Quick summary: Our recommendation is to use eToro to short ApeCoin. 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 APE, 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 ApeCoin 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 ApeCoin 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 crypto exchange
Let’s start with just signing up with eToro.
The sign-up process is very easy and quick, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your 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 ApeCoin
Now for the actual shorting:
- Starting off at the search bar at the top, find ApeCoin 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 ApeCoin and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of ApeCoin has dropped, go to your Portfolio, find the ApeCoin 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 ApeCoin!
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 ApeCoin (APE)
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 ApeCoin on Binance?
Yes, you can short ApeCoin 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 web3 platform has allowed culture to be expressed through art, gaming entertainment, and other events. There are many possibilities for blockchain's influence on culture that can't be anticipated. APE is a token that supports what's next. It can be controlled by the community and used to build on it. It will act as a protocol layer decentralized for community-led initiatives that push culture forward into a metaverse. Yuga Labs is a web3 firm best known for creating the Bored Ape Yacht Club. It will join the ApeCoin community as a member and adopt APE for all new projects.
ApeCoin is managed by the APE Foundation. It is not an overseer but provides the base layer upon which ApeCoin holders within the ApeCoin DAO are able to build.
The Foundation supports community-led governance. It is designed to become increasingly decentralized in the future. It is responsible to administer the ApeCoin DAO's decisions and for daily administration, bookkeeping, and other tasks that help ensure that the DAO community's ideas are supported and made a reality.
The APE Foundation's mission is to ensure that the APE ecosystem continues to grow and develop in an equitable and inclusive manner. It uses the Ecosystem Fond, which is managed by a multisig digital wallet, to pay its expenses. The Ecosystem Fund also provides infrastructure for ApeCoin owners to collaborate through open, permissive governance processes.
ApeCoin DAO is a decentralized governance platform that allows for the creation and management of a worldwide dispersed community. This is vital for the APE ecosystem's success.
ApeCoin DAO members can make decisions regarding Ecosystem Fund allocations. Governance rules, projects, partnerships and more. ApeCoin DAO membership can be obtained by all ApeCoin owners.
ApeCoin (ERC-20 governance and utility token) is used within the APE ecosystem for decentralized community building at forefront of web3.
ApeCoin, the open-source protocol layer within the ecosystem serves multiple purposes.
Governance - ApeCoin's governance token allows ApeCoin owners to participate in ApeCoin Digital Asset Obligation.
Unification Of Spend - ApeCoin - This is the ecosystem's utility token. It gives all its members a shared, open currency that can be used with no intermediaries.
Access – ApeCoin gives you access to parts of the ecosystem which are not otherwise available, such as exclusive games and merch, events, or services.
Incentives - ApeCoin allows third-party developers to join the ecosystem by incorporating APE in services, games, or other projects.