Quick summary: Our recommendation is to use eToro to short Immutable X. 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 IMX, 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 Immutable X 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 Immutable X 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 cryptocurrency 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 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 Immutable X
Now for the actual shorting:
- Starting off at the search bar at the top, find Immutable X 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 Immutable X and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Immutable X has dropped, go to your Portfolio, find the Immutable X 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 Immutable X!
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 Immutable X (IMX)
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 Immutable X on Binance?
Yes, you can short Immutable X 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 Immutable X
Immutable X claims to be the first layer two scaling solution for NFTs using Ethereum. Immutable X says its blockchain removes Ethereum's limitations, such as poor user experience and illiquidity. Instead, users can benefit from instant trading and huge scalability. They also enjoy zero gas fees for minting or trading NFTs. Users are not subject to asset security and user privacy. Immutable X has STARK zk -rollups. Vitalik Buterin considers Ethereum "all in on" this technology.
Users will be able create and distribute large amounts of assets such as ERC-20 and ERC-721 tokens thanks to this technology. Chris Clay, who is the game director for Gods Unchained and a project that uses Immutable X to build its infrastructure, said that Immutable X allows Gods Unchained a new meta-system that was previously unimaginable. Immutable X aims for a world-class experience, both for developers and users.
Immutable X has the advantage of being one among the first layer-two options to utilize zkrollups and solely focus on NFTs. As a scaling solution, zkrollups are becoming increasingly important in the Ethereum ecosystem. This project is now at the cutting-edge of Ethereum development. Immutable X stands a good chance to become the default NFT Blockchain, provided it meets its promise of transaction speeds of more than 9,000 tps.
This promise can only be fulfilled by the API abstraction layer. The API abstraction layer allows for every NFT-related interaction such as minting, trading and transferring to be made via a simple API call on ImmutableX. This will be an important component in attracting new entrants such as established gaming and content companies.
Additionally, users won't have to switch networks for their wallets. The protocol also includes a layer called the "Link", which allows for a NFT-specific wallet experience. It also allows ImmutableX, without security risk, to support a third party marketplace ecosystem.
NFT markets can be built directly on Immutable X, without the need to use a backend. This means that third-party marketplace solutions are able to co-exist in the protocol's native market. With this solution, the protocol hopes to lower the entry barriers for content creators as well as smaller developers.