UMOO Financial Entertainment
Rating: 4 out of 5 stars
Reviewing: UMOO Financial Entertainment
UMOO is a fun way to trade the financial markets particularly if you are looking for entertainment rather than investments. Users choose to compete in contests against other users or the financial market on UMOO for cash rewards. There are contests that are free to play and those where a a funded account is necessary. Competitions that need a deposit have increased reward. The match could be as little as ten minutes or as long as a market period. There are tournaments with stocks, forex, and commodities. All tournaments use actual live market data and no software download is needed.
There are two kinds of contests available on UMOO: Trading Tournaments and PIX games. In a Trading Tournament contestants begin by selecting a match they wish to play. The tournaments are constructed around three major indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate traders to choose stocks from the index and try to produce the maximum percentage return they can using a reserve of virtual cash. In an S&P 500 match for example users put together a portfolio of stocks in the S&P 500. Once the contest has started contestants may alter their portfolio if they wish. All contests are day trades since none spill over into the next trading session. During the match users may check their portfolios to study how they are performing and compare their performance in contrast to the "benchmark".
The "benchmark" notifies the trader whether they are “in the money” or “out of the money”. “In the money” is defined as if the tournament ended right now they would win a prize and “out of the money” means they would not. The "benchmark" also shows the number of prizes being awarded in the tournament. One important detail however is that users cannot win prizes in the no "fee" tournaments without at least having a funded account with UMOO. Matches that are not free require “fees”. These "fees" are typically a portion of what prizes can be rewarded such as a five dollar contest will normally have a ten to twenty dollar reward.
The other type of match is named a PIX game. PIX games are just ten to thirty minutes in length and necessitate the user to pick the one, two, or three best performing tickers from a short list. For example, in a Forex PIX contest the user may need to select the best performing currency from a list of three. UMOO may list GBP/USD, EUR/USD, and AUD/USD with a beginning time and ending time. The player can win if they pick the currency pair with the largest return in those ten minutes. In a PIX competition players compete exclusively against the market in contrast to a tournament where they compete versus other users. All PIX games have fees and the risk reward ratio is usually closer to 2 to 1.
Bottom Line: If you are searching for fun with trading financial instruments and limited risk UMOO can be fun and financially rewarding.
Tags:commodities,dow jones,financial,forex,S&P 500,stocks,Straits Times,trading,UMOO,virtual
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