How & where to buy OMG Network (OMG) online
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This page is an introduction to the network and its cryptocurrency, which goes by the symbol OMG. Learn what it does and how it works, then get some tips on what you should look out for if you own some.
What are the best exchanges to buy OMG on?
You can find OMG tokens through any of the trading platforms below. Our team of cryptocurrency experts has been through all the top options and come up with this list of the best ones out there. If you still want to learn more about the OMG Network first, then read on.
How to buy OMG online – a step-by-step guide
Step 1. Find an exchange
The best place to find small cap coins is on an exchange. Exchanges come in a variety of shapes and sizes but in this case it’s best to stick to the ones that offer the widest range of coins. Two of the best ones for that are:
- Binance: Binance is the exchange with the largest amount of trading volume every day, with millions of transactions across hundreds of different coin pairs.
- Bittrex: Bittrex has an intuitive interface and is easy to use, which is ideal for beginners. It too offers hundreds of coin pairs and is a good place to find small cap cryptos.
Step 2. Sign up and fund your account
Every exchange makes you create an account before you trade. This is simple, just provide some contact details and a copy of your photo ID as verification and you’re good to go. With the most popular exchanges you can often deposit funds in fiat currency (like GBP or USD), while the rest only accept cryptocurrency.
Step 3. Purchase
Log in to your exchange account and then search for your token using its ticker – OMG. If you’re using Bitcoin in a swap for it, for example, then select the OMG/BTC pair from your list of options and execute the trade.
Step 4. (Optional) Get a suitable wallet
The most secure place to store your coins is in a wallet. There are lots of different types of wallet depending on the level of security you’re looking for: from hybrid online wallets to completely offline ones that hold your coins in ‘cold storage’. You don’t have to get a wallet – keeping coins in your exchange account is normally nothing to worry about – but it is the best option.
Here are two wallet providers to look at:
- Guarda Wallet: Guarda is a very flexible wallet that you can use on web, desktop, or mobile app. It also comes with an integrated exchange so you can do your trading from within the wallet itself.
- CoolWallet: CoolWallet is a hardware wallet that keeps your coins offline, protected from any malicious activity on the internet. It comes with a mobile app as well though, so you can use a bluetooth connection to access your coins.
How to trade OMG Network – a step-by-step guide
Step 1. Find a broker
Our main advice for short term traders is to find a broker with low fees. You want to trade quickly and often, and fees can make that very expensive if you have to pay lots every time.
Step 2. Deposit money
You need fiat currency to fund your brokerage account. Beware that some platforms charge for deposits, as well as withdrawals and trading. The fee structure is an important thing to consider before you sign up for anything.
Step 3. Decide how you’d like to trade
There are a few popular trading strategies for trading crypto coins. Contracts for difference (CFDs) are one you might have heard of, which means speculating on the price of a coin without actually owning it. Another is spread betting, where you try to predict how the entire market is going to move.
Step 4. Start trading
The first thing you should do if you’re new to trading crypto is use a beginner account to practice. This is usually just a button you can click in the settings of your broker account that lets you trade with pretend money. It’s a good way of getting used to how things work before you put your own money at risk.
To trade a coin you need to decide whether you think it’s going to go up or down. That way you can take a long (buy) position or a short (sell) one. If you go short that basically means you borrow the coin off your broker now and sell it, with the idea of buying it back later at a lower price.
Another more advanced trading strategy is using leverage to make big trades. Here, you can again borrow something from your broker: you put up a deposit and borrow the rest of the trade value from the broker so you can make a much larger trade. You always remain liable for the whole value, so be careful.
Taking time to think about an investment is a good idea. If you aren’t sure about the OMG coin yet, you can use our summary of the pros and cons to help you decide whether it’s worth spending your money on.
- Close ties to Ethereum make it more trustworthy and reliable
- Coins give you voting rights and the ability to earn rewards
- Reducing energy consumption could be a major positive in the future
Last but by no means least, here are three final questions for you to think about before you invest in OMG Network.
1. Is it a good time to buy OMG Network?
It depends on your strategy and how long the timeframe for seeing results is. If you’re bullish about OMG’s prospects and can only see it going one way, maybe now is the right time to buy. Just note that cryptocurrency can be unpredictable, even when it’s trending up you have to expect swings in price.
Short term traders, meanwhile, should look out for when the current price becomes an appealing opportunity. You might decide this based on some technical factors, or because of the wider state of the market. Both short and long term investors can use our market analysis to help:
2. What problem does OMG Network solve, and what are the coin’s investment prospects?
OMG solves the problem of sending money without the need for a bank by vastly improving on the network speed of the original Ethereum network. It’s also a lot ‘greener’ than most blockchains, drastically reducing the amount of energy you need to process transactions.
These factors could stand it in good stead for the future. Reducing energy consumption could well become more important in the next wave of the technology’s development and OMG is already there.
Some complicating factors are the sheer number of platforms out there trying to offer similar fast transaction speeds. Polygon is similarly linked to Ethereum, while the likes of Polkadot and Cardano are competitor platforms. If you’re investing for the future, it’s important to stay on top of the latest news so you’re aware of any developments:
Should I invest in OMG at the current price?
Genesis Block Ventures (GBV) announces the acquisition of OMG network
3. Do you want to hold OMG Network for the long term?
Once again it depends on how you like to invest. With its transaction speed and reduced energy costs, OMG could be suited to a long term hold. But there are other platforms that offer more rewards if you want to hold them. Whatever your investing strategy, here are a few final tips to help.
Considerations for a long term investment strategy
If you expect a coin to only go up from here, long term investing is the best way to go. You should choose an exchange, then find a wallet to store your new coins.
Considerations for a short term trading strategy
If you’re looking for more immediate results, short term trading is the best bet. Here you want to make lots of trades quickly to try to make small profits every time. Pick a broker with low trading fees and consider learning about some analysis techniques to help you.
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