin limitation – This cryptocurrency promises a fixed number of coins, approximately 19,000. However, there may actually be fewer coins in circulation than it appears. This is because of masternodes. Each masternode represents 1,000 coins. There are thousands of masternodes, meaning a significant number is not available for use. As long as the coins create value this is fine. However, if masternode owners get nervous there could be a huge dump of coins. As a result, prices may substantially drop. There is also the risk of an artificial pump and dump to bear in mind.
Overall then the price today may not be at all reflective of its value in the future. So deciding whether Dash is a good investment is not a straightforward decision.
Video – Dash Explained
Where to Buy & Store Dash
If you have decided Dash is worth investing in, you will need to get your hands on some of the cryptocurrency coins. Fortunately, there are a number of ways to go about this:
- Debit card – CEX.io is one of the longest standing brokers. You can use a credit or debit card to purchase the cryptocurrency through their exchange. There is also eToro, however, they won’t supply you with actual coins, so no Dash wallet is required. You can, however, speculate on whether prices will rise or crash, conduct technical analysis and implement an effective strategy. BitPanda will also let you buy the cryptocurrency with a credit card, although they are only available to Europe and the limit is 600 euros.
- Wire transfer– Kraken allows you to fund your account with USD or EUR via a wire transfer. You can then buy the cryptocurrency directly. In addition, you can view trading history, long-term price predictions and see view other index lists. You can also turn to AnyCoinDirect, where you can expect to receive your Dash coins within a couple of days.
- ATM – Cryptocurrency explorers can also use Dash ATMs. For example, there are three locations in the US, Oregon, New York and Florida. However, fees are high. WallofCoins users can also pick up coins at near spot price by depositing cash at a local bank. They are available in Brazil, Germany, Poland, Latvia and the Philippines.
- Exchange Bitcoin – If you have Bitcoin, Shapeshift, Kraken, Bitfinex, Poloniex and Changelly will all allow you to trade in your BTC for Dash.
Note many of the above will also offer valuable additional resources, from current prices and coin worth to converter graphs and trend expectations. Exchanges, in particular, are useful if you want statistics, as well as product descriptions and explanations.
Wallets
It’s not just a question of how to buy your new cryptocurrency, it’s also about storing it. Wallets are essential as coin stock can be lost or stolen on exchanges. Once in your wallet, your cryptocurrency should be totally secure.
Fortunately, you can now find a huge choice of wallets and reviews online. Alternatively, there are offline, paper wallets. Once in your wallet, you can then focus on making live price expectations and joining the cryptocurrency rich list.
Mining
Dash’s blockchain is built on a decentralised ledger that records every transaction that takes place. ‘Proof of Work’ (PoW) then keeps the blockchain secure. Miners use computers to solve complex mathematical problems. If they are correct, they can add a block to the blockchain. In return, the miner receives dash currency as a reward.
For those interested in how to mine, specialised computers known as Application Specific Integrated Circuits (ASICs) will be needed. They will solve Proof of Work problems as efficiently as possible.
While solo Dash miners exist, many will join a Dash coin mining pool. Note that mining is not necessarily free and could incur significant electricity costs. In addition, in terms of cost-effectiveness, CPU and GPU mining is not always the best choice. Even once you have found the fastest possible hash rate for your CPU, more optimised miners may exist.
Fortunately, mining hardware is relatively easy to get your hands on. There are plenty of websites that can point you in the direction of mining rigs and miners for sale. There are also in-depth cloud mining guides and hash rate calculators available online.
What’s Next for Dash?
Dash’s value has grown significantly since its launch date. This demonstrates some investors do see long-term potential. Developer teams are constantly bringing in new updates and keep users up to date with regular announcements. Also, its speed and privacy capabilities continue to impress even when compared to competitors and other cryptocurrency alternatives.
However, Dash does need to address certain issues, including security flaws and a focus on short-term gains. So there is always the possibility prices could start falling sharply.
If you do want to start day trading with Dash, you will need to stay up to date with the latest news and have a secure online or offline wallet to hold your cryptocurrency coins.
For further crypto guidance, see our cryptocurrency page.