How to Buy OMG Network (OMG) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has OMG Network, and is trustworthy!

You can find our top 3 exchanges for buying OMG Network here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy OMG Network

And of course, the final step is to find OMG Network on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy OMG Network (OMG)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell OMG Network

  1. Sign into the exchange
  2. Find where you stored your OMG Network, either on a hardware wallet or on the exchange.
  3. Transfer your OMG Network to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell OMG Network.
Businessman looking at crypto trend

Considerations when looking to buy OMG Network.

OMG Network (formerly OmiseGo) is a layer-2, non-custodial scaling solution for Ethereum. OMG Network, an Ethereum scaling solution is designed to make it easier and more affordable for users to transfer ERC20 and ETH tokens on the Ethereum network.

This network uses MoreViable Plasma as its scaling solution. It uses sidechain architecture to group transactions off-chain into one batch that can then be verified on the Ethereum root blockchain. OMG Network claims that this technology can scale Ethereum to thousands upon thousands of transactions per seconds (TPS), instead of the current 10-14 tps Ethereum 2.0 is capable of.

OMG utility token is the main power source of the network. It can be used to pay fees on OMG Network and it will eventually become stakable. This will help secure the network in return.

OMG Network believes that Ethereum's high speed and high cost will have to be overcome before mainstream companies will consider building products or applications on the network.

The OMG Network project was created to make Ethereum more appealing to businesses and projects looking to scale up while reducing their carbon footprint. This is possible thanks to its plasma-based sidechain solution. It can reduce electricity consumption by up to 99 percent compared to Ethereum, and fees can be cut by approximately two thirds. Assets will remain protected by the underlying Ethereum network.

Funding from the initial coin offering (ICO) in 2017 has provided $25 million to support the platform. OMG Network parent company SYNQA raised $80 million more in Series C funding. This was also supported by several investment firms including Sumitomo Mitsui Banking Corporation and Toyota Financial Services Corporation.