The OMG Network (formerly OmiseGo) is an ambitious second layer scaling solution for the Ethereum network that makes transferring Ethereum (ETH) and ERC20 tokens faster and cheaper. Users can connect to the OMG Network to buy, sell, and exchange their digital assets securely.
The OMG Network platform is built on top of the Ethereum blockchain and uses Ethereum’s smart contract capabilities to enhance value transfer operations. Users can buy OMG Network (OMG) tokens in order to invest in the platform or use the OMG Network to manage and control their digital assets.
Of course, as with other tokens, you need a secure wallet to store your OMG tokens. OMG tokens are ERC20 tokens based on the Ethereum blockchain, so you can use any wallet that has ERC20 support to store your OMG safely. The OMG Network also has its own online wallet.
That said, if you are overwhelmed by the number of wallets you can choose to store OMG, or if you need a quick recap on the advantages and disadvantages of using different types of wallets, you can continue to read our top wallet suggestions for storing OMG Network tokens.
How to Choose an OMG Network (OmiseGo) Wallet
OMG Tokens can be stored on any wallet that accepts ERC20 tokens. If you have trouble deciding on a wallet, you should think about how you plan to use OMG tokens you have. If you are buying OMG tokens for a long-term investment, a hardware wallet like Trezor or a Ledger is the ideal choice. However, if you are looking to use and trade OMG tokens frequently, you might prefer an online wallet or a desktop wallet.
What Are the Best OMG Network Wallets?
The good thing about picking an OMG Network wallet is that no matter which wallet you choose, you will certainly be able to store other ERC20 tokens along with Ether (ETH) on your wallet. Most cryptocurrency users trade more than one digital currency so it might be a good idea to pick a wallet that will allow you to trade some other major cryptocurrencies like Bitcoin (BTC), or other altcoins like Litecoin (LTC) and Bitcoin Cash (BCH).
Ledger Nano S
Ledger Nano S is one of the best hardware wallets on the market. Ledger has another model, Ledger Nano X that is also a great option, but the lower price point makes Ledger Nano S an excellent choice. Ledger Nano S combines the hardware wallet security with an easy-to-use interface thanks to its PIN code and two-factor authentication features. You can use Ledger Nano S to store more than 1,300 cryptocurrencies, including Cardano (ADA) and Ripple (XRP).
Your private keys are completely safe in this hardware wallet.
Exodus is a user-friendly desktop wallet for storing more than a hundred cryptocurrencies. You can store all your ERC20 tokens as well as cryptocurrencies like Bitcoin, Dash, and Dogecoin in an Exodus wallet. Exodus also offers live tracking charts that you can use to track cryptocurrency prices across several exchanges. Furthermore, you can use Exodus to swap digital currencies within the platform. The Exodus wallet is compatible with Windows, Linux, and MaC OS operating systems.
MyEtherWallet (MEW) is a popular, open-source Ethereum wallet that you can use to store all Ethereum-based tokens, including OMG Network tokens. If you want to store and trade a large amount of ERC20 tokens, MEW is an excellent wallet option.
MyEtherWallet is a web-based wallet but unlike most web wallets, you can store your private keys on the device you use for setting up MEW. This allows you to remain in full control of your private keys. You can also integrate MEW with your Ledger or Trezor wallet, so if you want to combine the convenience of a web wallet with the security of cold storage, this is a great choice. You can use a browser extension, or download the MEW app for iOS and Android.
How to Buy OmiseGo (OMG Network) Tokens
Once you decide on a wallet to store your OMG Network tokens, you can start buying OMG on cryptocurrency exchanges. You can buy and trade OMG tokens on several cryptocurrency exchanges including Binance, Coinbase, and Kraken. You can use fiat currencies (like EUR or USD) to purchase OMG with your credit card, or you can swap other digital currencies with OMG if you already own crypto assets.
After setting up a cryptocurrency wallet that supports OMG Network tokens, open an account in a cryptocurrency exchange that trades OMG. Once you have an account, you will be able to buy OMG tokens online, though keep in mind that most cryptocurrency exchanges require identity verification, especially if you want to buy OMG Tokens with a fiat currency. You might be able to swap ERC20 tokens for OMG without identity verification, depending on the exchange you choose.
A Few Words Before You Go…
Let’s go through a quick recap of what we covered. Founded by payment processor company Omise, the OMG Network offers a variety of financial services to their customers. The OMG Network is a decentralized exchange that runs on the Ethereum blockchain. It allows users to trade across blockchains and bundle their transactions to lower the cost of transaction fees.
Users can buy OMG utility tokens to access the OMG Network services. OMG tokens are Ethereum-based tokens that can be stored in digital wallets that support ERC20 tokens. You can use a hardware wallet like Ledger Nano for storing large amounts of OMG securely, or use a desktop wallet like Exodus for convenience. My Ether Wallet is also a good option, especially if you already own a Trezor or Ledger hardware wallet that you can integrate with MEW.