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How to Buy OMG Network in Australia

A Beginner’s Guide to Buying and Selling OMG Network Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and wish to buy OMG Network – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many OMG Network tokens you want to buy.

OMG Network is a token whose native name is OmiseGO and represents a value transfer network for the Ethereum blockchain and any other ERC-20 based token or cryptocurrency. OMG Network is a description of the primary production-grade layer-2 Ethereum development solution. The cryptocurrency enables users (traders and investors alike) to transfer money, among other valuable digital currencies or assets on the blockchain, in a fast, cheap and secure way. 

Predictions and algorithms by industry experts and professionals have indicated that OMG Network is a promising investment strategy over the cryptocurrency market. Nonetheless, it is always advisable that new market entrants consult with their financial advisors. Consultation helps establish whether they can survive should their investment not do well. Another recommendation is that you consult with someone who has a reasonable level of experience, skill and prowess in the crypto space. Investors must make this consultation before committing their money or financial assets into this very risky and volatile investment space. 

What’s in This Guide?

By reading the following guide, you position yourself to learn best practices for the cryptocurrency market. You also learn how to buy, sell, and even store the tokens while exposing yourself to the important considerations that an investor must always consider when deciding on which coins to invest. 

The guide provides a simplified step by step process intended to make it easy even for a beginner to invest and diversify or grow their portfolio.

  1. QUICK GUIDE: HOW TO BUY OMG NETWORK IN AUSTRALIA
  2. Where to Buy OMG Network Tokens
  3. A Step-by-step Guide to Buying OMG Network in Australia
  4. How to Sell OMG Network
  5. Which Wallets Can I Use to Hold OMG Network Tokens?
  6. How OMG Network Tokens Work
  7. Key Things to Consider When Buying OMG Network Tokens
  8. FAQs

QUICK GUIDE: HOW TO BUY OMG NETWORK IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select OMG Network
  5. Enter how many OMG Network tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy OMG Network Tokens

Experts will always advise you on the recommended place for buying the OMG Network tokens, just like any other tokens - an exchange account. Exchange accounts are platforms that enable users or account holders to safely and efficiently buy the tokens of their choice at the best terms and most convenient conditions possible. An important consideration when choosing an exchange account is that it must accommodate the transactions you wish to perform. 

A Step-by-step Guide to Buying OMG Network in Australia

The following guide will help you buy MG Network in Australia, taking you through every step with enough information and insight so that your objective will be successful. However, before going into the details, it is imperative to note that you can either buy OMG Network using fiat currency or using other cryptocurrencies. 

Buying OMG Network with other cryptocurrencies

The option to buy OMG Network using other cryptocurrencies is easy and safe. This option requires that you trade the cryptocurrencies you may already have for the OMG Network. Supposing you do not have any, you must first buy them before proceeding with the trade. This option is normally a plan B for exchange accounts that do not support the use of fiat currency. 

Buying OMG Network with fiat currency 

Fiat currency entails using the currency of the country wherein you are buying. In this case, buying OMG Network using fiat currency requires that you deposit AUD into your exchange account. After that, use that to buy the OMG Network tokens. 

Follow the following steps to buy OMG Network tokens in Australia:

Step 1: Register an account

Registering the account is an easy process, often not requiring any technical training whatsoever. The account registration process is a gateway into owning your account. There are certain personal details that you must produce in this step, including your official name, phone number, and email address. 

Due to the guidelines set to govern the cryptocurrency market, you must verify your identity using a government-issued identity card and a proof of address. 

Step 2: Deposit funds into the account

After signing up for an account, you have to deposit funds into this account. The funds will later be used to buy the OG Network tokens. Depositing funds is done by linking your credit or debit card to the exchange account or making a direct bank transfer from your bank to the exchange account. 

Step 3: Buy OMG Network tokens

With a ready account with funds already deposited, you are now ready to start buying your OMG Network tokens. To buy, you have the option to use fiat currency or trade other cryptocurrencies for the OMG Network. Fiat currency entails using AUD to specify the amount of AUD you wish to spend in buying the coins and confirming your intention to move forward with the transaction. 

Supposing the account you are using does not support the use of fiat currency to buy OMG Network, you have to use other cryptocurrencies to buy the tokens. However, if you do not have any, buy them first, and after that, trade them for OMG Network. Among the cryptocurrencies, you can use include Bitcoin, Ethereum, Bitcoin Cash and others. 

How to Sell OMG Network

Selling the OMG Network is very easy, requiring that you go to the sell section of the account and specify the amount of OMG Network you wish to sell. You can either sell them in exchange for other cryptocurrencies. You will later exchange for fiat currency before withdrawing or sell the OMG Network directly for fiat currency and finally withdraw as AUD straight from the exchange. 

Which Wallets Can I Use to Hold OMG Network Tokens?

There are two kinds of wallets that you can use hot wallet and cold wallet. Hot wallets store cryptocurrencies online, making it possible for the holder to withdraw easily for trade purposes. On the other hand, Cold wallets hold tokens offline using external hardware such as a USB drive. Hot wallets are for active traders who frequently use their tokens. On the other hand, Cold wallets are a preferred choice for people who normally hold their tokens for a long time. 

How OMG Network Tokens Work

OMG Network works by using an updated plasma protocol called the More Viable Plasma (MoreVP). The protocol makes it possible to maximize the output of individual transactions, bundling and compressing transitions together into one unit before verifying them on the blockchain. 

Key Things to Consider When Buying OMG Network Tokens

Among the key things to consider include: 

Availability

Tokens that are more available hold more value because they are an accepted mode of payment or purchasing by many people. Availability is a symbol of acceptance. 

History

The historical performance can help you predict its performance and whether it is a worthy investment. 

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Virtual currencies are highly volatile. Your capital is at risk.

FAQs

Where can I buy OMG Network?

You can only buy OMG Network from a crypto exchange platform.

Can I buy OMG Network using a credit card?

Yes, you can buy OMG Network using a credit card that you can link to the exchange. However, only selected exchanges to offer this option.

Are cryptocurrencies risky?

The volatility characteristic of the cryptocurrency market means it is a high-risk investment. 

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