Quick summary: Our recommendation is to use eToro to short Celo. 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 CELO, 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 Celo 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 Celo can be done in 4 easy steps:
1. Choose a crypto exchange
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 Celo
Now for the actual shorting:
- Starting off at the search bar at the top, find Celo 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 Celo and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Celo has dropped, go to your Portfolio, find the Celo 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 Celo!
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 Celo (CELO)
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 Celo on Binance?
Yes, you can short Celo on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Celo is a Blockchain ecosystem that encourages cryptocurrency adoption by smartphone users.
Celo uses phone numbers to create public keys that allow anyone with a smartphone to transact cryptocurrency.
It also permits the creation of smart contract and decentralized applications (DApps), as part decentralized finance (DeFi). Its mainnet launched in April 2020.
There are two native tokens available for the platform. CELO, a proof-of–stake (PoS), token used for transaction fees as well as governance participation and other related activities, is called CELO. Future plans include hosting other stablecoins. The platform currently hosts the Celo Dollar(CUSD), Celo Euro(CEUR), and Celo Brazilian Reals (CREAL), all of which are in use.
Celo was initially founded by a team of people from MIT Stanford, Google Square, Circle and Visa.
Celo's preservation is a goal of different entities. Celo Foundation is a non profit that was launched with the mainnet. Celo Alliance for Prosperity, on the other hand, is what the company calls an "ecosystem mission-aligned organisations".
Celo's most distinctive selling point is its attention to smartphone users. Celo claims that while smartphone owners are increasing exponentially, the number of cryptocurrency users is increasing at a slower pace.
Cryptocurrency can also be used in regions that do not have access the banking sector but have a smartphone.
Celo's goal is to bridge the gap between the technologies.
Celo is optimized for mobile. It automatically calculates transaction fee and allows users to pay the gas charges that enable transactions in any currency.