How to Buy UMA in the UK (2021)

This post contains affiliate links and I may receive compensation when you click certain links.

One of the cheapest places to buy UMA directly with GBP is Coinbase Pro (max 0.5% fees). However, this is a cryptocurrency exchange that’s not beginner-friendly.

An easier to use alternative is CoinJar. This has a simple interface (on the web, and on its mobile app) and you’ll only be charged slightly higher fees (fixed 1% fee).

Check out this quick post to learn more.

Places Where You Can Buy UMA in the UK

This table shows some of the cheapest and easiest places where you can buy UMA in the UK directly with GBP.

ProviderPayment MethodTrading Fees
Coinbase ProUK Bank TransferUp to 0.50%
CoinJarUK Bank Transfer1%
CoinJarCredit & Debit Card2%
BC BitcoinUK Bank Transfer3% (Exclusive Discount)
Crypto.com AppUK Bank TransferVariable
Crypto.com AppCredit & Debit Card2.99% + Variable

Keep reading for some background on these options.

List of Places to Buy UMA in the UK

1. Coinbase Pro

Coinbase is one of the biggest and most popular cryptocurrency exchanges in the UK (and around the world).

The cheapest way to deposit GBP into Coinbase as a UK resident is to a simple UK bank transfer. Because this is processed via the Faster Payments Service (FPS), I’ve found that my deposits are credited within minutes.

What UMA trading pairs are available on Coinbase Pro?

There are currently four UMA trading pairs available on Coinbase Pro:

  • UMA/GBP
  • UMA/EUR
  • UMA/USD
  • UMA/BTC

However, the USD market is not available to UK residents.

What is the difference between Coinbase and Coinbase Pro?

The Coinbase platform acts like a cryptocurrency broker. It’s great for beginners, as it’s simple and easy-to-use. You can signup and you shouldn’t have much of a problem using it.

On the other hand, Coinbase Pro is a cryptocurrency exchange that is a little more advanced. This connects you with other people who are looking to buy or sell cryptocurrencies like UMA.

Trading fees on Coinbase Pro are up to 0.5% (which is good). But the flip side is that Coinbase Pro is nowhere near as beginner-friendly as some of the other alternatives available in the UK.

Coinbase WebsiteCoinbase Pro Review

2. CoinJar

Founded in 2013, CoinJar is a cryptocurrency broker that’s made it simple to buy UMA and a growing number of other cryptocurrencies.

You can deposit GBP with a UK bank transfer (via Faster Payments). Like with Coinbase, I’ve found that my transfers over to CoinJar have been credited within minutes. This is completely free too.

If you prefer, you can also instantly buy UMA with a credit or debit card on CoinJar.

If you buy with cash in your CoinJar wallet, then you’ll be charged 1% in fees. If you use a credit or debit card, then you’ll be charged twice as much.

This is more expensive than a cryptocurrency exchange like Coinbase Pro, but it’s a lot easier to use.

CoinJar is also currently one of the biggest crypto platforms to become officially registered with the FCA as a cryptoasset firm. All cryptoasset-related companies in the UK need this before the end of March 2022, otherwise they’ll have to stop operating.

CoinJar WebsiteCoinJar Review

3. BC Bitcoin

BC Bitcoin logo header (version 2)

Established in 2017, BC Bitcoin is a cryptocurrency broker (based in the UK) that allows you to buy UMA and almost any other cryptocurrency you want.

This includes coins like Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more.

BC Bitcoin supports a few different payment methods, but the cheapest option open to UK residents is a UK bank transfer (via Faster Payments).

In short, you’d normally be charged 5% when buying any cryptocurrency via a UK bank transfer that isn’t Bitcoin (BTC) on BC Bitcoin.

But if you sign-up through our custom portal, then you’ll be charged a lower rate of 3% when buying UMA and other cryptocurrencies with a UK bank transfer.

Two things that I don’t like though:

  • It doesn’t have a great interface.
  • It has a much higher minimum order value than other places (£250 min).
Get Exclusive DiscountBC Bitcoin Review

What is UMA?

UMA is the native governance token that powers the Universal Market Access protocol. With Universal Market Access, investors can create and trade synthetic assets that are based on the Ethereum network.

The Universal Market Access protocol was officially launched in 2018. Its founders include a group of experienced investors and software engineers such as Allison Lu and Hart Lambur. The protocol’s mission is “to make financial markets universally accessible” and “unrestrained by censorship, pre-existing financial and social capital, or beliefs and values.”

What makes Universal Market Access different from other Ethereum-based protocols is that it offers decentralised, priceless financial contracts. This means that the protocol provides a template for financial contracts that anyone can use to create a synthetic asset without the need for an oracle (unless there’s a dispute between the contract parties).

The technology behind this protocol effectively makes it much easier and much more equitable for a range of investors to access derivatives markets. By limiting oracle usage in derivatives contracts, Universal Market Access also minimizes on-chain transactions and reduces costs for everyone involved.

Here’s a quick video where you can learn more about how Universal Market Access works:

What are the benefits of holding UMA?

The benefits of holding UMA come from the fact that UMA is the governance token for Universal Market Access. Each person who holds UMA tokens gets voting rights whenever changes are proposed to the Universal Market Access protocol.

Currently, there’s no option to stake UMA and earn rewards; however, every time a vote on the Universal Market Access protocol takes place, the total token supply increases by 0.05%. These newly minted UMA tokens are then distributed among all active voters based on their current UMA holdings.

Ultimately, the value of UMA depends on the popularity of the Universal Market Access protocol in the long term.

The alliance behind Universal Market Access currently states that there is more than $100 million in total locked value on the protocol in more than 72 projects. If more people want to use the protocol for their derivatives trading and projects, some investors think that the value of UMA tokens will increase as a result.

Best UMA Wallets

UMA is an ERC-20 token, so it’s easy to store on a number of different wallets. There is no official wallet for UMA as token holders can simply connect their ERC-20-supported wallet to the UMA Voter DApp to place their governance votes.

Although you have dozens of software wallet options to choose from, some of the best places to store the keys to your UMA include:

  • Metamask: Perfect for investors that want to access their wallets on the web and on the go, MetaMask is a mobile app and Chrome extension that supports all ERC-20 tokens. You can use it to hold the private keys to your UMA, access DApps, and swap tokens with the push of a button.
  • Exodus Wallet: A popular choice, Exodus Wallet is a highly rated software wallet that’s available as a mobile and desktop app. It supports all ERC-20 tokens, including UMA, as well as over 100 other cryptocurrencies. Exodus also has an in-wallet exchange and it offers seamless integration with a Trezor hardware wallet.
  • Trust Wallet: Trust Wallet is a non-custodial software wallet that was developed by the team at Binance. It supports assets on 50+ blockchains, including all ERC-20, BEP-2, and BEP-20 tokens. The wallet also comes with a built-in exchange, support for staking, and a feature that lets you buy crypto using a credit card.

There are also plenty of hardware wallets that can support UMA, too.

All Ledger wallets, including the Nano X and Nano S, support all ERC-20 tokens. Ledger Live, the wallet interface for Ledger devices, also supports UMA tokens, so you can manage your UMA alongside your other crypto.

You can also store the private keys to your UMA on the Trezor One and Trezor Model T. But, Trezor Suite (the wallet interface for Trezor) doesn’t currently support UMA. So, you’ll need to integrate Exodus, MetaMask, or another similar platform to manage UMA on your Trezor device.

Other Posts: Reviews

Thanks for checking out this guide about how to buy UMA in the UK!

Here are some other posts you might like:

Leave a comment