OMGFIN Review
Cryptocurrency is currently trending in the financial system of the world today as it is rapidly gaining global acceptance and adoption. Several countries of the world are now developing systems that would enable their economies to wholly accept cryptocurrency. Finance experts also believe that with the rate of development currently being witnessed in the financial technology sector, cryptocurrency would replace fiat currency in the coming years. The advent of cryptocurrency has resulted in the establishment of an avenue for the exchange of crypto tokens and coins. This avenue is now known in the world today as the crypto market which can be accessed from any geographical location. Crypto trading is a highly beneficial source of wealth and a profitable investment platform. It is a digital market that is currently gaining acceptance as it is not restricted to any geography or physical environment.
However, for you to trade and exchange tokens in this market, you will require the services of a crypto exchange. These exchanges are platforms that support the buying, selling, and exchange of digital assets or crypto tokens. They are the platforms through which institutions and individuals can interact with the crypto market. Without these platforms, it would not be possible for an individual to trade cryptocurrency thus reaffirming the relevance of these platforms. Presently, numerous crypto trading platforms offer individuals the opportunity to buy and exchange cryptos efficiently and the OMGFIN exchange is a great example of such a platform. It brings together crypto investors and traders, buyers and sellers in an environment that is secure, ideal, and safe. It is a platform that also stands alone in its dispensing of crypto trading services and conduct of crypto transactions.
Crypto platforms can either be regulated or deregulated. Regulated crypto platforms imply those exchanges that are subject and confined to certain legislations, restrictions, and regulations already laid down by certain regulatory bodies, most of which are government agencies. It also indicates that the operations of such exchanges are guided by those principles and regulations. Most crypto users prefer regulated exchanges as their regulation providers a form of credibility and guarantee of continuity. Platforms that trade digital assets can also be centralized or decentralized. Centralized exchanges are those who entrust their funds and users’ investments to a third party, usually a financial institution for safekeeping. Several crypto investors however prefer decentralized exchanges in which each user takes ownership of his digital assets and can access them.
Knowing how important these exchanges are, within this review, relevant information about OMGFIN exchange would be provided in detail to help you on your journey into crypto trading.
| Exchange platform | OMGFIN |
| Website | omgfin.com |
| Variety tokens | 35 |
| Account needed | Yes |
| Verification | Yes |
| Verification levels | Two |
| Trading platform payments | Crypto wallet |
| Customer support | Email, Twitter, Telegram, Facebook |
What is OMGFIN Exchange?
The massive acceptance of cryptocurrency was largely due to the influences of social networks and functional networking systems. Having viewed the success of cryptocurrency and social networks, the OMGFIN exchange which was established in 2018 was modeled upon that foundation. This crypto trading platform which is headquartered in Estonia is designed to serve as an efficient trading system for young crypto investors and social networks as it is a combination of both trade features and networking options. This social network feature makes this exchange stand out as similar platforms are only concerned with granting users trade services. As an exchange, the firm is concerned with bringing together a group of experienced and knowledgeable traders who would share their knowledge and trading experiences towards the individual success of each trader.
The focus of this platform is the ability to utilize the power of collective knowledge and team investment into creating a user-friendly and socially driven market geared towards the profit of each investor. For individuals new to the crypto world, this platform would be of great help to them as it would facilitate a quick familiarization with the operations of the market. It would also expose them to experienced and seasoned traders from which they can learn trading strategies and grow effectively. The emphasis of this platform is on connectivity and collective good that would be channeled to individual successes. It is a spot trading platform designed to utilize the necessary tools in carrying out transactions while insulating the collective power of social networking. This platform focuses more on the community of traders as it believes that individual profit and success are achieved through collectiveness.
Amazingly, the exchange is a popular one as it handles about $700 million in trades and transactions daily which is a testament to the fact that it enjoys a relatively large user base. For the platform, the satisfaction of every user is considered and treated as a priority and this explains the trading services which the platform offers.
Even though the platform is only a few years old, it has speedily become the favorite of most crypto users especially the experienced ones.
OMGFIN Trading Services
The services offered by these crypto platforms often attract the users they enjoy. For a firm that is committed to the satisfaction of its users, this exchange has certain services which make it unique in the crypto market. Experiences crypto traders often use this platform because of the large number of cryptos traded on the exchange. The platform currently offers about 40 cryptocurrencies and supports about 141 trading pairs, offering even lesser-known coins. This implies that users have a wide pool of tokens to select their desired choices of investment and instruments of trade. It also implies that traders can transact in multiple coins and tokens at the same time thus increasing the user’s chances of market success.
In addition to this, the platform offers a launchpad feature that brings to light new projects, promoting them and offering users premium investment deals and opportunities. Launch pass, in general, is beginning to gain relevance in the crypto trading world and so the platform offers one to show much it is dedicated to customer satisfaction. New projects being introduced are subjected to both KYC and AML requirements. Furthermore, the platform also features an airdrop page where users get to receive airdrops of prospective and promising crypto tokens. This means that while users are trading and earning profits, they can also get free tokens with value through the airdrop feature.
As user satisfaction is an important goal, the platform has a crypto compare tool which is very beneficial especially to newcomers in the crypto world. This feature which is found on the exchange’s homepage allows you to compare the price performance of two tokens in the market. This way, users can make the best choice of token investment and exchange as they are guided by price performance and market changes. The platform not only compares the two tokens but also shows the level of profit the token can attract and other platforms where the tokens are also being traded. In addition to this, the exchange offers a coin info page where you can gain necessary information about the several tokens listed on the platform. This kind of knowledge is highly beneficial to new crypto users, as it held them quickly get familiar with these digital tokens.
How Does The Exchange Work?
With every crypto trading platform, you can not just open the website and start trading. There are certain procedures and processes which must be undertaken before the conduct of trade. This trading platform is similar to others in this regard. For you to trade on the exchange, you must own an account and this is the first step. In creating the account, you will be required to submit your name, email address and then to create a password for your account.
Once this stage is complete, the email address provided would need to be verified to confirm if it is active or dormant. After the completion of your email address, your account on the exchange would then be created. However, this account would not be functional until you complete the KYC process. This means that until you verify your account by completing the KYC process, you will not be able to carry out trade or crypto transactions, thus the account remains useless until KYC is complete.
For the KYC process, the platform would require the submission of certain personal information such as your names, address, cell phone number, city, and country of residence. All the mentioned details to be provided must be correct to scale through the authentication process. You would also be required to upload a valid government-issued identity card and it would be done in the front and side photo formats. In addition to this, new users would be required to take a picture with your face visibly showing, holding your ID card, a note containing the name of the exchange, and a note depicting the date of registration, all of which must be visible. After all these documents have been provided, you can then proceed to submit them. The verification application would then be processed within 24 hours with the exchange confirming and authenticating all the information provided.
As much as these processes appear cumbersome or strenuous, they are highly essential as the platform which encourages social networking between users is also particular about its users being humans and not robots. Account verification is the best way to ensure that only people with real identities own accounts and trade on the platform thus reducing the risk of scams and hacks. Once your account has been verified, you can go ahead to fund your account and then begin trading.
OMGFIN Trading, Withdrawal, and Deposit Fees
As much as crypto exchanges are created for the buying and selling of crypto tokens, trade involving these digital assets is not free as they attract some charges when placed. For trade to take place on a crypto platform, two parties are always involved. These two parties are known as the maker and the taker. The former places an order while the latter receives the order placed. In most platforms, these two parties attract different fees but on the OMGFIN exchange, there is a fixed fee for all trade transactions. Both the maker and taker are charged a fixed rate of 0.1% for every transaction.
Deposits on this exchange are free and the only means of deposit here is cryptocurrency. This is because the platform is dedicated to incorporating crypto trading and exchange with social networking, therefore there is no room for the inclusion of fiat currency. This can be a discouraging factor for new traders but they can convert fiat currency to crypto and then register with this platform to enjoy trading in a secure and social environment.
In the case of withdrawals, they are not free but the fee charged is usually dependent on the cryptocurrency being withdrawn. The withdrawal fee for both Bitcoin and Ethereum is 0.0005 BTC and ETH respectively and this is relatively low thus encouraging transactions and continuous investments. Other token withdrawals are also relatively low and this contributes to the number of users the platform enjoys.
OMGFIN Interface
Its adoption of social networking as an added feature in crypto trading is obvious in the platform’s interface as its desktop view is highly interactive and user-friendly. Tokens and their current price performance are displayed boldly on the platform’s webpage thus keeping users abreast of the subtle market changes and price fluctuations. Token information is also provided in a way that is easy to understand even to beginner traders. By doing so, users are informed properly of the market situation before taking certain trade decisions and applying marketing strategies. Thus, the risks of loss are reduced to a minimum while the chances of success are fully increased.
In addition, as the platform is easy to navigate, it greatly supports the educational materials which are provided by seasoned and experienced traders which is the major benefit of the social networking and trade combination. New users and beginners in crypto trading find this feature very helpful as it serves as it helps them become familiar with the crypto world. For premium user experience, the platform is available only on desktop thus exuding a guarantee of standard delivery.
OMGFIN Exchange Security
Due to the volatile nature of the crypto market in general, crypto trading platforms usually take their security and that of the assets in their possession very seriously. This exchange takes security to a much higher level as it allows for social interactions and community sharing and trading. Each account on the platform is mandated to undergo a verification process which is carried out for confirmation and authentication. The platform also offers users the option of a two-factor authentication feature which allows users to further secure their accounts from thefts, hacks, and breaches. This reveals the exchange’s dedication to the protection of users’ assets and tokens.
The firm is also a centralized exchange and this implies that the investments and assets of investors and traders are stored securely with a third-party institution with a high level of credibility. As it is a regulated platform, there is no fear or worry regarding its continuity and continuous existence. Security is a priority to this platform and is constantly regarded as such.
Customer Support
One unique feature of this crypto exchange is that the attention it pays to social networking as regards crypto trades is also directed to building good relationships with its users and investors. Social interactions are considered valuable by this platform so every feedback from its users is treated with utmost importance. The platform connects to its traders through several means.
- · FAQ page/Help center
It is found on the platform’s webpage and is dedicated to providing answers to questions most users have or would have over time. These questions span across several areas of the platform and in summary provide a breakdown of the operations of the exchange and make it readily available to users, especially new ones.
The platform has an email address to which questions, complaints, and contributions can be directed. It is also the means through which issues relating to the user’s account are resolved as every matter about your account is regarded as a sensitive one.
Announcements about current happenings and developments concerning the exchange are made public through this means thus keeping its users up-to-date on the developments within the platform.
- · Telegram
Vital information is also disseminated through this media but it also provides an avenue for users on the platform to interact and share trading experiences and strategies. Even though it is an official platform of the exchange, it is advisable to keep account details and history away from this media as failure to do so can be disastrous.
Most crypto trading platforms just focus on providing trading services for their users but OMGFIN exchange creates an environment where individuals can both trade and interact securely and successfully for their development economically. The exchange is dedicated to helping young investors make maximum profit trading in the crypto market by helping one another succeed through networking and social Interactions.
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