Best Exchanges To Short Crypto in 2024

Short selling on crypto exchanges lets you profit from market downturns by selling borrowed assets and repurchasing them at a lower price.

This strategy works well when you expect a drop in value, allowing you to benefit from the price difference.

However, success depends on accurate predictions and the high volatility of crypto markets, which can increase both profits and risks.

Choosing the right exchange is essential for shorting crypto.

The best exchanges offer high leverage, competitive fees, advanced trading tools, and high liquidity to ensure smooth trade execution.

Reliable information and selecting a reputable exchange with solid customer support are critical to confidently navigating short selling in volatile markets.

Best Exchanges To Short Crypto in 2024

1. Bybit

Established in March 2018 by Ben Zhou, Bybit is a cryptocurrency derivatives exchange allowing you to trade cryptocurrencies with leverage. With his experience in the forex market, Zhou aimed to create an intuitive platform that caters to the needs of traders with varied experience levels.

One of Bybit’s advantages for shorting cryptocurrencies is its competitive fee structure. Here is a breakdown:

• Maker Fee: 0.1%
• Taker Fee: 0.1%
• Withdrawal Fee: Varies by asset

Bybit stands out for offering leverage of up to 5x, allowing you to enter more prominent positions than your existing capital would typically permit.

For short sellers, this can amplify potential profits if the market moves in their favor. However, it’s essential to remember that leverage also increases the risks of possible losses.

The platform currently supports a select range of cryptocurrencies for shorting, including major ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). The selection is wide enough to provide good coverage for the most commonly shorted assets.

Regarding customer support, Bybit offers a 24/7 service, ensuring you can get assistance whenever needed.

In terms of deposits and withdrawals, the platform makes the process straightforward.

Should you be successful in your trades and decide to withdraw your profits, Bybit has made the process seamless, with several cryptocurrencies supported for both deposits and withdrawals.

2. BingX

Launched with a mission to provide a robust and user-friendly platform for those interested in short selling, BingX is a reputable option for traders.

If you’re looking to short cryptocurrencies, BingX could be a solid choice due to its competitive fee structure and leverage options.

Key Features:

• Foundation and History: BingX launched to cater to traders looking for diverse trading options, including short selling.
• Fee Structure: Your transactions will incur a 0.1% maker-taker fee for spot trading. Contract trading fees vary with maker orders up to 0.02% and taker orders up to 0.05%.
• Leverage: Offers varying leverage options, making it easier to amplify your trading position.

BingX supports a range of cryptocurrencies, ensuring you have multiple options for shorting. Its selection of available trading pairs will help you to execute diverse strategies.

Quality customer support is crucial, especially when dealing with the fast-paced nature of short-selling. BingX provides a responsive support system to assist you.

The platform facilitates easy deposit and withdrawal processes, which can be especially advantageous when you’re looking to capitalize on winning trades.

BingX received recognition, like the “Best Exchange Broker” award by TradingView in 2021; always perform your due diligence to ensure it aligns with your trading needs.

3. Phemex

Founded in 2017 by eight former Morgan Stanley executives, Phemex is a robust crypto trading platform specializing in short selling. The exchange is designed for spot and margin trading, catering to your needs if you’re interested in shorting cryptocurrencies.

• Leverage: Up to 100x on BTCUSD and up to 50x on other contracts, empowering you to amplify your short trading strategies.
• Fees: Attractive fee structure with maker fees as low as 0.01% and taker fees at 0.06% for contract trading and 0.1% for spot trading. These rates can decrease depending on your trading volume, Phemex Token balance, or account holdings.
• Count: Enables short positions on 15 leading cryptocurrencies, offering a decent variety.
• Withdrawals and Deposits: Streamlined processes ensure that accessing your funds is straightforward, especially after successful trades.
• Support: Although customer service has room for improvement, Phemex is working on enhancing the trader experience.

Phemex is backed by powerful performance capabilities with up to 300,000 transactions per second (TPS), ensuring that your trades are executed swiftly.

A simplified trading interface also makes your trading experience efficient and user-friendly. Whether you’re well-versed in shorting strategies or just starting, Phemex offers a supportive environment for your trading activities.

4. Binance

Founded in 2017 by Changpeng Zhao, Binance quickly ascended to prominence in cryptocurrency. Your choice to use Binance for shorting is backed by its robust platform and competitive fee structure.

This exchange enables you to engage in short-selling, taking advantage of market downturns to potentially profit from decreasing crypto values.

Binance is favorable for shorting because it provides a wide array of cryptocurrencies; with more than a couple hundred options, you can speculate on a diverse range of assets.

Additionally, Binance offers up to 10x leverage for margin trading, which allows you to amplify your trading power. However, using leverage cautiously is essential as it increases potential gains and risks.

• Fee Structure: Low transaction fees compared to the industry average.
• Leverage: Offers up to 10x leverage on various assets.

Your deposits and withdrawals on Binance are streamlined for efficiency, so when you win trades, you can access your funds with minimal delay.

They also provide a multi-tier and multi-cluster system architecture for your accounts’ security.

Customer support on Binance is reputable and has 24/7 availability. You have multiple support channels, including:

• FAQs: For instant help with everyday issues.
• Support Tickets: Submit your queries and expect a prompt response.
• Live Chat: Get real-time assistance.

Engage confidently in short-selling on Binance, knowing a reliable platform with a strong track record in crypto margin trading backs you.

5. MEXC

MEXC Global, established in April 2018, was co-founded by professionals with deep experience in blockchain and financial industries.

The exchange aims to provide a platform with high liquidity, robust security features, and advanced functionalities like spot, margin, and derivatives trading, making it a suitable venue for shorting cryptocurrencies.

When looking to short, the fee structure on MEXC stands out. They have a competitive tiered fee system that rewards high-volume traders with lower rates.

Additionally, you can access leverage, typically up to 100x on specific contracts, which can amplify your shorting strategies.

Here’s a quick overview of key features relevant to shorting on MEXC:

• Supported Cryptocurrencies for Shorting: MEXC lists an extensive array of digital assets, allowing you to short a diverse range of cryptocurrencies.
• Leverage: Provides up to 100x leverage, giving you significant exposure with less capital.
• Fee Structure: Competitive tiered fees based on trading volume.
• Customer Support: Offers 24/7 customer service, ensuring you can get assistance whenever needed.

For deposits and withdrawals:

• Deposits: Smooth process with multiple deposit options.
• Withdrawals: Efficient and quick, crucial for accessing funds post-trading.

MEXC’s platform is continually updated to support an efficient trading experience. With a wide range of cryptocurrencies available for shorting and a supportive customer care system, it maintains your ability to execute strategies effectively and manage risk.

6. Bitget

Founded in Singapore in 2018 by eight former Morgan Stanley executives, Bitget has positioned itself as a robust platform for cryptocurrency trading, including the ability to short crypto assets.

Bitget’s fee structure and impressive range of leverage options facilitate your interest in short-selling.

When you short-sell on Bitget, you’re looking at a fee of 0.25%, with the Bitcoin-specific short-sell fee sitting at a competitive 0.075%.

Leverage is a critical tool in short-selling. Bitget caters to this by offering leverage of up to 50x on Ethereum and other cryptocurrencies, providing the potential to amplify your profits, albeit with increased risk.

Shorting is not limited to a handful of options on Bitget; you can take short positions in various cryptocurrencies.

Bitget boasts support for shorting some of the most liquid cryptocurrencies, which means you aren’t confined to Bitcoin or Ethereum alone.

Feature	Detail
Supported Assets	Multiple cryptocurrencies for short-selling
Short Selling Fees	0.25% for cryptos, 0.075% for Bitcoin
Leverage	Up to 50x for specific pairs
User Interface	Simplified and responsive
Customer Support	Available with good responsiveness

As for customer support, you’ll find Bitget to have a responsive helpdesk—a vital element when quick action is often required.

Regarding deposits and withdrawals, they are straightforward, ensuring that if you are successful in your short trades, you can easily access your winnings.

7. Margex

Margex is a cryptocurrency exchange that positioned itself as a go-to platform for traders seeking to shorten cryptocurrencies.

Since its inception, Margex has provided a straightforward mechanism for traders to engage in leveraged trading.

A team of experienced individuals in finance and technology established Margex. They launched the platform to cater to the increasing demand for leveraged crypto trading options.

Why Choose Margex for Shorting:

• Leverage: You can utilize leverage ranging from 5x to 100x. This range allows you to short-sell based on your risk tolerance and strategy.
• Fee Structure: Margex boasts a competitive fee structure that ensures you can capitalize on shorting opportunities without excessive costs.

Shorting Capabilities:

• Number of Cryptocurrencies: Margex offers around 20 cryptocurrencies for shorting, thus providing you with a decent spectrum of options.
• Liquidity: By aggregating liquidity from various sources, Margex ensures that your orders are executed efficiently.

Customer Support and User Experience:

• Customer Support: Margex provides customer support services to assist you with any inquiries or issues you may encounter.
• Deposits and Withdrawals: The process for both deposits and withdrawals is streamlined, ensuring that when you win your trades, accessing your funds is straightforward and hassle-free.

8. PrimeXBT

Established in 2018, PrimeXBT is a trading platform registered in Seychelles with a compelling presence if you’re interested in shorting cryptocurrencies.

It was founded to give traders more leverage and fewer geographical restrictions on trading opportunities.

When you short on PrimeXBT, you benefit from a competitive fee structure and remarkable leverage options of up to 200x for some cryptocurrencies, increasing your potential profits from short positions without investing the total value.

Here’s a snapshot of what you can expect:

• Cryptocurrencies for Shorting: PrimeXBT supports trading against various assets, ensuring ample opportunities to short a broad range of over 20 cryptocurrencies.
• Leverage: Up to 200x for some cryptocurrencies.
• Fee Structure: Competitive fees that are favorable for short trading strategies.

Customer support at PrimeXBT is notable for its accessibility and efficiency. Should you have queries or need assistance, you’re likely to find their response satisfactory, which is crucial when dealing with the fast-paced nature of short selling.

Regarding deposits and withdrawals, PrimeXBT facilitates a smooth process. This aspect is incredibly comforting after you’ve successfully taken short positions and are looking to enjoy the fruits of your trading strategies.

• Deposits: Quick and generally straightforward.
• Withdrawals: Equally efficient, making it easier to access your funds post-trading.

9. KuCoin

KuCoin, established by a group of blockchain enthusiasts from China in September 2017, has proliferated to become a prominent name among cryptocurrency exchanges.

Its competitive fee structure and leverage options offer a favorable environment for shorting cryptocurrencies.

When you choose to short on KuCoin, you take advantage of the leverage of up to 10x, which amplifies your potential profits (or losses).

The platform operates with a tiered fee system, ensuring high-volume traders benefit from lower fees.

Supported Cryptocurrencies: KuCoin stands out for supporting a vast array of cryptocurrencies, with over 200 coins available for trading, which gives you flexibility in choosing which assets to short.

Fees and Leverage:

• Trading Fees: 0.1% per trade, with discounts for higher volume and KCS token holders
• Leverage: Up to 10x for specific pairs

Customer Support and Funds Management: The exchange offers customer support through various channels, including live chat and email. The support team is generally responsive and helpful if you need assistance or encounter any issues.

• Deposits and Withdrawals:
  • Deposit Methods: Crypto transfer, Credit/Debit card, Bank wire
  • Withdrawal Speed: Typically fast, enhances ease of accessing funds after successful trades

Your experience on KuCoin can be smooth, especially when managing deposits and withdrawals.

You can quickly access your profits from successful short trades with a straightforward process. However, always be aware of the risks of shorting and leverage trading.

10. BYDFi

Founded in 2019, BYDFi, known initially as BitYard, quickly established itself as a platform for crypto trading with a strong emphasis on advanced features.

As an exchange, it aims to cater to the needs of diverse traders, providing a conducive environment for beginners looking to venture into shorting cryptocurrencies and seasoned traders demanding more sophisticated tools.

Shorting Capabilities:

• Leverage: BYDFi differentiates itself by offering high leverage options, up to 150x, affording you the flexibility to open significant positions with less capital.
• Fee Structure: You benefit from a competitive fee structure, essential when engaging in frequent short-selling activities.

Available Cryptocurrencies: BYDFi supports an extensive range of cryptocurrencies for shorting. This comprehensive offering ensures you can diversify your short positions across various assets.

Ease of Use:

• Deposits and Withdrawals: The platform makes the process seamless, especially when you want to cash in on successful trades.
• Customer Support: BYDFi is recognized for its user-friendly interface, responsive customer service, and prompt handling of issues.

With its sophisticated platform, low trading fees, high security, and user-friendly features, BYDFi stands out as a reliable option for shorting cryptocurrencies.

Whether you’re starting or are an experienced trader, you’ll find the services of BYDFi tailored to support your shorting strategies effectively.

11. Kraken

Kraken, established in 2011 by Jesse Powell, is recognized as one of the most reputable cryptocurrency exchanges.

It was founded to emphasize security and reliability, intending to provide traders a safe environment following previous industry security breaches.

Kraken allows you to short various cryptocurrencies to profit from falling market prices. It is especially suitable for shorting because of the competitive fee structure and leverage options it offers. On Kraken, the fees for margin trades are predictable:

• Opening Fee: Between 0.01% and 0.02%
• Rollover Fee: The exact amount charged every 4 hours the position is open

If you sell short, this fee system is appealing because it’s relatively low and stable. When you are short on Kraken, you’re also offered a leverage of up to 5x, depending on the asset and your verification level.

Kraken supports a wide array of cryptocurrencies. You’re not limited to the major names like Bitcoin (BTC) and Ethereum (ETH); you can also short other assets such as Solana (SOL) and USD Coin (USDC), among others.

Table: Supported Assets for Shorting

Cryptocurrency	Leverage Available
BTC	Up to 5x
ETH	Up to 5x
SOL	Up to 2x
USDC	Up to 2x

Your customer experience with Kraken includes dependable support.

You can access a dedicated service team if you encounter issues or need guidance while shorting cryptocurrencies.

Deposits and withdrawals are straightforward, which is particularly important when managing the proceeds of your successful trades.

Kraken supports various funding options, making moving your funds in and out of the platform more accessible.

If you’re considering shorting cryptocurrencies, Kraken could be a suitable choice given its clear fee structure, variety of supported cryptocurrencies for shorting, and user-friendly platform.

12. DYDX

DYDX was founded by ex-Coinbase engineer Antoni Juliano in 2017. It established itself as a decentralized exchange prioritizing trading efficiency and financial product innovation.

DYDX operates on the Ethereum blockchain and utilizes Layer 2 scaling solutions to enhance transaction speed and reduce fees, making it an effective platform for shorting cryptocurrencies.

When you are short on DYDX, you benefit from its competitive fee structure and leverage of up to 25x.

Leveraging trades allows you to enter more prominent positions than your current balance would typically permit, which can amplify your gains if the market moves in your favor.

Remember, leverage can also increase your losses, so use it cautiously.

The exchange supports over 35 cryptocurrencies for trading, including top assets like Bitcoin (BTC) and Ethereum (ETH). Access to various coins allows you to short multiple cryptocurrencies as you deem fit based on market conditions.

Regarding customer support, DYDX offers comprehensive assistance that aligns with most decentralized finance protocols.

While decentralized platforms often don’t have the same level of personalized support as centralized exchanges, in your experience on DYDX, you will find a wealth of online resources to guide your trading decisions.

Deposits and withdrawals on DYDX are straightforward, utilizing Ethereum’s smart contracts for efficient transaction processing. Especially when you win your trades, the seamless withdrawal process ensures you can enjoy your earnings with minimal delay.

Understanding Fees for Shorting

When you decide to sell cryptocurrencies short, it’s essential to understand the costs associated with this type of trading. The fees can significantly affect your potential profits.

• Maker and Taker Fees

Maker fees apply when you add liquidity to the market, typically by placing a limit order that doesn’t fill immediately. Taker fees are charged when you remove liquidity, which occurs when you place an order that is matched immediately with an existing order. Exchanges might have different fee structures, but as an example:

• Maker fee: 0.16%
• Taker fee: 0.26%

A lower maker fee incentivizes traders to add liquidity, offering a more stable trading environment.

• Interest on Borrowed Funds

To short sell, you must borrow assets, which incur interest fees. This fee compensates the lender for the risk and the loan’s opportunity cost. For example:

• Interest Rate: Ranges from 0.01% to 0.02% for every four hours a position is open.
• Leverage: Some platforms offer high leverage, up to 5x or more, which can amplify profits and losses.

Fees can vary significantly between exchanges and may fluctuate with market conditions. Always check the specific fee schedule of the exchange you choose to trade on.

Frequently Asked Questions

This section will find targeted answers to common queries about shorting cryptocurrencies on various platforms.

How can I short cryptocurrencies on Coinbase?

Coinbase does not offer a feature to shorten cryptocurrencies directly through its platform. You must use other exchanges that provide margin trading options for short selling.

Which platforms allow for shorting cryptocurrencies within the USA?

In the USA, platforms like Kraken offer the ability to short cryptocurrencies. Always ensure that the exchange complies with US regulations before short-selling.

What is the process for shorting crypto on the Binance exchange?

To short crypto on Binance, you first need to create an account, deposit collateral, borrow the crypto you wish to short, sell it at the current market price, and then repurchase it later at a lower price to repay the borrowed amount.

Are there any specific brokers that are recommended for shorting cryptocurrencies?

When considering brokers for shorting cryptocurrencies, look for those with robust margin trading features and solid reputations for security and compliance. Kraken and Bitfinex are two examples of such platforms.

Can users short-sell on Kraken, and if so, how?

Yes, users can short-sell on Kraken. To do so, you must open a margin position, sell the cryptocurrency you borrowed, and then close the position by buying it back at a hopefully lower price to pay back the loan.

Is it possible to short cryptocurrencies using a crypto ETF?

Currently, no widely recognized crypto ETF is available that allows for the direct short selling of cryptocurrencies. Shorting may involve other financial instruments or derivatives not directly linked to an ETF.

What’s the best exchange to short crypto in the USA?

Kraken is often recommended as one of the best exchanges for shorting crypto within the USA due to its compliance with regulations and variety of offerings for margin trading.

Choosing a Crypto Exchange for Shorting

When seeking the proper cryptocurrency exchange for shorting, you must prioritize several vital features to align with your trading goals:

• Robust Trading Interface: A user-friendly platform streamlines your trading experience. Look for exchanges that offer an intuitive interface and real-time data analysis to support your decision-making.
• Variety of Order Types: Diverse order types, such as limit and stop-loss orders, are crucial. They enable precise strategy execution, allowing you to set the exact conditions for entering and exiting trades.
• Speed: Opt for exchanges with fast matching engines, which are crucial for the rapid execution of trades, especially during volatile market conditions. Speed can be the difference between a successful short and one that misses the target price.
• Payment Methods: Exchanges should provide flexible deposit and withdrawal options. Ease of moving funds can considerably enhance your trading experience.
• Security: Ensure the exchange has robust security features to protect your funds and personal information. This includes two-factor authentication, encryption methods, and offline storage of assets.
• Trading Fees: Low trading fees are advantageous for frequent traders. Compare fee structures as they impact the cost-effectiveness of your trading.
• Liquidity: High liquidity levels are vital for minimizing slippage on orders. More liquidity equals smoother entry and exit at desired prices.
• Selection of Cryptocurrencies: A wide selection of coins for shorting offers more opportunities. Access to a variety of markets allows for diversified strategies.

Feature	Why It Matters
Trading Interface	For efficient and hassle-free trading
Order Types	To enable tailored trading strategies
Engine Speed	To catch the intended trades at the right moments
Payment Methods	For flexibility in capital management
Security Features	To ensure asset and data protection
Trading Fees	To maximize cost-efficiency in trading
Liquidity	To ensure orders are filled at the best possible prices
Selection of Cryptocurrencies	To provide a range of shorting opportunities