To stake OMI on AscendEX, you need to have OMI in your AscendEX wallet. To do this, make an account on AscendEX and fill in your KYC details to get verified. After signing up and verifying yourself, you have to deposit USDT in your AscendEX wallet.
As you receive your USDT in your AscendEX wallet, go to the assets section and buy OMI tokens in USDT pairs. Next, go to the staking section and deposit the desired OMI tokens to stake it. If you already have Omi you don’t need to deposit USDT. You can directly send OMI to your AscendEX wallet and stake the amount.
Here’s a detailed step-by-step guide on how to stake Omi On AscendEX:
1. Signing Up On AscendEX
To begin with, sign up for the AscendEX platform using your Email ID and a password. If you already have an account you can directly log in to the platform.
You can sign up with either your Email ID or Your Mobile number. Enter your details and after filling all the tabs, click on “Continue.”
As you sign up, you will see the dashboard of AscendEX.However, to stake OMI, you first need to verify your account. Click on the “Account Verification” tab under the profile section to do so.
On the Account Verification page, click on “Verify now” to begin your verification process.
Enter all the mandatory information in this tab. It goes without saying, but mention the accurate details as AscendEX matches it with your Government ID provided by you.
After entering your basic information, you will be asked to upload your photo and your official ID on this Tab.
Click on “Start” to begin the verification process. You can do this process on both your mobile or from your PC if it has a webcam.
2. Deposit USDT Through Your Card/Crypto Wallet
After the successful verification process, you can easily buy or sell cryptos.
To stake OMI, first, you need to buy USDT.
Go to “My Wallet” and click on “Crypto Assets”. In Crypto Assets, you will find your balance in different accounts of your AscendEX wallet.
Click on Deposit under the Cash Account to add USDT.
Now, search for USDT to get your wallet address. You will be able to generate your wallet address for receiving USDT from a different address.
Select the USDT Deposit Network at your convenience
After choosing the network, you can now copy the entire address showing under the USDT Deposit Address.
Now, you need to transfer USDT with a different wallet into AscendEX.
In this case, we will take Metamask as your secondary wallet.
Log in to your Metamask account and click on “Send” to transfer funds.
After clicking on the Send tab, you will now have to enter the address of your AscendEX wallet that you copied earlier.
Now, you will be able to select the assets present in your Meta mask wallet.
Choose USDT and set the amount you want to send to your AscendEX wallet.
You can even see the Gas limit and its price while selecting the amount.
Click on “Next” once you are done entering the amount.
You will now be having this balance in your AscendEX wallet.
3. Buying OMI On AscendEX
After sending the funds to your AscendEX Wallet, go to the dashboard of the platform.
Click on the “Markets” tab to buy OMI tokens.
The Market section will allow you to buy crypto assets in different markets. You have to click on “Spot Market”.
Search for “OMI” in the search bar present on your screen.
Then, click on “Trade” to buy the tokens.
You will now be able to monitor the OMI chart and transfer its tokens.
Now, click on the “Market” tab to buy the OMI tokens at the current market price.
Drag and set the bar to the amount of OMI tokens you want to buy.
As you click on “Buy OMI”, you will receive that amount of the tokens in your AscendEX wallet.
4. Stake OMI On AscendEX
After buying OMI, there is only one step left to stake the coin on the AscendEX platform.
Click on the “Earn” tab and select “Staking” to move on to the next step.
You will come across the Staking screen where you can easily stake any crypto available on the AscendEX platform.
To stake OMI, use the search bar to find the OMI token on the platform.
As it comes up on the screen, click on “Deposit” to move further.
After clicking on Deposit, you will see this tab where you can select and modify anything before staking your OMI tokens.
It shows the APY, Deposit Term, and other related information regarding your staking.
Drag the amount and set it to your ideal amount of OMI you wish to stake.
Accept the AscendEX Staking Agreement by clicking on the box.
You can go through the Deposit, Redemption, and other rules to know more about the staking regulations.
Finally, press the “confirm” button when you are done selecting other details.
After successfully finishing all of the steps, your OMI will be up and running on the staking section of the AscendEX platform.
You can only Stake your OMI on the AscendEX platform once you have verified your account through your ID and photograph.
By staking OMI on AscendEX, you can make around 10% APR from their holdings. You will also be eligible to enter the draw to win a VeVe NFT.
Apart from this, you can even use your staked cryptos as collateral for your futures and margins trading. This lets you go long or short on your positions and allows you to hedge your risk.
Finally, read carefully all the agreements and rules of the platform before staking your OMI tokens on the platform.
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