OMGFIN is a global centralized blockchain cryptocurrency exchange focused on young investors and social networks. It was established in October 2018 with the purpose of giving young people the chance to join the blockchain world by connecting with professional traders. The founders aimed to integrate the power of social networking into cryptocurrency trading in order to gather a community of traders to share experiences and help each other to achieve their individual goals.
OMGFIN Limited was registered in accordance with the laws of the Republic of Estonia, and its headquarters are located in Tallinn. It holds the licenses from the relevant Estonian authorities for providing digital assets exchange and wallet services.
OMGFIN endeavors to ensure convenient, secure, and transparent services by selecting the best digital projects, developing effective trading methods, storing 100% funds in cold wallets, and encrypting all personal information. At the time of writing, the exchange is trading 46 coins on 145 markets with the most active trading pair BTC/USDT. OMGFIN operates without issuing its own token. The platform supports English and Chinese languages while US investors are not allowed to trade on OMGFIN exchange.
Fees and deposit methods
Though the OMGFIN platform aims to support new investors, it does not accept fiat money. The only available way to upload funds to your account is via crypto deposits. Newbies can use one of the entry-level exchanges to purchase the necessary tokens with fiat and then start trading them at OMGFIN. All deposits are free of charge.
The exchange charges both makers and takers with a 0.1% fee from the order value, but there are ways to reduce the trading fees down to 0.045%. If users hold UQC coins on their accounts, fees are automatically subtracted from their UQC balances at the same time giving an additional 20% discount to their trading fees in the first 6 months and 10% in the next 6 months. Moreover, traders have an opportunity to pay with other coins, but the discount rate will be different.
Users sharing their buy or sell orders with friends or creating groups of friends to trade get a 30% transaction costs reduction when the order value exceeds the specified threshold. Transferring funds between OMGFIN accounts is free of charge.
Maximum and minimum withdrawals and withdrawal fees depend on the token and are regularly adjusted. For example, users are charged with 0.0005 BTC when they withdraw BTC and 0.01 ETH for Ethereum withdrawal. Generally, fees are about 40% lower than the industry average.
OMGFIN platform offers its participants the following services: exchange, IEO Airdrop, Lightning Network node, a wallet, Sandbox listing, Launchpad, cashback, and referral programs.
The exchange provides all the necessary information to help experienced traders and new investors make their decisions. The trading view shows price charts for BTC, altcoins, and USDT markets, buy and sell boxes, the order book and order history. There are additional tables showing short and long time profit coins and a page, which gives short descriptions of coins presented on the exchange. The comparison page allows users to select two tokens to see their price charts, profitability or loss, algorithms, proof types, available supply, and top markets trading them. Traders can keep their tokens in OMGFIN wallet, which supports all assets traded on the exchange.
To save their customers’ costs, the team has developed the first cashback system for crypto traders. OCP, OMGFIN’s cashback program, is a kind of reward to encourage users when they share their purchases and sales with the required number of friends, and the total amount of funds meets the specified threshold. After buying or selling cryptocurrency, traders get a link to send it to their friends. If they click on the link and execute a transaction of the same type, all participants of the transaction receive a reward in the same token. For those who do not have enough friends, the system suggests strangers looking for the same reward.
To support Bitcoin and its adherents, OMGFIN is running the Lightning Network node, a software that connects to the Lightning Network to send and receive BTC from other nodes by opening special payment channels. As long as the channel is open, transactions are not written in the blockchain ledger. This enables instant payments across the network of participants while keeping the fees near zero.
Early-stage Blockchain projects, data platforms, and DeFi protocols can organize legitimate IEO airdrops at OMGFIN. They allow users to get different amounts of proposed coins by performing simple steps like installing new apps, signing up, verifying email addresses, inviting referrals, or completing social tasks.
Another OMGFIN feature STL, a sandbox listings initiative, offers the token community to get trading experience completely free of charge. STL is an environment where participants can apply to list and trade their tokens without any fee for 30 days. It gives the listed tokens such benefits as creating liquidity, attracting more investors, bringing them closer to appearing on CoinMarketCap, Coingecko, or other exchanges. Besides, STL does not require a deep KYC check or a contract.
The referral program gives users the opportunity to earn additional coins by simply inviting other investors to trade and receiving rewards based on their transactions. API information is available for developers who wish to participate in improving the OMGFIN platform.
The project’s development team consists of experienced blockchain and cryptocurrency devotees who have worked together for 5 years on building payment gateways for different types of tokens. The founder of OMGFIN is Tran Hung, who is also the CEO at Uquid and the Director at COCSI LTD. Raj Ladumor with the Digital Marketing training and an extensive background in the graphic and web design industry has been a Digital Marketer and Web Designer at OMGFIN since September 2018. He has also participated in a number of crypto projects and has worked as a Shopify Store Developer. Frank Ranker is OMGFIN Financial Advisor who previously worked for Awery Aviation Software. Anh Nguyen is a software engineer with a bachelor’s degree in computer science, who also works as a blockchain developer at Uquid.