Quick summary: Our recommendation is to use eToro to short Storj. 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 STORJ, 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 Storj 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 Storj 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 crypto trading platform
Let’s start with just signing 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 Storj
Now for the actual shorting:
- Starting off at the search bar at the top, find Storj 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 Storj and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Storj has dropped, go to your Portfolio, find the Storj 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 Storj!
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 Storj (STORJ)
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 Storj on Binance?
Yes, you can short Storj on Binance. They have over 300 cryptocurrencies on offer and specialise in the crypto market. They also have a great app and competitive fees.
Storj is an open source platform that utilizes blockchain to offer encrypted cloud storage services. Storj platform does not maintain its own data centres. Instead, it uses a peer to peer network of individuals and entities to share their storage spaces. Storj Labs Inc. is the owner and developer of the Storj Project. Storj's goal is to offer a more efficient, secure, and affordable file storage service than traditional cloud storage options. Storj uses a number of innovative technologies and methods in order to achieve its goals. Users can retrieve and store data as quickly as possible without worrying about data security or integrity.
Storj Labs Inc, was founded by Shawn Wilkinson along with John Quinn as co-founders. The company's headquarters are in Atlanta, Georgia. Shawn was previously named CEO. However, he resigned in March 2018 to become CSO.
Shawn was replaced in his place by Ben Golub (Executive Chairman & Interim Chief Executive Officer of Docker), John Quinn, co-founder of the company, was appointed Chief Revenue Officer. The initial coin offering (ICO), of the new tokens was launched by the company on May 19, 2017. About $30 million was raised by the company at the end of the token sales on May 25, 2017. Storj Labs enabled SJCX owners to exchange their tokens for the new tokens at a 1:1 ratio via a token conversion program that ran until October 2017.
Storj Labs had already pre-mined all its tokens when it was founded. STORJ mining cannot create new tokens. However, farmers can be used to obtain STORJ tokens. You can also trade on a cryptocurrency trading platform to get STORJ. To date, cloud storage companies have set the terms of their services, which has meant that there has been very little competition in this sector. Storj may make all that possible.