Summary: Shorting Storj is pretty straightforward, all you need is a crypto trading platform 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.
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 Storj
Shorting Storj can be done in 4 steps:
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.
2. Sign up with the cryptocurrency trading platform
Let’s start with creating an account on eToro.
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 Storj
These are the steps to follow to execute a short sell:
- Go to the search bar at the top, find Storj by entering the name.
- On the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short the crypto.
- Enter the amount for which you want to sell Storj and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Storj has dropped, go to your Portfolio, find the Storj 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 Storj!
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.
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Where to Short Storj (STORJ)
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 Storj on Binance?
Yes, you can short Storj on Binance. They have over 300 cryptocurrencies on offer, have a decent phone app and a lot of advanced trading features.
Storj uses the blockchain to provide cloud storage services that are encrypted and end-to-end encrypted. Storj uses peer-to–peer networking to share its storage space. Storj Labs Inc. developed and owns the Storj platform. Storj is designed to allow file storage that is faster, more affordable, and safer than traditional cloud storage. Storj utilizes innovative technologies and methods to help users store and retrieve their data quickly, without compromising its security or integrity.
Storj Labs Inc. was founded by Shawn Wilkinson, John Quinn and co-founders. The company is located in Atlanta Georgia, United States. Shawn was previously the CEO. In March 2018, Shawn stepped down to be the CSO.
Shawn was replaced with Ben Golub (Executive Chairperson & Interim CEO of Docker). John Quinn, a co-founder, has been appointed Chief Revenue officer. The company's initial coin offering (ICO), for the new tokens, was held on May 19, 2017. On May 25, 2017, the company raised $30 million. Storj Labs made it possible for SJCX token holders to swap their tokens with new ones in a 1:1 ratio. This was done through a token transformation campaign that lasted up until October 2017.
Storj Labs premined its entire supply at the beginning; there is no way to create new tokens via STORJ Mining. Users can still get STORJ tokens if you become a farmer on the network. A cryptocurrency exchange can also be used to trade STORJ tokens. Cloud storage companies have been dictating the terms and conditions for their users. This has resulted in little or no competition in this digital sector. Storj could change all that.