Quick summary: Our recommendation is to use eToro to short 1inch. They have the most popular cryptocurrencies on offer, great support, and have an easy system for shorting cryptocurrencies in general.
While there are a lot of options out there for buying 1INCH, shorting is a different story. Luckily for us here in Australia, we do have a few crypto brokers and exchanges that allow for CFDs and shorting.
One of those brokers is eToro, which we’ll be using for this guide. Let’s get started!
How to Short 1inch in Australia
A quick recap first on what shorting actually is: The main objective of shorting or short selling is to make a profit (of course). The idea is to sell a stock/cryptocurrency hoping it will drop in value so you can buy it back later for cheaper, thus creating a net profit.
Shorting 1inch can be done in 4 easy steps:
1. Choose a cryptocurrency trading platform
As mentioned before, for this guide we’ll be using eToro as they offer the ability to short the most common cryptocurrencies.
You can, of course, use any other crypto broker to follow along, they all work very similarly.
2. Create an account on the cryptocurrency trading platform
Let’s start with just signing up with eToro.
The sign-up process is very quick, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your eToro account
Next is funding your account. You have several options when it comes to depositing AUD into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short 1inch
Now for the actual shorting:
- Starting off at the search bar at the top, find 1inch by entering the name or symbol.
- Then on the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short sell the stock.
- Enter the amount for which you want to sell 1inch and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of 1inch has dropped, go to your Portfolio, find the 1inch trade, and click on the red cross to close the trade.
If your assumption/prediction was right, then the profit will be added to your account after closing the trade. If you were wrong on the other hand, you’ll incur a loss which will be debited from your eToro account.
Congratulations, now you know how to short 1inch!
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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Where to Short 1inch (1INCH)
Aside from eToro, the other major exchange you can use is Binance.
While Binance tends to be a bit more complex compared to eToro, they do have more cryptocurrencies on offer.
Frequently Asked Questions
Can I short 1inch on Binance?
Yes, you can short 1inch on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
The 1inch Network is a network of decentralized protocols that allows for the most profitable, fastest, and secure operations in the DeFi space.
1inch Network's initial protocol is a DEX aggregator that searches for deals from multiple liquidity sources. It offers better rates than any other exchange and allows users to search across many different exchanges. The 1inch Aggregation protocol uses the Pathfinder algorithm to search for the best paths between more than 70+ liquidity suppliers on Ethereum, 40+ Liquidity Sources on Binance Smart Chain, 20+ Liquidity Sources on Polygon and 40+ Liquidity Sources on Polygon. There are also 40+ liquiditySources on Binance Smart Chain, 40+ on Binance Smart Chain, 20+ on Polygon, 30+ on Polygon, 40+ on Optimistic Ethereum, Arbitrum, Gnosis Chain, Optimistic Ethereum and 40+ on Avalanche, Optimistic Ethereum. In less than two years, the 1inch DEX Aggregator has reached over 1M users and exceeded $120B in aggregate volume on Ethereum network.
The 1inch Protocol is an next-generation automated market maker, (AMM), that provides attractive opportunities for liquidity providers and protects users from front running attacks.
The 1inch Limit Order Protocol provides DeFi with the most flexible and innovative limit orders swap options. Many implementations can be powered by the protocol's features such as dynamic pricing and conditional orders as well as extra RFQ support.
1inch Wallet offers a multichain mobile platform with a user-friendly interface and secure storing, transactions, and staking. This versatile wallet was created from the ground up in order to simplify interaction with 1inch's features.
1INCH is the governance token for 1inch Network. It can be used to vote on protocol parameters within the decentralized autonomous organisation (DAO).
1inch was awarded a $2.8 million funding round from Binance Labs. Galaxy Digital, Greenfield One and Divergence Ventures.
1inch secured $12 million Series A funding from Pantera Capital in December 2020. This was led by Pantera Capital along with other investors such as ParaFi Capital. The SAFT (simple agreement in perpetuity) sale was the method of funding.
Amber Group has led 1inch to close a $175million Series B round in December 2021. Jane Street and VanEck were among the approximately 50 investors who took part in the funding event.
Additionally, users have access to the highest liquidity from seven different sources via seven supported blockchains. The 1inch Network also offers attractive prices. Furthermore, it is the most audited DeFi project.