How To Buy Dash (DASH) in Canada Aug 2022

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by Enoch Omololu, MSc (Econ)

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Looking for where to buy Dash (DASH) in Canada? This guide covers the top Dash exchanges you can use.

Dash is a cryptocurrency that is used for fast and low-fee payments worldwide. It was forked from the Bitcoin protocol.

Read on to learn about how to invest in the Dash coin.

What is Dash (DASH)?

Dash is a scalable digital payment system that was launched in 2014 by software developer Evan Duffield. The Dash digital currency offers fast and cheap payments, enabling users to make everyday purchases with digital cash anywhere in the world.

Dash is based on Bitcoin and works as a two-tier network structure using proof of work and masternode systems to improve efficiency.

The PoW system

Mining devices solve complex mathematical puzzles to add new blocks of transactions to Dash’s blockchain.

Masternode System

A masternode is a server with a full copy of the Dash blockchain and is usually operated by users with at least 1,000 Dash.

Top features of a masternode include InstantSend and CoinJoin. IsntantSend ensures faster confirmation of transactions within two seconds, while CoinJoin is a way of running a sequence of transactions, hence making them harder to trace.

The Dash coin can be bought in major exchanges, like Binance and Coinbase, and has the following uses:

  • Governance: Holders with 1,000+ Dash coins vote on governance and funding proposals.
  • Payments: You can use the coin to make everyday purchases, including plane tickets, bill payments, groceries/dining out, subscriptions, and more.
  • Block rewards: Miners and masternode operators receive a portion of block rewards from Dash mining.

There is also DashDirect, a retail savings app that allows users to make purchases using the Dash coin and realize savings and discounts in retail stores and websites.

How To Buy Dash in Canada

1. Open an account: Create an account at a crypto exchange that offers Dash. Because this altcoin is not as popular as Bitcoin or Ethereum, only a handful of exchanges support it in Canada.

2. Fund your account: After opening your crypto account, fund it using Canadian dollars or transfer in your existing crypto assets from an external wallet.

3. Buy DASH: Place a ‘buy’ order for Dash. Some exchanges offer Dash-crypto and Dash-CAD pairs, so you may not need fiat currency to buy Dash.

4. Store Dash: It is generally advised to keep your cryptocurrency offline using a hardware wallet like Ledger. You can also leave your Dash assets on the exchange.

Where To Buy Dash (DASH) in Canada

The top two cryptocurrency exchanges offering Dash in Canada are:

1. Binance

Binance is the largest cryptocurrency exchange in the world. It offers Dash and hundreds of other altcoins and stablecoins (over 600 coins in total).

Top features of Binance include:

  • Available on all devices
  • Very low trading fees at 0.10% or lower
  • Multiple funding options
  • Offers crypto staking so you can earn interest on your crypto assets
  • Crypto derivatives markets
  • NFT marketplace
  • Software wallet (Trust Wallet), and more

Note that Binance is not available to residents of Ontario.

Offer: Get a 20% lifetime fee discount. When you pay trading fees using the Binance Coin (BNB), you get an extra 25% discount (45% fee discount overall).

Binance

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Trade hundreds of popular coins

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2. Newton

Newton is a Canadian crypto brokerage platform available in all provinces and territories. It is one of the best places to buy Dash. Its top features are:

  • Instant verification
  • 70+ coins, including DASH
  • 0.70% trading fee with free deposits
  • Canada-based and FINTRAC-registered Money Service Business
  • User-friendly for beginners

Offer: Get a $25 bonus when you open a new account and trade $100 worth of crypto coins.

Newton

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Trade several popular coins

Excellent crypto broker for newbies

Up to 2.00% trading fee

Get a $25 bonus when you trade $100

How To Sell Dash

Selling Dash (DASH) is just as easy as buying it. The steps are:

  1. Sign in to your crypto exchange account and search for your Dash wallet.
  2. Place a ‘Sell’ order for DASH at either the current market price (market order) or a specific price you prefer (limit order).
  3. When your sell order is completed, the cash proceeds are added to your fiat balance.

What To Look For in a Dash Crypto Exchange

You should consider several factors when choosing an exchange to invest in Dash and other cryptocurrencies.

Some of my top considerations are:

Trading fees: Choose a crypto exchange that has competitive trading fees. Fees eat into your investment returns, and the lower they are, the better.

Security: Investigate the security measures put in place by the exchange to secure your assets. Security features can include 2-factor authentication, cold storage, insurance, etc.

Crypto selection: Confirm that the exchange offers the coins you plan to buy and sell.

Funding options: It is better to have multiple ways to fund your account such as crypto deposits, debit cards, Interac e-Transfer, credit cards, bank wire, etc.

Crypto withdrawal options:  The exchange should give you the option to withdraw your crypto to an external wallet if you so wish.

How to Store Dash

You can store Dash using a variety of hardware and software wallets.

The most popular hardware wallets in Canada are:

Dash Canada FAQs

Dash legal in Canada?

While Dash is not legal tender in Canada, it is legal for anyone to buy it in Canada.

Is Dash a good investment?

Dash, like every other cryptocurrency, is a speculative investment, and you can lose or make money when you invest in it. If the crypto market does well, there’s a chance Dash will increase in price. If there is a prolonged crypto bear market or the government bans Dash, its value could go to zero.

How do I get Dash coins in Canada?

You can easily buy Dash in Canada using Binance or Newton.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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