Looking for where to buy Uma (UMA) in Canada? This guide covers the top Uma exchanges you can use.
UMA stands for Universal Market Access. It’s an Ethereum-based protocol that leverages blockchain technology to democratize and decentralize the financial derivatives markets through self-executing and self-enforcing financial contracts.
Read on to learn about how to invest in Uma.
How To Buy Uma in Canada
1. Open an account: Create an account at a cryptocurrency brokerage that offers Uma. Because this altcoin is not as popular as Bitcoin, Ethereum, or Solana, only a handful of exchanges support it in Canada.
2. Fund your account: After opening your crypto account, fund it using Canadian dollars or transfer in your existing crypto assets from an external wallet.
3. Buy UMA: Place a ‘buy’ order for Uma. Some exchanges offer UMA-crypto and UMA-CAD pairs, so you may not need fiat currency to buy Uma.
4. Store Uma: It is generally advised to keep your cryptocurrency offline using a hardware wallet like Ledger. You can also leave your Uma assets on the exchange.
Where To Buy Uma (UMA) in Canada
The top cryptocurrency exchanges offering Uma in Canada are:
1. Wealthsimple Crypto
Wealthsimple Crypto is a top crypto brokerage in Canada offering 50+ coins. It is on the same platform as the company’s Wealthsimple Trade product, a no-commission brokerage for stocks and ETFs.
Its top features include:
- Trade crypto coins, stocks, and ETFs in one place
- 50+ coins, including UMA
- 1.5% to 2% trading fee; free withdrawals and deposits
- Canada-based and FINTRAC-registered Money Service Business
- User-friendly for beginners
Wealthsimple Crypto
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
2. Newton
Newton is a Canadian crypto brokerage platform available in all provinces and territories. It is one of the best places to buy Uma. Its top features are:
- Instant verification
- 70+ coins, including UMA
- Up to 2% trading fee with free deposits
- Canada-based and FINTRAC-registered Money Service Business (MSB)
- User-friendly for beginners
Newton
Trade several popular coins
Excellent crypto broker for newbies
Up to 2.20% trading fee
Get a $25 bonus when you trade $100
Binance
*Binance is no longer available in Canada**
Binance is the largest cryptocurrency exchange in the world. It offers Uma and hundreds of other altcoins and stablecoins (over 350 coins in total).
Top features of Binance include:
- Available on all devices
- Very low trading fees at 0.10% or lower
- Multiple funding options
- Offers crypto staking so you can earn interest on your crypto assets
- Crypto derivatives markets
- NFT marketplace
- Software wallet (Trust Wallet), and more
- Crypto Card
Offer: Get a 20% lifetime fee discount. When you pay trading fees using the Binance Coin (BNB), you get an extra 25% discount (45% fee discount overall).
How To Sell Uma
Selling Uma (UMA) is just as easy as buying it. The steps are:
- Sign in to your crypto exchange account and search for your Uma wallet.
- Place a ‘Sell’ order for UMA at either the current market price (market order) or a specific price you prefer (limit order).
- When your sell order is completed, the cash proceeds are added to your fiat balance.
What To Look For in a Uma Crypto Exchange
You should consider several factors when choosing an exchange to invest in Uma and other cryptocurrencies.
Some of my top considerations are:
Trading fees: Choose a crypto exchange that has competitive trading fees. Fees eat into your investment returns, and the lower they are, the better.
Security: Investigate the security measures put in place by the exchange to secure your assets. Security features can include 2-factor authentication, cold storage, insurance, etc.
Crypto selection: Confirm that the exchange offers the coins you plan to buy and sell.
Funding options: It is better to have multiple ways to fund your account, such as crypto deposits, debit cards, Interac e-Transfer, credit cards, bank wire, etc.
Crypto withdrawal options: The exchange should allow you to withdraw your crypto to an external wallet if you so wish.
How to Store Uma
You can store Uma using a variety of hardware and software wallets.
The most popular hardware wallets in Canada are:
What is UMA?
The Uma protocol uses Ethereum smart contracts to automate real-world financial derivatives like futures contracts, CFDs, total returns swaps, and derivative contracts based on other digital assets.
The aim is to use the permissionless nature of blockchain technology to create and increase the scope of synthetic assets that can be traded and eliminate barriers inherent in the traditional derivatives markets.
In a nutshell, UMA helps make financial derivatives markets more open, accessible to all, equitable, and sustainable so that any user can create, run, collateralize, and trade tokenized derivatives from any corner of the world.
UMA is the native token of the Universal Market Access protocol. It’s used for governance, and holders have the right to vote on system upgrades and changes to the protocol’s parameters.
The UMA crypto coin can be bought and traded on major exchanges like Coinbase, Binance, OKEx, and others.
Uma Canada FAQs
While Uma is not legal tender in Canada, it is legal for anyone to buy it in Canada.
Uma, like every other cryptocurrency, is a speculative investment, and you can lose or make money when you invest in it. If the crypto market does well, there’s a chance Uma will increase in price. If there is a prolonged crypto bear market or the government bans Uma, its value could go to zero.
You can easily buy Uma in Canada using Binance, Wealthsimple Crypto, or Newton.
Related:
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
