Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is an enjoyable way to play the financial markets particularly if you are interested in fantasy trading as opposed to Investing. Contestants choose to compete in fantasy trading games versus other players or the financial market on UMOO for cash rewards. There are competitions that are free to play and those where a a funded account is required. Tournaments requiring a funded account have higher prizes. The fantasy trading competition could be as short as ten minutes or as long as a market period. There are fantasy trading competitions with stocks, forex, and commodities. All matches use actual live market data and no software installation is necessary.
There are two types of fantasy tradingmatches playable on UMOO: Trading Tournaments and PIX games. In a Trading Tournament players start by selecting a game they want to play. The tournaments are assembled around three major indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate contestants to choose stocks from the index and strive to generate the largest percentage return they can using a pool of virtual cash. In an S&P 500 tournament for example contestants design a portfolio of stocks in the S&P 500. Once the tournament has started players may alter their portfolio to better their position. All matches are day trades because none extend into the next trading period. During the game participants may examine their fantasy trading portfolios to review how they are doing and compare their effectiveness versus the “benchmark”.
The “benchmark” notifies the user whether they are “in the money” or “out of the money”. “In the money” is defined as if the tournament ended at that moment they would win a prize and “out of the money” means they would not. The “benchmark” also reports the number of prizes being awarded in the tournament. One important detail however is that players cannot win prizes in the no “fee” tournaments without at least having a deposit with UMOO. Matches that are not free require “fees”. These “fees” are normally a portion of what rewards could be won such as a five dollar game will normally have a ten to twenty dollar reward.
The other choice of match is called a PIX game. PIX contests are only ten to thirty minutes in duration and require the trader to pick the one, two, or three best performing instruments from a short list. For example, in a Forex PIX match the player may need to select 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 during those ten minutes. In a PIX contest traders compete only versus the market in contrast to a tournament where they compete versus other players. 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 fixed risk, fantasy trading on UMOO can be fun and financially rewarding.
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