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

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK 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.

UMA is a decentralized financial contracts platform established to enable Universal Market Access. The cryptocurrency was launched in 2018 and has shown a notable degree of promise ever since, attracting investors looking to diversify their investment portfolios. 

The virtual currency bears great returns and is, therefore, a profitable return for anyone bold enough to take the risk. Predictions and technical analysis have revealed that the revenue generation for this cryptocurrency will be a positive value addition for investors, returning their investment many times over. 

UMA has indeed shown significant promise. While prediction and analysis both advocate for this coin, prospective and existing investors should seek the advice of their financial planner so that they determine whether a downturn is recoverable. The consultation also serves to open your eyes to the risks involved to prepare for any eventualities. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY UMA IN THE UK
  2. A Step-by-step Guide to Buying UMA
  3. How to Sell UMA Tokens
  4. Which Wallets Can I Use to Hold UMA Tokens?
  5. How UMA Works
  6. Key Things to Consider When Buying UMA Tokens
  7. Conclusion 

QUICK GUIDE: HOW TO BUY UMA IN THE UK

  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

A Step-by-step Guide to Buying UMA

The following guide takes you through the process of buying the UMA token.

Step 1: Open an exchange account

The first step to buy UMA cryptocurrency is to open an exchange account. The registration process is simple and much resembles how you open any other account. There are certain key details that you must always provide, including your names, email, telephone number and address, as factors for signing up. The details are then verified, after which you will have to provide a strong password for the security of your account. For enhanced security, you may need to set up a multi authentication factor. 

Step 2: Deposit funds into the account

The second step entails the addition of funds into the account. To buy UMAS tokens, you need to deposit fiat currency (GBP) into the exchange. To do that, you can use a credit card, debit card or link your bank account directly to the exchange and initiate a direct transfer.

 A procedural guide serves new investors in the crypto market who are trying to fund their exchange account.

Suppose the exchange you selected and signed up to does not support trading fiat currency with UMA tokens. In that case, you have to use the alternative option, involving buying UMA tokens with other cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum or Ethereum Classic, among others.

Step 3: Buy UMA tokens

The next and most important step is to purchase UMA tokens of coins. To buy the UMA cryptocurrency, you have to navigate to the order creation page on the exchange. You will get a prompt to provide and then confirm your order details to ensure they are correct. After confirming the accuracy of the order, you will get a notification in your email shortly after confirming that the order is under processing. 

Step 4: Store in a crypto wallet

Now that you have bought your UMA tokens, you have to store or hold them in a safe place for as long as you need to. There are two storage or holding avenues for cryptocurrencies: these are the hot wallet and the cold wallet.

Hot wallets store cryptocurrencies online on apps. The tokens and are available for retrieval easily if you need to use the cryptocurrencies. On the other hand, Cold wallets store cryptocurrencies offline using external hardware such as a USB drive and a preferred choice for individuals or investors who store their tokens for a long period. 

buy uma

How to Sell UMA Tokens

Retail traders tend to sell their UMA tokens. Some of the reasons for selling include the desire to profit when the value has increased. Another reason is a contingency plan when you want to ensure that your losses are as minimum as possible. To sell UMA tokens, log in to the exchange account, go to the sell section and create a sale order. Creating a sell order is simple and requires choosing between selling the UMA tokens for fiat currencies and selling them in exchange for other cryptocurrencies.

The exchange usually sets the price you will sell at depending on the prevailing market prices of the token. If you sell KuCoin for fiat, you can easily withdraw your money from the exchange.

Which Wallets Can I Use to Hold UMA Tokens?

After you have bought your UMA tokens, you have to choose a wallet that will hold them securely as your financial assets. Crypto wallets provide the best avenue for storing cryptocurrencies. Crypto wallets are either online software or hardware devices. When the wallets are found on online platforms, they are referred to as hot wallets because of their characteristic storage over online platforms like online and other software. 

As regards hardware devices, these are referred to as cold wallets using USB drives. Cold wallets will keep your tokens offline and are highly secure and safe from internet attackers. The best option for investors who hold their tokens for longer periods is cold wallets. This option is also ideal for people that buy large numbers of UMA tokens or any other crypto for that matter. 

How UMA Works

All cryptocurrencies, the UMA coin included, operate or work based on the blockchain network. The blockchain network enables crypto holders to purchase and sell their coins, in this case, UMA, anonymously, without the need to involve an intermediary. Contrary to traditional finance, blockchain eliminates third parties and brokers, thereby making the transactions more secure, fast, and, most importantly, cheap. 

Key Things to Consider When Buying UMA Tokens

Some factors that you need to consider when buying UMA tokens include the following: 

History 

The history of a cryptocurrency in terms of performance can enable you to predict how it will perform in the future

Availability 

The availability of a coin is directly proportional to its acceptance in the market. Highly available coins can be sold and bought easily. 

Popularity 

Popularity gives you more trading options in the sense that holders of other cryptocurrencies will be open to trading theirs for yours in an attempt to diversify their investments. 

Conclusion 

UMA tokens are a rising cryptocurrency, having shown increasing popularity ever since launching. The guide above takes you through buying, selling and storing UMA tokens in the UK. Nevertheless, you need to take note of the risks involved and consult accordingly because crypto investments are very risky. 

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