Rating: 4 out of 5 stars. Review: UMOO Fantasy Trading –
UMOO is a nice way to trade in the financial markets, especially if you are interested in fantastic trading rather than investing. Contestants choose to compete in fantastic trading games with other players or in the financial market at UMOO for cash prizes. There are contests that are free and those where a deposit is required. Games that require a deposit have increased prizes. A fantastic trading match can last as little as ten minutes or the duration of a market session. There are fantastic trading matches with stocks, currency and commodities. All games use real-time market prices, and no software installation is required.
At UMOO you can play in two varieties of fantastic trading competitions: trading tournaments and PIX games. In a trading tournament, users start by choosing the match they want to play. The tournaments are based on three popular indices: the S&P 500, Dow Jones Industrials and the Straits Times index of Singapore. Trading tournaments require traders to select stocks from the index and seek to get the maximum percentage of profit they can using a pool of virtual money. In the S&P 500 competition, for example, traders create a portfolio of S&P 500 stocks. Once a match starts, users can change their portfolio to take advantage of new opportunities. All tournaments are daily trades as none will continue in the next trading period. During competitions, traders can explore their fantastic trading portfolios to explore how they work and compare their effectiveness to a “benchmark”.
The “standard” informs the participant whether they are “in the money” or “out of the money”. “In the money” means that if the tournament ends at that point, they will receive a prize, and “no money” means that they will lose. The “indicator” also shows the number of prizes handed out in the tournament. However, one important detail is that users cannot win prizes in freerolls without having at least a deposit in UMOO. Games that do not go without costs, require a “fee”. These “fees” are usually part of those prizes that can be won, for example, a five-dollar tournament usually has a prize of ten to twenty dollars.
An alternative type of game refers to the PIX game. PIX matches last only ten to thirty minutes and require the user to select one, two or three of the best tools from a short list. For example, in a Forex PIX tournament, a contestant may need to choose the best currency from a list of three. UMOO can make available USD / CHF, EUR / USD and AUD / USD with start and end times. A trader can win if he chooses the currency pair with the highest performance in those ten minutes. In a PIX tournament, users compete exclusively with the market, as opposed to a tournament where they compete with other participants. All PIX games have a fee, and the risk reward ratio is usually closer to 2 to 1.
The result: if you are looking for the pleasure of trading financial instruments and limited risk, fantasy trading at UMOO can be fun and financially rewarding.