How to Buy OMG Network - Where to Purchase OMG?
Formerly known as OmiseGo, OMG Network is a Layer-2 solution that creates a value-transfer layer atop the Ethereum blockchain. It works by bundling a large amount of Ethereum transactions together. Thereafter, it returns them to Ethereum for final confirmation. OMG Network is enabled with its utility token called OMG.
OMG is trading at $9.12 per token and with a market cap of $1.22 billion at the time of writing this piece. We’ve created this detailed guide on how to buy OMG Network for anyone wanting to learn about various aspects associated with buying OMG.
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Why Trade rather than Buy OMG Network for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top OMG Network Brokers
You cannot pinpoint any single easiest way to buy OMG on the Internet. The selection of the best place to buy OMG will essentially boil down to your personal preferences. Therefore, anyone wondering where to buy OMG should start by researching the top-rated crypto exchanges and online broker platforms first.
As they are regulated and offer a higher level of security, brokers are normally preferred over exchanges for such purchases. They also enable traders to use derivatives such as CFDs for trading in OMG Network, without owning any OMG tokens at all. These are also the reasons why broker websites are perceived as one of the best places to buy OMG online.
We’d like to stress here that you must do some due diligence before signing up with any specific broker website. A detailed comparative analysis must be done to find out the top-rated brokers in the market, using parameters such as security measures, value-added services, regulatory status and fees, before making any final decision. Once you’ve figured out a broker that meets all your needs, you will realise how easy it is to buy OMG after all!
5 Things to Consider if you Want to Buy OMG Network
There are a few considerations that must be factored in prior to buying OMG Network for the first time. Abiding by these points will ensure that the buying process is hassle-free, and gets completed in the fastest possible way.
1.Carefully choose your preferred secure payment method
Selecting the right payment option to buy OMG is as critical as selecting an appropriate broker/exchange for the transaction. The available payment methods are usually different from country to country, and platform to platform. Before you opt for any specific mode of payment, please decide which amongst the speed, cost and convenience, is most important to you.
2. Will you need to set up your own wallet?
You’ll need to store your purchased OMG in a wallet for safety purposes and ready access. You must never leave your OMG tokens on an exchange platform, as people have lost their crypto holdings from such web wallets in the past. Please also note, there will be no requirement of a wallet set up if you chose a derivative like CFD to invest in OMG Network, as no actual OMG exchange will occur in this case.
3. Comparing costs
Whenever you’re planning to buy any cryptocurrency, you must compare the different costs associated with the process. In the case of the OMG Network, you’ll need to factor in three different types of charges: blockchain processing fees, fees charged by the exchange or broker platform and the fees associated with the payment method used.
The blockchain processing fee for the OMG Network transactions is one-third of what one may need to pay on Ethereum otherwise. In the case of OMG, the Gas fee is paid on compressed bundles of transactions rather than for each individual transaction. The exchange/broker fee and the payment facilitator fee will depend upon the exact platform and the payment method used respectively. Hence, you’d need to compare and factor them in before selecting the appropriate means for buying OMG.
4. Safety and security
OMG Network uses a Proof of Stake consensus system to ensure the security of its blockchain, and also enable users to stake their coins and earn rewards in the process. Other than the security features integrated into the OMG Network blockchain, the crypto exchanges and brokerage platforms use their own security measures to ensure safe transactions for the investors and traders. Additional security features such as 2FA are also offered by some platforms.
5. Can you understand and navigate the platform?
It’s very important for novice cryptocurrency investors to comprehensively navigate the platform they plan to buy OMG on. This is to make sure that they properly understand the workings and mechanics of the website, and know what they are doing, before making any deposit. We couldn’t stress more that doing so is critical to avoid any expensive mistakes.
Ultimate Beginner’s Guide to Trading OMG Network
What is an OMG Network Broker?
Also popularly known as Over-the-Counter or OTC platforms, brokers take the help of a dealer network to complete their trades. Other than facilitating sale and purchase of cryptocurrencies’ ownership, including that of OMG Network, these service providers also offer derivative products such as Options, CFDs and Futures, to enable speculative trading.
OMG brokers are also more likely to provide a good variety of payment options than exchanges, including credit/debit cards, bank transfers and PayPal.
What is an OMG Network CFD?
An acronym for ‘Contract for Differences’, a CFD is essentially a contract with a broker, wherein you agree to settle with them any change in the future value of the underlying cryptocurrency, for the total number of crypto coins contained in the contract. There is no OMG transfer involved and it’s a purely speculative activity. Many brokers even offer leverage facility to the traders, through which you can borrow funds from the broker and increase the value of your trades, thus magnifying your potential profits (as well as losses).
What is the Benefit of OMG Network Regulation?
Cryptocurrency being a fairly new asset class, there exists a lot of confusion regarding crypto regulation in different parts of the world. It is important to note that regulation isn’t something to be scared of, as it’s solely meant to create a secure and worry-free environment for the investors & traders. The basic intent behind any such regulation is to eliminate bad actors from the market. It’s worth highlighting that brokers are more commonly found to be regulated than exchange platforms.
What is the Best Payment Method for Buying OMG Network?
Depending upon the platform you choose to buy OMG Network, you’ll be offered different payment options to make the OMG purchase. Ideally one should opt for a payment mode that meets their speed, convenience and cost criteria. Some regularly used payment methods for OMG purchase in the market are discussed below.
Buying OMG Network through PayPal: Despite the fact that PayPal isn’t accepted by many cryptocurrency exchanges on the internet, it’s trusted throughout the world for online payments and isn’t the most expensive in terms of the transaction fee too. Regulated brokers are more accepting of PayPal as a valid form of payment. So factor that in when you’re deciding on a platform to make the OMG purchase.
Buying OMG Network through credit/debit cards: Although they’re widely considered the quickest and most convenient means of buying cryptocurrencies, including OMG, on the internet, they also feature comparatively higher fees than other modes of payment. Therefore, it would be better to avoid using credit/debit cards for frequent or large OMG Network purchases.
Buying OMG Network via bank transfer: A good majority of crypto buyers opt for bank transfers when buying OMG Network online. A major reason behind the overwhelming popularity of this payment option is its low cost. All you need to do is connect your exchange/broker account with your bank account, and then you can freely exchange funds between them. However, please keep in mind that bank transfers take considerably more processing time than other forms of payment.
Buying OMG Network with cash: Unlike as in the case of Bitcoin and a handful of other popular cryptocurrencies, it’s highly unlikely that you will find OMG Network listed on peer-to-peer exchanges, allowing for in-person meetings with other traders, to facilitate cash purchase of OMG.
The Verification Process for Trading OMG Network
Please remember, whenever you sign up with a regulated platform, whether an exchange or a broker, you may be asked to submit a govt.-issued photo ID, and sometimes a separate address proof too. This is to comply with the KYC process followed by the corresponding platform. Though such verifications may seem a little bothersome, their main aim is to protect the interests of investors and traders and to prevent any bad elements from misusing the platform.
OMG Network: Long vs Short Term Investment
Once you’re sure about investing in OMG Network, you’ll need to decide whether it would be a short or long term investment. Keeping in mind how the crypto market has evolved over the last five years, both may seem justified. For a long-term investment, you’ll need to buy OMG Network and then store the OMG tokens in a cold hardware wallet, in the hope of their value to appreciate in the future.
On the other hand, short-term OMG investments will either involve the actual purchase of OMG ownership from a crypto exchange/broker or the usage of a derivative like CFD to bet on OMG’s future price movements, on a regulated broker website. There will be no need of setting up a crypto wallet in case of the latter, as no actual exchange of OMG will take place.
Why Buy OMG Network rather than Trade?
One of the reasons why many people prefer a longer investment horizon for OMG Network is because when they use this strategy, they don’t require any previous experience in or knowledge of trading cryptocurrencies, to make it work. In this approach, you simply buy OMG cheap and then store your tokens somewhere safe, waiting for their price to surge. Having said that, please bear in mind that cryptocurrency purchases on an exchange are more complicated than on broker platforms, where it’s also possible to buy OMG instantly. Additionally, exchanges charge a certain fee on transactions, withdrawals and deposits too. As a result, brokerage services work out to be the quickest, and sometimes even the cheapest way to buy OMG online.
As an alternative, you can even use a CFD through a broker, to speculate on the OMG’s future price movements. CFDs normally have smaller spreads and therefore won’t cost you a lot on account of the fee. To add, you can benefit from the broker-provided leverage option too and magnify your profits significantly. There will be no requirement for an OMG wallet either.
What Fees are Involved in Buying OMG Network?
You’ll need to pay some fees to the crypto broker or exchange, whichever you use to buy OMG. Such fees constitute an important revenue stream for these platforms, and can potentially eat into your profits too.
Exchanges are known to charge more fees than brokerages, as they incur major overheads, especially related to the storage and movement of cryptocurrencies. Below-detailed are some commonly-charged fees by these service providers:
Transaction fees: The blockchain fee involved in executing OMG Network transactions is about a third of the average cost of executing the same transactions directly on Ethereum. Exchanges and brokers may charge their own corresponding fees too, which must be cross-checked before using any specific provider. In this regard, brokers’ fees are usually lower than that of exchanges.
Deposit fees: Many crypto exchanges charge a deposit fee for any funds uploaded to accounts held with them. In contrast, brokers usually avoid charging any such fee, to encourage more signups. Even if they do, they keep it bare minimum and lesser than exchanges. It’s worth noting that the amount of deposit fee may vary based on the mode of payment as well.
Withdrawal fees: Withdrawing funds from a crypto exchange attracts a certain withdrawal fee, levied both in the case of fiat and cryptocurrency withdrawals. Brokers also charge a fee on withdrawals but it is comparatively lesser than that of exchanges.
Safely Storing Your OMG Network
Crypto wallets can be instrumental in safely storing your purchased OMG tokens. The idea behind using such a medium to store your cryptocurrencies is to secure your investment from hacking attempts and make your tokens available as and when you require them. Let’s tell you about some popular wallet types which are compatible with OMG Network.
Web Wallet: These are custodial wallets usually built into brokerage and exchange websites, running in the form of web applications on the provider’s server. Storing your OMG tokens in a web wallet can be very risky, especially if it’s a crypto exchange. There have been cases of exchanges going bankrupt, getting hacked and even witnessing exit scams, in the past.
Mobile Wallet: Meant for mobile devices, these are phone apps that are also categorised as hot wallets because of their regular connectivity to the internet. They are considered better than web wallets in terms of security and are protected by the device’s unique PIN code too. Mobile wallets reside on a physical device that can get stolen and their internet connectivity makes them vulnerable to hacking. A few of the commonly-used OMG mobile wallets are Atomic, Exodus and Coinbase.
Desktop Wallet: Desktop wallets are considered another type of hot wallets, which although are far safer compared to web wallets, don't offer the level of convenience associated with mobile wallets. Nevertheless, they have integrated security protocols including Two Factor Authentication, to provide ample security to your OMG tokens. Amongst the OMG desktop wallets available in the market, Coinomi is the most popular.
Hardware Wallet: As they stay offline most of the time, hardware wallets are considered a type of cold wallet. They enable easy storage of OMG private keys on a pen-drive sized physical device. This device can be easily connected to the Internet any moment you want to access your tokens. Out of the hardware wallets sold in the market, Trezor is the most frequently used for OMG storage.
Wallet Combinations: Some of the above-detailed wallets can be linked to each other, to avail a greater level of convenience and security for the OMG tokens. For instance, you can easily combine a mobile wallet like Coinbase with a hardware variant such as Trezor, to obtain a nice mix of comfort and security.
What Other Coins Can I Trade or Use to Buy OMG Network?
Any time you check out a reputed crypto exchange, you will find OMG Network paired with multiple cryptocurrencies, in the form of individual ‘trading pairs’, to enable the easy purchase of OMG against those coins/tokens, and vice versa. Therefore, you may be easily able to buy OMG Network with Ripple, Binance Coin, Ethereum, Bitcoin and other altcoins.
What’s the Smallest and Largest Amount of OMG Network I Can Buy?
Anyone inquiring what’s the minimum purchase for OMG?, or whether there’s any specific OMG buy limit, should know that the maximum and minimum OMG quantity you may be allowed to buy will depend completely on the platform you transact on. Considering the fact that OMG Network was trading in the vicinity of $9 per token at the time of writing this guide, it may perhaps make it possible for you to buy small amounts of OMG. But you’ll need to check with the broker/exchange website for exact details on this. Furthermore, you may face certain regulatory limitations when it comes to the maximum permissible OMG purchase, in the state/country you reside. Therefore, if you’re really keen to buy OMG without limit, you must check your local crypto laws first.
Can I Buy OMG Network Anonymously with no ID? Is it Safe and Legal to Buy OMG Network?
If you’re concerned and are wondering if it is safe to buy OMG, please rest assured, you’re not alone. Cryptocurrencies are a relatively new asset class, and it is understandable to have such doubts. That being said, cryptocurrencies are gaining rapid acceptance everywhere, and you can easily make a secure OMG purchase in many parts of the world today.
Normally, you’d go with an anonymous crypto exchange whenever you wish to buy OMG without ID or putting it differently, want to buy OMG anonymously. But these exchanges are not easy to find because of the constantly increasing regulation in the crypto industry, and we don’t recommend them either.
Lastly, please note, unlike Bitcoin which is the gold standard amongst cryptocurrencies, you may not find it too easy to buy OMG safely and anonymously using a peer-to-peer exchange.
Will Buying OMG Network Make Me Money?
The strong fundamentals of the cryptocurrency aside, anyone who is buying OMG would be interested in knowing–does buying OMG make you money after all or not?! Please know, OMG being a part of the crypto industry is vulnerable to the volatility of crypto markets.
If you’re asking yourself if you should buy OMG, you must first gauge your skill, experience and knowledge in crypto trading and investments. OMG’s 24-hour low and high at the time of writing this piece was $7.98 and $9.15 respectively. And when we extended that time span to 52-week, the low and high stood at $0.93 and $15.32 respectively. So you can guess the scope that exists for both short-term and long-term investors here. If you wish to learn the best price to buy OMG, or how much does it cost to buy OMG right this moment, you must check out the OMG Price Pages on our website.
How to Spend your OMG Network
The primary use of OMG token is to pay fees for using the OMG Network’s blockchain services. It is also used by the transaction validators responsible for running the network nodes and carrying out blog validations. Unlike Ethereum and Bitcoin, you cannot use the OMG to buy goods and services from the Internet or off-line, yet.
How to Sell your OMG Network
If we talk about the best places to sell your OMG tokens, you shouldn’t look any farther than the regulated brokerage and exchange platforms on the internet. To use a crypto exchange for OMG sale, you must first locate a dependable exchange, open an account with it and then deposit your OMG tokens to the newly-created account. Thereafter, you can initiate a ‘Sell’ trade to connect with an interested buyer.
On the contrary, if you invested in OMG Network through a CFD, the selling process will be quite easy, especially because of no actual OMG exchange. It would require the closure of the corresponding CFD trade, and assumption of any profit or loss, based on the OMG price at that moment.
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Frequently Asked Questions
OMG Network was founded by a Thai-born woman named Vansa Chatikavanij. She holds a Master’s Degree in Earth and Environmental Sciences from Columbia University, New York.
The all-time high price of OMG was $28.35 on Jan 08, 2018, and the all-time low $0.31 on July 16, 2017.
There were a total of 140,245,398 OMG tokens in circulation out of the maximum possible supply of 140,245,399, at the time of writing this guide.
OMG Network’s ability to significantly reduce the cost and speed barriers associated with Ethereum, makes it a unique cryptocurrency.
OMG is a Layer 2 solution which implies that it is created on top of an existing blockchain, which in its case is Ethereum.
OMG Network can also be used for transactions involving trustless community points as well as for many other online rewards systems. A good case in point is how OMG Network helped in improving the efficiency of Reddit’s community points system.
Yes. Regulated OMG brokers are considered more secure than unregulated cryptocurrency exchanges.
OMG Network secures its blockchain using a Proof of Stake consensus mechanism.