Quick summary: Our recommendation is to use eToro to short Fetch.ai. 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 FET, 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 Fetch.ai 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 Fetch.ai can be done in 4 easy steps:
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.
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 Fetch.ai
Now for the actual shorting:
- Starting off at the search bar at the top, find Fetch.ai 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 Fetch.ai and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Fetch.ai has dropped, go to your Portfolio, find the Fetch.ai 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 Fetch.ai!
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 Fetch.ai (FET)
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 Fetch.ai on Binance?
Yes, you can short Fetch.ai on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Fetch.AI, an artificial intelligence (AI), lab was launched on Binance IEO in March 2019 and is a blockchain-based machine learning network that allows for a free, permissionless, decentralized machine-learning network. Fetch.ai allows anyone to connect to its permissionless network and gain access to secure datasets. This allows them to use autonomous AI to complete tasks that are part of their global network. Fetch.AI's use cases include optimizing DeFi trading, smart energy grids and travel.
Fetch.ai’s utility token FET is designed to locate, create, deploy, and train digital twins. This token is essential for smart contracts and other oracles.
FET allows users to build and deploy digital twins via the network. Developers, by paying with FET tokens, can access machine-learning-based utilities to train autonomous digital twin and deploy collective intelligence on the network.
The staking FET tokens enable validation nodes, which allows for network validation and reputation.
Fetch.ai's technology stack is made up of four distinct components.
The Digital Twin Framework - provides modular components to help teams create marketplaces, skills and intelligence for digital twins.
The Open Economic Framework - Provides search and discover functions for digital twins.
The Digital Twin Metropolis -- A collection smart contracts that run on WebAssembly's (WASM) virtual machine. It keeps an immutable record and records all agreements between digital twins.
Fetch.ai Blockchain is a combination of multi-party cryptography, game theory, and encryption to provide secure, decensorship-resistant consensus. It also provides rapid chain-syncing to support digital Twin Applications.
There are two components to the platform's core: the learner and the global market. Each participant is a learner in the experiment. This is a unique private dataset that represents the machine learning system. There's also the global marketplace, which is the outcome of a collective learning exercise, in which the machine-learning model is collectively developed by the learners. Next is the Fetch.ai Blockchain, which supports smart contracts and allows for governance and coordination in a secure and auditable manner. Finally, the decentralized data layer is based upon IPFS that allows the sharing and aggregation of machine learning weights among all the learners.