How to buy UMA (UMA) in Australia

A beginner's guide to buying and selling UMA in Australia.

UMA
UMA- USD
DEFI
$10.95
- $0.51 ( - 4.47%)

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How to buy UMA

Look for an exchange that supports both fiat and cryptocurrency to simplify buying UMA.

  1. Open an account on an exchange that supports UMA.
    Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
  2. Deposit funds into your account.
    Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy UMA.
  3. Buy UMA.
    Complete your UMA purchase and then find the best wallet to store UMA.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is UMA?

UMA or Universal Market Access is an Ethereum-based protocol that allows its users to devise a wide range of customised collateralised synthetic crypto tokens. To put it in other terms, using the UMA ecosystem, two counterparties can come together to devise financial contracts (a la derivatives) that can be backed by various forms of collateral and are enforced using smart contracts. UMA is the token that is native to the Universal Market Access protocol. It serves two key purposes: acting as a governance token for the system’s overall administration and fulfilling price requests that are made within the platform.

UMA (UMA) is the 133rd largest cryptocurrency in the world by market cap, valued at $699,805,190. The current price of UMA is $11.04, which is -2.299% lower than yesterday. Prices have ranged between $11.55 and $10.93 over the past 24 hours. All prices are listed in US dollars and accurate as of October 17, 2021 10:10 UTC.

Where to buy UMA

Find an exchange to buy, sell and trade UMA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Name Product Deposit methods Fiat Currencies Cryptocurrencies
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

308
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

272
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

276
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

166
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 160+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Coinstash Cryptocurrency Exchange
Coinstash Cryptocurrency Exchange
Cash, Bank Transfer (PayID/Osko/BPAY)
AUD

123
cryptocurrencies

Buy 120+ different cryptocurrencies using AUD with competitive trading fees in the Australian market.
CoinJar Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Debit card, Bank Transfer (PayID/Osko/BPAY)
AUD, GBP

42
cryptocurrencies

CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.05% and withdrawals are free to your bank account
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

434
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

814
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
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Compare up to 4 providers

UMA at a glance

Information last updated October 17, 2021 10:10 UTC.
Coin symbolUMA
Coin MarketcapUS$699,805,190
Total UMA supply104,915,617
Circulating UMA63,482,965
Current priceUS$11.04
All time highUS$41.56
All time high dateFebruary 04, 2021
Notable team membersHart Lambur, Allison Lu
IndustrySynthetic asset creation
Token usesGovernance
NetworkEthereum

UMA price performance over time

Historical prices compared with the price of US$11.04.

1 hour -0.02%
24 hours -2.30%
7 days -3.22%
14 days 11.20%
30 days -7.58%
60 days -2.84%
200 days -52.37%
1 year 44.76%

How to sell UMA

You can cash out your UMA with the same exchange you bought it through:

  1. Sign in to the exchange you have UMA on.
    If you store your UMA in a digital wallet, compare crypto exchanges to sell it on.
  2. Place a sell order.
    Choose the amount of UMA you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of UMA.

What to consider when buying UMA

Below are the aspects you should consider before investing in UMA:
  • Access to derivatives: In its most basic sense, a “derivative contract” can be thought of as an agreement between two parties that pertains to the future price of any asset, wherein neither party actually owns the asset in question. In this regard, UMA helps crypto owners utilise the potential of derivatives by helping in the creation of a synthetic token (of basically any asset) after a set amount of collateral has been deposited and contract terms for the freshly issued token have been agreed upon beforehand.
  • Unique operational structure: Instead of employing automated price oracles to find out which token issuers are undercollateralised, users of the UMA ecosystem are provided with a wide array of financial incentives in order to weed out any participants who they believe may not be in a position to back up their assets.
  • Synthetic tokens: Synthetic tokens can be thought of as being collateral-backed (ERC-20) cryptos whose values fluctuate depending upon their reference index. Alternatively, synthetic tokens can be thought of as being derivative contracts that can operate on any smart-contract-enabled blockchain ecosystem. Additionally, on a more technical note, these offerings need to possess three basic characteristics: they need to have a price identifier, an expiration date (much like traditional derivatives contracts) and a set collateralisation requirement.
  • Governance: UMA token holders can not only vote on the price of an asset, but they can also vote on any changes or upgrades that may have been proposed in relation to the UMA ecosystem. Furthermore, owners also have additional powers like introducing new assets on the platform, tabling UMA Improvement Proposals (UMIPs), removing any smart contracts that may no longer be in use, etc.
  • Wallet compatibility: Despite UMA-based synthetic tokens being quite complex in their design and operational utility, they can easily be stored on virtually any Ethereum-compatible wallet.

Disclaimer: Cryptocurrencies, including UMA, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of UMA is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the UMA or any other cryptocurrency discussed.

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