Uniswap exchange is very easy to use decentralized platform for exchanging cryptocurrencies, and more specifically tokens ERC20. In this article, you will learn what it is about, how to set up an account, connect a wallet and buy cryptocurrencies, which are difficult or impossible to find anywhere else, and potentially become new investment hits. Get Ready!
Uniswap - what is it?
The advantage of decentralized exchanges is the security of the funds we keep in our own wallet, not on the stock account. The transaction is carried out directly p2p, i.e. client to client. The exchange serves only to associate the seller with the buyer, and does not act as a bank where we keep our funds, for which we then buy cryptocurrencies.
For more information on the pros, cons and differences of decentralized exchanges compared to centralized exchanges, see our guide on Binance DEX and the excerpt free trainingin the chapter on cryptocurrency exchanges.
Uniswap - platform overview, instruction
The Uniswap exchange is located at uniswap.exchange
In the upper right corner, next to the Uniswap logo, we can choose the old (V1) or new version (V2) of the platform.
After pressing on three dots modest will be displayed in the upper right corner menu, in which we find the basic documentation of the Uniswap exchange and its source code. In most cases, we won't need it at all.
In the center we have a simple form to choose from.
The Swap tab is a cryptocurrency exchange. We choose what cryptocurrency we have, the default is ETH, and also for which we want to exchange it (Select a token).
Send - we can send a cryptocurrency to the wallet, the address of which we will provide.
Pool is a pool of pending buy and sell offers.
Uniswap exchange - how to create an account?
As you can see at first glance, there is no 'create an account' option anywhere on Uniswap. This is because, like on Binance DEX and many other decentralized exchanges, no account is created, but only connects to the stock exchange using its wallet.
Uniswap - how to connect the wallet?
In the upper right corner of the page Uniswap, and in the Swap form we have the Connect Wallet button, i.e. connect the wallet. Click it.
We have several wallets (ethereum clients) to choose from, which we can use to take advantage of the Uniswap exchange. recommend Dappradar and Coinbase Wallet (official wallet of the US Coinbase exchange, which it gives you bitcoin for free when you first buy it).
We click Connect and in this way we connect our wallet with the Uniswap exchange.
Uniswap - how to buy a cryptocurrency?
In the swap tab, we choose what cryptocurrency we have and for which we want to exchange it. Enter the quantity and click Swap. We confirm this activity in the portfolio, e.g. MetaMask.
If you want to fund your "account" on the Uniswap exchange, you simply have to transfer funds to your wallet, which you connect to the Uniswap exchange.
At Uniswap, we buy ERC20 tokens mainly for ethereum (ETH). Traditional currencies (PLN, USD) are not supported.
If you don't have Ethereum (ETH) yet, see how easy it is to buy it:
Once you buy ETH, you can transfer it to your wallet, which you connect to the Uniswap exchange and buy cryptocurrencies on it.
If you don't know how to do it, check ours free training (not only for beginners).