MyConstant can lend you crypto through three pairs:
- USD / BTC
- USD / ETH
- USD / BNB
To short any of these cryptocurrencies, you must first top up your chosen pair’s balance.
If you already have USD, it’s as simple as transferring it from your available balance to your chosen short-selling balance. Otherwise, you’ll need to deposit first.
Next, you choose how much of your chosen crypto you want to short. Remember – your collateralized USD is at risk if the crypto increases in price, so only short what you can afford.
You then need to set a stop loss and take profit limit. These are lower and upper price limits of the crypto that can help you secure profits and minimize losses.
With these values set, you’re ready to hit the “Short Crypto Now” button.
It’s then a matter of waiting to see how the market behaves – will your bet pay off? We hope so!
You can wait until you hit your “take profit” limit or manually repay your crypto whenever you like, as either USD from your available short-selling balance or as crypto from your coin balance.
However, if the price of your shorted crypto rises, your collateral will be at risk. Once your collateral value falls to 105%, it’s sold and you lose it.