Universal Market Access or “UMA” is an Ethereum ERC20 token that not much people knew about, but immediately gained a lot of price traction once Coinbase suddenly listed it in September of 2020.
With that said, having great and successful cryptocurrency investments are pretty pointless if your funds are insecure and could be potentially stolen sometime in the future.
So if you’re a fan of the UMA Synthetic assets platform and are looking for a guide to properly secure your UMA Tokens(UMA), you’ve come to the right place.
What wallet should I use?
UMA Tokens(UMA) is currently an Ethereum ERC20 token. So just like any other ERC20 token, you can store your UMA Tokens(UMA) on reputable Ethereum wallets like MyEtherWallet(MEW) and MyCrypto; or preferably, through a reputable hardware wallet like a Ledger Nano S or the newer and Bluetooth-enabled Ledger nano X if you’re holding a significant amount.
How do I create a secure Ethereum wallet for my UMA Tokens(UMA)?
You can follow our guide here: How To Create a Secure Ethereum Wallet
After creating an Ethereum wallet using our guide, you can simply send out your UMA Tokens(UMA) to the Ethereum address of the wallet you’ve created.
Does the Ledger Nano S or Nano X support UMA Tokens(UMA)?
Yes, Ledger hardware wallets do support UMA Tokens(UMA) and all Ethereum ERC20 tokens in general.
If you don’t have a Ledger hardware wallet yet, you can grab one here: Ledger Nano
How do I store my UMA Tokens(UMA) on the Ledger Nano S/X?
If you own a significant amount of money on UMA Tokens(UMA) or any other cryptocurrency, we heavily recommend using a hardware wallet like the Ledger Nano S/X. You can follow our guide here: Store your Ether & ERC20 Tokens on the Ledger Nano S/X
After installing the Ethereum app on your Ledger Nano S/X and on Ledger Live, simply send in your UMA Tokens(UMA) to your Ethereum address on Ledger Live.
After sending in your funds to your Ethereum wallet on Ledger Live, you can access your UMA Tokens(UMA) and your other ERC20 tokens on MyEtherWallet here: https://www.myetherwallet.com/access-my-wallet