UMA/USD: Trade UMA to US Dollar
UMA to USD is a currency pair where UMA (Universal Market Access) is a base currency, and USD represents a quoted currency. The pair demonstrates the price of 1 UMA in USD. The UMA/USD chart indicates the performance of the pair in a particular time frame.
How do I start margin trading UMA/USD on CEX.IO Broker?
To start working with CEX.IO Broker platform, follow few easy steps:
- 1. Create an account on the platform. If you are already registered with CEX.IO, you can login with your CEX.IO credentials. You do not need to create an extra account.
- 2. Set up the account currency (BTC, ETH, USDT), then choose the leverage you want.
- 3. Fund your account.
- 4. Start trading UMA/USD.
In addition, you may use a demo account to discover the functionalities of the platform before you trade on the live one.
What’s more, if you are already an experienced trader, you can practice new strategies on the demo account before deploying them on the live one.
How to trade UMA with margin?
You can trade UMA with margin via Contracts for Difference (CFDs) on CEX.IO Broker. Derivatives like CFDs allow you to trade on the price difference of the underlying asset without necessarily owning it.
The basis of margin trading via CFDs means that you open the position in the directions where you think the market will move. Long or Buy position — if you’re convinced the price will grow. And Short or Sell — in the event the market goes down.
If your prediction is correct — your position might turn profitable.
Margin trading means you use the funds borrowed from the platform, or leverage in other words.
Leverage can help multiply your trading capital. If the price moves in the direction of your position, leverage may increase your potential profit. And vice versa, when the price moves in the opposite direction of your position, leverage increases the risk of loss.
Users can set leverage of 2x to 100x for UMA/USD.
For example, if you have an account with 10x leverage, it will apply to all your positions on this account. If you wish to change the leverage, you can do that by creating a new account. CEX.IO Broker allows you to manage up to ten trading accounts with different leverages and account base currencies.
What options are available for UMA/USD trading?
At CEX.IO Broker, you can trade using many different options and instruments. Specifically, you can select four order types:
- Limit order - means setting the price at which you want to sell/buy. Once the market reaches the preset price, limit order fills.
- Market order - allows you to buy or sell cryptocurrencies at the current price and executes instantly.
- Stop - fills similarly to Limit orders, but at the exact price you indicate.
- An OCO (One-cancels-the-other) order brings together Limit and Stop orders. You can set them at the same time. As soon as one of them executes, the other gets canceled.
What trading instruments can help benefit from UMA/USD trading?
CEX.IO Broker provides a wide range of tools for technical analysis. With them, you can analyze market fluctuations and design your own trading strategy. By analyzing the current market conditions using the oscillators and indicators, you can make informed trading decisions and find the desired entry points.
You can use risk-management tools like Stop Loss and Take Profit on CEX.IO Broker. When the price reaches the specific level your positions will close automatically. Thus, traders can manage potential risks from unexpected price movements and stick to a strategy without constantly monitoring price charts. It is possible to set Stop Loss and Take profit, modify them, and cancel them until the position is open.
Moreover, CEX.IO Broker offers isolated and cross margins. With an isolated margin, each of the trading accounts is independent, so the financial results are kept separate. It also helps isolate risks and compare how different strategies perform within the same market. Cross margin means using the profit and balance of one position to satisfy margin requirements for another. The cross margin is used within one trading account.
Why trade the UMA/USD pair?
UMA represents a protocol based on Ethereum that allows creating synthetic assets.
The coin has high volatility. It is quite popular with traders because price dynamics mean more earning potential.
CEX.IO Broker: caring customer support 24/7
Since the cryptocurrency market changes every second, it is important to have a technical support team that can assist as quickly as possible. Our customer support is available 24/7 via the chat button in the bottom right corner of our website.
You can contact them at any time and get assistance or answer to any question you might have without interrupting your trading.