With your Universal Money Address (UMA), you can easily send and receive funds globally using the Coins.ph platform.
In this article you can learn how to use UMA for:
What is UMA?
Your Universal Money Address (UMA) acts like an email address for sending money (e.g. $Juan2646@coins.ph). It lets you send and receive funds instantly, 24/7, with anyone around the world using the Coins.ph wallet. UMA works through the Lightning Network, which enables fast and cheap transactions.
Send funds using UMA
You can now choose either to send through the Bitcoin Lightning Network using your peso or BTC funds!
Sending with PHP
1. Log In
Access your Coins.ph account, and navigate to the Portfolio tab.
2. Withdraw
Click on Withdraw and select Cash Out (Send PHP).
3. Select Lightning Network
Scroll down to the Cash Out options, and choose Bitcoin (Lightning) under the Lightning Network section.
4. Enter Recipient's UMA Address
Provide the recipient's UMA address, then click Next.
Tip: Ensure the UMA address is valid; double-check for any errors.
5. Input Transfer Amount
Enter the amount you wish to send. Note that while you can choose the recipient's currency, it will still be deducted from your PHP balance.
6. Confirm Details
Review all transaction details before proceeding.
7. Complete Security Check
Input all required verification codes under Security Check. The Confirm button will activate once all codes are entered.
Note: If unable to receive codes, you may click the (?) button on the upper right corner, and check our Help Center article here for more help.
8. Transaction Status
After submitting, your transaction will initially show as “Withdrawal pending." A successful status will reflect shortly after.
Sending with BTC
1. Log In
Open your Coins.ph account and go to the Portfolio tab.
2. Send BTC
Tap on the options next to your BTC wallet, and select Send BTC.
3. Choose Network
Select the Bitcoin Lightning network for UMA transactions.
4. Enter Recipient's UMA Address
Provide the recipient's UMA address and click Next.
Tip: Ensure accuracy in the UMA address to avoid errors.
5. Input Transfer Amount
Enter how much BTC you want to send. Note that while you can choose the recipient's currency, it will still be deducted from your BTC balance.
6. Confirm Details
Review transaction details carefully.
7. Complete Security Check
Enter all required verification codes under Security Check; once done, the Confirm button will turn blue.
Note: If unable to receive codes, you may click the (?) button on the upper right corner, and check our Help Center article here for more help.
8. Transaction Status
After submitting, your transaction will initially show as “Withdrawal pending." A successful status will reflect shortly after.
How to Receive Funds Using UMA
Receiving funds with your UMA is straightforward, whether you're using the Coins app or website.
Receiving via the Coins App
1. Open Portfolio Tab
From the app’s bottom menu, select the Portfolio tab.
2. Deposit Funds
Click on the Deposit button above, and select Receive Crypto.
Note: You may also access the Receive Crypto option from the Deposit button at the Home tab.
3. Select Cryptocurrency
Choose BTC from the list of supported cryptocurrencies.
4. Choose Network
For UMA transactions, select Bitcoin Lightning.
5. Receive via UMA
Click on Receive via UMA to view your unique address.
6. Copy or Share Your UMA Address
You can copy your UMA address or share it via an invitation link with friends.
You can also click Share to save your UMA or copy the link and send through the available platforms.
Receiving via the Coins Website
1. Log In
Access your Coins.ph account and go to the Portfolio tab.
2. Deposit BTC
Tap on options next to your BTC wallet and choose Deposit BTC.
3. Select Network
Choose Bitcoin Lightning for UMA transactions.
4. Receive via UMA
Click on Deposit via UMA to view your unique address.
5. Copy or Share Your UMA Address
Copy your UMA address or share it with others.
Advantages of UMA
Why Choose Universal Money Address?
- Global accessibility
- Instant transfers
- Lower transaction costs
- Enhanced security
- Human readable addresses
Frequently Asked Questions
Are there transaction limits?
Limits vary based on your account verification level.
Can I use UMA internationally?
Yes! Depending on your receiving or sending platform, being supported by UMA enables borderless financial transactions.
What cryptocurrencies work with UMA?
Currently optimized for Bitcoin (BTC) transactions.
How quickly are UMA transactions processed?
Typically near-instant, thanks to Lightning Network technology.