Where are the best places that you can buy OMG Network (OMG) in the UK with GBP?
In this guide, I’m going to quickly detail some places where you can buy OMG Network (OMG) in the UK without getting ripped off.
Summary: Buy OMG Network (OMG) in the UK
Here are some of the cheapest places where you can buy OMG Network (OMG) in the UK.
| Provider | Payment Method | Fees (Approx.) |
|---|---|---|
| Coinbase (Advanced) | UK Bank Transfer | < 1% |
| CoinJar | UK Bank Transfer | 1% |
| CoinJar | Credit & Debit Card | 2% |
| Crypto.com | UK Bank Transfer | Variable |
| Crypto.com | Credit & Debit Card | 2.99%+ |
| BC Bitcoin | UK Bank Transfer | 5% |
Coinbase‘s Advanced Trading interface is currently one of the cheapest places to buy OMG Network (OMG) in the UK. It’s FREE to deposit GBP with a UK bank transfer and maximum trading fees are 0.6%.
But there are some other good options you could use.
Read on for more detail about my favourite places.
Best Places to Buy OMG Network (OMG) in the UK
1. Coinbase
Coinbase is a popular cryptocurrency exchange that allows you to buy OMG Network (OMG) cheaply with GBP.
However, that’s only if you enable the Advanced Trading interface. If you don’t, you’ll pay much higher fees.
You can deposit GBP with a UK bank transfer via the Faster Payments Service (FPS). This means that your money will be credited to your account with minutes (after the initial deposit).
You’ll then pay a maximum of 0.6% in trading fees when using Coinbase Advaned.
- Create a Coinbase account. You’ll need to verify your identity and address.
- Deposit GBP with a UK bank transfer to your Coinbase GBP wallet (FREE).
- Toggle the Advanced dashboard by selecting ‘Trade’ in the left sidebar, then ‘Advanced’ at the top of the page. You can toggle it off by selecting ‘Simple’ in the same place.
- Buy OMG Network (OMG) on the OMG/GBP spot market (real exchange rate, max 0.6% fees).
Check out their website to learn more.
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2. CoinJar
CoinJar is a cryptocurrency platform that allows you to buy OMG Network (OMG) and a growing number of other cryptocurrencies with GBP.
It supports UK bank transfers (via Faster Payments), which means that your GBP should be quickly credited to your CoinJar account. After my initial deposit, I’ve found it takes just minutes to appear in my GBP wallet on CoinJar.
You’ll pay a fixed fee of 1% when you buy or sell any cryptocurrency on CoinJar. The exchange rate you’re offered is sourced from the CoinJar Exchange. I’ve found that this tends to be a little bit above the best rate available, but not by much.
- Create a CoinJar account. You’ll need to complete KYC verification.
- Deposit GBP with a UK bank transfer to your CoinJar GBP wallet (FREE).
- Buy OMG Network (OMG) with GBP (variable exchange rate, 1% fixed fee).
Check out the CoinJar website to learn more.
What is OMG Network (OMG)?
The OMG token was the native cryptocurrency for the OMG Network, a layer-2 scaling solution built on Ethereum. It was originally designed to make it easier, cheaper, and faster for users to transfer Ethereum (ETH) and ERC-20 tokens.
However, the OMG Network failed to gain traction in the cryptosphere as it competed with other similar Ethereum scaling solutions like Loopring and Polygon.
As of 2021, OMG Network is considered a dead project and is no longer operating.
The former OMG Network has since been acquired by Enya, a blockchain development company. Enya built a new layer-2 Ethereum scaling solution called Boba Network in 2021 and inherited the entire OMG Network community.
The Boba Network is the brainchild of Enya, the blockchain development company that acquired the former OMG Network.
Boba is marketed as a “next generation Ethereum layer-2 optimistic rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts.”
To achieve these goals, the Boba Network effectively takes transactions on the Ethereum network and bundles them together before sending them to the blockchain for processing and finalisation. This process helps to reduce overall gas fees without sacrificing transaction speed or security.
Boba also offers a handful of other features, such as an NFT Bridge and unique smart contract coding capabilities for developers. Additionally, Enya plans to decentralise the running of the Boba Network by turning over governance to the up-and-coming Boba DAO (decentralised autonomous organisation).
After the OMG Network stopped operating, OMG tokens ceased to have a real-world purpose.
However, all OMG token holders that had tokens in a non-custodial wallet on 12 November 2021 were eligible to receive BOBA tokens (the native token of the Boba Network) through an airdrop. OMG tokens were replaced 1:1 for BOBA tokens and were deposited directly into user wallets.
The BOBA token offers a number of key features for both former OMG token holders and newcomers to the network. These include:
- All BOBA token holders get to vote on proposed changes to the network through the Boba DAO.
- Anyone that holds BOBA tokens can stake them on the network. In exchange, token holders can earn a portion of the fees generated by the Boba Network.
However, keep in mind that the Boba Network is still very new, so the utility of the BOBA token may change over time.
Also note that anyone who purchased OMG tokens after the airdrop snapshot date of 12 November 2021 isn’t eligible for a BOBA token airdrop. But you can now purchase BOBA tokens directly on some centralised and decentralised exchanges.
Best OMG Network (OMG) Wallets
In most places where you can buy OMG Network (OMG), you’re able to leave it with them to take care of.
This is a simple and convenient option, but this isn’t considered best practice amongst crypto-enthusiasts. This is not only because you’re trusting a third party to take care of YOUR money, but because these places are lucrative targets for hackers.
And without fail, we have examples of cryptocurrency exchanges and services being compromised every year. In 2020, more than $150 million in digital assets were stolen from KuCoin. More than twice this amount was taken from multiple places in 2019.
If you want to take control of your OMG Network (OMG), here are a few hardware wallets which support it:
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