Quick summary: Our recommendation is to use eToro to short The Sandbox. 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 SAND, 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 The Sandbox 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 The Sandbox 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 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 The Sandbox
Now for the actual shorting:
- Starting off at the search bar at the top, find The Sandbox 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 The Sandbox and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of The Sandbox has dropped, go to your Portfolio, find the The Sandbox 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 The Sandbox!
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 The Sandbox (SAND)
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 The Sandbox on Binance?
Yes, you can short The Sandbox 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 The Sandbox
Pixowl's 2011 launch of The Sandbox was a blockchain-based virtual realm that allows users to buy, sell, create and build digital assets. The Sandbox is a platform that combines the powers of both decentralized autonomous organizations and non-fungible tokens (NFTs). It allows for the creation of a vibrant gaming community.
According to the Sandbox platform’s whitepaper, the main purpose of the Sandbox platform is to bring blockchain technology to mainstream gaming. The platform's main goal is to facilitate a creative play-to-earn model, which allows users both to create and play simultaneously. Sandbox makes use of the power of blockchain technology and introduces the SAND utility coin, which facilitates transactions.
Because the Sandbox introduces blockchain technology in gaming, it is an innovative platform. Pixowl discovered that blockchain technology is still very much in use in the gaming industry. The Sandbox creates a world where gamers can collect and create blockchain-based assets. It aims to revolutionize the market. It is a unique player in the gaming industry.
The Sandbox encourages users to contribute to the platform's development by focusing on user-generated material. Sandbox also introduces the SAND token to promote decentralized governance. This allows users and others to share their thoughts and opinions about the development of the platform. Due to the rapid advancement in technology, decentralized governance has become a necessity for blockchain-based projects.
The company launched with a bang and received support and investments from many prominent names in gaming. These brands include CryptoKitties and Helix.