A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of OMGFIN consists of four parts: general info, fees, deposit methods and security.
OMGFIN is an exchange from Estonia with an exchange license from the Estonian authorities. It launched in 2018.
As you surely know, the Baltic region consists of three countries: Estonia, Latvia and Lithuania. With this in mind, it might seem odd that out of these three countries, only Estonia is the home of any exchanges (update: there is now also an exchange from Lithuania: BTC Exchange). The likely explanation for this however is that Estonia has a license you can obtain in order to conduct crypto exchange operations as an Estonian company. To our knowledge, there are only two other nations in Europe that have a clear specific legislation on this like Estonia has: Malta and Gibraltar.
On the date of first writing this review (24 October 2019), this platform’s 24 hour trading volume was only USD 8.9 million. On the date of last updating this review however (16 March 2020, right in the middle of the crisis with COVID-19), the trading volume was USD 209 million. This is an amazing improvement, which places the platform on place no. 52 in Coinmarketcap’s list of exchanges with the highest 24 hour trading volumes.
US-investors may not trade here today. So, if you’re a US-investor and you’re in love with OMGFIN, you’ll have to wait. In the meantime, use our Exchange Finder to find out which exchanges that today support US-investors.
OMGFIN Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. This is the trading view at OMGFIN:
OMGFIN Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee here: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead, just like OMGFIN.
OMGFIN Withdrawal fees
OMGFIN charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is far below the global industry average BTC-withdrawal fee, being 0.000812 BTC. So OMGFIN’s fees are roughly 40% lower than the industry average.
All in all, both the trading fees and withdrawal fees at OMGFIN are below the industry averages, which is great.
OMGFIN does not accept any other deposit method than cryptos, so new investors are restricted from trading at OMGFIN. If you are a new crypto investor and you wish to start trading here, you will have to purchase cryptos from another exchange first and then deposit them at this exchange. To find an exchange where you can deposit fiat currency, just use our Exchange Finder and we’ll help you through it.