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.

Day trading with dash

Dash Brokers

#1 - eToro USA

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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
  • Platforms: eToro Trading Platform & CopyTrader
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

About eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

Pros

  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
  • 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
  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos

Cons

  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • Average fees may cut into the profit margins of day traders

#2 - Pocket Option

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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
  • Platforms: Web, MT4, MT5
  • Crypto Staking: No
  • Minimum Deposit: $50
  • Regulator: MISA

About Pocket Option

Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

Pros

  • The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
  • The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks

Cons

  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
  • Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
  • Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests

#3 - Uphold

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Up to 1.5%
  • Crypto Lending: No
  • Platforms: Desktop Platform, Mobile App
  • Crypto Staking: Yes
  • Minimum Deposit: $0

About Uphold

Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.

Pros

  • Over 250 cryptos are available including major tokens like Bitcoin and Ethereum
  • Two-step authentication bolsters user security
  • Uphold is 100% reserved which helps to protect client funds

Cons

  • There is a 2.49% fee if you want to use debit or credit cards
  • The charting analysis features on the platform trail specialist exchanges
  • Uphold operates with limited regulatory oversight

#4 - Scope Markets

Why We Chose Scope Markets

Traders can go long or short on popular cryptos like Bitcoin, Ethereum and Ripple paired with USD. Trading is available on the MT5 platform, which offers an excellent environment for short-term crypto strategies, with 21 chart timeframes and dozens of indicators.

"Scope Markets continues to appeal to experienced short-term traders seeking highly leveraged CFDs and spot investment products on the powerful MetaTrader 5 platform. Investors can also access additional trading tools, including premium signals and PAMM/MAM accounts. "

- DayTrading Review Team
  • Coins: BTC, ETH, LTC, XRP, XMR, ZEC, BCH, DASH
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: Scope Trader, MT4, MT5
  • Crypto Staking: No
  • Minimum Deposit: $50
  • Regulator: CMA, FSC, FSCA

About Scope Markets

Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

Pros

  • The Scope Trader proprietary platform offers high quality technical features, including 50+ charting tools
  • There's a decent range of research and analysis resources including a market blog, forex calculators and an economic calendar
  • The broker offers multilingual, 24/5 customer support via telephone, email and live chat

Cons

  • Spreads are wider than some alternatives, starting from 0.9 pips for major pairs - the best brokers offer spreads from 0.0 pips
  • Scope Markets is not overseen by any of the top-tier regulators in the US, Europe or Australia
  • Educational resources are very limited which will reduce the appeal for beginners

#5 - Sage FX

Why We Chose 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.

"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."

- DayTrading Review Team
  • Coins: BTC, XRP, LTC, DASH, ETH, EOS, NEO, TRX
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: TradeLocker
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: Pending

About Sage FX

SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.

Pros

  • Fast withdrawal processing
  • Flexible accounts with STP and ECN solutions available
  • Low starting deposit from $10

Cons

  • Relatively narrow range of asset classes
  • Lacks educational resources and other extra features
  • Not regulated by any reputable body

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:

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:

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:

Drawbacks

Before you start loading up price charts and developing strategies for day trading with Dash, there are some drawbacks, including:

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:

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.