How to buy UMA (UMA) in Australia
Learn how to buy UMA (UMA) on 20+ crypto exchanges in our step-by-step guide.
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You can buy UMA (UMA) on a cryptocurrency exchange like Digital Surge. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. 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. Here's how to buy UMA.
How to buy UMA in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy UMA is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, POLi and Osko payments are widely accepted.
- Buy UMA You can now exchange your funds for UMA. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your UMA to your personal wallet.
Where to buy UMA in Australia
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.
How do I find the best places to buy UMA?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy UMA?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading UMA.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing UMA with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy UMA with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy UMA with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy UMA on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase UMA by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for UMA on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy UMA?
The easiest way to buy UMA is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying UMA, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of UMA has been performing recently.
Best UMA wallets to store your UMA
You can keep your UMA on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Recent UMA developments
January 2022: Digital asset manager Grayscale Investments dropped UMA tokens from its DeFi fund.
Is UMA a good investment?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.
Additional information about UMA can be found using our UMA analysis tools.
Today's UMA price versus ATH
Compare today's price of UMA ($2.51 USD) against its all-time-high price of $41.56 USD on 04 February 2021. The closer the bar is to 100%, the closer UMA is to reaching its ATH again.
ATH date: February 04, 2021
UMA ATH: $41.56 USD
How to trade, convert or sell UMAYou can convert or sell your UMA with the same exchange you bought it through:
- Sign in to the exchange you have UMA on.
- If you store your UMA in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of UMA you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of UMA.
- Complete your transaction and move your UMA to a wallet for storage.
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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