UMA (Universal Market Access) was founded by two people who met on the trading floor—Hart Lambur and Allison Lu—in December 2018. This is a protocol for the creation of synthetic assets based on the Ethereum blockchain. The project enables users to create self-executing financial contracts which are secured by economic incentives.
UMA allows for digitizing and automating any real-world financial derivatives such as total return swaps or Contract for Differences (CFDs). It has become a prominent project in the market. In this guide, we will take you through the nitty-gritty of how to buy UMA and other details you need to understand before investing.
Contents
- 1 How to Buy UMA—Quickfire Walkthrough to Buy UMA Tokens in Less Than 10 Minutes
- 2 How to Buy UMA Online—Full Step-By-Step Walkthrough
- 3 Where to Buy UMA Online
- 4 Ways to Buy UMA
- 5 Should I Buy UMA
- 6 Risks of Buying UMA
- 7 Best UMA Wallets
- 8 How to Buy UMA—Bottom Line
- 9 Buy UMA Now via Pancakeswap
- 10 FAQs
- 11 How much is UMA?
- 12 Is UMA a good buy?
- 13 What is the minimum UMA tokens you can buy?
- 14 What is the UMA all-time high?
- 15 How do you buy UMA using a debit card?
- 16 How many UMA Tokens are there?
How to Buy UMA—Quickfire Walkthrough to Buy UMA Tokens in Less Than 10 Minutes
UMA is a token that is widely accessible. It’s a coin that has garnered impressive traction in the marketplace, making it a top-ranking project. If you intend to buy UMA, the best way to do that is through Pancakeswap. This is a Decentralized Exchange (DEX) that does not need a third party to initiate and complete its process.
You can buy your UMA tokens in less than 10 minutes following this procedure:
- Step 1: Download Trust Wallet: This is the best wallet to use with Pancakeswap. You can download it on your mobile device via the Google Playstore or Appstore.
- Step 2: Search for UMA: After downloading Trust Wallet on your mobile device, open the app and search for ‘UMA.’
- Step 3: Fund Your Trust Wallet: To successfully purchase UMA, you need to first fund your Trust Wallet. You can either send tokens from an external wallet or buy with your debit/credit card.
- Step 4: Connect to Pancakeswap: To connect Pancakeswap to your Trust Wallet, click on ‘DApps.’ Choose Pancakeswap and click ‘Connect’ to proceed.
- Step 5: Buy UMA: After connecting, the next thing is to buy UMA. Select ‘Exchange’ and continue by choosing the cryptocurrency you want to swap for UMA. Type in the amount of UMA tokens you want to buy. Complete the process by clicking the ‘Swap’ button.
Once the transaction is successful, the UMA tokens go directly into your Trust Wallet. Subsequently, it is kept safe and secured there. Also, you can use your Trust Wallet to trade any cryptocurrency of your choice.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
How to Buy UMA Online—Full Step-By-Step Walkthrough
Being your first time dealing with a cryptocurrency or a decentralized exchange platform, you might find the quickfire walkthrough above a little daunting. We understand that. As such, the following steps are tailored to lead you through how to buy UMA tokens more carefully.
Step 1: Download Trust Wallet
Pancakeswap is a decentralized exchange platform that requires an ideal wallet before it can be used. Trust wallet is the best option as it connects and interacts with decentralized applications like Pancakeswap seamlessly. It is backed by Binance, the biggest cryptocurrency exchange in the world, and its ease of use makes it convenient for newbies.
Trust wallet is a software wallet and can be downloaded on mobile devices via Google Playstore or Appstore. Once the download is complete, proceed to create an account and note your login details. Likewise, you will be provided with a 12-word passphrase relevant for use if you misplace your phone or forget your pin.
Step 2: Fund Your Trust Wallet with Cryptocurrency
A new wallet will be empty as you’re yet to credit it. As such, you need to fund it with cryptocurrency before you can buy UMA. Funding your Trust wallet is quite simple, and there are two ways to do it.
Send Cryptocurrency from an External Wallet
The easiest way to fund your Trust Wallet is to initiate a transfer from an external wallet. Notably, this can only be done if you have digital assets to hand.
All you need to do is:
- Select ‘Receive’ in your Trust Wallet.
- Select the cryptocurrency you want to transfer in.
- You will receive a unique wallet address to where the token will be sent.
- Copy the address and head on to the external wallet where you have the digital assets stored.
- Paste the unique address in the ‘Send’ section.
- Input the amount of cryptocurrency you want to send.
- Confirm your transaction.
The cryptocurrency will be sent to your Trust Wallet immediately after the transaction is confirmed.
Fund your Trust Wallet using your Debit/Credit Card
If you do not have digital assets in an external wallet, you have an alternative. One of the advantages of owning a Trust Wallet is that it enables you to buy cryptocurrency with your debit/credit card.
- Open your Trust Wallet app. Select ‘Buy,’ which is at the top part of the app.
- You will be shown all the tokens you can buy with your card.
- Select the token you want to buy. It is advisable to go for Binance Coin (BNB) or any other popular token like Bitcoin or BUSD.
- After that comes the Know Your Customer (KYC) process, which is needed because you are buying cryptocurrency with fiat money.
- Following the KYC process, input your card information and the amount of cryptocurrency you want to buy.
- Confirm your transaction.
In no time, the cryptocurrency will appear in your Trust Wallet.
Step 3: Buy UMA through Pancakeswap
After funding your wallet with cryptocurrency, the next thing is to buy UMA through Pancakeswap. To do this, connect Pancakeswap to your Trust Wallet and buy UMA by swapping directly with the digital asset you already have in your wallet.
Here is a breakdown of the process.
- On the Pancakeswap page, select ‘DEX.’
- Click on the ‘Swap’ tab.
- You will be shown the ‘You Pay’ tab. This is where you choose the cryptocurrency you are paying with.
For example, if you have Binance Coin already in your Trust Wallet, you are going to pay with BNB.
- Next, go to the ‘You Get’ tab. Select UMA from the drop-down list.
- You will be shown the amount of UMA the swapping equates to.
- Select ‘Swap’ to complete the transaction.
Check your Trust Wallet; your UMA token will already be there.
Step 4: How to Sell UMA
After buying UMA tokens, a time will come when you’ll want to make a profit. Since you have to trade your cryptocurrency to realize its value, then the how to buy UMA process is just as important as the selling procedure.
There are various ways you can trade your UMA tokens. The strategy you use will depend on your end-goal. It is either you cash out or swap your UMA tokens for another cryptocurrency.
- If you want to swap UMA with another cryptocurrency, you can do so on Pancakeswap using the same process as explained in Step 3.
- If you want to cash out your UMA tokens, you will have to sell them elsewhere. You can do this using a third-party cryptocurrency exchange like Binance.
However, you will need to complete a KYC process before being able to withdraw fiat money.
Where to Buy UMA Online
You can’t completely learn how to buy UMA without knowing the right place for doing it. There are a number of exchanges where you can buy UMA. But, if you are looking for a seamless purchase, the best place is Pancakeswap.
Here are the reasons why Pancakeswap is the best option.
Pancakeswap—Buy UMA through a Decentralized Exchange
Pancakeswap is a decentralized exchange that allows for direct peer-to-peer secured digital asset transactions without an intermediary. In transactions made through decentralized exchanges, the traditional third-party entities that typically manage the security and transfer of assets—stockbrokers, banks, etc—are substituted for a blockchain or distributed ledger.
Because users do not require sending their assets to the exchange, the risk of cryptocurrency loss owing to hacking is reduced. Pancakeswap also limits value manipulation or forged order volume via wash trading. The exchange also supports private trading, as you’re not required to go through any KYC process.
Pancakeswap’s interface supersedes that of other well-known DEX’s. It is effortless to use, and you do not need any previous experience to navigate the primary trading functions. In addition, the platform is created to enable anyone to maximize their profit. For example, you can loan your digital assets to liquidity pools, and in return, you gain tokens that can be staked to earn even more profits.
Pancakeswap has proved to be very secure. For instance, it is a non-custodial decentralized exchange. This means that the platform never keeps your assets directly in big hot wallets. Also, the platform has taken many steps to further help improve its security image. For example, Pancakeswap has been audited by the well-known cyber-security firm CertiK.
Pros:
- Exchange digital currencies in a decentralized manner
- No requirement to use a third party when buying and selling cryptocurrency
- Supports a sizable number of digital tokens
- Allows you to earn interest on your idle crypto funds
- Sufficient levels of liquidity – even on smaller tokens
- Prediction and lottery games
Cons:
- Might appear daunting at first glance for newbies
- Does not support fiat payments directly
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
Ways to Buy UMA
Concerning how to buy UMA, it’s essential to understand the key ways to go about it. There are several ways to go about purchasing UMA. This depends on your choice, which may be the type of cryptocurrency exchange you want or the method of payment.
The best ways to buy UMA are discussed below.
Buy UMA with Cryptocurrency
Before you can buy UMA with cryptocurrency, you need to have digital assets in another wallet. Then, all you need is to swap the digital asset into UMA through Pancakeswap.
However, you first need to connect Pancakeswap to your ideal wallet. Trust Wallet is the best choice here. As such, send the digital asset you want to use to your Trust Wallet, connect to Pancakeswap and complete the process by swapping.
Buy UMA with Debit/Credit Card
If you do not have cryptocurrency in an external wallet, Trust Wallet allows you to initiate a purchase with your debit/credit card.
- Buy cryptocurrency through Trust Wallet with your debit/credit card.
- Once the purchase is complete, connect Pancakeswap to your Trust Wallet.
- Swap the cryptocurrency purchased with your debit/credit card for UMA.
Do note that you need to undergo a KYC process because you are making a purchase with fiat money. This means you will upload a copy of your government-issued ID and enter some personal information.
Should I Buy UMA
This question should be answered after you have done your independent research. This will allow you to consider the pros and cons of UMA and make an informed decision.
To help you through that process, below are points you should factor into your decision on whether to buy UMA tokens.
Digitizes Real-World Financial Derivatives
The conventional financial markets have considerable barriers for entry in ordinances and custody demands, which tend to hinder individuals from engaging in them. As a result, it is often tricky for intending traders and investors to partake in exchanges outside their confined financial system.
This hinders the rise of a genuinely comprehensive global financial market and reduces participation to several institutions that can provide the required due diligence and legal schemes. On the other hand, UMA contracts rely on Ethereum’s blockchain, whose permissionless scenery permits users to create, trade, and run digitized derivatives from wherever in the world.
This reception is necessary for the emerging economies throughout the globe, where financial institutions are usually far from development, forcing local market members into relative isolation.
Taking Advantage of the Dip
UMA had an all-time low of $1.16 on 25 May 2020 and an all-time high of $43.37 on 04 February 2021. This implies that someone who had invested when it was at its lowest would have an increase of over 3,600%.
- At the time of writing in July 2021, UMA is worth about $7 per token.
- In comparison to the all-time high price, this means you can enter the market at a discount of about 76%.
This also gives you a short-term price target to consider. For example, if you believe in the long-term prospects of UMA and think it will eventually surpass a price of $43, then you’ll be in for an even better run.
Excellent Data Verification System
The UMA protocol has a solid data verification mechanism (DVM), which ensures the system doesn’t need a constant price feed to function. This accounts for why UMA and its verification process are tagged “priceless.”
- With other protocols, oracles monitor the collateral prices of borrowers to determine whether they are adequately collateralized.
- Where they are not sufficiently collateralized, they’ll become liquidated.
- However, with UMA, the system prompts token holders to check the adequacy of an issuer’s collateral instead.
This can be easily done by examining the amount locked in the smart contract, making it possible for anyone to call for liquidation where requirements aren’t met.
UMA Price Prediction
Just like every other cryptocurrency, UMA is highly speculative and volatile. The value of your UMA investment will greatly be controlled by market speculation, making price predictions a difficult task.
During your research, you will definitely come across several so-called prediction experts. It is best not to base your decision on such predictions and rather on your own concrete research.
Risks of Buying UMA
Because of the speculative and volatile nature of cryptocurrencies, they are prone to risks. Therefore, you need to consider these risks before you proceed to buy UMA.
The main risk is that the value of the UMA token drops in the open marketplace. If this happens and you decide to cash out, you will get less than what you invested originally.
To reduce the risks involved in buying UMA, here is what you can do.
- Keep your stakes modest.
- Adopt a dollar-cost averaging strategy. This will ensure you buy UMA in small but frequent amounts.
- Diversify your UMA investment by buying other Defi coin.
Best UMA Wallets
Once you have bought your UMA tokens, you will need a wallet to store them securely. To do this, you will want to choose a suitable wallet that will offer you a great blend of convenience and safety.
Below is a selection of the best UMA wallets in the market.
Trezor Wallet—Best UMA Hardware Wallet
One of the most reliable places to store UMA tokens is in an encrypted hardware wallet like Trezor. Hardware wallets use remarkably high-end encryption systems, to keep your funds secure from complex network attacks.
They also protect you from ingenious phishing scams that users retaining their funds in a software or website wallet may face.
Hardware wallets even enable users to redeem funds via a mnemonic seed phrase if the wallet is damaged, stolen, or otherwise endangered.
Trust Wallet—Overall Best UMA Wallet
Trust Wallet is a software wallet officially supported by Binance.
- It is one of the most commonly used wallets among traders/ investors and is a great place to keep your UMA tokens.
- If you are just getting familiar with cryptocurrencies or searching for a place to store your UMA tokens on a mobile device, a software wallet may be suitable due to the safety and backup options provided.
Get started by downloading Trust Wallet on your mobile device via Google Playstore or Appstore.
Atomic Wallet—Best UMA Wallet for Convenience
Atomic Wallet is a wallet with Android, iOS, and several available desktop versions. It supports over 300+ digital tokens, including UMA. Atomic Wallet has a built-in exchange, which users can employ to trade all of the assets supported, including UMA.
This wallet is incredibly convenient but can also be less secure than other storage options available. On the other hand, some often regard mobile wallets as more reliable due to malware not being as expected on mobile operating systems.
How to Buy UMA—Bottom Line
This detailed guide has explained the nitty-gritty involved in how to buy UMA tokens. We concluded that the best way to buy UMA is through a decentralized exchange like Pancakeswap.
Using Pancakeswap, you can buy UMA without the need of a third party. Likewise, the best wallet for you to use is Trust Wallet, as it is convenient and enables you to buy cryptocurrency using your debit/credit card.
Buy UMA Now via Pancakeswap
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
FAQs
At the time of writing in mid-July 2021, UMA is worth about $7 per token.
UMA is one of the best performing Defi coin in the market. Yet, your buying decision should be based on personal research.
The nature of cryptocurrencies presupposes that you can buy as much as you desire or as little as you can afford.
UMA hit its all-time high on 04 February 2021, when one token went for $43.37.
Trust Wallet allows you to buy cryptocurrency with your debit/credit card if you do not have digital tokens in an external source. Following your purchase, proceed to connect your wallet to Pancakeswap and swap the cryptocurrency you bought for UMA.
At the time of writing, there is a maximum supply of over 101 million UMA tokens. The project has a circulating supply of over 61 million UMA tokens, and a market cap of over $500 million as of July 2021. How much is UMA?
Is UMA a good buy?
What is the minimum UMA tokens you can buy?
What is the UMA all-time high?
How do you buy UMA using a debit card?
How many UMA Tokens are there?
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