Uniswap Exchange || Buy & Sell Cryptocurrency | Uniswap

Uniswap exchange- Swap and trade with ERC-20 compatible assets

Assessing a platform before you can use it to swap highly-priced assets and other crypto tokens is one of the major necessities. It is the sole responsibility of the users to measure the consequences it is going to put you in, how the trusted exchange is, and how much fee you are going to be charged for using it.

Therefore, today, we are going to have a discussion on one of the most trusted exchanges that use a decentralized protocol for the swapping of assets. Yes, we are talking about Uniswap exchange which is highly famous among users who trade with ERC-20 compatible tokens.

Launched in the year 2018, Uniswap is a US-based exchange where users can swap the compatible tokens without having to complete the KYC process. This simply means you do not have to create an account to use it. All you have to do is, connect your existing crypto wallet with this exchange and you are all set to use the exclusive features that Uniswap exchange comes with.

To know more about the same, continue reading till the last of this post and you will eventually learn if this exchange is the right one for you or not. And, if it is how you are going to use it as a new user?

So, let’s get started!

What is Uniswap exchange?

Based on the Ethereum blockchain, Uniswap exchange is used for swapping tokens automatically. Originally launched in the year 2018 in US, this exchange is used for swapping assets that are compatible with ERC-20 assets. On this exchange, all the US customers can start trading without having to complete the identity verification process. However, all users should undergo their own research prior to connecting their wallets with this exchange.

Now, let us have a look at some compatible tokens that you can trade with on this exchange and the list is definitely going to amaze you.

Tokens compatible on Uniswap exchange

Here is the list of compatible ERC-20 compatible tokens that you can trade on Uniswap:

  • Ethereum (ETH)

  • Uniswap (UNI)

  • Chainlink (LINK)

  • Wrapped Bitcoin (WBTC)

  • Yearn.finance (YFI)

  • Wrapped Ether (WETH)

  • USD Coin (USDC)

  • Enjin Coin (ENJ)

  • Basic Attention Token (BAT)

  • Synthetix (SNX)

  • Tether (USDT)

  • Dai (DAI)

  • Synthetix (SNX)

Stepwise guide to use Uniswap exchange

Using Uniswap is an extremely simple process and you can do the same by going through the easy process given below.

Step 1- At first, you need to buy Ethereum

To begin the procedure, you simply need to buy Ethereum first and this can be done using any trusted crypto exchange. This step is mandatory because this exchange works only for the Ethereum network. Also, you must choose an exchange that charges you a less fee and is highly trusted.

Step 2- Send ETH to your wallet

Once you have purchased your ETH token, it’s time that you send these tokens to a compatible wallet. Choosing a wallet and setting up beforehand is highly necessary at this stage because an exchange is completely different from a wallet and in this case, people consider using MetaMask exchange.

Step 3- It’s time to connect your wallet with Uniswap

Now that you have successfully transferred your crypto to safe storage, it is time that you connect the two i.e. Uniswap and wallet together. This would help you ensure that you are gaining the maximum benefits from the Uniswap exchange. Here is what you need to do to use the wallet:

  1. Get the Uniswap app on your device

  2. Now, navigate yourself to the top-right corner

  3. Then, find and click the option to connect your wallet

  4. As soon as you click on this option, you will see a long list of supported wallets

  5. Choose one of the given wallets and log in to it, if you are prompted to do so

  6. Now that you have connected your wallet, you can begin using all the Uniswap features

How to trade or provide liquidity on Uniswap?

Since Uniswap exchange is created with an intention to swap cryptos based on the Ethereum blockchain network, therefore you must know how to trade on Uniswap. Here is what you need to do:

  1. Launch the Uniswap Exchange app on your device

  2. If you do not have it, you need to get the app installed on your device

  3. After that, you need to initiate the trade by selecting the amount of ETH for trading

  4. Then, you need to choose the token that you want to trade with

  5. There are a lot of trading pairs you can choose from

  6. To provide stake and liquidity to your crypto position, you have to go to the “Pool” tab

  7. On this tab, you have to select a pair to provide liquidity to

Is using Uniswap exchange safe?

Since this exchange works on a decentralized network, therefore you can trust the credibility of Uniswap. Also, you can take other security measures into consideration so that you make sure your funds do not go into the wrong hands. This is not just an exchange but also works as a liquidity pool. Also, you must note that it is an exchange that is built on Ethereum which means users can trust the credibility of this exchange because Ethereum blockchain uses a highly secure protocol.

Conclusion:

In this read, we have covered some most necessary details about using Uniswap exchange. Being a new user, it is important that you assess all the pros and cons before getting started. Therefore, we have introduced all the necessary information on Uniswap right here in this elaborated post. Just make sure that you follow all the swapping and trading steps carefully by referring to this post.