OMGFIN

OMGFIN Review

The crypto exchange market is currently saturated with platforms offering different quality of service. And so, it is up to users to research the features of crypto exchanges before opting for the most suitable. To make this process easier, we at Cryptolinks have reviewed the crypto exchange market and listed the top performing websites in this sector. In this review, we will be focusing on one such platform, OMGFIN, and highlighting its core functionalities.

What is OMGFIN?

OMGFIN exchange was launched in 2018 as a spot trading platform designed to deliver all the tools necessary to execute orders and bring social networking to the trading community. In other words, OMGFIN is community-focused, and it aims to enable the educational benefits that networking offers new traders. As traders, you can join trading teams, execute transactions collectively, review the activities of experienced and reputable traders, and so on.

OMGFIN Limited, the parent company of this platform, is registered under the laws of the Republic of Estonia. It also holds other licenses that let it provide exchange services against fiat currencies and wallet services for digital assets. This indicates that OMGFIN is legitimate, and it would have to ensure that its business operations conform with the crypto regulatory framework of Estonia. However, note that OMGFIN is not available to traders located in the United States.

Notably, OMGFIN processes over $700 million trades daily and supports 44 coins and 141 trading pairs. Some of the supported coins include BTC, ETH, ENJ, BCH, NEO, USDT, TRX, XRP, and LTC. According to Coingecko, the BTC/USDT pair seems to be the most active market on OMGFIN. The BTC/USDT pair accounts for over 30% of the daily trading volume recorded on the exchange.

Unfortunately, OMGFIN does not support fiat currencies. Therefore, it is impossible to make deposits or withdraw with fiat payment services. New traders have to create accounts on a fiat-to-cryptocurrency exchange, acquire one of the supported digital assets and then transfer the crypto to the OMGFIN wallet before they can trade on the website.

What Are the Features Of OMGFIN?

The trading view

Like every other quality exchange platform, OMGFIN offers a standard trading terminal that features all of the trading tools required to analyze and execute trades. The trading terminal features the order book, a buy/sell box, order history, and the price chart of the digital asset pair. It is advisable to explore the trading terminal and ensure that it provides all the tools you require.

The trading fees

Another important selling point of OMGFIN exchange is its fee policy. The standard fee charged is 0.1%, which is below the market average of the crypto exchange sector.

Deposit and withdrawal limits

For its withdrawal limits, OMGFIN adopts a fee structure that takes into account the KYC status of the user. For example, If you have scaled only the first level of KYC procedures, you cannot withdraw more than 2 BTC at once. This maximum limit rises to 10 BTC when you scale the second stage of KYC requirements. The minimum limit is set at 0.002 BTC for all Bitcoin withdrawals.

Note that the minimum and maximum limits also depend on the type of payment method you choose. USDT payments have $500 and $5,000 set as the maximum withdrawal limits for KYC 1 and KYC 2 users respectively. And since OMGFIN supports over 45 crypto payment options, it is advisable to check out its fee policy to ascertain the withdrawal limits that apply to your preferred coin.

Deposit and withdrawal fees

All deposits on OMGFIN are free. However, when withdrawing, you will have to pay applicable fees, depending on the chosen payment option. The exchange charges 0.0005 BTC on all bitcoin withdrawals.

Discounts and cashback

Like a majority of crypto exchanges, OMGFIN users can enjoy discounts on trading fees. All you need to do is to hold Uquid Coin (UQC) in your account, and the platform will automatically withdraw the trading fees from your UQC balance. You are eligible for a 20% discount in the first 6 months when you pay the trading fees with UQC. For the second 6 months, the discount drops to 10%.

Besides the UQC discounts, you can also slash 30% off your trading fees when you share your buy/sell orders with friends or other members. This 30% discount also applies to users who create trading groups. The following terms govern this cashback offer:

• The 30% discount only applies when the buy/sell orders show a minimum of 2 participants.


• The exchange will set a specific threshold for the order value. You must ensure that your order value exceeds the threshold to become eligible for the 30% discount. Note that the exchange will review this threshold monthly.

OMGFIN Launchpad

The exchange also features a launchpad that promotes new projects and offers users exclusive investment deals. Launchpads have increasingly become vital components of the crypto exchange sector. Therefore, it comes as no surprise that OMGFIN provides a similar service. OMGFIN helps new projects to meet the KYC and AML requirements of their token distribution campaign when they opt for its launchpad.

IEO Airdrops

Another interesting component of the OMGFIN website is its IEO airdrop page. With this, users can receive new tokens for free. To receive airdrops, you must scale specific tasks like following a project’s social network accounts or retweeting tweets. However, we noticed that none of the airdrop programs listed on this page were active. It is difficult to ascertain whether the programs have closed or not.

Sandbox listing

In addition to its crypto startup promotion services, OMGFIN also provides sandbox listings that let new projects list their tokens on the exchange for 30 days. The sandbox listing is free, and OMGFIN hopes that it will help generate liquidity for new tokens at no extra cost.

Crypto compare tool

On the homepage of the website, you will find the “Compare” tab on the menu bar. When you click on this tab, the site will navigate you to a page where you can compare the market performance of two of any of the supported coins. This page features the price charts of the 2 coins side by side and also provides data indicating the profitability of the tokens. This page lists the top platforms where such tokens are actively traded.

Coin Info page

Furthermore, you can find more information about each of the supported tokens on the “Coin Info'' page. Here, OMGFIN provides essential details about selected coins, including their consensus mechanisms, official website, their maximum total supply, and their core functionalities. This shows that OMGFIN is looking to enable an informative platform where new crypto users can learn about cryptocurrencies.

Profitability ranking page

You can also have a vantage view of the most profitable cryptocurrencies on OMGFIN. The exchange ranks the profitability of coins using data gotten from Coingecko. Remarkably, you can filter the ranking by choosing between short-term or long-term profits.

Customer support

OMGFIN has a FAQ page where users can find short articles detailing the process involved in registering an account, scaling the KYC requirements, and much more. It is commendable that OMGFIN ensured that this page captures a majority of the complex concepts and processes that traders may encounter while using the website. The exchange also provides email support and social network accounts where users can submit queries.

What Are the Pros and Cons Of OMGFIN?

While researching the functionalities of OMGFIN, we were able to unravel the strengths and weaknesses of the platform.

What Are the Pros Of OMGFIN?

OMGFIN enables a community-based trading platform

The exchange focuses on implementing a network-based platform where traders can share experiences and take on the crypto market as a team. Such an approach promotes a budding community of traders and boosts the profitability of users.

It offers low fees

The standard fee on OMGFIN is 0.1%, which is below the industry average.

OMGFIN offers discounts and cashback

Although its trading fee is quite affordable, OMGFIN goes a step further to offer 20% discounts when users pay their fees with UQC tokens. An additional 30% discount is available to users who share their buy/sell orders with friends and other users.

It is a registered and licensed crypto exchange

OMGFIN is registered and licensed in Estonia. Therefore, it is compliant with standard practices like KYC, AML, and GDPR requirements.

All the assets are stored in a cold wallet

OMGFIN claims that 100% of users’ digital assets are stored in cold wallets to ensure that the exchange is unsusceptible to security risks.

It supports a variety of crypto assets

With over 40 cryptocurrencies and 141 trading pairs supported, OMGFIN is the ideal exchange for traders looking to profit off the volatility of lesser-known cryptocurrencies.

It provides an array of educative tools

The exchange does enough to provide details on supported coins. There are also tools that traders can use to compare tokens and identify the most profitable options.

What Are the Cons Of OMGFIN?

It does not support fiat currencies

Unfortunately, OMGFIN does not support a fiat payment method. Hence, users must own crypto before they can use the exchange.

It is relatively new

OMGFIN was launched in 2018. Therefore, it is not as established as some alternatives that have been around for over 5 years. However, in the last 3 years, OMGFIN has shown without any doubt that it runs its crypto exchange competently.

OMGFIN only supports spot trading

The exchange does not offer margin trading or futures contracts. In other words, you can only use OMGFIN for spot trading. This may seem restrictive to professional traders who would prefer a versatile exchange where they can execute all their trading activities.

OMGFIN does not support live chat

It is fast becoming a core requirement for exchanges and crypto platforms to offer live chat as part of their customer support system. It was, therefore, disappointing that OMGFIN has not enabled live chat on its website.

OMGFIN does not have a mobile app

During our research, we discovered that the exchange does not have a mobile app. This makes it a tad difficult for traders to access the platform on-the-go.