How To Short Celo (CELO)

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: Shorting Celo is pretty straightforward, all you need is a crypto exchange that allows for short selling. While there are a few exchanges out there that have added the ability to short crypto, our recommendation is to use eToro. They’re well-known, have a global presence, and are trusted by millions of users from 100+ countries.

We’ll be using eToro in our guide, you can sign up with one of the sign-up buttons below.

Global: Sign up with eToro

USA: Sign up with eToro US

Celo

Before we get started, let’s quickly explain what shorting is (for those that are new to it). Shorting is the practice of selling a cryptocurrency hoping it will drop in price so you can buy it back later for cheaper… which, if successful, will give you a net profit.

It might sound a bit complex but don’t worry, it’s a lot easier than you might think.

How to Short Celo

Shorting Celo can be done in 4 steps:

  1. Find a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with fiat or crypto
  4. Short Celo

1. Find 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 exchange that allows for short selling.

etoro crypto

2. Sign up with the cryptocurrency exchange

Let’s start with creating an account on eToro.

Global: Sign up with eToro

USA: Sign up with eToro US

 

eToro sign up form

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 deposit methods to choose from when depositing funds into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.

4. Short Celo

These are the steps to follow to execute a short sell:

  1. Go to the search bar at the top, find Celo by entering the name.
  2. On the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
  3. At the top of the trading interface: Click on sell to short the crypto.
  4. Enter the amount for which you want to sell Celo and click on “Open Trade”.

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

Global: Sign up with eToro

USA: Sign up with eToro US

 

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 Celo (CELO)

Aside from eToro, the other major exchange you can use is Binance.

While Binance tends to be a bit more advanced when compared with eToro, they do have a lot more digital assets to trade with.

 

Frequently Asked Questions

Can I short Celo on Binance?

Yes, you can short Celo on Binance. They have over 300 cryptocurrencies on offer, have a decent phone app and a lot of advanced trading features.

About Celo

Celo is an ecosystem for blockchain that promotes cryptocurrency adoption among smartphone owners.

Celo hopes to make it possible for billions of smartphone owners around the world to transact in cryptocurrency by using their phone numbers.

In decentralized finance (DeFi), it also allows the creation and use of smart contracts as well as decentralized applications (DApps). Its mainnet was inaugurated in April 2020.

The platform supports two native tokens. CELO (proof-of-stake) token, used for transaction fees, governance participation, and related activities. The platform plans to host other stablecoins. It currently has three stablecoins: the Celo Dollar CUSD, Celo Euro CEUR, and Celo Brazilian Real CREAL.

Celo was created by a team of people who came from MIT, Stanford and Google, Square Circles, Circles, Visa, GoDaddy.

Celo's preservation, promotion and preservation are each aided by separate entities. Celo Foundation (a non-profit) was established along with the mainnet. Celo Alliance for Prosperity (an "ecosystem" of mission-aligned companies, according to the company.

Celo's greatest selling point is its emphasis on smartphone users. Celo asserts that although smartphone owners are growing rapidly, cryptocurrency usage is declining.

Cryptocurrency is also well-suited to areas where large sections of the population do not have access or can afford a bank account, but have a smartphone.

Celo seeks to bridge the technology gap by supporting the creation DApps or smart contracts.

Celo's mobile-optimized blockchain calculates transaction charges automatically and allows users the ability to pay the gas fee that powers transactions in any currency.

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