How to Buy UMA | Where, How, and Why
Universal Market Access, UMA, is a decentralized financial contracts platform built for the creation, maintenance, and settlement of financial contracts on coins that have been listed on several crypto market exchanges.
This article will look into how to buy UMA even if you have never purchased it before. Unlike several leading cryptocurrencies, you cannot purchase UMA directly with fiat money. First, you need to buy crypto, i.e., Bitcoin, from a major crypto exchange and transfer it to the exchange that offers “Universal Market Access” for trade.
Read on for our guide on different ways to buy UMA.
History and Overview of UMA
Universal Marketing Access (UMA) was launched in 2018, co-founded by Allison Lu and Hart Lambur, two ex-Goldman Sachs traders. Lambur is a computer scientist who is also the CEO and the founder of Risk Labs, in charge of UMA project development.
UMA aims to enable users to transfer risk across the internet without the need for central authorities. The traditional derivatives market inspired them to create an open-source protocol to allow anyone, anywhere, to design and build trustless financial contracts.
The open-source system of UMA consists of two parts: Priceless Financial Contract Designs, which are used to create synthetic tokens, and a Data Verification Mechanism (DVM), a decentralized oracle service.
To minimize the use of oracles, which they believed to be the biggest problem faced by Decentralized Finance (DeFi), the team designed a “priceless” contract. These contracts were developed to encourage appropriate behavior by enforcing mechanisms that motivate counterparties to collateralize their positions when entering a UMA contract.
● Trustless Tokenization: This is the process of creating ERC-20 tokens using UMA contracts to create synthetic exposure to anything that has a price. This functionality allows users to create new financial products never seen in the traditional finance market before.
The native token for the Universal Market Access project is the UMA token (UMA). UMA is used as a governance token for the UMA system. It is also used to fulfill price requests made on the UMA protocol.
UNI Price of UMA
The UNI price of UMA is the rate and value at which UMA can be priced.
UMA price depends on numerous factors that can affect the market value of UMA. It can change drastically due to the high volatility in the cryptocurrency market, market sentiment, the flow of assets on exchanges, and other factors. The price of UMA is also influenced by the number of tokens being used to vote in the DVM and the amount of value locked in the UMA protocol.
UMA is currently ranked #139 of all cryptocurrencies by total market cap, with a market cap of 465,892,476 EUR. It has a circulating supply of 62,846,062 and a max supply of 104,778,713.928367 UMA.
Why Should You Buy UMA
There are several reasons why UMA may be considered a good investment:
● Demand and Supply: UMA’s price at any given time is determined by the balance of supply and demand on exchanges. When more people buy UMA than sell it, the price goes up, and when more are selling than buying, the price goes down.
● Price: The price of UMA is relatively low currently compared to other significant coins. It’s best to buy it while the price is low to gain profit when its value increases significantly.
● Exchange Versatility: Unlike other main cryptocurrencies, UMA cannot be directly purchased with fiats money. You need first to buy Bitcoin from large exchanges and then transfer to the exchange that offers to trade UMA. However, it will soon become a tradable coin, i.e., available for trade with other currencies.
Detailed Steps on How to Buy UMA if You Do Not Have Existing Crypto
As mentioned before, one cannot buy UMA directly with fiat currency. So, to buy it, you need to purchase a cryptocurrency like Bitcoin, Ethereum, or Safemoon.
Here is a step-by-step guide on how to buy UMA on Coinbase exchange, one of the major crypto exchanges:
STEP #1: Register on Coinbase
Download the Coinbase app on Android or iOS to get started. You first need to register on Coinbase to purchase cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or Safemoon. You can later exchange these currencies for UMA.
● Tap “Get Started” and enter accurate, up-to-date information to avoid any issues.
- Legal full name, required for account verification
- Email address
- Password (choose a strong one to protect your account from hackers and store it in a secure place)
- Your State
● After that, you will get a confirmation email in your registered email address with a link embedded within. Click the link to verify. You will then need to provide a valid phone number for two-factor authentication(2FA). It serves as an extra layer of protection for your account.
● Follow the required steps to complete your account verification. Once your account is verified, you are well on your way to making your first crypto purchase on a trusted exchange platform. It should take about 15 minutes for the fully automated Know-Your-Customers (KYC) verification of your identity.
STEP #2: Buy Coins With Fiat Money
Once the KYC process is completed, you will need to add a payment method. You can choose between adding a debit or credit card or using a bank transfer. If you decide to use a card, you may be charged higher fees, but the purchases will be instantaneous. Using a bank transfer might be cheaper and slower, depending on your country of residence.
After the payment method has been added, you can click on the “Trade” button on the top left corner of the page and select the cryptocurrencies you want to purchase. You need to confirm your transaction by cross-checking the necessary details, and you have made your first purchase.
STEP #3: Transfer Your Crypto Coins to an Altcoin Exchange That Supports UMA
UMA is considered an Altcoin (any other coin apart from the significant cryptocurrencies). You need to transfer the cryptocurrency you have purchased to an exchange platform where UMA can be traded. MXC exchange, as an example, supports many tradable altcoin pairs, and you would have to go through the required steps to register on this platform.
After the registration and identity verification processes, you should have full access to your exchange wallet.
STEP #4: Deposit Purchased Coin Into Exchange Platform
Depositing a coin is as easy as making a bank transfer. Using MXC exchange as a guide, you can check the box on the right, containing a string of random numbers and letters under the coin you wish to deposit. It is called a wallet address and is equivalent to the account number where the coin is transferred. The address is unique to each user, and you can receive coins by sharing the address with the person sending funds.
Go back to Coinbase and access your portfolio page, where you can click on the coin you purchased and then click on “Send” on the right side. Under the recipient field, paste the wallet address you copied from the MXC exchange (note, it has to be the same coin. If you purchased BTC, copy and paste the BTC wallet address). Make sure the address matches the one you copied, and click on “Send” to proceed. You will get a confirmation email. Click on the confirmation link in the email, and your coins will be sent to the MXC exchange.
You should receive a confirmation notification that your coins are now in MXC exchange, but it is probably still being verified on the Blockchain network if you haven’t. It should take a few minutes at most.
STEP #5: Trade UMA
On MXC, go to the “exchange” window and search for the matching trade pairs for UMA, e.g., Safemoon/UMA, BTC/UMA, or ETH/UMA, depending on the coin you purchased. You should see a price chart in the middle of the page of the selected pair. There should be a green button below the page that says “Buy UMA,” and you can choose the “Market” tab inside the box below. You can either type the amount of the coin you want to trade or click on a particular percentage of it. After confirming, click on “Buy UMA,” and your coin will immediately be exchanged for UMA.
STEP #6: Store UMA Securely In Hardware Wallets (Optional)
Some examples of hardware wallets are:
● Ledger Nano S: This is an easy-to-set-up, lightweight, portable hardware wallet with a rechargeable battery that supports most blockchains and a wide range of ERC-20 tokens.
● Trezor One White: This affordable, open-sourced firmware also supports thousands of tokens/cryptocurrencies.
How to Buy UMA if You Have Existing Crypto
STEP #1
Skip the first two steps in the first guide and send your cryptocurrency to an Altcoin Exchange platform.
STEP #2
Search for the matching trade pairs for UMA on the “Exchange” window. If there isn’t a trading pair for UMA for the coin you own, trade that coin for a coin that has a matching trade pair and follow the abovementioned Step 5.
Apart from MXC Exchange, other platforms like Poloniex, HotBit, and other popular cryptocurrency exchange platforms have a considerable user base and decent daily trading volumes. These factors are essential for selling your coins at any time with reasonable fees.
It is also advised to register on an exchange platform immediately after UMA is listed there. The greater the number of traders, the larger the trading volume is, including exceptional trading opportunities.
How to Buy UMA From CoinStats
CoinStats is the #1 free cryptocurrency portfolio management and DeFi wallet app.
The integration of the Wyre system into CoinStats made it possible to purchase coins directly using fiat currency. While UMA cannot be bought directly, trading on CoinStats is still simple, as you just exchange one coin for another with the best available price on the exchange you use, even in cases when those coins don’t have a direct trading pair.
Payments for coins can be made through Apple Pay and your debit or credit card, although this feature is only available for U.S. residents. Payments of more than $250 daily are not permitted on the app.
Unlike some other major crypto portfolio trackers, CoinStats users can sync their MetaMask, Ledger, or other Ethereum-compatible wallets directly with the portfolio tracker. After an existing wallet has been added, coins can easily be transferred and traded to UMA.
CoinStats also brings all the crypto-related news from over 40 sources to a single screen so you can easily stay on top of the market. You can also add any custom feed you’d like to see in your news.
You can connect your exchange accounts or wallets to get personalized analytics or alerts, including automatic price movement and order fill or wallet transaction notifications on CoinStats.
CoinStats also grants the privilege of trading on multiple added exchange accounts. It means that all your funds can be operated and controlled from a single platform with no withdrawal risk.
