UMOO Financial Entertainment
Rating: 4 out of 5 stars
Reviewing: UMOO Financial Entertainment
UMOO is an enjoyable way to trade the financial markets especially if you are looking for entertainment as opposed to investing. Users choose to compete in tournaments versus other traders or the financial market on UMOO for cash prizes. There are contests that are no cost to play and those where a a funded account is necessary. Competitions that need a deposit have greater prizes. The contest can be as short as ten minutes or as long as a market session. There are matches with stocks, forex, and commodities. All contests use actual live market data and no software download is required.
There are two types of matches playable on UMOO: Trading Tournaments and PIX games. In a Trading Tournament players begin by selecting a match of interest to them. The tournaments are constructed in reference to three popular indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments require users to choose stocks from the index and endeavour to produce the greatest percentage return possible with a pool of virtual cash. In an S&P 500 tournament for example contestants assemble a portfolio of stocks in the S&P 500. Once the match has started users may adjust their portfolio to better their position. All matches are day trades since none spill over into the following trading period. During the tournament traders may check their portfolios to review how they are ranking and check their performance against the "benchmark".
The "benchmark" informs the player 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 receive a prize and “out of the money” means they would not. The "benchmark" also reports the number of prizes being given away in the tournament. One important detail however is that players cannot be given rewards in the free tournaments without at least having a deposit with UMOO. Tournaments that are not free require “fees”. These "fees" are typically fractions of what prizes can be rewarded such as a five dollar game will normally have a ten to twenty dollar prize.
The other variety of contest is referred to a PIX game. PIX games are only ten to thirty minutes in length and require the trader to select the one, two, or three best performing tickers from a short list. For example, in a Forex PIX tournament the user may need to pick the best performing currency from a list of three. UMOO may offer GBP/USD, EUR/USD, and USD/JPY with a starting time and ending time. The trader can win if they pick the currency pair with the largest performance in those ten minutes. In a PIX game players compete only against the market in contrast to a tournament where they compete versus other contestants. All PIX games have a cost and the risk reward ratio is usually closer to 2 to 1.
Bottom Line: If you are looking for fun with trading financial tickers 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