Last update: Jun 6, 2022

How to Buy UMA (UMA)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy UMA. Depending on where you’re located, you’ll have different cryptocurrency trading platforms to choose from.

In this guide, we not only cover the top 3 global crypto exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Uma

How to Buy UMA – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have UMA of course.

2. Sign up with the crypto exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency exchanges.

4. Buy UMA

Now that you have what you need to buy UMA, head over to the market or buy section of the cryptocurrency trading platform and buy some UMA.

If the crypto exchange doesn’t have any UMA on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has UMA first), and trade your Ethereum for UMA.

Where to Buy UMA (UMA)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell UMA

  1. Sign into the crypto exchange where you bought UMA.
  2. Move your UMA to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell UMA.

 

Crypto trading

How to Buy UMA (UMA) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy UMA in Australia, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy UMA if it’s available. If the exchange doesn’t have UMA. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has UMA), and trade your ETH for UMA.

You can also take a look at our analysis of the cheapest crypto exchanges in Australia for those looking to learn more about the exchanges we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy UMA (UMA) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy UMA in Canada, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy UMA if it’s available. If the exchange doesn’t have UMA. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has UMA), and trade your ETH for UMA.

Also, check out our comparison of the best platforms to buy cryptocurrency in Canada if you’re curious to know more about which exchanges we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy UMA (UMA) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy UMA in the UK, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy UMA if it’s available. If the exchange doesn’t have UMA. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has UMA), and trade your ETH for UMA.

Or, if you’d like to learn more about the exchanges we recommend, look at our comparison of the safest crypto exchanges in the UK.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying UMA? UMA Rundown

UMA (or Universal Market Access) is a protocol to create synthetic assets using the Ethereum ( ETH_) 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 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 local market participants to be isolated.

Related:

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.