XRP, SOL, GMT, and BNB are now available for shorting on the XREX exchange’s 1x short feature! Here’s a brief overview of each of these coins and token:
XRP: XRP is the native cryptocurrency of the Ripple network, which is designed to enable fast and low-cost transactions. Ripple is often used by financial institutions for cross-border payments, and the XRP token is an essential part of the Ripple ecosystem.
SOL: SOL is the native token of the Solana blockchain, which is designed to be a high-performance network for decentralized applications. Solana aims to provide fast and low-cost transactions, and it has gained a lot of attention in the crypto space for its potential to compete with other popular smart contract platforms.
GMT: GMT is the governance token of STEPN, a decentralized lifestyle, social, and Game-Fi platform that rewards players and content creators for their contributions. GMT token is used for voting on important decisions related to the platform’s development, such as changes to the reward system and protocol upgrades.
BNB: BNB is the native token of the Binance exchange, one of the largest and most popular cryptocurrency exchanges in the world. BNB is used for trading fees, as well as for accessing premium features on the Binance platform. It has also gained attention as a potential investment opportunity, given the success of the Binance exchange.
Shorting is a common form of trading seen in a bear marker. Shorting these tokens on the XREX exchange allows traders to profit from a decline in their value. However, please note that shorting can also be risky, as it involves borrowing assets that must be repaid at a later date. Apart from fees and funding rates, there is also a risk of liquidation. Traders should carefully consider their risk tolerance and do their own research before entering into any short positions.
The XREX short feature takes an isolated margin, meaning that each short position will have its own collateral and is isolated from other positions.
Things to take note of before short trading on the XREX exchange:
- Complete a simple assessment before you start trading
- Short trading carries unlimited risk. As always, manage your risk while trading
- Turn on your notification for the XREX app, it is important to receive timely notifications in case of a margin call on your short position
XREX short sell feature FAQ