How & where to buy Uma (UMA) online
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The page explains the key things you need to understand before you invest in UMA. We start by explaining what UMA is and how it works, before taking a detailed look at how to buy UMA coin.
What are the best exchanges to buy UMA on?
If you are ready to invest and want to know where to buy UMA coin online, we have got you covered. Click on any of the links below to sign up to one of the best online brokers. Otherwise, to learn more about UMA, simply scroll down this page.
How to buy UMA online – step-by-step guide
Step 1. Find an exchange
The best place to buy UMA is on a reputable cryptocurrency exchange. 2% of UMA’s total supply was originally available on crypto exchange, Uniswap, and many of our recommended services also support UMA.
Check out two of the top options below:
- Binance: Most individuals who are involved in the cryptocurrency space will have heard of Binance, and that is because it has established itself as one of the leading cryptocurrency exchanges. Open a Binance account today >
- ChangeHero: ChangeHero has an aesthetically pleasing interface that is accessible for investors with all levels of experience. The platform also supports UMA. Start a ChangeHero account right now >
Step 2. Sign up and fund your account
Once you have chosen an exchange, you may need to sign up. If this is the case, keep a copy of your photo ID on hand because you may need to pass an identity verification check. When funding your account, most exchanges accept payment in the form of fiat currencies but you can also use cryptocurrencies like Bitcoin.
Step 3. Purchase
If your account has been correctly set up and funded, you are ready to get started. If you are using fiat money like USD, look on the exchange for the UMA/USD pair. If you are using crypto like Bitcoin, use the UMA/BTC pair. Once you have chosen the amount you want to exchange, lock in your transaction and execute it. You now own UMA tokens.
Step 4. (Optional) Get a suitable wallet
To enhance the security of your UMA, consider storing them in a cryptocurrency wallet. If you’re unsure how crypto wallets work, check out our page on Bitcoin wallets. They can take the form of hardware or software, and you can transfer your funds from your exchange account into them for an added layer of encryption. The wallets below support a variety of cryptos, including Ripple’s XRP, AAVE, and indeed UMA.
- Trezor: If you are looking for an affordable hardware wallet to securely store your UMA tokens, Trezor is an increasingly popular option. See if Trezor can help you store SNX today >
- CoolWallet: Based in Taiwan, CoolWallet is a well-known hardware wallet solution that can be used to store your UMA tokens. Check out CoolWallet and store your SNX safely >
How to trade UMA – step-by-step guide
Step 1. Find a broker
To trade UMA effectively, you need to open and close positions quickly to capitalise on short-term market fluctuations, and brokers are a convenient service that makes these actions easy. We have reviewed most of the top online brokers, but as UMA is quite a niche crypto, not every broker supports it. We recommend that you check out Plus500 and eToro because they are two of the largest cryptocurrency brokers, so are most likely to support UMA.
Step 2. Deposit money
Fund your account using fiat currency like USD, GBP, or EUR. Once these funds are loaded into your account, you can trade crypto, but watch out for the trading fees because these can quickly add up if you aren’t paying attention.
Step 3. Decide how you’d like to trade
Your success when trading UMA will be determined by your trading strategy. Take your time familiarising yourself with technical indicators and form a strong technical trading strategy.
There are numerous different ways of seeking exposure to the price of UMA, such as CFDs, spread betting, and shorting. Whichever methods you opt for, make sure you know exactly how they work first.
Step 4. Start trading
Once your trading account has been set up and funded, you can start trading UMA straight away. However, if you want to achieve the best results, it may be worthwhile having a practice run with a demo account. This means you can learn how the market works before putting your money on the line.
UMA traders can use something called leverage, which allows them to gain exposure to more units of UNI than they own outright. However, while this maximises potential returns, it equally maximises your exposure to risk. Steer clear of leverage if you are a beginner.
Trading UMA can be highly lucrative, but it is an inherently risky practice. Any trade you make should be undertaken with a certain amount of caution. Always remember, missing out on an opportunity is always better than losing your money, and new opportunities will be just around the corner.
Still undecided?
Before you decide to invest, you have plenty of information to process. To help you reach your decision, here are the pros and cons of UMA as a platform.
Pros
- First-mover advantage means UMA has enormous potential
- Team is comprised of former Goldman Sachs veterans and is more seasoned than rivals like Synthetix
- UMA remains a relatively undiscovered crypto, so prices remain low for now
- The system is priceless and doesn’t rely on price oracles that have previously been exploited
Cons
Still not sure where you stand? Here are three more key considerations before you decide to invest in UMA.
1. Is now a good time to buy UMA?
This is dependent on your own investment prognosis. Are you long-term investors or a short-term trader. If the long term is your focus, UMA could take advantage of its first-mover status to secure a leading position as an exchange innovator, making cryptocurrency the means for all to acquire universal market access. If this kind of growth occurs, the price of UMA tokens will undoubtedly rise.
If trading UMA in the short term is more of interest, the long-term trajectory of the company is less significant. You should focus on technical indicators and market fluctuations to identify a good time to make your entry.
Either way, you need to stay up to date with the latest analysis concerning UMA. Invezz has you covered, and you can check out our latest UMA analysis in the links below:
2. What problem does UMA solve, and what are its investment prospects?
UMA makes derivatives accessible to regular investors. Historically, accredited and institutional investors have held a monopoly in this regard, but by using synthetic assets, UMA has opened up derivatives to normal people allowing them to invest without relying on a central body like a bank. The day could eventually come when any asset could be represented by UMA in token form, and the possibilities really do seem endless.
The platform’s investment prospects appear strong, partly because of it first-mover advantage, and partly because many developers now see UMA as a great place to develop software. There are rivals, like Synthetix, but the ex-Goldman Sachs team at UMA will reel confident they can see off the competition.
If you want to hear about the latest news surrounding the UMA platform and UMA tokens, check out one of the links below:
DeFi tokens that will get you into the world of decentralized finance
UMA price analysis: is now a good time to buy this cryptocurrency?
UMA price analysis for June
3. Do you want to hold UMA for the long term?
Holding UMA for long periods of time to speculate on price increases has different considerations to trading UMA in a short timescale. Find out more about these considerations below.
Considerations for a long term investment strategy
If you believe that UMA is a cryptocurrency platform that will continue to grow, get in early by purchasing UMA through an exchange. A wallet may also come in handy, depending on how long you plan on holding your UMA for. Make sure you thoroughly review the business fundamentals of UMA before investing in the token.
Considerations for a short term trading strategy
If you would rather trade UMA quickly for an accelerated profit, UMA’s potential growth is not of primary interest. Instead, use technical analysis and sign up to a trusted broker. If you can spot trends, anticipate price movements and read charts efficiently, trading UMA could be a strong short-term investment strategy.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >