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OMG/USD: OMG to US Dollar trading

OMG/USD is a currency pair where OMG represents a base currency, while USD is a quote one. So the OMG/USD ratio shows the amount of USD needed for 1 OMG purchase. On CEX.IO Broker, you can monitor OMG price using the OMG/USD chart to see asset performance on a specific timeframe and forecast the further price movement.
Q&A
Why trade the OMG/USD pair?
OMG Network, previously known as OmiseGo, is an Ethereum-based platform that offers a layer-2 scaling solution. It is designed to make transactions within the Ethereum network faster and cheaper using so-called Plasma sidechains. The OMG Network is powered by OMG utility token that is used for paying fees when using scaling solutions.

The explosive growth of the DeFi industry pushed the demand for layer-2 solutions, so the OMG/USD market has experienced a significant support rise from traders and crypto enthusiasts. The OMG price is quite volatile, meaning traders may benefit from price fluctuations.
How to start trading OMG/USD on CEX.IO Broker?
First, you need to register on CEX.IO Broker and create a trading account. CEX.IO Broker is a part of the CEX.IO ecosystem, so if you already have a CEX.IO account, you can use it to join CEX.IO Broker.

When creating a trading account, you need to choose your account currency and leverage size. On CEX.IO Broker, there are three account currencies that you can use for deposit/withdrawal — BTC, ETH, USDT. The OMG/USD market is available for all supported leverage sizes (2x-100x), so you can choose any available leverage that fits your trading strategy.

In case you want to change account currency or leverage size, you can just create a new trading account. In total, you can manage up to 10 trading accounts with different leverage and account currency setups.

The final step is funding your trading account with account currency and choosing the market. After deposit, you will be able to start trading OMG/USD by selecting it on the trading terminal.

Note that before getting into real trading, you can use a free demo account to learn the ins and outs of the CEX.IO Broker platform and test your trading skills with zero risks.
How to trade OMG/USD with CEX.IO Broker?
Using CEX.IO Broker, you can benefit from margin trading based on Contracts for Difference (CFDs). CFDs are financial derivatives that allow traders to profit from asset price changes instead of actually owning the base asset. So if you open a buy position on the OMG/USD pair and the OMG price rises, you can potentially take advantage of it.

Using CEX.IO Broker, you can benefit from margin trading based on Contracts for Difference (CFDs). CFDs are financial derivatives that allow traders to profit from asset price changes instead of actually owning the base asset. So if you open a buy position on the OMG/USD pair and the OMG price rises, you can potentially take advantage of it.

All trading accounts on CEX.IO Broker include the leverage, meaning it affects all trading results. Leverage allows you to operate larger amounts of funds using some part of your own money and borrowing the rest. For example, if you use 5x leverage, you can increase fivefold equity available for trading. With leverage, you can get a much bigger profit than you could on the spot market if the price movement corresponds to an open position. But when the price moves in the opposite direction to your position, leverage increases potential risks.
What order types can be used for OMG/USD trading?
CEX.IO Broker offers four order types that traders can use for numerous trading strategies — market, limit, stop, and one-cancels-the-other (OCO).

A market order is an order to buy or sell an asset at the best available price on the market. The order executes instantly, so can’t be canceled.

Limit and stop orders are also known as pending orders. Both order types allow traders to specify the price and buy below the market or sell above the market. The difference is that limit order is filled at a specified price or better, while stop order activates at the exact specified price. Limit and stop orders can be canceled before the market price reaches or passes a specified price.

One-cancels-the-other (OCO) order allows you to place two orders at the same time. These orders are limit and stop but only one of two will be executed. When one of the orders is executed the other order is canceled.
What trading instruments can help make OMG/USD trading more successful?
For making well-informed decisions, you can use a built-in interface for technical analysis in the CEX.IO Broker terminal. It is possible to set up and analyze tons of indicators and oscillations on a specific market at the same time while trading on the CEX.IO Broker platform. Traders may use technical analysis to evaluate the current market situation and find promising entry points.

If you don’t want to sit in front of your monitor all day worried that you can miss closing the position with a better price, then consider using protection orders like Stop Loss and Take Profit. These orders link to an open position for the purpose of preventing additional losses and automatically close the position when the price reaches a specified level. They can be placed, modified, canceled anytime until the position is closed.
CEX.IO Broker: trade with advanced risk-management tools
CEX.IO Broker platform provides an opportunity to take advantage of both isolated and cross margin for flexible risk management. On CEX.IO Broker, isolated margin implies multiple trading accounts where each account is independent in terms of margin requirements. It means that financial results on one trading account will not affect the positions on another trading account, allowing localizing risks and experimenting with different trading strategies.

With cross margin, you can use the excess margin of one position to satisfy the margin requirements of another position. Cross margin features can be used only within one trading account and allow you to protect positions from potential liquidation.
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