How to buy Dent coin online
This beginner’s guide introduces you to Dent and its native cryptocurrency. Find out what role the coin plays, where you can find some, and its long term prospects for success.
Compare where to buy Dent, and open an account
The trading platforms below are some of the best places to buy Dent coins. We have reviewed and assessed lots of brokers, and these options offer the best range of features for all experience levels. If you want to learn more about Dent first, then keep reading.
What is Dent?
Dent is an exchange where people come together to trade mobile data packages. On Dent, mobile data is treated like a commodity, and it matches people who need extra with those who have spare data to sell. The DENT coin is the cryptocurrency that powers the platform and the means of payment for all these trades.
Dent was formed in Hong Kong in 2014 as a competitor to traditional mobile telecoms companies. Where they are restrictive, with fixed packages and high roaming charges, Dent is flexible by getting rid of the centralisation so consumers can have more control over their mobile data.
How does Dent work?
Dent works by turning packages of mobile data into ‘tokens’. This is a way of turning them into a crypto asset, and has been done to trade stocks on decentralised exchanges as well. These tokenised packages are then traded, with all transactions stored on Dent’s own publicly viewable blockchain.
Dent makes its money on each transaction, as well as by earning a commission on ‘initial data offerings’. These are a way for telecoms companies to sell off a batch of data packages all at once, like a company would with cryptocurrency coins or their shares in an IPO. So while Dent offers an alternative to traditional telecoms, it also offers an entry point for those companies to join in with decentralisation as well.
How to buy Dent online – a step-by-step guide
Step 1. Find an exchange
To buy data packages on Dent, you need to own some of its cryptocurrency. That means finding an exchange before you start. There are a lot of exchanges out there but we’ve picked out two of the top ones first:
- Binance: Trade over 100 cryptocurrencies with Binance, one of the most popular exchanges around. It has more daily volume than any other exchange. Sign up for Binance >
- Bitpanda: Bitpanda lets you swap fiat currency for all the leading cryptocurrency coins. Its intuitive trading interface makes the process simple and speedy. Join Bitpanda today >
Step 2. Sign up and fund your account
To buy and sell on an exchange you need to create an account. Part of the sign up process is verifying your identity, for which you’ll need to supply a form of photo ID. Finally, you just need to deposit some money to get started.
Step 3. Purchase
When you have a fully funded account, you can go ahead and get started For now, the only way to get your hands on some Dent coins is by using another cryptocurrency, like Bitcoin or Ether, and swapping that for Dent. So search for the DENT/BTC or DENT/ETH pair and execute the trade.
Step 4. (Optional) Get a suitable wallet
If you plan to hold a lot of coins, or want some extra security, you can think about signing up for a wallet. Wallets aren’t necessary, as you can store your coins on the exchange itself. However wallets are a way of taking control of your own coins and keeping them secure, away from any third party.
Here are two of the top wallet providers available:
- Ledger Nano S: A hardware wallet that lets you store your private keys securely, even if you connect to an infected computer. Get the Ledger Nano S now >
- Freewallet: As an online wallet, Freewallet can be used on your browser or through a mobile app. Holds more than 100 different cryptos and comes with an integrated exchange. Join Freewallet today >
How to trade Dent – a step-by-step guide
Step 1. Find a broker
The key features most active traders want from their broker is low fees. Flexibility and fees are the keys to short term trading, so don’t scrimp on either. At the moment, Dent isn’t available on many brokers, but this might change in the future. When it does, eToro and Robinhood are two of the most popular brokers around.
Step 2. Deposit money
You can fund your brokerage account with fiat currency (like GBP, USD, or EUR). All the top brokers let you buy cryptocurrency with this currency without needing to transfer it into anything else first.
Step 3. Decide how you’d like to trade
Before you start trading you need to have a think about how you want to trade. There are plenty of trading strategies out there depending on your goals and level of experience. Two of the most popular are spread betting and trading contracts for difference (CFDs). Many traders use CFDs to speculate on the price of cryptocurrency without needing to own the asset itself.
Step 4. Start trading
When you have a funded account and a trading strategy, you just need to start buying. You have two basic ways of trading Dent, depending on whether you think it’s going to go up or down.
Positive traders can take a long position and back Dent to go up. Traders with more questions or concerns can short Dent, predicting that it’s going to go down.
Experienced traders can take these strategies further by using leverage. Beginners should avoid trading with leverage as it causes a big increase in risk, but it’s a way of making much bigger trades by only putting up a small portion of the overall trade value yourself. Be careful with leverage, as it can cause big losses if the market moves against you.
Don’t worry if you’re not sure whether you want any Dent yet, it’s always a good idea to take a bit of extra time to decide on an investment, and this is especially true if you’re new to cryptocurrency. Here are some pros and cons, followed by a few more questions for you to think about.
- An inexpensive investment for beginners
- The Dent platform already has millions of users
- Can use it to buy mobile data packages yourself
- Lots of competition, with more coming all the time
- There are some fears about Dent centralising control as it holds a lot of power over the platform
Below you can find three more questions for you to think about before you decide to invest in Dent.
1. Is it a good time to buy Dent?
It depends on whether you want to use Dent tokens to buy mobile data, hold them as an investment, or trade quickly to try to make a profit. There are already more than 7 million users to trade data with on the Dent platform, so on that score you can get going straight away if you buy some now.
Long term investors, meanwhile, want to think about the prospect of new competition, and short term traders should look out for any developments that might cause a big change in DENT’s price. Both types of trader can do that here by following our latest market analysis:
2. What problem does Dent solve, and what are the coin’s investment prospects?
Dent solves the problem of only being able to buy fixed bundles of mobile data. It introduces a way for people to only buy what they need, trade excess data, and buy an international bundle when they’re travelling to avoid steep roaming charges.
The DENT coin’s investment prospects depend on the continued growth of the platform. Its sole use at the moment is as a way to buy data on the exchange. As there are a fixed number of total coins in circulation, the more demand for Dent’s services the more the price is likely to go up.
Some clouds on the horizon are the arrival of more competition and the fact Dent holds a lot of power over its own network. This is always a concern in cryptocurrency, as one of the main goals of many of these platforms is to reduce centralisation. The risk is Dent simply replaces the role of traditional telecoms companies rather than offering a real alternative. But you can follow all the latest news on that front here:
3. Do you want to hold Dent for the long term?
You want to hold Dent for the long term if you plan to use its platform to buy mobile data. Or if you think it offers a good alternative to traditional mobile telecoms providers and more people will join in the future. It’s a relatively inexpensive coin and the platform already has many millions of users.
Considerations for a long term investment strategy
If you plan on using the platform, you’re best off choosing an exchange, as a platform like this is the best way to buy Dent tokens in the UK. You can also think about getting a wallet to store your coins. As an investment, you need to think about the competition and follow the news in case more alternatives come onto the market.
Considerations for a short term trading strategy
Short term traders should think about whether there’s potential for DENT’s price to fluctuate and brush up on day trading to learn how to exploit those swings. The most important thing is to find a broker with low fees if you plan on carrying out a lot of trades.