Dash, short for Digital Cash, is a transactional cryptocurrency launched in 2014 as a fork from Bitcoin’s code. It is a privacy-focused coin, which uses its “PrivateSend” feature to mix the users’ unspent DASH before they enter a transaction, thus making the transaction untraceable. This cryptocurrency is also unique in the sense that it uses a form of decentralized autonomous organization (DAO) in which decisions are made by “masternodes”.
Dash is currently on the 15th position, according to data from CoinMarketCap, with a market cap of $726,485,828 USD and a current price of $83.98 USD.
How to buy DASH on Binance
Step 1: Sign up for a Binance account
To be able to trade on Binance, you first have to create an account on their platform. If you already have one, skip this step.
You will be required to provide a valid email, username, and password.
Your account doesn’t have to be verified for level 1, where you have a daily withdraw limit of 2 BTC. Level 2 authorized accounts have limits of up to 100 BTC per day, but additional documentation has to be submitted and approved.
Step 2: Verify your account
After you have opened the account and submitted the required verification documents, you will have to wait for an email that confirms that your account has been validated.
In this stage, you also have the option of enabling the 2-Factor Authentication feature, which is recommended to ensure account protection.
Step 3: Send BTC or ETH to your Binance account
After your account has been verified, you will need to fund your Binance wallet to be able to trade. As DASH is paired with either BTC or ETH, and no fiat option is available, you can only fund your account with one of the aforementioned cryptos.
If you do not own one of these coins, then you have to go to other exchanges and purchase them with fiat currency.
Access the menu at the top of the page and click on “Funds”, then “Withdrawals”.
Select the coin you wish to send from the dropdown menu.
A wallet address, to which you will send your coins, will appear. Only send the specified coin to their correspondent address as other coins sent there could be lost.
Step 4: Wait for confirmation
Wait a few minutes until the exchange confirms the transaction. The confirmation time can take up to a few hours or less, depending on the network traffic.
Step 5: Choose your trading pair
After you have transferred your funds, go to the site’s exchange section. To do that, you click on “Exchange”, and then select the “Basic” mode.
In the search box located on the right side of the page, type the name of the coin you are trading with, and search for “Dash”. Click on the pair resulted in the search (DASH/BTC or DASH/ETH).
Optional: Use Binance’s advanced tools to buy at a specific price
Binance also offers the option to its users to set limit orders. Setting a limit means that you set the price at which you want to sell or buy DASH, and the exchange will automatically make the trade, once the price reaches that value.
Step 6: Buy DASH
Below the trading charts, there is a box in which you have to enter how much DASH you want to buy and the price of your purchase. You can also enter the “Markets” tab and buy DASH for the current market price.
Click on the green “Buy DASH” button.
Step 7: Move your coins to your Dash wallet
It is better to never leave your coins on an exchange wallet if you are not engaged in trading operations, as these platforms are always targeted by hackers.
For this operation, you will have to download and install a wallet compatible with Dash. For those looking for extra security, there is the Ledger Nano S or the Trezor Model T as hardware wallet options. Other options include Dash Core wallet, Exodus (for desktop) or Coinomi (for mobile).
After you have installed the wallet suitable for your operating system and device, you will have to withdraw the coins from your account. To do so, you have to access “Funds”, then click on “Withdrawals”.
On the next screen, you will be featured a dropdown menu from which you have to select the Dash option.
Now, you will have to paste the address of your Dash wallet and then click on Submit.
After you have received confirmation that the transaction has been carried out successfully, your DASH coins should appear in your wallet.
If you have followed our article up until now, then you should be able to buy DASH on Binance easily. It is necessary to always apply all recommended security practices (2FA, move to the wallet, etc.) and to be aware of market prices and trading fees.