Since 2020, the term “cryptocurrency” has been on the rise. Everyone is looking for the next big coin to invest in or to trade.
They want to find the best token and the best platform to trade it on. This is not so difficult, especially for a beginner if you have a guide.
ECOMI claims to create the world’s best platform to purchase, protect and collect premium licensed digital collectibles using Distributed Ledger Technology.
Currently, OMI is being ranked 2404 on Coinmarketcap and has recently surged a hefty 110.94% at the time of writing.
OMI has been listed on several crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money.
However, you can still easily buy OMI with this article as a guide. Let’s get started.
What is Omi
If you are interested in buying OMI, you should first know what it is and who offers it. The OMI token is a utility token that is used as a medium of exchange when a user buys, sells, or trades their digital collectibles on the VeVe platform. OMI also ensures the immutable record of ownership for the digital collectibles.
In simpler terms, OMI is the cryptocurrency offered by ECOMI. ECOMI is a blockchain project that was developed in Singapore, and it also represents the company that started this project. David Yu is the CEO of the company, while Joseph Janik and Daniel Crothers are the co-founders.
ECOMI managed to secure 15 licenses in 2019, and they also established their NFT support and cryptocurrency wallet. That is also when they added their OMI token support.
According to ECOMI, they have created the best platform in the world for buying, protecting, and collecting many licensed digital collectibles, and all of this is done through Distributed Ledger Technology. At the moment, OMI’s Coinmarketcap rank is 2404. Not long ago, the token surged 110.94%.
Why Is OMI Different?
OMI is a distinct cryptocurrency because, unlike other cryptocurrencies, you cannot buy it with fiat even though it is available on various crypto exchanges. To obtain it, you will have to purchase Bitcoin from a larger crypto exchange and then transfer it to the exchange where OMI is offered.
What to Consider When Buying OMI
Before you decide to buy OMI, there are some factors to consider. These factors could be good, or bad. Depending on the perspective you view it from. The key factors you should consider before you bag OMI in your portfolio are-
#Limited supply.
OMI has a limited supply. The number of OMI tokens to ever be created in its lifetime is limited to 750 billion tokens. 20% of the total token supply was offered in initial private and public sales, amounting to 150 billion tokens, which is currently in circulating supply.
Also, 40% of the total supply, 300 billion tokens, is locked away in reserves and will never be a part of the circulating supply. The reserves are held for the VeVe reserve wallet, the VeVe vault wallet, business development teams for long-term initiatives, and the team, advisers, and board members of the project.
#Partnerships.
The marketplace has partnered with highly reputed brands and organizations. These high-profile partnerships provide credibility and trustworthiness to the platform as such brands and companies don’t partner with entities without doing thorough due diligence on them.
#Master Collector Program.
This is indirectly a staking mechanism for the OMI tokens. It allows you early access to NFT releases, limited edition collectibles, airdropped tokens, and more. The coins are staked in a section of the application wallet called The PowerQuest.
Eligible users will start at Level 1 of the program and as time progresses, they are segregated into an appropriate level based on factors like the number of tokens held in the wallet, purchase and sale history, community votes, and interactions.
#Augmented Reality (AR).
One of the unique features of OMI is the AR tools. These tools enable you to bring your digital collectibles to life, out of your smartphone and project them into virtual reality while using the VeVe mobile application.
How to Buy OMI
Step 1: Check CoinMarketCap to see where you can buy OMI and with which currencies
For each cryptocurrency, CoinMarketCap provides a list of purchasing options (also known as market pairs). Go to CoinMarketCap and search for OMI.
Tap on the button labeled “Market” near the price chart. In this view, you will see a complete list of places you can purchase ECOMI as well as the currencies you can use to obtain it.
Step 2: Pick a Platform to Make Your Purchase
Different platforms have different levels of security, reliability, and liquidity. Before creating an account, do your research. For this article and to guide you effectively, we would be using Coinbase.
Step 3: Register on Coinbase
Coinbase is a crypto exchange wallet. The third step you should take in buying OMI is to register on Coinbase. You can do this by downloading the app from the play store or app store, signing up, including your email address and a strong password, verifying your account and you are good to go.
Summarily, the steps you should take to register on Coinbase are-
- Download the Coinbase app
- Type your email and click ‘Get started’. Make sure you provide your real name as Coinbase will need it for account verification.
- Choose a strong password so that your account isn’t vulnerable to hackers.
- You will receive a confirmation email. Open it and click on the link within.
- You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
- Follow the next step to finish your identity verification.
Step 4: Buy Coins with Fiat Money
Once you finished the KYC process. You will be asked to add a payment method. You can then choose to either add your credit card or transfer the funds directly from your account. The advantage of a card is that you would make an instant purchase.
However, you would be charged higher fees. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposits with low fees After you are done, click the ‘Trade’ button at the top left, choose the coin you want to buy and confirm your transaction
Step 5: Transfer Your Crypto to An Altcoin Exchange
The next step for you is to transfer the crypto you just bought to an altcoin exchange. Since OMI is an altcoin, you should transfer your crypto to an altcoin exchange because that is where it can be traded.
Gate.io is an instance of an altcoin exchange that trades OMI. It also has a large number of tradable altcoins pairs. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million daily.
To get started on Gate.io, you should:
- Download Gate.io on the app store
- Type your email and click ‘Get started’. Make sure you provide your real name as Coinbase will need it for account verification.
- Choose a strong password so that your account would not be vulnerable to hackers.
- You will receive a confirmation email. Open it, click on the link and confirm your account.
- You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
- Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days’ maxima.
Step 6: Deposit BTC To Exchange
The next step you should take is to deposit BTC to exchange. To do this, the steps you should take are-
- On your screen, there is a box on the right. You would see a string of random numbers saying ‘BTC address’, this is a unique public address of your Bitcoin wallet at Gate.io and you can receive Bitcoin by giving this address to the person to send you the funds. Since we are now transferring our previously bought bitcoin on Coinbase to this wallet.
- Click on ‘Copy Address’ or right-click on the full address and click copy to grab this address to your clipboard.
- Head back to Coinbase, go to the Portfolio page and click on Bitcoin on your asset list, then click on ‘Send’ on the right.
- Under the Recipient field, paste the wallet address in your clipboard. Make sure the wallet address you have copied and the one you have pasted is the same things, to avoid sending your funds to someone else.
- Click ‘Send’ to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Go back to Gate.io and head to your exchange wallets. If you have not gotten the coins deposited yet, do not panic. It is probably going through some confirmations, verified in the blockchain network and it should take a few minutes for your coins to arrive.
Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
Step 7: Trade OMI
Once your crypto is successfully deposited, you already know you can now trade OMI. You should go back to Gate.io, then go to ‘Exchange’.
The next steps you should take are:
- On the right column there is a search bar. Make sure “BTC” is selected since you are trading BTC to altcoin pair.
- Click on it and type in “OMI”, you should see OMI/BTC, select that pair and you should see a price chart of OMI/BTC in the middle of the page.
- Below it, there is a box with a green button that says “Buy OMI”
- Inside of the box, choose the “Market” tab here as that is the most straightforward type of buying order. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
- When you have confirmed everything, click “Buy OMI”.
How to Sell OMI
You have successfully bought OMI. Now, if you want to sell, the process is pretty easy as well. You can cash out your OMI with the same exchange you bought it through.
The steps you should take are:
- Sign in to the exchange you have OMI on.
- If you store your OMI in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order for your OMI.
- Choose the amount of OMI you would like to sell.
- Complete your transaction.
- Confirm the selling price and fees and close your sale of ECOMI.
Conclusion
There are a few things to keep in mind when you buy OMI. For example, the supply is pretty limited, as there are only 750 billion tokens. The first 20% was offered in the first public and private sales, which was 150 billion tokens.
Then, 40% of the supply, which is about 300 billion tokens, was locked away in reserves. In addition to its big partners, it also has a place in the future. If you are interested to buy OMI, I hope this article has been of great help.
Frequently Asked Questions
You can buy OMI on several exchanges, including AscendEX (Bitmax), BitForex, and Gate.io.
You can trade OMI on any of the Altcoin exchanges you purchased it on.
If you are looking for virtual currencies with good returns, OMI can be a profitable investment option. Currently, the OMI price is equal to 0.00429 USD at 2021-05-14. With a 5-year investment, the revenue is expected to be around +2391.84%.
OMI is not listed on the Binance app so you cannot find this coin on the Binance app.
OMI is the cryptocurrency offered by ECOMI. ECOMI is a blockchain project that was developed in Singapore, and it also represents the company that started this project.
It looks like OMI may not be available to purchase on an exchange in the UK. You can still purchase OMI by using a decentralized exchange (DEX) instead.
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