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

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Dogecoin

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

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

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 cryptocurrency exchange

Let’s start with just signing up with eToro.

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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 Dogecoin

Now for the actual shorting:

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

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

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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 Dogecoin (DOGE)

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 Dogecoin on Binance?

Yes, you can short Dogecoin 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 Dogecoin

Dogecoin was created December 6th 2013, based upon the Internet meme "Doge". It features a Shiba Inu logo.

The project codebase was a fork Litecoin. Most of the same features like the hash-hinging algorithm were inherited with only one difference: branding and high inflationary supply.

Dogecoin was introduced in January 2014 as a "joke cryptocurrency". It quickly established its own online community and reached US$60 million capitalization. Dogecoin's initial coin production was much faster than other cryptocurrencies. 100 billion coins were already in circulation at mid-2015. An additional 5.256 billion coins were added each year. At the 30th June 2015, the 100 millionth Dogecoin had been minted.

Dogecoin was developed by Jackson Palmer (Sydney, Australia) and Billy Markus (Portland, Oregon). Both men wanted to create a fun cryptocurrency for people outside of the Bitcoin community. Dogecoin is used primarily as a tipping platform on Reddit, Twitter and where users tip one another for creating or sharing quality content. The community is very active in organizing fundraising activities for deserving causes.

Dogecoin developers haven't made any significant changes to the coin in 2015! Dogecoin is at risk of being left behind. Shibas are leaving Dogecoin for more advanced platforms, such as Ethereum. Dogecoin's friendly, relaxed community is a strength. This is however a weakness as other currencies tend to be more professional.

Fast forward to 2022 and Dogecoin has gained mainstream attention. It has been used by Elon Musk, the billionaire Tesla Tesla and many others.

Dogecoin enthusiasts have always wondered if Dogecoin would ever hit $1. It's hard to predict the price action, but high volatility seems to be the mainstay since the utility of the cryptocurrency remains a mystery as it's a meme currency.

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