A veteran in the crypto industry, OMG Network -- formerly known as Omise Go-- is an Ethereum-based platform that aims to solve the infamous scaling issues Ethereum faces via its Plasma Protocol. The platform’s native token OMG has been a popular investment since 2017 when it gained international attention. Today, many loyal fans still hold OMG on one of the thousands of Ethereum-based wallets. How can you choose which one is best for you? That’s a great question and one that we will attempt to answer for you down below.
Key talking points:
Without getting too fancy with technical details, an OMG Wallet is a wallet that enables users to interact with the Ethereum blockchain to store, send and receive OMG. In some cases, there are advanced wallets with other features like staking, savings accounts, trading tools, and more. Ultimately, the type of OMG wallet depends on your wants and needs.
OMG is an ERC-20 token meaning it exists on the Ethereum blockchain. Hence, it works just as any other Ethereum-based wallet works. Typically, users are given a private key consisting of words that only they have access to interact with the wallet. OMG is not physically stored in the wallet like you may believe but instead, the wallet is just a door to the blockchain, and to enter that door, one needs the private key. Other wallets manage the private key for you and you interact with the wallet using other security features like a username, password, ID verification, 2FA, and more.
When researching your OMG Network wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy OMG on a crypto exchange, then that exchange will have a built-in OMG wallet for you to hold OMG until you decide to trade it or withdraw it. Even if you manage to buy OMG with cash from your friend, you still need a wallet to store OMG Network.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure OMG wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good OMG Network wallet should be free. If someone is trying to sell you an OMG Network wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use an OMG Network wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, OMG Network wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw OMG Network using your wallet, just open up your app and find OMG Network in the wallet section. You should then see buttons to deposit or withdraw OMG Network. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your OMG Network can do so. If you are withdrawing OMG Network, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the OMG Network there.
OMG Network wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop OMG wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile OMG wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile OMG wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are OMG wallets for all types of operating systems like Android or iOS.
Web OMG wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best OMG Network wallet.” To be honest, there is no “best OMG wallet” for us as a collective whole. However, there is an OMG Network wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best OMG Network wallet? Well, that’s for you to decide.
When asking what the best OMG Network wallet for beginners is, it’s important to first dissect what a beginner demands from an OMG Network wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced OMG Network users and investors also appreciate clean simple interfaces on their OMG Network wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile OMG Network wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all OMG Network wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy an OMG Network hardware wallet to use in cooperation with your mobile or web wallets. OMG Network hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best OMG Network wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best OMG Network wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular OMG Network wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our OMG Network wallet functionalities for your iPhone.