An exchange is a place where you obtain your UMA. The service they provide is basically a marketplace where you dial in at what price you want to buy UMA and once the amount is reached at the price, the UMAs are yours. Don’t forget that keeping the UMAs on the exchange is dangerous due to the risk of hacks and moving them to a more secure wallet is of utmost importance. Try to avoid any exchanges with a warning. Doing thorough research will take you further, as the chances of getting scammed on the internet keep increasing. Here are 3 top exchanges that trade UMA in order according to their ratings: Bitstamp, eToro.
The easiest and most reliable way to obtain UMAs is to buy them at exchanges, or through ATMs (yes there are ATMs offering UMAs).
As with any trading, it is important to choose the exchange wisely to minimize the risks connected with trading. Here’s a list of the most notable UMA exchanges:
Cryptocurrency ATMs can be found all over. There are about 3,5k in use around the globe and the number is gradually rising. Almost 40% of the world ATMs are two-way, which means you can both buy and sell UMAs using them.
Peer-to-peer exchanges allow cryptocurrency users trade coins among themselves without the service of a regular exchange which comes at a percentage from the transaction. Unlike regular exchanges which match sell or buy orders and automatically proceed these orders, p2p exchanges match the seller with the buyer so they can finalize the transaction on their own. This cuts out the middle man and maintains decentralization.
Local exchanges like LocalBitcoin have a different approach to crypto trading. You can search through their service for a person that is selling the same or close amount of the desired cryptocurrency and meet in person for exchange of crypto for cash. These websites also provide online communication and payment (paypal).
There are many criteria on which exchanges are rated. Usually a customer looks for the best user interface and lowest commission on transactions. This can be a good way for finding an exchange that will best fit your likings but also remember to research enough information across the web for any alerts of fraud or security problems on the exchange. Making a deposit on an exchange can be done via a credit card (usually with a higher commission), bank transfer, paypal or you can deposit a certain cryptocurrency like Bitcoin or Ethereum for buying any altcoin. Also, most exchanges don’t support all the cryptocurrencies so remember to navigate the search with the UMA keyword. Our top picks would be Kraken, one of the oldest exchanges great for big buys, but harder to understand for beginners, Bittrex, now launching a new user interface, this exchange offers a good amount of cryptocurrencies and is a favorite pick of big and small investors, Coinbase, the top pick for crypto beginners as Coinbase offers an intuitive interface and card payments available from almost the whole world, and finally CEX.IO, a service great for novices in the market with an easy-to-use interface and good reputation.