Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Uma, and is trustworthy!
You can find our top 3 exchanges for buying Uma here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Uma
And of course, the final step is to find Uma on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Uma (UMA)
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How to Sell Uma
- Sign into the exchange
- Find where you stored your Uma, either on a hardware wallet or on the exchange.
- Transfer your Uma to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Uma.
Considerations when looking to buy Uma.
UMA (or Universal Market Access) is a protocol to create synthetic assets based upon the Ethereum blockchain. UMA was launched December 2018.
Synthetic assets are assets that have different underlying assets but the same value. UMA allows its users to create and execute self-executing, selfenforcing financial agreements secured by economic incentives. These contracts can then be run on Ethereum's blockchain.
UMA allows counterparties the ability to digitize or automate real-world financial derivatives such as futures and contracts for difference (CFDs), or total return swaps. You can also create self-fulfilling derivatives contracts using digital assets like cryptocurrencies.
Universal Market Access's main idea is evident in its name. It develops a protocol to create synthetic assets and financial contracts on blockchain and seeks decentralization and democratization of the financial derivatives market.
Traditional financial markets are notorious for their high entry barriers. These include regulations and custodial requirements that can prevent individuals from taking part in them. For investors and traders who want to trade, it is often difficult to access markets outside their financial system. This hinders the development of an inclusive global financial market, and restricts participation to institutions that have the resources and legal expertise to do so.
UMA contracts are, however, built on Ethereum's blockchain. This permissionless nature means that anyone can create, trade, and run digitized derivatives anywhere in the world. This is particularly important for developing countries around the world, where financial institutions often remain far away from maturity, causing market participants to be isolated.