A Step-by-Step Beginner’s Guide
Buying cryptocurrency doesn’t have to be complicated!
Follow the steps below to get started investing in OmiseGO (OMG).
Step 1: Buy Bitcoin (BTC)
Exchange your fiat currency for Bitcoin at a top exchange.
I use Coinbase because it is one of the longest running and most reputable places to buy Bitcoin. It also has a well designed and easy-to-use interface.
After signing up and ID verification, you can buy Bitcoin with major currencies (USD, EUR, GBP, etc.) via online bank transfer or with credit/debit card.
Other good places to buy Bitcoin are:
Step 2: Open an account with an exchange that trades OmiseGO
Now that you have some Bitcoin, you need a place to trade it for OMG.
Here is a list of online exchanges where OMG can be bought and sold:
- BX Thailand
- Bancor Network
- Radar Relay
- OpenLedger DEX
- Lykke Exchange
- Stellar Decentralized Exchange
Exchanges are listed in order of trade volume (descending).
This list is current as of March 2018.
Step 3: Get your Bitcoin address
After opening an account at one of the exchanges above, obtain your BTC wallet address.
The details for obtaining a wallet address vary from exchange to exchange, but it is usually relatively straightforward.
Make sure to get your “deposit” or “receiver” address.
It will be a long string of random characters, looking something like this:
Copy this address for the next step. (Your own unique address of course, not the address above!)
Step 4: Send Bitcoin to your new wallet address
Send Bitcoin from your Coinbase account (or any other account/wallet funded with BTC) to your receiver BTC address from the step above.
Step 5: Trade BTC for OMG
After you receive the BTC in your “secondary” exchange account (it usually takes a few minutes) you can trade it for OmiseGO within the exchange.
The details for trading currencies vary depending on the exchange.
Generally, you will look for the OMG/BTC trading pair and buy or “place an order” to buy OMG with your BTC balance.
Your order may fill immediately or after a short while. If there is a delay, it is usually to find sufficient matching “sell” order(s) for your buy order.
Voila! Now you have some OmiseGO 🙂
About this guide
This is intended as a beginner’s “101” guide that provides a fast and easy route for acquiring OmiseGO.
There are many subtleties and best practices (such as using secure passwords, 2-factor authentication, etc.) to consider when buying digital currencies. There are plenty of sites out there that provide a wealth of information about cryptocurrency and altcoins. The point of this guide is to simplify the discussion a bit for the general goal of purchasing OMG. As always, use common sense.