How To Short Immutable X (IMX)

    • James Page

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

Summary: Shorting Immutable X is pretty straightforward, all you need is a crypto broker 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

Immutable X

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 Immutable X

Shorting Immutable X can be done in 4 steps:

  1. Find a cryptocurrency trading platform
  2. Sign up with the exchange
  3. Fund your account with fiat or crypto
  4. Short Immutable X

1. Find a cryptocurrency 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 cryptocurrency trading platform 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 and 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 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 Immutable X

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

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

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

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 Immutable X (IMX)

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 Immutable X on Binance?

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

About Immutable X

ImmutableX has been positioned as the first layer of two scaling solutions for NFTs on Ethereum. Immutable X claims its blockchain is able to eliminate Ethereum's limitations including low scalability. Poor user experience, illiquidity, slow developers, and low scalability. Instead, users get instant trading and massive scaling while paying zero gas fees for minting NFTs and trading them without compromising asset security or user safety. Immutable X employs STARK zk rolledups technology, which Vitalik Buterin considers Ethereum's "all-in" technology.

With this technology, users can create and distribute assets on a massive scale such as ERC-20 or ERC-721 tokens. Chris Clay is the game director at Gods Unchained. This project builds on Immutable X and Chris stated that Immutable X enables Gods Unchained implement a new meta system that was previously impossible. Immutable X aims create a world class experience for both developers and users.

Immutable X's position as a layer-two solution that uses zkrollups to exclusively focus on NFTs is a benefit. As a scaling tool, zk rollups have become increasingly important to the project. It is therefore at the forefront in Ethereum ecosystem development. Immutable X could be the default NFT-blockchain in the future if it achieves its promised transaction speed greater than 9,000 tps.

The API abstraction layer is crucial to fulfilling this promise. All NFT-related interactions, including trading, minting and transferring, are possible through REST APIs. This technology is expected to be a key component in attracting established gaming and content companies to the market.

Users won't need to switch networks when connecting wallets. The protocol also offers an intermediary layer, called the "Link", that allows ImmutableX support for third-party marketplaces and provides NFT-specific wallet experiences.

NFT marketplaces that are built on Immutable X will be possible without the use of a backend because they share a global orderbook which facilitates protocol liquidity. Therefore, third-party marketplaces are compatible with the protocol's native platform. This solution is expected to reduce barriers to entry for content creators, as well as small developers.

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