How To Short Spark (FLR)

    • James Page

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

Summary: Shorting Spark 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

Spark

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 Spark

Shorting Spark can be done in 4 steps:

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

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 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 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 Spark

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

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

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

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 Spark (FLR)

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 Spark on Binance?

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

About Spark

The native token for transactions on Flare is Spark FLR token. Flare network has been added by XRP as a new protocol. XRP believes that this network can add Decentralized Finance and DeFi functionality in its ecosystem. DeFi applications use the Ethereum platform in large part. Flare network will allow XRP support smart contracts and create a 2-way bridge linking them up with existing Ethereum applications.

It is easy to see the link this token has with other well-established cryptocurrencies right away. Spark FLR can be a great investment option.

Spark is the native token for the Flare system. The Flare Network is now part of Ripple ecosystem. It allows the system support decentralized financing functionalities. Ripple, however, is striving to make banking services easier and more affordable. Although XRP may not completely replace the banking sector, it will make up a portion of the hybrid system resulting from these developments.

Banking clients will now have the ability to quickly execute transactions, do bulk orders and pay very low prices. Flare network with its Spark token and many other decentralized applications will be available within the XRP leadger.

Spark token will facilitate the development of such apps, as XRP's value increases. Spark is an option to add to your crypto portfolio.

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