| Online Broker | Minimum Deposit | OMG Trading Platforms |
|---|---|---|
| Deriv | $5 Minimum Deposit | MT5, Deriv X OMG Trading Platforms |
| IQ Option | $10 Minimum Deposit | IQ Option Platform OMG Trading Platform |
| ThinkMarkets | None Minimum Deposit | MT4, MT5, ThinkTrader OMG Trading Platform |
OMG - For Scalable Applications Built On Top Of the Ethereum Network
It is possible to trade OMG CFDs at some CFD brokers, without owning the cryptocurrency and without needing a wallet. OmiseGo was the name for the network which uses the OMG cryptocurrency but it was renamed to the OMG Network and now the OMG Foundation. In essence the OMG Foundation aims to allow for scalable, fast, efficient transaction and application processing based on Ethereum.
What is the OMG Foundation (OmiseGO) ?
Some blockchains build on other networks. The Ethereum Network allows the processing of applications on the network (called smart contracts) as well as payment processing. So blockchains have been built on a layer on top of the Ethereum Network, with the aim of offering additional or improved network services.
The OMG Foundation operates as a 'Layer-2' on top of Ethereum, with the aim of providing efficiencies and services for enterprise use. The OMG Foundation has partnered with Enya to develop Layer-2 solutions. One product is Boba, which is a Layer-2 on top of Ethereum, in essence to process smart contracts more efficiently and allow them to scale, along with other efficiencies including faster transaction processing and lower gas fees (the fees to use the network).
Smart contracts are computer programs executed on blockchain networks, most famously Ethereum. However there are issues when attempting to process complex programs. Boba is an approach to be able to process complex algorithms on Ethereum by executing them on web-scale infrastructure. Applications for Boba include DeFi.
Boba has its own token (BOBA) launched by the OMG Foundation, used for governance and staking. The token which was central to the OmiseGO Network (and OmiseGO) has the ticker symbol OMG. As OMG has been around for a while, there are other applications which use OMG. Boba is aimed at dealing with the competition OMG has experienced from other Layer-2 networks which have sprung up since OMG was begun.
OMG is traded on cryptocurrency exchanges. A CFD in a Contract for Difference. This is a contract which references the value of the underlying asset (e.g. OMG on exchanges). The trader does not own any OMG while trading an OMG CFD. This means that they do not need a wallet, can go long or short and use leverage (increasing leverage increases risk and cryptocurrencies are extremely volatile). CFD brokers tend to focus on a core group of well established tokens, such as OMG.
