Quick summary: Our recommendation is to use eToro to short Polygon. 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 MATIC, 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 Polygon 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 Polygon 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 crypto 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 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 Polygon
Now for the actual shorting:
- Starting off at the search bar at the top, find Polygon 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 Polygon and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Polygon has dropped, go to your Portfolio, find the Polygon 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 Polygon!
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 Polygon (MATIC)
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 Polygon on Binance?
Yes, you can short Polygon on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Polygon (previously Matic Network) was the first structured, user-friendly platform for Ethereum scaling. Its core component, Polygon SDK is a flexible, modular framework that allows for multiple types of applications.
Polygon can be used to create Optimistic Rollup chain, ZK Rollup chain, stand alone chains, and any other infra that the developer requires.
Polygon converts Ethereum to a fully-fledged multichain system (aka Internet of Blockchains). This multi-chain network is similar to those of Cosmos, Avalanche and Polkadot. It also has all the advantages of Ethereum’s security, vibrant ecosystem, and openness.
For the Plasma-POS ecosystem, nothing will change. Polygon will build new features around the proven technology. This will allow the developer ecosystem to meet diverse needs. Polygon will continue developing the core technology in order to scale it to a wider ecosystem.
$MATIC will be around forever and will continue to play an important role in the security of the system and enabling governance.