How to Buy OMG Network | Ultimate Guide To Buy OMG
OMG Network (OMG) is a cryptocurrency network built on the Ethereum blockchain and provides investors with an assortment of ways to earn profits. Formerly called OmiseGO, it operates as a high-value second-layer scaling solution. The platform has earned a reputation for offering alternative financial services, including working directly with banks and facilitating transactions across different payment platforms. The original Ethereum developers, Gavin Wood and Vitalik Buterin, supported it from the start, thus signalling OMG tokens’ viability.
This guide covers how you can buy and trade OMG tokens and earn decent profits.
5 Steps to Buy Omisego with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy OMG Network
We've provided a list of credible cryptocurrency brokers and exchanges where you can purchase OMG in this section.
If you're a seasoned trader, you can choose one and start minting money. However, buying OMG without reading this guide could expose you to financial risks if you aren't a pro trader. So, we recommend that beginners read it to the end.
Where to Buy OMG Network
As we've mentioned briefly above, one of the best places where you can purchase OMG Network on a cryptocurrency exchange platform. OMG exchanges offer a long list of digital currencies, including OMG tokens.
So, if you want to invest in numerous coins, they can serve your needs. You can also opt for exchanges if you have a long-term trading strategy. They come with online OMG wallets where you can store the crypto. However, if you choose, you can transfer the tokens from the platform to your compatible, private cryptocurrency wallet. As such, an OMG can serve as your convenient cryptocurrency marketplace and storage solution.
Depending on your trading needs, you might find it prudent to trade OMG Network through a brokerage platform. Unlike the above case, you don't have to own the coin to sell it.
This particularly applies if you enter into a Contract for Difference (CFD) agreement. Here, you trade on the token's price movements. Some brokers can apply brokerage on the trade to increase your income potential. The secret behind your success is your ability to predetermine the future value of OMG. If your projections are wrong, you make a loss. If you are a pro, you are likely to make the correct projections and earn profits.
Overall, you can choose between an exchange and a broker depending on your trading needs, expertise, and your ability to take various degrees of risks. Moreover, it would be best to consider the degree of safety that each of these options offers. As mentioned, you might need to learn to choose and set up OMG wallets if you choose to buy the coins from an exchange.
How to Buy OMG Network with a Broker
Since buying OMG with a broker is one of the most common solutions, you might be considering it. It's a viable way to make quick money. However, that might not be the case if you choose an incompetent or unreliable broker. So, your ability to choose the right one in the crowded marketplace can give you a trading advantage.
To choose the right broker, you should compare the fees that different platforms charge. It would be best if you also compared the ability of the brokerage to protect your personal data and the investment. The right brokerage platform should abide by the requirements of financial regulators. Once you've chosen one that suits your needs, you can do the following and start buying OMG:
1. Register with the Broker
Your first step should be to register with the broker by providing the required details. It's simple, and you won't require more than 10 minutes, depending on your level of preparedness. After providing your personal information, contact details, username, and password, you should be done. So, it should take you the least amount of time possible. Please note that the process, time, documents required can differ slightly from one broker to another.
If you want to register with Forex.com, you should decide on the type of account you want to create beforehand. The broker provides four options designed for different categories of traders. After choosing one, you'll be required to provide your country or region of residence, name, date of birth, email address, and primary phone number.
To create an account with Skilling, you'll be required to provide your email, password, country of residence, phone number, and account currency.
After providing the required information, you click on Create Account at the bottom of the page to move on to the account owner verification stage.
2. Verify Your Identity (KYC Process)
If your broker is regulatorily compliant, they'll ask you to provide your identification documents. This is the Know Your Customer (KYC) process. KYC can appear tedious. However, if you consider that its main objective is to protect the platform and your funds, you see what it's necessary.
If brokers and traders abide by the stipulated verification requirements, the rampant insecurity incidents in the cryptocurrency world will soon be a thing of the past. That will signal the onset of widespread adoption of cryptocurrencies, including OMG Network.
3. Deposit Funds with your Preferred Payment Method
We said your choice of brokerage platform could either build or break you. The same applies to your choice of payment platforms. Assuming the broker is legitimate and reliable, but the payment method is not, you'll likely lose your fund despite your efforts.
Once you find several reputable payment systems, compare them. Pay close attention to speed and the associated fees. Since OMG is volatile, ensure you choose a method that ensures you receive your money in real-time. The cost should also be the most competitive available.
Moreover, it would be best to seal all security loopholes that cybercriminals can take advantage of when you least expect. One of the ways to do this is to store your payment information securely. It would help if you also avoided links from unsecured sources. Another outstandingly important solution is to install the right antivirus software on your computer or any other device you use to make transactions.
4. Open a Position to Long/Short OMG Network
If you have strong reasons to believe that the value of OMG will decline, you can short it. To do this, you open a trading position by borrowing the underlying asset. You can then sell the crypto to another trader and make a profit.
If you own the digital currency and believe its value will increase, you can “go long”. In this case, you can trade without leverage. This is often suitable for traders who prefer long-term investment. If that doesn't work for you, you can enter into CFD agreements to trade on the market volatility for a short period.
It would help if you also control your risk management limits by setting the right automated features. For example, you can use a market order to buy OMG at the prevailing rates, as long as there is a willing OMG seller. A limit order can also help you to sell the crypto at your desired price. The stop-loss order is designed to help you limit the loss on your trading position, whereas the take-profit order will lock in profits at a desired level. You can explore many other settings and use them to improve your earning potential and limit the risks.
5. Close your Position
If you properly manage your stop loss/take profit settings, you are highly likely to close your position on time. However, this feature shouldn't replace you. Scenarios can emerge in the OMG market that require proactive action. A good example is when you hit your trading goals earlier than you anticipated. Another one is when you start incurring losses at a time you never imagined before. In either of these cases, you can decide to close the position before the predetermined time.
How to Buy OMG Network with an Exchange
Buying OMG Network with an exchange is easy. But you should choose the best one if you want to mitigate loss. Before you choose any business, remember to evaluate its features. Some are designed with your trading needs in mind, while others are not. For example, a regulated exchange puts a high premium on security. They may have an elaborate verification process, which ensures you get the best protection. Other than security, it would help if you considered the cost of service.
1. Set up an OMG Network Wallet
You'll likely need an OMG Network wallet to store your coins securely. It can be a little complicated, depending on your knowledge of the various software and hardware wallets you can use. For an experienced trader, setting up a compatible wallet is straightforward. Here are the wallet types that you need to succeed:
- Exchange/Online wallets: These are the in-built wallets that exchanges provide. Once you buy the coins, they'll be available in the platform's wallet. If you are not sure about your exchange's security preparedness, you should transfer the funds from the platform to one of the following options.
- Desktop/Mobile wallets: These are apps with advanced security features. If you use the platforms, you'll need your private keys to access your funds. Since they store the cryptos in an online environment, they are not the safest option.
- Cold wallets: These are regarded as the safest OMG wallets. They keep your assets from the reach of hacks. They come with advanced security features that limit your account's exposure to various security risks.
2. Choose and Join an Exchange that Sells OMG Network
You have several options, but it is better you do due diligence. Some of the leading exchanges that trade the coin are Binance, FTX, CoinTiger, and Huobi Global. You can try one of these platforms or opt for another one. The most important thing to remember is that exchanges have different features.
3. Choose Your Payment Methods to Buy OMG Network
Besides choosing a suitable exchange, you need the most secure and cost-effective payment method. It should be easy to use and offer value for money. Besides, the payment method should be reputable and fast.
You can choose a crypto debit card to be able to make the transactions fast. They remove the need to convert your fiat to crypto. Crypto credit cards also have the same benefit, but they are typically more expensive. These cards work like traditional credit and debit cards. The major difference is that they support OMG.
If you have traditional cards, you can use them. They give you access to plenty of fiat currencies. However, you may pay a conversion fee.
Bank transfers are also popular today. You add your bank details permanently to the exchange account. This saves you the energy required to provide your payment methods whenever you want to transact. It also links your crypto and fiat currency accounts.
To protect your payment information, ensure you choose an exchange that abides by the security standards of the regulator.
4. Place an Order to Buy OMG Network
You don't need to do much to complete this process. Let's say you've chosen Binance and funded the account using ETH. You can place an order to buy OMG by following the steps below.
- Go to Exchange and then click on Basic
- Select ETH and search for OMG
- Click on the ETH-OMG trading pair
- Place your buy order under the price chart that appears
You have now purchased OMG tokens.
5. Safely Storing Your OMG Network in a Wallet
It's now time to consider whether you should transfer the coins from the exchange to your digital wallet. If the in-built wallets are serving your purpose, you can use them for a while. Remember, we said that private wallets are more secure. If you want, you can transfer your funds from the platform to the wallet by doing the following:
- Input your OMG wallet address in the recipient field
- Provide the amount you want to transfer to the wallet
- Initiate the withdrawal
Once you do that, you'll be able to see the amount in your private wallet. You can choose a hardware wallet if you have a large amount of OMG.
Should You Buy or Trade OMG Network
When considering buying and trading OMG, you should understand the difference between brokers and exchanges clearly. In most cases, the trading strategy should help you make the decision. In the next section, we see more on the difference between an OMG Network exchange and a broker.
Buying is suited to long-term investment, whereas trading is ideal for those seeking to make a quick profit from the price movements of OMG.
What's the Difference Between an OMG Exchange and a Broker?
An OMG exchange might meet your trading needs if you have a long-term investment in mind. You can take advantage of their online wallets if you have adopted a short-term trading strategy. Moreover, you can trade between different coins with ease and create an expanded portfolio.
Brokers are trading platforms where you can create short-term contracts like CFDs. You can trade on the coin's price movements and earn profits. For most people, exchanges are long-term investing platforms and brokerages short-term trading sites.
OMG Network: Long Vs. Short Term Investment
We've talked about short and long-term investments concerning trading platforms. Due to the significance of these strategies, it might serve an excellent purpose to expand on what we already know. Long-term investment refers to a scenario where you buy OMG tokens and hold them for one year or more. This means you need to have the capacity to predict the token's value for months or years. Besides, you must be prepared to handle the high degree of risk associated with this.
Traders who choose the long-term strategy are interested in the long-term improvement of the token's value. Others are happy to increase the project's liquidity.
On the other hand, short-term investment involves buying and holding OMG tokens for one year or less. There is no standard time frame that qualifies a given strategy as long or short term. However, most experts provide these approximations. If you don't fully believe in the project and aren't sure about its future, this strategy is a good option. You can also take advantage of short-term contracts that allow you to trade on OMG's volatility and earn profits without owning the asset.
3 Tips to Buy OMG Network
At this particular point, I believe you have acquired essential pieces of information that will spur the growth of your business. You are almost ready to start investing in OMG. Before you make the first step, please look at the three important tips that experienced traders rely on to minimise the impact of various risks on their business. You can find these tips below.
1. Choose the Right Time and Do Your Own Research on OMG Network
To trade OMG and make profits, you should know the right time to buy and sell digital assets. Perhaps, there is nothing more important than your ability to act in time. The coin's value keeps fluctuating, meaning a few minutes of delay could lead to a disastrous loss. That could also mean timely action guarantees success.
To choose the right time, you should make all your decisions based on professional and actionable research findings. You should conduct extensive research on how blockchains work together and their impact on the future of the token. Moreover, you should perform technical analysis with specific timeframes in mind. Sometimes, you can make an OMG price prediction for several months before investing in a coin. This allows you to see how accurate your tools are before you begin trading the token.
2. Comparing Costs to Buy OMG Network
Since we are in an open economy, trading platforms have the freedom to charge for their service without specific limitations. Given that you want to maximise your earnings, you should find ways to identify costly services. The best way to do this is to compare the price of your preferred brokers and exchanges.
Since some platforms charge several fees, you should find out the effect of different prices on the overall cost. You can then compare the figures. Besides, it would help if you considered whether the cost is worth the value you get.
3. Safety and Security when Buying OMG Network
Safety and security are some of the factors that most beginners often overlook. This is unfortunate. As we've seen throughout this guide, they are some of the most critical components of a credible trading platform. Once you've chosen one, find out whether their security policy meets your expectations. Remember that a credible and secure platform should be regulatory compliant and reputable.
What is the Best Payment Method to Buy OMG Network?
- Buy OMG Network with Cash: You can buy OMG and pay with cash on a P2P platform
- Buy OMG Network with Credit Card: Crypto credit cards are relatively affordable
- Buy OMG Network with Bank Transfer: It's low cost and convenient
- Buy OMG with Bitcoin: Most exchanges offer BTC, ETH, and other cryptos
- Buy OMG Network with Paypal: Paypal has entered into the cryptocurrency space in some parts of the world.
Other Ways to Buy OMG Network
Since OMG tokens are highly liquid, you can buy or trade them on over 200 exchanges. Some of the leading exchanges that offer you this opportunity are Binance and Coinbase Pro. You'll find plenty of trading pairs on these platforms. Some of the most popular ones are OMG/ETH, OMG/BTC, and OMG/USDT. Besides, you can trade it against several fiat currencies such as USD, EUR, and GBP.
If the above options don't serve your needs, you can secure the network to earn OMG tokens. Currently, the proof of authority (PoA) consensus mechanism secures the network. It allows you to stake the tokens to earn your rewards. Unlike Proof of Stake (PoS), OMG Network itself controls the system.
The OMG mainnet will soon move to a proof of stake consensus system to overcome the reputation problems associated with PoA. This will make it easier for users to participate in securing the system and earn rewards accordingly.
Now you are fully equipped to buy and trade OMG Network. Remember to conduct adequate research, seek expert opinion, and choose the right trading platforms. Also, ensure you set up secure and compatible OMG wallets.
Frequently Asked Questions
You can use OMG tokens to buy various goods and services online. You can trade them through CFDs and hold on to them and wait for the price to increase. You can also use the tokens to pay for services on the platform.
One OMG is currently sold at close to $7. So, it might not guarantee you the same amount of earnings that average OMG traders earn.
The answer depends on where you live. If cryptocurrency is accepted in your country or region, OMG is legal too.
Binance is one of the best exchanges. Others include BitPanda, Kraken, etc
If necessary. Your investment strategy should help you make the decision. If you are not trading many tokens or are engaged in short-term trade, the exchange wallet can work well for you.