Quick summary: Our recommendation is to use eToro to short Kyber Network. 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 KNC, 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 Kyber Network 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 Kyber Network can be done in 4 easy steps:
1. Choose a crypto exchange
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 Kyber Network
Now for the actual shorting:
- Starting off at the search bar at the top, find Kyber Network 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 Kyber Network and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Kyber Network has dropped, go to your Portfolio, find the Kyber Network 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 Kyber Network!
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 Kyber Network (KNC)
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 Kyber Network on Binance?
Yes, you can short Kyber Network 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 Kyber Network
Kyber Network, a hub for liquidity protocols, aggregates liquidity to provide instant transactions on any decentralized app (DApp). Kyber Network has the main goal to allow DeFi DApps, DEXs, and other users to have easy access to liquidity pools offering the best rates.
All transactions on Kyber have been made on-chain. This means that they can easily be verified using any Ethereum block examiner. Kyber can be used by projects to build upon the protocol and take advantage of the liquidity aggregation, instant settlement of tokens, and customizable business models.
Kyber is looking to address the liquidity problem in decentralized finance (DeFi), allowing developers to develop products and services without needing to worry about liquidity.
The Kyber Network Crystal (KNC token) is a utility token. This token acts as the glue that connects various stakeholders in Kyber’s ecosystem. Token holders of Kyber Network Crystal (KNC) can stake their tokens to the KyberDAO in order to vote on important proposals and help manage the platform.
Kyber Network is the first platform that allows anyone to instantly trade tokens without the assistance of any third-party. Kyber's unique architecture makes it easy for developers to integrate the protocol with other blockchain-based protocols.
DeFi is a versatile protocol that can be used in many situations. No one liquidity protocol is able to meet all market participants, liquidity providers and takers. Kyber's liquidity hub architecture enables developers and the Kyber Team to rapidly invent and integrate new protocols into their overall Kyber Network to address different liquidity needs.
Kyber DMM (the world's first dynamic marketplace maker protocol) was launched by Kyber in April 2021. Kyber DMM, the next-generation AMM, is designed to react to market conditions, optimise fees and maximise earnings. This protocol allows liquidity providers to have extremely high capital efficiency. It's especially useful for stable pairs that are low in price volatility (e.g. USDC/USDT, SETH/SETH). They can support pools with very high amplification levels, meaning that slippage may be 100x better than traditional AMMs. Based on their amplification strategy liquidity providers can maximize their capital and earn more fees relative the size of their contributions, while takers will enjoy very low slippage.
Kyber DMM is one of the many new liquidity protocols to be launched on the Kyber 3.0 Liquedity Hub.
KNC token owners play an important role in the Kyber ecosystem by deciding new value-capture and growth opportunities as well as incentive mechanisms. KNC holders can vote on important proposals and participate in the governance of KyberDAO. Kyber's community includes many developers and other members from the thriving DeFi industry.
Kyber's fully-on-chain design means that the protocol can maintain transparency and verifiability. According to the platform, it is the world's most popular liquidity hub.
Kyber, which is an ERC-20 token and built on top the Ethereum blockchain, is secured by it. Kyber has a robust trust and security model, which protects users against misbehaving exchanges and administrators, thanks to security features built in at both the protocol level and smart contract level.
Chainsecurity is one of the third-party security firms that have reviewed the platform. They found that it is secure and therefore free from vulnerabilities.