Rating: 4 out of 5 stars
Reviewing: UMOO Financial Entertainment
UMOO is an enjoyable way to play the financial markets particularly if you are looking for entertainment versus investing. Users choose to compete in games against other users or the financial market on UMOO for cash prizes. There are tournaments that are no cost to play and those where a a funded account is necessary. Tournaments requiring a deposit have greater prizes. The game could be as brief as ten minutes or as long as a market session. There are contests with stocks, forex, and commodities. All competitions use actual live market pricing and no software download is necessary.
There are two varieties of competitions available on UMOO: Trading Tournaments and PIX games. In a Trading Tournament players start by selecting a tournament they wish to play. The tournaments are assembled in reference to three major indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate traders to pick stocks from the index and attempt to generate the maximum percentage return possible using a pool of virtual cash. In an S&P 500 game for example contestants design a portfolio of stocks in the S&P 500. Once the match has initiated users may alter their portfolio to maximize their chances. All competitions are day trades since none spill over into the following trading period. During the competition players may check their portfolios to examine how they are ranking and check their effectiveness in contrast to the “benchmark”.
The “benchmark” tells the user 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 reward and “out of the money” means they would lose. The “benchmark” also shows the quantity of rewards being awarded in the tournament. One important detail however is that players are unable to be given prizes in the free tournaments unless they have a funded account with UMOO. Competitions that are not free require “fees”. These “fees” are typically a portion of what rewards could be won such as a five dollar game will ordinarily have a ten to twenty dollar reward.
The other type of game is referred to a PIX game. PIX contests are only ten to thirty minutes in length and require the trader to pick the one, two, or three best performing tickers from a short list. For example, in a Forex PIX competition the user may have to pick the best performing currency from a choice of three. UMOO may offer USD/CHF, EUR/USD, and AUD/USD with a beginning time and ending time. The trader can win if they pick the currency pair with the greatest return during those ten minutes. In a PIX contest users compete exclusively versus the market versus a tournament where they compete against other contestants. All PIX games have a cost and the risk reward ratio is approximately 2 to 1.
Bottom Line: If you are searching for fun with trading financial instruments and limited risk UMOO can be fun and financially rewarding.
