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

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Dash

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

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

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 exchange

Let’s start with just signing up with eToro.

Sign 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 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 Dash

Now for the actual shorting:

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

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

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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.

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Where to Short Dash (DASH)

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 Dash on Binance?

Yes, you can short Dash 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 Dash

Dash is an open source cryptocurrency and blockchain that aims to offer a cheap, fast, global payments network that is decentralized. Dash is a project that aims to improve Bitcoin (BTC), by offering stronger privacy and faster transactions.

Dash, whose name derives from "digital money", was launched as a fork Litecoin in January 2014. Dash's features have grown over the years to include InstantSend, which allows instant settlements; ChainLocks that makes Dash's blockchain instantly immutable; PrivateSend that offers optional privacy for transactions

Software developers Kyle Hagan, and Evan Duffield were the founders of Dash. The original project was called XCoin. Two weeks later, it changed its name again to Darkcoin. Dash was rebranded as Dash in March 2015 to reflect its positive image.

Dash claims that it aims to be the "most user-friendly and scalable payment-focused cryptocurrency" in the world. Dash relies on masternodes to achieve this goal. These servers are backed by collateral and are designed for advanced services that provide governance over Dash's proposal process. Masternodes offer a second layer to the network, in return for part of the block reward. They are responsible for functions such as InstantSend (PrivateSend) and ChainLocks (ChainLocks).

Dash can be used by individuals or institutions. Dash Core Group reported in October 2020 that it is pursuing its strategic goals of building its ecosystem and brand as well as ensuring users are satisfied and further developing its technology.

Dash's governance system (or treasury) distributes 10% block rewards to the development of the projects in a competitive and distributed way. This system has allowed for the creation many funded organizations including Dash Core Group. Dash Foundation is also a charity that advocates for cryptocurrency adoption. It receives donations from individuals and institutions and offers paid memberships.

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