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

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FTX Token

While there are a lot of options out there for buying FTT, 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 FTX Token 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 FTX Token can be done in 4 easy steps:

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

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 exchange

Let’s start with just signing up with eToro.

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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 FTX Token

Now for the actual shorting:

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

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

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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 FTX Token (FTT)

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 FTX Token on Binance?

Yes, you can short FTX Token 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 FTX Token

FTT is a native cryptocurrency token of the crypto derivatives platform FTX which launched on May 8, 2019.

FTX's team is made up of some the biggest crypto traders in the world. After experiencing issues with many major crypto futures exchanges over the years, they decided to start their own platform. FTX claims its unique features include clawback prevention, a centralized capital pool, universal stablecoin settlement, and a centralized collateral.

A significant portion of customer funds on derivative exchanges has been claimed by socialized loss. This is in regards to clawback prevention. FTX uses a three-tiered model of liquidation to reduce this.

Existing crypto futures platforms have the collateral split up across different token wallets. This makes it difficult for traders and can prevent positions from being liquidated. FTX derivatives on the other side are stablecoin-settled, and require only one universal margin wallet.

The FTT also offers leveraged tokens that allow traders to take leveraged positions, without having to trade on margin. To short Bitcoin with 3x leverage, traders can purchase a 3x Bitcoin leveraged token via FTX. These tokens, which are compatible with ERC20, can be listed on any spot stock exchange. Currently, FTX has XRP, BNB and TRX as well as ETH, EOS USDT and LEO leveraged tokens.

Almeda Research backs FTX. This company is a leader in crypto trading, and also one of the largest liquidity providers.

FTX has been designed by industry experts. They provide multiple services including collateral, maintenance margin, liquidation and product listing. FTX also claims they have fast development cycles which allows them to develop crypto trading systems quickly and at a competitive rate.

FTT can be used as an ERC-20-compatible token. Ledger NanoX/S allows users to securely store FTT tokens and manage them via the Ethereum app.

The Blockchain Consilium auditoring firm performs security audits for both leveraged tokens and FTT.

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