Ontology is the high-performance multi-chain platform designed to allow businesses to easily jump onto the blockchain bandwagon.
Compare where to buy Ontology Coin, and open an account
Read on to find out more about Ontology in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy Ontology.
What is Ontology?
Developed in China by some of the people behind NEO, Ontology is a cryptocurrency (ONT) and a platform that lowers the bar to entry for businesses looking to harness the power of blockchain. Ontology technology also supports dApps and offers users data exchange and ID verification tools that might not otherwise be available to them.
The Ontology team hasn’t created the platform solely for finance companies either, which means it should have broader appeal and more chance of breaking into other sectors, such as insurance and medicine.
How does Ontology work?
Ontology is decentralised, just like many other cryptocurrencies, so it can’t be taken over by a single person or business entity and all transactions remain private and secure – a big plus for companies looking to join the network.
Essentially, the Ontology ecosystem is about trust and bridging the gap between the potential of the blockchain and real-world businesses that can benefit from it.
How to buy Ontology online – step-by-step guide
Step 1. Get a suitable wallet
Before you buy Ontology, you will need to find a reliable crypto wallet. Once you start looking, you’ll find there are a ton of Ontology-compatible wallets to choose from, so we’ve listed our top three to narrow down your search:
- OWallet: This versatile wallet is the official wallet for Ontology. It was created by Ontology developers, so you’d expect it to be a good match.
- Infinito Wallet: Compatible with over 2000 different coins, Infinito wallet is a mobile app that’s available for Android and iOS and downloadable from Google Play and the App Store.
- Clay Wallet: Also a great place to store your ONT, Clay wallet wants to simplify buying, trading and storing your funds.
Step 2. Find an Ontology exchange
Once you’ve set up a wallet, it’s time to buy Ontology (ONT) to put in there. This is best achieved by visiting an exchange. Finding an ONT exchange shouldn’t be too much of a problem as it’s a widely available coin. Here are our top picks for sourcing Ontology:
- Changelly: Usually one of the first places we hit up when we need to stock up on cryptocurrency funds, Changelly has an easy to use interface and great rates.
- Binance: Widely considered to be the best, most dependable place to buy crypto, Binance is the world’s biggest crypto exchange. It offers a huge crypto marketplace and fees that compare favourably with its main competitors.
Step 3. Withdraw your Ontology
It’s a good idea to withdraw your assets once you buy Ontology as they will be a lot safer in your wallet than left on the exchange.
How to trade Ontology– step-by-step guide
If you’re only interested in trading and not looking to buy and own cryptocurrency, you won’t need to set up a wallet. Instead, you’ll be speculating on the rise and fall of your chosen cryptocurrency’s value.
Step 1. Find a broker
Finding a broker is easy these days as there are plenty out there. However, you should do some homework and check a few out before you decide which one you’re going to go with as they all offer different features and levels of support. Some brokers are set up for the pros and others are perfect for novices. Two of the biggest and most popular brokers right now are eToro and Plus500.
Step 2. Deposit money
Once you’ve decided on a broker, the next thing on your to-do list should be to put down a deposit. When the deposit has gone through, you’re good to go, but we recommend you start with a demo account before you jump in and begin trading on your live account. Setting up a demo account will help you get familiar with the platform and give you a chance to witness the ebb and flow of your cryptocurrency’s value without risking your money.
Step 3. Decide how you’d like to trade
The two most popular ways to trade crypto are spread betting and CFDs (contracts for difference). Without digging too deep, these both look fairly similar in that whichever you choose, you’ll be speculating on the value of your chosen cryptocurrency. If you’re not sure which way you want to go, it’s probably worth doing some more research on spreads and CFDs.
Step 4. Start trading
When you’ve mastered your demo account, you’ll see that trading cryptocurrency isn’t that complicated. All you need to do is take a position based on whether you think the value of your cryptocurrency will go up or down. If you’re confident the price will go up you should take a long position (meaning buy) and if you think it will fall, simply take a short position (meaning sell).
You might also be able to add leveraged trading to your strategy, although this isn’t recommended for inexperienced traders as it’s a high-risk move. The way leveraged trading works is that you only put down a fraction of what the trade is worth and the broker covers the rest. Savvy trader use stops to mitigate risk and limit potential damage.
- Runs alongside NEO
- ONT has a great team with a proven track record behind it
- There are many uses and potential markets for the Ontology platform
- The Chinese government is generally anti cryptocurrency which could cause problems down the line
- Ontology is very similar to NEO, and is further behind