The ultimate beginner's guide to trading OmiseGO
What is OmiseGo?
OmiseGo is a blockchain payment solution. Think wallet SDK, The can easily be added to a mobile/desktop app. It aims to link all kinds of user side clients with the OmiseGo blockchain network. The company behind it, Omise are already a successful fintech company operating in Thailand, Japan, Indonesia and Singapore. They launched a digital payment startup in 2013 and today process transaction for tens of thousands of merchants across Southeast Asia. The Omirese team already have one successful startup under their belt, and have now partnered with the foremost authorities on blockchain development and technology: Joseph Poon, Vitalik Buterin, Dr Gavin Wood.
OmiseGo could become the payment backbone for whole ecosystems of devices, banks, and merchants. Able to accept all traditional payment methods, without compromise or changes to the user’s routine. I am not just excited about OmiseGo because it could address the scalability issues of current cryptos using proof of stake and reward me with tokens, I am excited because this coin will likely be rolled out to Omise’s existing network of merchants and the only change they will notice are faster payments and better features.
The OmiseGo blockchain and token are better explained on our OmiseGo page.
Why You Need Bitcoin to Buy OmiseGo
OmiseGo is an ERC20 Token. They have plans to launch their own blockchain and move across but until that happens it is based on the Ethereum blockchain. Like most ERC20 tokens OmiseGo coins aren’t as easy to buy directly from an exchange. So how do we buy OmiseGo with fiat currency?
Save yourself some time, don’t create a new account, just buy Bitcoin
or another more popular cryptocurrency and use that to buy OmiseGo.
How To Buy OmiseGO on Bittrex
Before we dive into how to buy bitcoins,
and send them to one of these exchanges, we need to quickly create an account on the popular exchange Bittrex
. You don’t need to verify your identity, and it takes less than ten minutes to get it up and running. Go to Bittrex.com
In the top right corner is the Login button. Click it and it will open a screen that looks like this.
Give them your email address, set a username and password, then complete a captcha to confirm you aren’t a robot.
Bittrex is a fantastic exchange and resource for crypto trading. I recommend you download a Bittrex Chrome extension for better charts and USD conversions. Just something to keep in mind; if you are going to keep cryptocurrency on the site, understand that this is a hotwallet connected to the internet. Exchanges are hacked frequently and I suggest you move your hodlings to a more secure software wallet or hardware wallet
if you don’t feel like trusting a startup with thousands of dollars and your private keys.
How To Buy Bitcoins on an exchange and send them To Bittrex.
I have chosen to buy Ethereum on Coinbase and send it to Bittrex, so I can trade it for OmiseGo. Coinbase will sell you Bitcoin, Bitcoin Cash, Litecoin and Ethereum. It is arguably the most popular exchanges in the world. Read our complete Coinbase review here.
Go to www.coinbase.com/join
, click on the Sign Up button in the top right corner and fill in the “Create your Account” form. After that there is a email verification, and you set up two-factor/mobile security measures. Nothing too complicated, Coinbase will just send you texts to let you into your account on unrecognized devices and IP addresses.
The next step is verifying your identity. Coinbase needs a photo of either your Passport, Driver’s License, or Photo ID. You can upload photos with a webcam via phone or press the upload with a phone button which will text a link to your phone.
Once your identity has been confirmed, you’ll get a green tick on the home page.
The final step is to add a payment method to Coinbase. You can deposit fiat currency using a debit card or credit card. Do you see why it’s best to buy crypto through popular exchanges?
Why trust an startup or unknown exchange with your banking info?
Coinbase is regulated in the US meaning, Coinbase is required
to comply with many financial services and consumer protection laws, including:
- The Bank Secrecy Act, which requires Coinbase to verify customer identities, maintain records of currency transactions for up to 5 years, and report certain transactions.
- The USA Patriot Act, which requires Coinbase to designate a compliance officer to ensure compliance with all applicable laws, create procedures and controls to ensure compliance, conduct training, and periodically review the compliance program.
- Most states’ money transmission laws and corresponding regulations.
The easiest and safest way to buy OmsieGo with a credit card or a bank transfer is to first buy Ethereum, Bitcoin, Litecoin or Bitcoin Cash from Coinbase – or another exchange – and then trading OmiseGo.
Next link your Credit/Debit Card to Coinbase by entering its details and pressing “Add Card”
After you enter your banking information two small withdrawals will be made from your bank account. The money is returned in the coming days after you have verified your account. Go find the two transactions in your internet banking and enter them where Coinbase tells you to.
Once you have done that you should have full verification. The 4 step program to crypto freedom will have disappeared from the side of your screen and you are now free to deposit, withdraw and trade concurrency in Coinbase.
Back To Bittrex and Buying OmiseGo Tokens
If you had any trouble creating a Bittrex account you can also buy OmiseGo on Binance, Bitfinex and other popular exchanges. I am going to assume it all went swimmingly. Login to your account.
We have crypto in our Coinbase, but how do we get it to Bittrex? It is simple enough, we just need to find the deposit address in the appropriate Bittrex wallet. You automatically have a wallet for every cryptocurrency listed on Bittrex, and they all have different addresses.
How to find Call-Signs and Wallets in Bittrex
Click ฿ Wallet and search for the currency you want to sent money to, using its call-sign.
- Bitcoin – BTC
- Ethereum – ETH
- Bitcoin Cash BCC
- Litecoin – LTC
Send to the Bittrex wallet specifically for the crypto you bought from Coinbase. If you send ETH to a BTC address or LTC to a DASH address, it is difficult to recover. The deposit address is found by clicking the negative button in the deposit row.
Once you have that address, return to Coinbase and enter the address into the recipient form. Double, triple check everything before sending.
The Ethereum, or whatever you sent, will show up in your Bittrex wallet soon. Soon could be 10 minutes or 2 hours depending on how congested the blockchain is.
Invest in smaller altcoins before price rises
Selling Your Crypto on Bittrex
Once your crypto has returned from the void, click the $Markets button and search for it. Since Bittrex will only trade OmiseGo for Bitcoin, I need to sell the Ethereum I sent. You can skip this step if you sent Bitcoin to Bittrex.
Go to the main Ethereum/Litecoin/Bitcoin Cash page and scroll down to the Trading Section. This is the interface you will use to make all your Bittrex trades. We need to fill a sell order adding it to the Order Book so someone buying Ethereum will trade it for Bitcoin.
It is fairly straight forward process. You first choose how many units you want to sell. I normally press the Max button and then take a percentage of that – I find it easier to gauge how much I am selling that way. Next you need to choose your ask price.
The Three Pre-Selects: Bid, Last and Ask.
- Bid Price: is the highest priced buy order that is currently available on the market.
- This will get you most Bitcoins when selling but there also won’t be as many orders to fill at that price.
- Ask Price: represents the lowest priced sell order that is currently available, or the lowest price someone is willing to go short or sell at.
- A quick sale. Normally filled instantly.
- Last Price: Matches the price of the last trade.
If your order isn’t filled immediately and you haven’t pressed the immediate or cancel button, it will be somewhere in the order book. You probably chose a price that was too low, and people aren’t willing to sell at that price yet. You can wait if you anticipate the price dropping, or you can cancel the order and place another one.
The Ether, Litecoin, or Bitcoin Cash that you just sold for Bitcoin, can now be traded for OmiseGo. Search for the OmiseGo market (OMG) on Bittrex. It looks like this.
You scroll down and go through the same process you went through to sell your Ethereum but on the other side of the screen.
Press “Buy OmiseGo” and then confirm the transaction on the next window that pops up
You have now traded OmiseGo. Remember that Coinbase and Bittrex aren’t the only exchanges where you can buy OmiseGo and cryptocurrency. Read our exchange reviews
to find other places to trade your crypto for fiat currency.
Sending OmiseGo to a Wallet and Keeping it Safe
If you want to hold your OmiseGo, like say until the Q1 full release of their wallet SDK, you probably don’t want to keep it in Bittrex. But how do you store OmiseGo? Not many wallets claim to support the token since it still isn’t that well known or adopted.
The good news is that OmiseGo is an ERC20 token, you can send it to Ethereum addresses and most Ether wallets will be able to work this out and show you a separate balance for your OmiseGo. Trezor and Ledger hardware wallets, both support ERC20 tokens so you won’t have any problems there. For a software wallet solution, I recommend MyEtherWallet. You can tuck your OMG tokens away on paper wallets. Reddit is the best resource you have when trying to work out how Ether wallets will handle OmiseGo coins. Do some research before sending them off into the crypto void.