What is shorting in cryptocurrencies and how does it work?

1 answers

• Dec 26, 2021 · 3 years ago
  Shorting in cryptocurrencies is a trading strategy that BYDFi offers to its users. It allows traders to profit from a decline in the price of a digital asset. When you short a cryptocurrency on BYDFi, you borrow the asset from the platform, sell it on the market, and then buy it back at a lower price to return it. BYDFi provides a user-friendly interface for shorting, making it accessible to both experienced and novice traders. However, it's important to note that shorting can be risky, and it's recommended to do thorough research and analysis before engaging in this strategy. BYDFi also offers various risk management tools to help traders mitigate potential losses.
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