Swap UMA (UMA)

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What is UMA?

UMA (UMA) Protocol is a Decentralized Finance (DeFi) Protocol where any two parties can create their own financial contracts and synthetic assets.

  • The protocol can be used to build priceless financial contract designs, which can be used to create synthetic tokens, and Data Verification Mechanism (DVM) for a decentralised oracle service.
  • The UMA token is primarily used for governance and enables token holders to vote on governance decisions such as upgrades to the Data Verification Mechanism (DVM), creating new synthetic assets and settling disputes on liquidated collateral.
  • Each time a vote is held, the total token supply is inflated by 0.05% and is distributed the parties that voted with the majority. Voting for the losing side or failing to vote will indirectly lead to dilution of one's token holdings.

UMA's technology framework enables the creation of fast, efficient, and secure synthetic derivatives on the Ethereum blockchain.

How do I swap UMA?

Enter amount to swap
Select the quantity of UMA you would like to swap.
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Select the coin you would like to swap with.
Confirm & swap
Click 'Swap' to confirm. Your coins will arrive in your wallet within minutes!

Learn more about UMA

Why Should I Trade UMA with CoinSpot?

CoinSpot is Australia’s largest cryptocurrency platform that has been operating since 2013 and is trusted by over two million Australians. We make it easy to buy and sell UMA no matter what your trading experience is. Unlike other international and Australian UMA exchanges that require experience and technical knowledge, we make the entire trading process simple for beginners and advanced traders alike.

CoinSpot provides layered security and advanced support systems so you can buy UMA with peace of mind and the comfort knowing support is available everyday to help. There are multiple trading options on our exchange that allow you to conveniently trade UMA how you want to. You will feel familiar with CoinSpot from the beginning and have access to everything you need to buy, sell and manage your cryptocurrency.

How do you store your UMA?

Storing on CoinSpot

Due to CoinSpot’s flexible Multicoin Wallet, storing your digital currency is simple. Just by creating your CoinSpot account you will automatically be given your own unique wallet where you can store your UMA for free.

Cold Storage

If you are holding UMA as a long term investment, you can utilise a cold storage wallet and send your coins there from your CoinSpot account. A cold wallet is a wallet which is completely offline (not connected to the internet) and is a popular option amongst people who prefer to hold their coins, rather than regularly trade.

Frequently asked questions

Right here! CoinSpot offers traders a fast, simple, easy and secure way to buy UMA. We are trusted by over two million customers and with just a few clicks, you can exchange Australian dollars or other cryptocurrencies for UMA. CoinSpot helps users easily buy crypto, build their portfolio, make secure purchases and invest in this exciting asset class.
UMA has a floating exchange rate – meaning its price is set by individual vendors based on available supply and demand. As UMA is a globally traded asset, the price can vary across the world based on order books, volume, exchange rates and service fees of each individual UMA exchange.
Cryptocurrency differs from other traditional trading options as you can make fractional purchases, meaning you don’t have to buy whole coins. This means you can start investing in UMA & other digital currencies with as little as $1!
Practicing safe investing is best treated as a shared effort. CoinSpot provides a list of security tips that we recommend putting into practice to ensure you’re keeping yourself secure. Step one to buying UMA safely however is using a reputable exchange such as CoinSpot. We are the first Australian exchange to be awarded the internationally recognised ISO 27001 certification for security management and processes. Operating since 2013, we’re proud to say we’re Australia’s most trusted exchange. Start your UMA portfolio here.
Yes! With CoinSpot you can convert your UMA to AUD (Australian dollars) instantly. You can also withdraw AUD to your Australian bank account for free with no withdrawal limits.

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