Rating: 4 out of 5 stars. Reviewing: UMOO Fantasy Trading –
UMOO is an enjoyable way to trade the financial markets especially if you are interested in fantasy trading as opposed to investing. Contestants choose to compete in fantasy trading games against other players or the financial market on UMOO for cash rewards. There are contests that are no cost to play and those where a deposit is necessary. Games that need a deposit have increased prizes. The fantasy trading match can be as little as ten minutes or as long as a market session. There are fantasy trading matches with stocks, forex, and commodities. All games use real-time market pricing and no software installation is required.
There are two varieties of fantasy trading competitions playable on UMOO: Trading Tournaments and PIX games. In a Trading Tournament users start by selecting a match they want to play. The tournaments are constructed around three popular 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 strive to generate the highest percentage return they can using a pool of virtual money. In an S&P 500 competition for example traders build a portfolio of stocks in the S&P 500. Once the match has initiated users may alter their portfolio to take advantage of new opportunities. All tournaments are day trades since none continue into the following trading period. During the competition traders may examine their fantasy trading portfolios to examine how they are doing and compare their effectiveness against the “benchmark”.
The “benchmark” informs the contestant whether they are “in the money” or “out of the money”. “In the money” means that if the tournament ended at that moment they would receive a prize and “out of the money” means they would lose. The “benchmark” also displays the number of prizes being given away in the tournament. One critical detail however is that users are unable to win prizes in the free tournaments without at least having a deposit with UMOO. Games that are not without a cost require “fees”. These “fees” are normally a portion of what prizes could be won such as a five dollar tournament will normally have a ten to twenty dollar prize.
The alternative type of game is referred to a PIX game. PIX matches are only ten to thirty minutes in length and necessitate the user to select the one, two, or three best performing instruments from a brief list. For example, in a Forex PIX tournament the contestant may be required to pick the best performing currency from a list of three. UMOO may make available USD/CHF, EUR/USD, and AUD/USD with a beginning time and ending time. The trader can win if they choose the currency pair with the largest performance in those ten minutes. In a PIX tournament users compete exclusively against the market as opposed to a tournament where they compete versus other contestants. All PIX games have fees and the risk reward ratio is usually closer to 2 to 1.
Bottom Line: If you are seeking fun with trading financial instruments and limited risk, fantasy trading on UMOO can be fun and financially rewarding.