Quick summary: Our recommendation is to use eToro to short Origin Protocol. 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 OGN, 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 Origin Protocol 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 Origin Protocol 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 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 Origin Protocol
Now for the actual shorting:
- Starting off at the search bar at the top, find Origin Protocol 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 Origin Protocol and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Origin Protocol has dropped, go to your Portfolio, find the Origin Protocol 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 Origin Protocol!
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 Origin Protocol (OGN)
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 Origin Protocol on Binance?
Yes, you can short Origin Protocol 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 Origin Protocol
Origin Protocol (web3) is a protocol that uses web3 technology to bring non-fungible tokens and decentralized financing (DeFi) to the masses. Origin's team spent years creating user-friendly products in blockchain technology. Over time, they realized that decentralized commerce would fulfill needs that users can't satisfy with centralized alternatives. This could be achieved by NFTs that can be used as digital collectibles or financial applications.
Origin Protocol's goal is to develop crypto-centric and user friendly applications that allow decentralized applications rival their central counterparts. Origin Protocol believes decentralized finance, even though it is growing in popularity, is still too complex and cumbersome to use by average users. For their convenience, even crypto-savvy customers prefer alternative payment methods like mobile payments and credit cards.
Origin Protocol has been focused on enabling the exchange of blockchain-based commerce across verticals like decentralized finance and non-fungible tokens.
Origin Protocol seeks to unlock value in cryptocentric opportunities across multiple verticals.
One is the self-serve NFT sale. This gives creators and other influencers more control of their content and digital products. Origin Protocol creates custom storefronts for creators with Origin Story. This allows Origin Protocol to break records in NFT sales across many sectors including music, arts, and retail. You can create Origin accounts, upload audio or visual assets, customize websites, and schedule your NFT sales using the WYSIWYG editor.
Origin Protocol's Origin NFT Marketplace is also available. This marketplace will be the leader in NFT markets and will offer Origin-branded markets for aggregators as well as site-specific ones. Origin infrastructure is available for site-specific markets. They can be managed by their creators from their websites. Origin's marketplace allows creators aggregate their NFTs in a single place, much like Opensea. Origin plans on expanding to Ethereum layer-two scaling solutions in the future.
Origin's stablecoin, called the Origin Dollar is also a key component of Origin's utility. The algorithmic stablecoin, which does not require locking up or staking, automatically generates yields ranging from 20% to 150%. Origin Protocol allows users the ability to accrue yield even though they are holding OUSD.
OUSD can be integrated with Compound or Aave lending providers. OUSD can also be integrated with AMMs such as Curve and Uniswap. Origin Protocol plans on distributing reward tokens earned through the DeFi protocols to OUSD holders.