I completed my first “UC” or Universal Credit trade today. Here’s the deal: There are a couple organizations that many trade exchanges can belong to that allow them to trade between each other. It’s one of the ways to accommodate a trade outside of my exchange network.
Once my new trading partner and I negotiated an initial agreement, we contacted both of our brokers and confirmed that they could send/accept UC credits. I was informed that the seller always needs to initiate a UC exchange so I gave my broker contact info for the buyer’s trade broker, the amount of the trade, and the name of the buyer’s exchange. My broker than requested that the transfer be made. Later that day she contacted me and let me know that my account had been credited. It was almost as simple as a normal trade within the exchange. I paid my normal commission to my exchange on the trade but there was no additional expense because UC was used.
It should be noted of course that not all exchanges belong to the organizations that allow for this kind of trade and even when they do, they have to have a stock of these credits on hand to accommodate the trade.
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