UMOO Fantasy Trading
Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is an enjoyable way to play the financial markets especially if you are interested in fantasy trading as opposed to investing. Users choose to compete in fantasy trading matches versus other players or the financial market on UMOO for cash rewards. There are games that are free to play and those where a a funded account is required. Competitions requiring a funded account have increased prizes. The fantasy trading tournament can be as short as ten minutes or as long as a market session. There are fantasy trading contests with stocks, forex, and commodities. All contests use actual live market pricing and no software download is required.
There are two types of fantasy tradingcontests available on UMOO: Trading Tournaments and PIX games. In a Trading Tournament contestants start by choosing a competition of interest to them. The tournaments are built around three well known indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate users to select stocks from the index and strive to generate the highest percentage return possible using a reserve of virtual cash. In an S&P 500 tournament for example users build a portfolio of stocks in the S&P 500. Once the contest has begun players may adjust their portfolio to increase performance. All games are day trades because none extend into the following trading session. During the match players may check their fantasy trading portfolios to study how they are performing and check their performance against the “benchmark”.
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The “benchmark” alerts the contestant 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 reward and “out of the money” means they would not. The “benchmark” also displays the quantity of rewards being awarded in the tournament. One critical detail however is that traders are ineligible to be given rewards in the no “fee” tournaments unless they have a funded account with UMOO. Games that are not without a cost require “fees”. These “fees” are typically a portion of what rewards could be rewarded such as a five dollar tournament will typically have a ten to twenty dollar reward.
The alternative variety of match is called a PIX game. PIX contests are only ten to thirty minutes in length and require the player to choose the one, two, or three best performing instruments from a short list. For example, in a Forex PIX match the player may need to choose the best performing currency from a list of three. UMOO may list USD/CHF, NZD/USD, and USD/JPY with a starting time and ending time. The player can win if they select the currency pair with the maximum performance during those ten minutes. In a PIX competition contestants compete exclusively versus the market as opposed to a tournament where they compete versus other contestants. All PIX games have a cost and the risk reward ratio is in the range of 2 to 1.
Bottom Line: If you are searching for fun with trading financial symbols and limited risk, fantasy trading on UMOO can be fun and financially rewarding.
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