Quick summary: Our recommendation is to use eToro to short Enjin. 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 ENJ, 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 Enjin 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 Enjin 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 trading platform
Let’s start with just signing up with eToro.
The sign-up process is very quick and easy, 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 Enjin
Now for the actual shorting:
- Starting off at the search bar at the top, find Enjin 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 Enjin and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Enjin has dropped, go to your Portfolio, find the Enjin 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 Enjin!
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 Enjin (ENJ)
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 Enjin on Binance?
Yes, you can short Enjin on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Enjin Coin, a cryptocurrency used to purchase virtual goods, is Enjin Coin. Enjin, the "largest online gaming community platform", has over 250,000 gamers and 18.7 million registered users. Enjin is a gaming-focused cryptocurrency team. The Enjin Coin is included in the project, as well as a set of software development tools (SDKs), that developers can integrate into games and communities. The integration of blockchain technology into gaming will reduce fraud and high fees associated with the transfer or virtual goods.
Enjin Coin is an ERC20 token that was built on the Ethereum network. This allows the project to not only function as a cryptocurrency, but also have smart contract capabilities. It is also one of the first to test the Raiden Network (Ethernet's version the Lightning Network). The Enjin Coin platform has a multitude of features via its public APIs and SDKs. In this article, we will only discuss a few of the most important ones. Enjin Coin is best known for its ability to create and manage virtual goods. Enjin Coin can be used as the parent currency to allow developers on each platform to create a unique currency for their respective communities. This allows the coins to enjoy the full benefits of blockchain technology (speed, cost, security etc ) but still remain specific to their respective platforms.
Enjin is the company behind Enjin Coin. It is the largest online gaming community platform. Since its inception in 2009, Enjin has received 60 million visitors per month and conducts millions of dollars in monthly community sales. Enjin coin is now being used across Enjin CMS platforms, which hosts over 250,000 gaming websites. Anthony Diiorio (Ethereum founder) and Pat LaBine (1998-present technical director at Bioware) are advisors to the project. Enjin has also formed partnerships to support Unity, PC Gamer and NRG eSports. The team organized a successful ICO in 2017 that raised $35million from both the private and public rounds. The Platform API, Mobile Smart Wallet, Java SDK and a Minecraft plugin were all built by the team in the final quarter 2017. There are many things in the pipeline for 2018, including several platform plugins and the Efinity release.
Enjin has a tool called "TopLists", which allows users to rank games and servers as well as any other item. TopLists is a decentralized smart-contract that will enable democratic voting and market bidding. Incentives for list creators include tokens that will allow users to perform tasks such voting and promote their list. Enjin Coin is a bold project that aims at integrating online virtual gaming with decentralized technology. Enjin Coin promises a lot. It will take time to see if the project can keep its promises.