How to buy, sell and trade OmiseGO (OMG) in Australia
Learn more about where you can buy the OMG token, how it works and what you need to know before buying.
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Omise, the team behind OmiseGO (OMG), aims to create a blockchain-based electronic payments platform that accepts all kinds of fiat and cryptocurrencies. Omise seeks to facilitate exchanges around the world at lower costs than traditional payment platforms. Although trading activities on the platform will take place on existing blockchains, primarily the Ethereum (ETH) blockchain, Omise plans to create its own blockchain to streamline cross-blockchain transactions. With the OMG token, you can participate in validating transactions on the OmiseGO blockchain and earn fees in the process.
If you want to learn more about buying OMG, how OMG works and things to consider before buying it, keep reading.
Quick guide: How to buy OMG
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy OMG. Compare some other options in the table below.
Where to buy OMG in Australia
You can buy and trade OMG on several cryptocurrency exchanges, including the following:
A step-by-step guide to buying OMG
If you want to know how to buy OMG on an exchange, you might follow this example:
Step 1. Create an account on a cryptocurrency exchange that lists OMG
Select a cryptocurrency exchange that enables trading with OMG using either fiat currencies or cryptocurrencies. One such exchange based in Australia is Coinspot, where you can pay in AUD.
When you create an account at an exchange, you might have to provide your email address and password. On Coinspot, you first provide your email address to create an account.
To keep your coins secure, you should enable two-factor authentication on your account. Some exchanges require you to submit additional documents, such as photo ID, before you can begin trading.
Step 2. Deposit funds into your account
The process of depositing funds to your account varies between exchanges. This process typically involves using the exchange’s deposit feature, where you choose the currency you want to deposit. You may then be prompted to enter the receiving address of your exchange wallet.
When logged into Coinspot, your dashboard should have a “Deposit AUD” button. After clicking this button, you can select your payment method as well as how much AUD you wish to deposit.
Note that if you wish to buy OMG from an exchange which does not accept fiat currency, you will have to acquire cryptocurrency in the first place to be able to deposit cryptocurrency funds into this exchange. To learn how to get started with this, check out our guides:
You would then transfer your cryptocurrency bought with fiat currency (such as AUD) to your wallet on an exchange which lists OMG.
Step 3. Buying OMG
Ensure that you have received your deposited funds in your wallet. After this, you can proceed to buy OMG. Again, the process may vary slightly between exchanges, but the usual way involves navigating to the trading page. Then, you would select the appropriate trading pair (such as OMG/ETH if you wish to exchange ETH for OMG, or OMG/AUD if you wish to buy OMG with AUD). Next, you would specify the details of your order, such as the amount you wish to exchange, before hitting a buy button to purchase OMG.
How to sell OMG
Depending on the exchange, there might only be slight differences in the buying and selling processes. In many cases, you are only required to enter a trading pair, such as ETH/OMG or USD/OMG. You would then specify the selling details such as the quantity to be sold before you hit the sell button to sell your OMG holdings.
Which wallets can I use to hold OMG?
OMG is ERC20 compatible as it is based on the Ethereum (ETH) network. Wallets that can hold ERC20 coins should hence be able to support OMG as well. The following are some of the available ERC20-compatible wallets:
How OMG works
OmiseGO is a subsidiary of Omise, a leading payment gateway in East and Southeast Asia. Established in 2013, the developers of OmiseGO recognised that the blockchain had the potential to address interoperability problems among payment services. It counts Ethereum founders Vitalik Buterin and Gavin Wood among its advisors. Joseph Poon, the creator of the Lightning Network and Plasma, wrote the OmiseGO whitepaper and is the designer of the OmiseGO blockchain.
To send money to someone else in another country using traditional financial systems, senders have to pay transaction fees. Moreover, the money is converted to local currency before it reaches the recipient’s hands.
While mobile wallets have the capability to address this issue, mobile wallet platforms are not interoperable. This means that if the sender and recipient are on different mobile platforms, sending and receiving money remains virtually impossible.
OmiseGO aims to change all this with a global platform that offers real-time, peer-to-peer value exchange and payment services, regardless of the currency and asset type used.
Note that Omise does not own the OmiseGO platform, which will remain freely available to anyone, just like the bitcoin and Ethereum blockchains.
Real world applications for OMG
OmiseGO’s wallet Software Development Kit (SDK) is already available to other payment gateways interested in a decentralised exchange. The SDK is designed for other companies to be able to create their own wallets capable of validating transactions on the OmiseGO network. These wallets can be used for payment, loyalty and reward programs and for various other financial services.
What to consider if buying OMG
- Supply. According to CoinMarketCap at the time of writing, the circulating supply of OMG is 102,042 OMG out of a total supply of 140,245,398 OMG.
- Use. Many people might find the promise of payment platform interoperability interesting. It is hoped by the team behind OMG that companies will utilise the wallet SDK to develop their own applications. On 28 February 2018, the team released its wallet SDK code, as well as the code for its server and mobile SDKs, in a Github repository for anyone interested in developing their own wallet applications.
- Partnerships. Significant developments include Omise’s signing of a partnership agreement with McDonald’s Thailand in September 2017 and Thailand’s National Identification (ID) project in February 2018.
- Ongoing new developments and press. Monitor the news for any developments on OmiseGO. News about OmiseGO attracting more partners and more companies using its SDK wallet and payments platform are of particular interest. For example, while payment platform Stripe announced it planned to phase out bitcoin by April 2018, it praised OMG.
- Adherence to future plans. You should look at how successful OmiseGO is in implementing its roadmap plans ahead or on schedule. Find out more about OMG through reading their roadmap.
- OmiseGO is in the same market as Ripple, the blockchain-based payments platform behind XRP, the world’s third-ranking cryptocurrency by market capital.
Frequently asked questions
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