Buy OMG Network in Canada

A free beginner guide on how to buy OMG Network in Canada.

What is OMG Network?

OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.

The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain. According to OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second (TPS) — instead of the 10 to 14 tps Ethereum 1.0 is currently capable of.

The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stakable — helping to secure the network in return for rewards.

The OMG Network currently consists of a team of more than 50 employees scattered across the world. It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm that was formerly known as Omise Holdings.

As the projector founder, Vansa Chatikavanij received a master’s degree in earth and environmental sciences at New York's Columbia University. Following this, Chatikavanij held several consulting roles at prominent financial institutions including the International Finance Corporation (IFC) and World Bank Group, before founding OMG Network (then OmiseGo) in 2017.

Chatikavanij held the role of managing director at the company until 2019, before transitioning to the role of CEO, which she still holds to this day. Beyond this, Stephen McNamara — former head of blockchain R&D strategy at Huawei Technologies — is OMG Network's COO, whereas Kasima Tharnpipitchai, a heavily experienced engineer and consultant, is its CTO.

OMG Network believes that Ethereum’s significant speed and cost barriers will need to be overcome before mainstream businesses will consider building their products and applications on the network.

As such, the OMG Network project is built to help make Ethereum more attractive to businesses and projects that want to scale while simultaneously cutting down on their carbon footprint. It achieves this with its plasma-based sidechain solution, which can help reduce electricity usage by up to 99% compared to Ethereum and cut fees by around two thirds, while ensuring assets remain secured by the underlying Ethereum network.

1. Create accounts

Good news. OMG Network is one of the easier cryptocurrencies to buy in Canada. Certain local exchanges can sell you OMG Network directly. Which is not common for most cryptocurrencies.

If you want to directly buy OMG Network currently we recommend Newton. They have a trading pair which allows you to buy it directly with Canadian dollars.

Another way you can gain access if you do not want to get a Newton account is with Shakepay and a Binance account.

For a more comprehensive guide and comparison of the various exchanges, see the Exchanges Guide.

This step is not needed if you create a Newton account. You can buy OMG Network directly on Newton.

If you are using Shakepay or another service which does not offer OMG Network you will need a Binance account or a another global exchange account.

For a more comprehensive guide and comparison of the various exchanges, see the Exchanges Guide.

In order to fund your account you will need to verify your identity. This often involves sending in copies of your drivers license, a utility bill, and in many cases a selfie of you holding your ID. This is normal ask for verification.

As for verification on global exchanges, the verification is usually faster and less intense, as long as you are strictly using cryptocurrencies and not doing fiat transactions. For example on Binance you do not need to verify if you are withdrawing 2 BTC or less.

2. Buy OMG Network

This step will depend on which accounts you have. If it is Newton, then it is pretty simple. If it is Shakepay (or similar) and Binance there are a few more steps.

Once you have an account, OMG Network offered directly through Newton. Just go ahead an place a order, it is that easy.

If you are consistantly buying and selling OMG Network want to save a bit of money, consider opening a Binance account. It will give you the closest to market price, has the lowest fees, and the most advanced trading platform.

This process is if you don't have a Newton account, or want a more efficient way to actively trade OMG Network.

Step 1: On Shakepay buy BTC. On Newton buy XRP. On another service, review withdrawal fees and minimums, pick the cheapest.

Step 2: Login to your Binance account and goto the "Fiat and Spot" wallet. Find the currency you bought on the other service and click Deposit.

Step 3: On the service you used in Step 1, withdraw the cryptocurrency and send it to the Deposit address from step 2.

Step 4: Wait for the transaction to complete. Once you see the funds appear in your global exchange account you are ready to proceed to the next step.

Step 5: Trade for OMG Network on Binance. OMG/BTC trading pair. OMG/USDT trading pair.

3. Storing your OMG Network

If you just bought some OMG Network you are currently storing it on the exchange you bought it on. This is OK if the value is small. However, if you own a significant amount it is best practice to transfer your cryptocurrencies to a wallet that is not an exchange.

If you are just getting started you will probably want to use a software wallet. They are typically free and are considered more secure than leaving OMG Network on a exchange.

Feel free to do a google search to research what wallets are available and know what the options are. Consider looking for "decentralized" wallets.

The safest way to store OMG Network, or any cryptocurrency, is with a hardware wallet that is not connected to the internet. This is to prevent it being stolen or hacked from a exchange or a wallet connected to the internet.

Consider looking at the Ledger line of hardware wallets. They have been in the industry a number of years and offer one of the widest selections of devices.

Make sure you take the time and save your recovery information! Many people have lost small fortunes not doing this.

Once you have decided on a wallet, follow the instructions to get it setup then withdraw your OMG Network from your exchange account. Newton will cover the first $5 in network fees.

This is generally not recommended. However, you might want to do this if you are actively trading OMG Network. Be aware you are taking an extra risk. Exchanges have been known to get hacked or disappear, search QuadrigaCX scandal.

The main advantage of doing this is instant access to your OMG Network, and saving the fees associated with transactions and withdrawing.

Always consider the reputation and size of the exchange if you are storing a cryptocurrency asset on it.

Generally speaking, I do not keep a balance on any of the local exchanges. If I am going to hold a balance of a cryptocurrency coin/asset on an exchange it will be Binance as they have the most robust platform. However, use this information at your own risk. The safest place for your crypto assets is a hardware wallet like Ledger.

Regardless of the exchange, if you are holding assets on the exchange, make sure you enable two factor authentication and use a separete secure password on the account.

Summary

  1. Create an account on Newton or similar
  2. Buy or Trade for OMG Network
  3. Consider storing OMG Network in a private wallet