How to Buy UMA in Australia

A Beginner’s Guide to Buying and Selling UMA Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and wish to buy UMA – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many UMA tokens you want to buy.

The cryptocurrency arena faces a decentralized finance season (DeFi season). The successive introduction of decentralized finance protocols has witnessed extreme growth and development. Admittedly, some of the crypto protocols are not exactly popular. However, others like UMA crypto have stepped forward to challenge all odds set by traditional finance.  UMA introduces new technologies and, therefore, new capabilities previously believed to be impossible. 

UMA coins are decentralized financial contracts that promote universal market access, and UMA allows users to design custom synthetic cryptocurrency tokens. They are a protocol established based on the Ethereum blockchain. The tokens are collateralized and can track the price of almost everything. 

It would help if you considered certain things about the cryptocurrency investment market before venturing. More importantly, you have to seek guidance from an industry expert to comprehend all that this industry entails clearly. You must also be sure that you are ready for the risks and related eventualities characteristic of this investment market. 

What’s in This Guide?

The following guide serves to prepare you for all matters related to buying UMA tokens, selling the tokens, and storing them. The guide explains how this cryptocurrency works, opening your eyes to some of the important things you must always consider before getting into this market. The guide starts by explaining new market entrants and reminding existing ones about the go-to place when you want to buy UMA crypto.

  1. QUICK GUIDE: HOW TO BUY UMA IN AUSTRALIA
  2. Where to Buy UMA Tokens
  3. A Step-by-step Guide to Buying UMA in Australia
  4. How to Sell UMA
  5. Which Wallets Can I Use to Hold UMA Tokens?
  6. How UMA Tokens Work
  7. Key Things to Consider When Buying UMA Tokens
  8. FAQs

QUICK GUIDE: HOW TO BUY UMA IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select UMA
  5. Enter how many UMA tokens you want to buy
  6. Check the details and confirm your purchase

buy uma

Where to Buy UMA Tokens

The exchange account is the best place to buy UMA cryptocurrencies. Exchange accounts have a track record of satisfied clients and purchasers, a quality achieved because of their security, effectiveness and efficiency. Exchange accounts are also very easy to understand and operate, never requiring any technical knowledge and expertise. 

Nevertheless, you must first establish the exchange account to serve your needs best before starting the registration process. Different exchange accounts have different offerings and support different transactions. 

Follow the following step by step guide to starting buying UMA coins in Australia:

A Step-by-step Guide to Buying UMA in Australia

The following guide will help you buy UMA tokens in Australia:

Buying UMA with other cryptocurrencies

One of the options for buying UMA tokens is using other cryptocurrencies. In this case, you have to choose the option that pairs what you want to dispose, against what you want to acquire. For instance, if you are using Bitcoin tokens to acquire or buy UMA tokens, go for the pair that reads BTC/UMA. 

Buying UMA with fiat currency 

The other option to acquire UMA tokens involves using fiat currency. In the case of Australia, the fiat currency is the AUD. To buy UMA tokens using AUD, select the pair that matches AUD against UMA, in this case, AUD/UMA. 

Noteworthy is that not all accounts support buying UMA using fiat currency. Therefore, this attribute demands you use the alternative option mentioned above. 

Step 1: Register an account

The first step entails signing up to register for an exchange account. Then, after ensuring that the account you have chosen will work best for your intended transactions, you have to fill in the information required on the registration page. Some of the details you will have to provide are your name, phone number, and email address. In compliance with the KYC (Know-Your-Customer) rules, you must verify your identity and address using a government-issued identity card and a utility bill, respectively. 

After providing all this information, be sure to make your exchange account secure by setting a strong password and a multi-authentication factor so that unauthorized parties are kept off.  

Step 2: Deposit funds into the account

Now that you have a set account, you have to fund it either by direct bank transfer where you link your bank to the exchange account or by credit or debit card. 

Funding the account requires fiat currency, and therefore AUD for this case. However, suppose the exchange account does not support buying UMA tokens using fiat currency. In that case, you have to use other cryptocurrencies to buy the UMA tokens. 

Step 3: Buy UMA tokens.

Buying the UMA tokens is easy. All you have to do is go to the buy section on the account and enter the amount of fiat currency you wish to buy the UMA tokens. If you intend to use other cryptocurrencies to buy the tokens, specify how much of the other tokens you wish to stake in exchange for the UMA coin. Finally, confirm that you wish to proceed with the transaction. 

buy uma

How to Sell UMA

To sell the UMA tokens, navigate to the sell section on the account and enter the amount of UMA coins you wish to sell. Then, you can either sell them for fiat currency or withdraw your funds in AUD straight from the account. The other option is selling the UMA tokens in exchange for other cryptocurrencies like Bitcoin, Bitcoin Cash or Ethereum and Ethereum Classic

Which Wallets Can I Use to Hold UMA Tokens?

You can hold your UMA tokens using a hot or cold wallet. Hot wallets store your tokens online, thereby keeping them in close access for retrieval purposes. On the other hand, cold wallets store your tokens offline and use external hardware such as USB drives. Cold wallets are a preferred option for people who hold their tokens for a long. 

How UMA Tokens Work

UMA tokens, like any other cryptocurrency, works based on the blockchain network. Therefore, no intermediaries are necessary during the buying or selling processes, making it faster, safer and cheaper. 

Key Things to Consider When Buying UMA Tokens

Among the things to consider when buying UMA tokens include the following:

Availability

The availability of UMA coins means many people accept them. As such, you can easily buy and sell them.

Usability

Tokens with more applications are more valuable compared to those with few uses.

Performance 

Always go for a coin with desirable performance history. 

eToro – Best Platform to Buy Cryptos in Australia

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Virtual currencies are highly volatile. Your capital is at risk.

FAQs

Where can I buy UMA?

You can only buy UMA from a crypto exchange platform.

Can I buy UMA using a credit card?

While only selected exchanges offer this option, credit cards also serve in most accounts.

Are cryptocurrencies risky?

The crypto market is very risky because of the volatility of the market. 

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