How to Buy OMG Network in the USA

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

Last Updated July 23rd 2021
6 Min Read

If you’re based in the USA 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, previously referred to as the OmiseGO, is a renowned cryptocurrency operating on the blockchain network. The coin represents Ethereum's value transfer network and any other token based on the ERC-20. OMG Network stands the first production-grade layer-2 Ethereum scaling solution. The coin is intended to enable users to move money together with many other digital values over the blockchain—the process is faster, cheaper and absent security-related scrutiny. 

OMG Network has earned itself a position among the leading tokens in the world today. Experts and industry professionals propose the OMG Network as a very promising investment, an outcome supported by algorithms and market predictions. 

Despite the predicted positive outcome, investors and people looking to trade in the crypto space, it is always important to consult with someone with enough knowledge and experience about the crypto arena. With proper guidance, one can easily make a good investment and align themselves with the best possible outcome. Outside good counsel, it is very easy to find yourself at a loss. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY OMG NETWORK IN THE USA
  2. A Step-by-step Guide on How to Buy OMG Network
  3. Store in a Crypto Wallet
  4. How to Sell OMG Network Tokens
  5. Things to Consider When Buying OMG Network Tokens
  6. Conclusion 

QUICK GUIDE: HOW TO BUY OMG NETWORK IN THE USA

  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

A Step-by-step Guide on How to Buy OMG Network 

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

Step 1: Open an exchange account

The first step on your journey to buy OMG Network tokens involves opening an exchange account through which you can safely buy the coins. Before signing up for an exchange account, you must be sure that it supports your intended transactions. In this case, the exchange must support or accommodate both OMG Network tokens and USD currency, as these are the items you wish to use in the trade. 

After settling on one exchange account, there are certain details that you must provide during the registration process. Among these details include your official name, phone number, and email address. Some exchange accounts require that account holders verify their identity using a government-issued ID card. The accounts also require that proof of address is verified using a utility bill or any other supporting documentation. 

For security enhancement, you must set up a strong password to protect your account against unauthorized access. 

Step 2: Deposit funds into the account

After registering the account, the next step involves depositing funds into the account. The funds are intended to facilitate your intended transactions to buy the OMG Network. Fiat currency is used to fund the exchange account and is in USD for the case of the USA. Fiat currency stands as the most common means of funding the account. It entails linking your credit or debit card directly to the exchange account and, after that facilitating the transfer. 

Supposing you wish to use another means other than fiat currency, you must have other cryptocurrencies in your account. In this case, you will trade them for the OMG Network tokens. In the latter case, all you need to do is select the pairs that match your desired trade. 

Step 3: Buy OMG Network tokens

After the registration and funding steps, you are ready to buy your OMG Network tokens. Go to the buy section of the account to specify the amount of fiat currency you wish to use in buying the OMG Network tokens. Confirm that all your order details are correct, after which you will receive a notification in your email with the details that the transaction is in progress.

When buying the OMG Network tokens, you must choose two types of orders: the market order and the limit order. The market order is the most common type that allows you to buy OMG Network at the prices currently prevailing in the market. 

On the other hand, the limit order will allow you to set a lower limit price where you can purchase the OMG Network tokens. When the price of the OMG Network reduces to a point where it matches your order limit, the order is completed automatically.

Store in a Crypto Wallet

Having bought the OG Network tokens, you must find a secure place for safekeeping. Cryptocurrencies are normally stored in either of two places; a cold wallet or a hot wallet.

Cold wallets store the tokens offline using external hardware such as a USB drive. This form of wallet is recommended for traders that prefer or intend to hold their tokens over long durations before their next exchange.

The other wallet is the hot wallet, which works by storing the tokens online using online access apps. The hot wallet is a preferred choice for individuals who trade very often and therefore require a storage platform that is easy to access upon need. 

The main difference between the two wallet forms is the security level achieved. Cold wallets are less susceptible to attacks or loss to internet hackers. 

How to Sell OMG Network Tokens

Selling the OMG Network tokens is very easy and is facilitated by the exchange account you already opened. Create a sale order to sell the OMG Network tokens. To do this, go to the sell section of the account and specify the number of tokens you wish to sell and then confirm your transaction details. You can either sell by converting the OMG Network tokens into cash or trading them for other cryptocurrencies.  

Things to Consider When Buying OMG Network Tokens 

There are certain things you must consider when buying the OMG Network tokens. These include:

Availability of the coin

When the coin is highly available, it means they are easy to sell or buy because people associate these coins with value. It would help if you always preferred cryptocurrencies with higher availability score compared to those less available. 

Usability of the coin

Coins that can serve purposes other than trading hold more value compared to those with limited uses. 

History of the coin

The performance history of a particular cryptocurrency helps in predicting its expected performance in the future. Make sure you evaluate the performance of a coin over the last few months before deciding to buy. 

Conclusion 

OMG Network is one of the most promising cryptocurrencies with a positive track record so far. However, one must always consult with an industry professional before settling on this coin. Moreover, there are certain elements that you must first take into consideration. 

eToro – Best Platform to Buy Cryptos in the USA

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

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

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.