How To Short Enjin (ENJ)

    • James Page

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

Summary: Shorting Enjin 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

Enjin

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 Enjin

Shorting Enjin 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 Enjin

1. Find a crypto 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 crypto trading platform

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 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 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 Enjin

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

  1. Go to the search bar at the top, find Enjin 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 Enjin and click on “Open Trade”.

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

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 Enjin (ENJ)

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 Enjin on Binance?

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

About Enjin

Enjin Coin creates a cryptocurrency called Enjin Coin to allow virtual goods to be purchased. Enjin is the online "largest gaming community" with more than 250,000 gaming communities, 18.7 million registered players and the "largest gaming platform online". Enjin's design team has focused their efforts on gaming to create the best cryptocurrency for the industry. This project includes Enjin Coin, as well a suite SDKs (software development kits) that developers can incorporate into their games and communities. Gaming with blockchain helps reduce fraud and high fees in virtual goods transfers.

Enjin Coin (or ERC20 token) is a token built on Ethereum. It is a cryptocurrency that also supports smart contracts. It's also one the first projects to test Ethereum's Raiden Network. Through its SDKs and public API, the Enjin Coin Platform offers many features. This article will focus on just a few major features. Enjin Coin creates and manages virtual goods, which is the largest benefit to the gaming community. Enjin Coin is the parent currency and developers can create currencies that are unique to each platform. The blockchain gives coins all the benefits (speed and security ...)), but it can still be customized for each platform.

Enjin, the company behind Enjin Coin and the largest online game community creation platform, is Enjin. In 2009, the company started receiving 60 million views per day and transactions in millions of U.S. Dollars each month in their community shops. Enjin Coin will be deployed on all Enjin CMS platforms - more than 250,000 gaming sites. Anthony Diiorio (Ethereum's co-founder) is one of the advisors, as well as Pat LaBine (previous producer at Bioware and technical director). Enjin has also partnered with Unity, PC Gamer, NRG eSports, and PC Gamer. In the latter part of 2017, Enjin held a successful ICO that raised $35,000,000 between the public round and the private round. Although the project is still young, the team spent last quarter 2017 creating the Platform API and Mobile Smart Wallet as well as a Java SDK. They also created a Minecraft plug. They have many more plans for 2018, with the Efinity release and several platform plugins being the highlight.

Enjin includes TopLists, a tool that allows users rank servers, games, or any other item. TopLists can be used as a smart contract that is decentralized and allows for democratic voting and market bidding. The tokens they receive when users complete tasks, such as voting on their lists, will incentivize list creators to market and promote their list. Enjin Coin is an ambitious project which aims to bring together online virtual gaming with distributed technologies. Enjin Coin projects promises much. Only time will tell if they can deliver.

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