OmiseGO is an open-source, blockchain-based platform for instant peer-to-peer transactions and one of the most successful projects developed on the Ethereum blockchain, with support from Ethereum’s founders themselves, Vitalik Buterin and Gavin Wood. If you're reading this article, you probably already know something about the project.
Maybe you're a crypto enthusiast that has been following the project, or maybe you're a complete novice in the cryptocurrency world and just happened to type OMG when you saw just how many different tokens there are out there. No matter. In this guide, we'll provide you with step-to-step instructions on How to Buy OmiseGO (OMG).
Where to Buy OmiseGO – Top 5 Exchanges
Your first step in figuring out How to Buy OmiseGO is finding out where to buy them. There are thousands of crypto exchanges, from well-known, highly reputed sites like Binance or Coinbase, to exchanges like Criptolago, which almost no one has heard about. No exchange lists every single token. There are just too many of them. So first we need to know which ones list OMG.
We can find that out on sites that track cryptocurrencies, like cmc.io or coincodex.com. We can head over to coincodex, type OMG in the search box on the right, and then click on the “Exchanges tab”. Here is the exchanges list for OMG according to coincodex:
The list is ordered according to 24-hour trading volume by default and shows not only the exchanges themselves but also the trading pairs available. This tells you what you can use to pay for your OMG.
Looking at the image above, the top 5 exchanges for OMG are Binance (with the largest volume by far), Huobi Global, OKEx, Coinbase Pro, and UPbit. On Binance you can buy OMG with Bitcoin (BTC), USD Tether (USDT), Ether (ETH) and their own native Binance Token (BNB)
Let’s do a quick comparison of these top five OmiseGO exchanges:
|Coinbase Pro||Rating: |
Step-by-Step Guide to Buying OmiseGO
Based on the information above, the best place to buy OmiseGO is Binance. It has the highest trading volume for OMG and also the most trading pairs. Although Binance does accept credit card payments for buying crypto tokens, it’s only possible for Bitcoin and a few others. Buying OMG is only possible with BTC, USDT, ETH, and BNB.
Now we know where. Now let's take a look at How to Buy OmiseGo (OMG). Let’s assume you own some Bitcoin that are stored on a personal wallet (as you always should) and want to buy 0.0003 BTC worth of OMG tokens. Let’s do this one step at a time:
Step 1: Create an account on Binance
If you already have a Binance account, go ahead and skip to the next step. If not… read on.
Head over to www.binance.com and click on the yellow “Register” button in the top banner.
Fill in your e-mail address, type in a secure password, then click on “Create account” and follow all the steps to verify and activate your account. Don’t forget to set up Two-factor authentication (2FA) for added security.
Step 2: Deposit funds
Now that you have your Binance account all setup, you need to deposit the funds you’ll use to buy OmiseGO. To do that you have to transfer Bitcoin from your personal wallet to your Binance BTC wallet.
First, log in to your Binance account and, from the top ribbon, click on “Wallet” then on “Spot Wallet”
This page shows you your general balance. In other words, the combined value of the tokens in all your wallets. Click on “Deposit” from the left-hand menu.
On this page, select the token you want to deposit from the drop-down menu. In this case, Bitcoin. Your Binance BTC wallet address will appear on the right. Here you can copy the address to the clipboard or show a QR code you can scan.
Now go to your personal wallet where you have stored your Bitcoin and transfer the desired amount to the wallet address you got above. In a few minutes, after all the network confirmations have been completed, your tokens will be in Binance ready for purchasing.
Step 3: Buying OmiseGO
Now that your BTC is on Binance, you’ll need to head over to the cryptocurrency market. Click on “Markets” in the top ribbon.
Since we are buying with Bitcoin, click on the “BTC Markets” tab and then type OMG in the search box on the right.
The OMG/BTC trade pair will show up in the window. Click on it to go to the trading page.
This is the market page for the OmiseGO/Bitcoin trading pair. The first part will show some pricing information. The part you need to make the purchase is at the bottom, so scroll down.
The right-hand column is for buying BTC with OMG, so we need to look at the left-hand column. In the “Total” box, fill in how much BTC you want to spend. In this example, 0.0003 BTC. We can see here that we'll get 2.48 OMG. After everything is filled in, click on the “Buy OMG” button to complete the process. In a few minutes, your OmiseGO tokens will be in your wallet.
Best wallets to hold OmiseGO
Now that you know how to buy OmiseGO (OMG) and are the proud owner of some tokens, you could leave them in your Binance wallet. But it’s generally a good idea to hold your cryptocurrencies in personal wallets. There are several kinds of wallets you can choose from: hardware wallets (physical devices that must be plugged into a computer) or software wallets (web, desktop, or mobile).
Since OMG is an ERC20-compatible token, any ERC20-compatible wallet will do. Here are our top five wallets for holding OmiseGO. Trust Wallet has recently partnered up with Binance, so it’s a really good option if you’re planning on trading there regularly.
|Ledger Nano X||Rating: |
|Atomic Wallet||Rating: |
|Ledger Nano S||Rating: |
|TREZOR One||Rating: |
|Guarda Wallet||Rating: |
|Trust Wallet||Rating: |
More information about OmiseGO [FAQS]
What is OmiseGO?
The name OmiseGO applies to both a blockchain-based project and a cryptocurrency. The OmiseGO project is an open-source platform for instant, peer-to-peer payments, and transfers. Some people have described it as being like PayPal, but with cryptocurrencies. The platform was developed in southeast Asia, where over 75% of the people don’t have bank accounts. This platform can provide unbanked people, from all over the world, with access to sending and receiving transfers or making payments.
OmiseGO (ticker symbol: OMG) is also the name of the cryptocurrency that powers the OmiseGO payments platform.
Does OmiseGO only work in southeast Asia?
No. The company is based in Singapore but is open to people and businesses from all over the world. Wherever you live, you can buy OMG. And wherever your business may be located, you can start receiving OMG payments right now.
Is OmiseGO a good investment?
As of writing this article, 1 OMG has a price of 1.15 USD. Some of the more optimistic price predictions for the token say it could be worth between 3.5 to 5 USD by the end of 2020. The less optimistic predictions suggest it could hit that 5 USD value by 2025. So OMG looks like a good investment, at least in the long term.
How to Buy OmiseGO – Conclusion
The success of the OMG token depends entirely on the success of the payment platform. If OmiseGO really becomes the crypto world's PayPal, it can definitely soar to record heights in price. With one additional detail: 100% the OMG’s total supply is already circulating, so there are no more tokens to be mined. If the platform does take off, the token’s scarcity will take the price even higher. It looks like OMG is definitely worth putting some money into and, after reading this guide, now you know how to do it.