Quick summary: Our recommendation is to use eToro to short Biconomy. They have the most popular cryptocurrencies on offer, great support, and have an easy system for shorting cryptocurrencies in general.

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Biconomy

While there are a lot of options out there for buying BICO, 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 Biconomy 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 Biconomy can be done in 4 easy steps:

  1. Choose a crypto broker or exchange
  2. Create an account
  3. Fund your account
  4. Short Biconomy

1. Choose a crypto 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.

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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 Biconomy

Now for the actual shorting:

  • Starting off at the search bar at the top, find Biconomy 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 Biconomy and click on “Open Trade”.

Once you’re ready to close the trade, hopefully when the value of Biconomy has dropped, go to your Portfolio, find the Biconomy 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 Biconomy!

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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.

Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.

Where to Short Biconomy (BICO)

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 Biconomy on Binance?

Yes, you can short Biconomy on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.

About Biconomy

Biconomy is a multichain-relayer protocol that aims improve user onboarding as well as the transaction experience with decentralized applications (DApps). The project's goal is to make web3 products intuitive and simple to use, as well as web2 products.

Biconomy, which focuses on gas optimization and transaction management, can lower gas costs by as much as 40%. Meta transactions allow users to submit transactions using zero gas. A third party will pay for transaction fees. Biconomy has the ability to achieve this scale by offering a non-custodial, gas-efficient relayer network infrastructure network.

Biconomy was created by a group of international blockchain entrepreneurs. Ahmed Al-Balaghi (one of the project's founders) is an alumnus of Queen Mary University. He has been involved in the blockchain sector in China, the UK and the United Arab Emirates for more than three years and worked previously for Viewfin. Sachin Tomar (Indian blockchain entrepreneurs) has a background working in software engineering. Aniket Jindal previously worked in blockchain projects in UAE.

Biconomy has also been supported by several blockchain venture capitalists including Coinbase Ventures. Binance Launchpad. Mechanism Cap. Huobi Ventures.

Biconomy provides a unique solution to a common problem that exists in the blockchain industry. Interactions with decentralized apps are not as seamless as those made by web2 applications. Web3 applications have to pay gas fees, while web2 applications don't. Even though users may not want their Ether to be spent, gas fees on Ethereum network are paid in ETH. Due to the complexity of onboarding new users, it is possible for them to be reluctant to use web wallets and sign transactions.

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