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

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Spark

While there are a lot of options out there for buying FLR, 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 Spark 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 Spark can be done in 4 easy steps:

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

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.

Sign up with eToro

The sign-up process is very 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 Spark

Now for the actual shorting:

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

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

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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 Spark (FLR)

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 Spark on Binance?

Yes, you can short Spark 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 Spark

The native token, Spark FLR token, is used to perform transactions on Flare Network. Flare network, a new protocol added by XRP to its ecosystem, is called this. XRP anticipates that this network will bring Decentralized Financing and DeFi functionality to the ecosystem. Most DeFi applications are built on the Ethereum platform. Flare will enable XRP to support smart contract and create a two way bridge to connect them to existing Ethereum apps.

This token is connected to many other established cryptocurrencies. You can see this connection right from the start. Spark FLR's connection is enough to make it worth your while.

Spark is the native token within the Flare Network. The Flare ecosystem now includes the Flare network. This allows Ripple to support decentralized finance functions. Ripple on the other hand is working to make banking more efficient and accessible. Although XRP won't replace the entire banking system, it will be a component of the hybrid system that will emerge from these developments.

Clients of banks will be able conduct transactions quickly and in bulk at affordable prices. Flare network and Spark token will allow for a wide range of decentralized applications in the XRP blockchain.

Spark tokens will be able to enable the development and expansion of such apps as the value of XRP increases. Spark is worth considering adding to your crypto portfolio.

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