- How to buy OmiseGo (OMG) on Binance
OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. OmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants. It uses the mechanism of a protocol token to create a proof-of-stake blockchain to enable enforcement of market activity amongst participants.
Owning OMG tokens buys the right to validate this blockchain, within its consensus rules. Transaction fees on the network including payment, interchange, trading, and clearinghouse use, are given to non-faulty validators who enforce bonded contract states. The token will have value derived from the fees derived from this network, with the obligation/cost of providing validation to its users.
Step 1: Create an account on Binance
The first step in the process is to create your Binance account. The process is very simple. You are only required to provide your valid email address and a password. Make sure that you provide a strong password when creating your account, since this is a place where you will be keeping your funds. You can also provide a referral id. You can use my referral id if you’d like (13780719).
Step 2: Activate your Account
Once you finish with the first step, an email will be sent to you from Binance to activate your account. Open your email client and click on the activation link. If you can’t find the activation email from Binance then check your spam folder or request Binance to send another activation email.
Please note that they may ask you for some verification documents such as national id, driving license and/or passport.
Step 3: Log in to your Account
Go back to Binance website and log in to your account with the credential you provided in the previous step. Although it is not mandatory, the first thing that I would personally do is to set up a Two-factor Authentication in order to strengthen the security of the account.
Step 4: Transfer Funds to your Binance wallet
In Binance you buy OmiseGo (OMG) tokens only by using Ethereum or Bitcoin. Therefore, you will need to transfer some Ethereum or Bitcoin to you Binancewallet. In case, you do not have any Bitcoin on Ethereum, then you can buy some using fiat currency at Coinbase or your preferred exchange. If you don’t know how to do that, then you can just follow one of our step-by-step guides on how to buy Ethereum or Bitcoin.
In order to deposit your funds, tap on the Funds tab on the top navigation bar. Then click Deposit Withdrawals and from the list below find either the Ethereum or Bitcoin wallet, depending on what you want to deposit. Select the wallet address provided and use it in the exchange or wallet you have your funds and send them in Binance.
Step 5: Buy OmiseGo (OMG) tokens
Congratulations, you are ready to buy some OmiseGo (OMG) tokens. Tap on the Exchange tab and then Basic on the top navigation bar. On the top right of the exchange select BTC (Bitcoin) or ETH (Ethereum) and search for OMG/ETH or OMG/BTC.
This will open the trading view of the pair you want to exchange. Go and find the Buy/Sell section of the page and place your Buy order. Here you go, you have your first OmiseGo (OMG) tokens.
Disclaimer: The content of this page is not an investment advice. Please do your own research before you invest. The content of this page has pure educational and/or informational purpose.
- Date of publication:
- Mon, 02/12/2018 - 22:33
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