How To Short Polygon (MATIC)

    • James Page

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

Summary: Shorting Polygon 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

Polygon

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 Polygon

Shorting Polygon can be done in 4 steps:

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

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 broker that allows for short selling.

etoro crypto

2. Sign up with the cryptocurrency 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 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 Polygon

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

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

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

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 Polygon (MATIC)

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 Polygon on Binance?

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

About Polygon

Polygon, formerly Matic Network, is the first organized and easy-to-use platform to scale Ethereum and develop infrastructure. Its core component is PolygonSDK, a modular, flexible framework which supports building multiple types and applications.

Polygon makes it possible to create Optimistic Rollup, ZK Rollup, and stand-alone chain designs.

Polygon transforms Ethereum's multi-chain system into a fully functioning multi-chain system (aka Internet of Blockchains). This multichain system is very similar to other systems such as Cosmos and Avalanche. However, it has the added benefits of Ethereum’s security and vibrant ecosystem.

There will be no changes to the existing ecosystem built around the PlasmaPOS chain. Polygon has new features built around the established technology. This allows Polygon to be more responsive to the needs of different developers. Polygon will keep developing its core technology to allow it to scale to a larger community.

The $MATIC token is going to continue to exist. It will play an increasing role in security and governance.

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